Each day this chart looks weaker and weaker, today helped to strengthen the case as RIFIN closed below its 50EMA. If $RIFIN breaks its support at 600, the next strong area of is around 530-540. This could be 2.00 move on FAZ.
Tuesday, June 23, 2009
Fin Hunting
$RIFIN is the index that FAZ and FAS track. Today it came very close to breaking a key support at 600.
Each day this chart looks weaker and weaker, today helped to strengthen the case as RIFIN closed below its 50EMA. If $RIFIN breaks its support at 600, the next strong area of is around 530-540. This could be 2.00 move on FAZ.
On June 5th, I pointed out the bullish divergence on FAZ. Since then it has taken off, climbing another point off its lows. FAZ is looking more bullish each day. It has an established uptrend since June 5th, and has climbed above its 20EMA. Notice the volume increase since June 5th as well. All these are good signs for FAZ
So the key will be can $RIFIN break 600 and fall like a drunken sailor, or does bounce at this support level. I am still holding my FAZ from June 6th but will take profits if $RIFIN can close above its 50EMA.
Each day this chart looks weaker and weaker, today helped to strengthen the case as RIFIN closed below its 50EMA. If $RIFIN breaks its support at 600, the next strong area of is around 530-540. This could be 2.00 move on FAZ.
