The following is a little Fannie Mae (FNM) stock technical analysis for August 25, 2009Fannie Mae (FNM) Support & Resistance Levels - 8/25/09
Resistance Levels: $1.84, $2, $2.60, $2.76
Support Levels: $1.43, $1.36, $1.20
Fannie Mae Inc ( FNM ) continues to surge on heavy volume as shorts cover their positions. FNM has done everything technicians look for, break out, retest the 10 day moving average, and then break out again. While this is a daytrading stock and is probably a zombie company, I continue to like pullbacks to the 10 day moving average for a trade. The next time FNM stock pulls back to 10 day moving average, I will jump back in. On the upside, there is resistance at Monday's high of $1.84 as well as $2. A close above $2 would be huge and there isn't any major resistance until $2.50-$2.60. It is important to note that this is a trading stock only....I wouldn't be chasing it...use tight stops. For more Technical Analysis - Go Here
For the latest updates on the stock market, visit, http://daytradingstockblog.blogspot.com/ or Subscribe for Free
