The Direxion Daily Financial Bear 3X Shares (FAZ)Daily Finan. Bull 3X Shs(ETF)(FAS) have been very active over the past ten months. The following is technical analysis on Financial Bull ( FAS ) for 8/17/09. Knowing the support and resistance levels for FAS will help you trade FAZ.FAS Support and Resistance Levels - August 17, 2009
Resistance Levels: $75, $77.40, $79.36
Support Levels: $72.53, $70, $67.10
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FAS has been very strong lately after bottoming out at $35.10 and closing back over the 10 day moving average. The 10 day moving average hasn't failed on a closing basis during this entire run. Over the past two trading sessions, FAS has been able to hold $70 so when the stock trades down below $71, I am buying with a tight stop at $69.99. I have been then selling rebounds above $73. If FAS does break $70, I will buy the FAZ stock and hold overnight if FAS closes below $70. If FAS closes above $75, I think you could see a retest of $79. For More Technical Analysis - Go Here
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