The Direxion Financial Bull 3X Shares (NYSE: FAS) and the Direxion Financial Bear 3X Shares (NYSE: FAZ) ETF's have been very active over the past six months. The following is technical analysis on Financial Bull ( FAS ) for 5/13/09. Knowing the support and resistance levels for FAS will help you trade FAZ.FAS Support and Resistance Levels - May 13, 2009
Resistance Levels: $10.00, $10.60, $12.53, $13.27
Support Levels: $9.30, $9.08, $8.09
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FAS made a $9.08 low Tuesday after breaking the $9.30 low from last week. If FAS closes below $9.08 I think it could retest $8.09. I am also watching the 10 day moving average at $9.85. FAS broke down below this but rallied back at the end of the day Tuesday so we haven't violated the 10 day moving average yet. You can use the 10 day moving average as a signal to get back in FAZ. On the upside, now that we had this correction, when FAS closes above $10.60 it will be time to get back in for another upside trade. For More Technical Analysis - Go Here
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