Fannie Still Weak

08/28/2008 12:00 am EST


Thomas Aspray

, Professional Trader & Analyst

Despite the after hours shake up in Fannie Mae (FNM), technically the price action still looks weak. The next resistance is in the $8 area with more important at $10-12. The downward trading channel and negative 50/200 day moving averages reinforce the major downtrend.
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