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Saturday, May 2, 2009

FAS - FAZ Stock Analysis May 4, 2009

The Direxion Financial Bull 3X Shares ETF ( FAS ) and the Direxion Financial Bear 3X Shares ETF ( FAZ ) have been very active over the past six months. The following is technical analysis on Financial Bull ( FAS ) for 5/4/09. Knowing the support and resistance levels for FAS will help you trade FAZ.


Fas Support and Resistance Levels - May 4, 2009

Resistance Levels: $9.00, $10.05

Support Levels: $7.00, $6.00


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FAS stock has been trading sideways since quadrupling in one month. The volume has really died down as we await the stress test results due out May 7th. I like pullbacks to the 50 day moving average for a trade. FAS has solid support at $7.00 and if $7.00 is broken, I look for the 50 day moving average to be tested. As I have been saying for the past month, in order to trade FAZ stock you have to watch FAS. FAS is the stock in the uptrend and rules right now.

On the upside, FAS has major resistance at $9.50-$10.05....a close above this area would most likely take FAS up to test the next resistance level of $12.53. For FAZ, you might get a nice trading opportunity on a close over $9.12 as FAS goes back to retest the 50 day moving average. You have to use very tight stops due to the volatility!! For More Technical Analysis - Go Here

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Citigroup C Stock 5/4/09 May 4, 2009

The following is a little Citigroup ( C ) stock technical analysis for May 4, 2009

Citigroup Support & Resistance Levels - 5/04/09


Resistance Levels: $3.09, $3.35, $3.89, $4.48

Support Levels: $2.62, $2.57, $2.40



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Citigroup stock continues to trade below the 10 day moving average as we await the stress test results on May 7, 2009. It has been rumored that Citi will need to raise 10 billion in captial - CNBC Reports. Citigroup has support between $2.57 & $2.61....a close below these two levels would be bearish. On the upside, a close back over the 10 day moving average would be the first sign of a trend change, I am watching for a close over $3.35 with a volume spike to get back into this stock. For more Technical Analysis - Go Here

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