Published on Thursday, 04 October 2012 07:28 Written by TradersHuddle Wire
New York, October 4th (TradersHuddle.com) - Las Vegas Sands Corp. (NYSE:LVS) closed the trading session at $46.11, near its 200 day moving average set at $47.91. Las Vegas Sands' stock action is below this level, which makes the stock difficult to be bought, as it will face resistance as it approaches its 200 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.
Latest price action range, defined by a peaks and troughs algorithm, placed calculated support at $44.25 and resistance at $47.38. Traders should closely monitor these levels, as they provide great reference points for the latest price action in Las Vegas Sands.
If traders want to establish a position on Las Vegas Sands, given that resistance could materialize as the stock approaches its 200 day moving average, a trade might materialize as the stock manages to break this important level. After the breakout, the 200 day moving average could be used as support going forward. However, until the break materializes, traders need to exercise patience.
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