FAS - FAZ Stock Analysis March 23, 2009

The Direxion Financial Bull 3X Shares EFT ( FAS ) and the Direxion Financial Bear 3X Shares EFT ( FAZ ) have been very active over the past six months. After hitting a low of $2.32 on March 9, 2009, FAS has recently hit a monthly high of $7.32. This now becomes a major resistance level going forward. A close above $7.32 and you could see gradual move back up to the $10-$11 area. Today's low ( 3/23/09 ) of $5.78 now becomes support going forward. A break below $5.78 on the FAS and I will be jumping back into the FAZ because FAS would most likely go back to test the $5.00 level while FAZ would go back above $30.

Bottom Line.....for FAS stock, watch $7.32 and $5.78 for signs of the next major move. This will help you trade the FAZ stock as it is the inverse of the FAS.

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