Las Vegas Sands – Sluggish Trade Continues

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New York, Dec 9th (TradersHuddle.com) – Las Vegas Sands (NYSE:LVS) continued under heavy selling pressure yesterday, with the stock losing another 3.2% placing the price action very close to the ascending 50 day moving average.

Las Vegas Sands Corp. (NYSE:LVS) owns and operates casino resorts and convention centers. The Company operates in United States, Macau, and Singapore and offers a wide range of gaming activities and entertainment as well as overnight accommodations in properties like the Venetian and the Palazzo in Las Vegas, NV. Its expo centers host a wide range of entertainment shows, expositions, and other activities.

Las Vegas Sands stock has been unable to take out the 52 week high that was set early November with the stock reaching the $55 level. Since then we have seen sharp pullbacks towards the earnings gap that formed late in October. Now the earnings gap coincides with the ascending 50 day moving average.

One important thing to consider, as we review technical analysis of the stock is {module}{reg} that it failed to produce a higher high after the first bounce, which increases the probability of a breakdown below support.

We will probably see a bounce from current levels; however the sluggishness and lack of participation the last few days could send the Las Vegas Sands on a tailspin if support is broken. A gap fill will make the stock very interesting at the low $40s.

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