FNM - FRE Support / Resistance Levels - 9/2/09

This morning, Freddie Mac (FRE) & Fannie Mae (FNM) are breaking down bigtime in pre marlet as a guest on CNBC came on and gave information on how to break up both companies. The Futures are lower as well which is not helping either.

For a trade, I will be buying FRE and FNM if they break up through their High of the Day after 9:40am EST.

Until then, here are some support levels to watch if you are boldly trying to catch the falling knife.

Fannie Mae (FNM) - Support = $1.36, $1.28, $1.16, $1 Resistance = $1.52

Freddie Mac (FRE) - Support = $1.73, $1.60, $1.34 Resistance = $1.90


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