Yes, indeed. I did notice the support. Glad you mentioned it, as this triggered me to look closer into the strength of FAS' support.
At the risk of seeming way to focused on details, I could not help but project a Fib matrix to correlate different trading timeframes, and see what their relative risk exposure might be.
In essence, I discovered that today's close represents a significant Fib level for each of these trading timeframes.
First, I had to assume (as is usually the rule) that the longer the timeframe, the greater the capitalization and the tighter the risk management;
Second, I had to assume that each timeframe follows Fibonacci price developemnt from their entry positions;
And, third that a new opportunistic entry position occurred at each higher lows (or correction), from which the three Fib grids have been drawn.
If these assumptions are true, which would be for traditional technical analysts trading into each weaknesses, then the following was observed:
1 - Today's close points to a very significant overlap of at least three trading timeframes (2.5-month, 2.5 week, and 7-day positions);
2 - The 2.5-month position closed today at the 38.2% Fib retracement level;
3 - The 2.5 week closed today at the 50% Fib retracement level;
4 - The 7-day position closed at the most extreme-low 76.4% retracement level.
Overall, this convergence of important Fib levels for each timeframe points to the significance of this close, which should become SUPPORT/RESISTANCE as we go forward.
As with DRYS (See thread here: http://investorshub.advfn.com/boards/read_msg.aspx?message_id=37758534 ),where I asked to be called crazy for reading into the technicals and turning out to be correct about the likely support and expected rally.
I think that in turn, here too, there is sufficient technical evidence (to my crazy standards), to establish that tomorrow is a make-or-break for FAS, and eseentially for the aggregate financial sector it represents.
Again, call me crazy ...
FAS & Fib Matrix - 2-Mo., Daily Chart:
D.
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