Approaching Resistance - Las Vegas Sands

Published on Wednesday, 08 February 2012 07:16 Written by TradersHuddle Wire

New York, February 8th (TradersHuddle.com) - Shares of Las Vegas Sands Corp. (NYSE:LVS) are trading very close to calculated resistance at $52.35 with the current price action closing at just $51.06 placing the stock near levels that make it difficult to buy.

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' current stock range is defined by current calculated support defined at $41.77 and by the resistance level at $52.35, the stock is clearly over-extended from support, making it difficult to establishing new long positions at this level.

Traders don't have a clear entry point for Las Vegas Sands, as the stock is well above support, however, as the stock pulls back towards $41.77 it will definitely provide a reference point to establish a trade. On the other hand if the stock decides to break above resistance level at $52.35 then traders will get an opportunity to enter Las Vegas Sands stock by establishing a position as the stock moves to a higher range.