Banks are falling and conversely, FAZ has been on the rise. We appear to be at 2 points of resistance; first is the descending wedge that has been forming over the last several months. 2nd, we seem to be back in that descending channel and nearing resistance. However, the 3rd point of resistance is the ~$11.50 price that has acted as historical support and recent resistance. If this breaks, could we be headed higher? Out of the channel and above the wedge?
Keeping my eyes on this closely over the next few days as there is substantial gains to be made long or short of this depending on if resistance holds or not.
Keeping my eyes on this closely over the next few days as there is substantial gains to be made long or short of this depending on if resistance holds or not.
Comment:
FAZ is approaching the prior support level of $9.60. If we break that, it confirms the downtrend highlighted in blue and could see $9.00 by the end of summer.
Comment:
sorry, approaching the lower band of support...
currently sitting on the support line as of 3:48pm. Tomorrow's close will let us know if we can jump in for a short ride up, or run away.
currently sitting on the support line as of 3:48pm. Tomorrow's close will let us know if we can jump in for a short ride up, or run away.