The Direxion Daily Financial Bear 3X Shares (FAZ) & Daily Finan. Bull 3X Shs(ETF)(FAS) have been very active over the past six months. The following is technical analysis on Financial Bull ( FAS ) for 7/6/09. Knowing the support and resistance levels for FAS will help you trade FAZ.FAS Support and Resistance Levels - July 6, 2009
Resistance Levels: $8.60, $9.20, $10.00
Support Levels: $8.00, $7.88, $7
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FAS stock was rejected at the 50 day moving average last week and now trades below the 10 day moving average as it approaches $8 once again. FAS is clearly in a downtrend right now but with the great earnings expected from the banks in the FAS & FAZ index tells me that this could be the last major buying opportunity. FAS has support near $8, anything below $8 I will be a strong buyer of. From a technical point of view, if FAS closes below $8 there is really no major support until $7. I have been playing FAZ when FAS nears the 50 day moving average. I also stop out on FAZ when FAS closes over the 50 DMA. For More Technical Analysis - Go Here
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