Is Las Vegas Sands Closing in to Support?

Published on Wednesday, 02 May 2012 09:24 Written by TradersHuddle Wire

New York, May 2nd (TradersHuddle.com) - Shares of Las Vegas Sands Corp. (NYSE:LVS) ended the trading session close to calculated support at $54.67, a level that will raise the attention of traders looking for an entry point.

Las Vegas Sands' stock range is defined by its calculated support defined at $54.67 and by the resistance level at $62.09. This range could be used as a reference by traders planning their next move. The area where buyer interest might materialize is defined as calculated support. Stocks trading near support might see upside if it can successfully hold the technical level. However, this area if breached will signal participants that the stock failed to entice buyers to step in to support it.

Traders wanting to establish a position should pay close attention to Las Vegas Sands' price action, and establish it as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $62.09 might limit their upside, however, if the stock breaks resistance, it could be a good point to add to the position.

Shares of Las Vegas Sands Corp. closed at $55.78 in the prior trading session.

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.