Is There Resistance Above for Las Vegas Sands?
Published on Wednesday, 28 November 2012 07:12 Written by TradersHuddle Wire
New York, November 28th (TradersHuddle.com) - Las Vegas Sands Corp. (NYSE:LVS) closed the trading day at $46.36, near its 50 day and 200 day moving averages set at $44.86 and $47.56 respectively. Las Vegas Sands' price action placed the stock above the 50 day moving average but below its 200 day moving average, providing a nice trading setup with clear reference points.
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 seems to be setting up for a tight range between the 50 day moving average as support and the 200 day moving average serving as resistance.
A tiered approach appears to be the best way to maximize possible movements in the stock, as traders could establish a small position in Las Vegas Sands and wait for the stock to break out above the 200 day moving average at $47.56. Then they could add to the position as momentum builds with the breakout. On the other hand, if support being referenced at the 50 day moving average set at $44.86 breaks, it could signal further downside for Las Vegas Sands in the horizon.
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