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. The following is technical analysis on Financial Bull ( FAS ) for 3/30/09. Knowing the support and resistance levels of FAS will help you trade FAZ.Fas Support and Resistance Levels - March 30, 2009
Resistance Levels: $6.91, $7.00, $7.80
Support Levels: $6.14, $6.00, $5.50, $5.00
http://stockcharts.com - Chart
I trade FAS or FAZ on a daily basis and watch both stocks closely. FAS is trading right between both key short term moving averages, 10 & 50 day. Fas has never closed above the 50 day moving average since it has come into play. Last week, FAS tried many times to get above this level but failed each time. I am watching this level closely because if FAS does get above the 50 day moving average, I think there will be a nice breakout. An actual close above the 50 day will be even more bullish. On the downside, I watch the 10 day moving average, a close below this level and fas could be headed back to $5.00. FAZ would then heat up.
These are the things I am watching as far as the Financial Bull goes. The FAS technicals help me to trade FAZ.
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