Putting a conductive rod between rotating axial electrodynamic wheels composed of repetitive permanent magnets, three-axial magnetic forces generate on the conductive rod. It is possible to levitate and transfer the rod on space with the forces. However, the forces vary in direction and magnitude for a position of the rod between the electrodynamic wheels. Thus, the position influences the stability of the rod also. To guarantee the stability of a levitated object, the force acting on the object should have negative stiffness like a spring. So, we analyze the stable operating range of the conductive rod levitated by the axial wheels with the commercial finite element tool in this paper. Specially, as the pole number and the radial width of permanent magnets has much influence on the generated force and thereby the stable region, their sensitivities are analyzed also. The analytic result is compared with experimental result.