Las Vegas Sands Is Moving Above Resistance

Published on Friday, 01 February 2013 07:08 Written by TradersHuddle Wire

New York, February 1st (TradersHuddle.com) - Shares of Las Vegas Sands Corp. (NYSE:LVS) closed the session at $55.25 just above calculated resistance at $53.93. The stock effectively broke out and grasped the attention of momentum traders, which could eventually push the stock to a different trading range.

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.

The stock was trading in a well defined range with support at $50.90 and resistance at $53.93. Given that this range was broken, traders will be closely monitoring Las Vegas Sands' price action to gather clues on the future direction.

From a technical perspective, it can be expected that previous resistance becomes support, as the new range gets defined. However, given that Las Vegas Sands is still near the broken resistance level, traders will be focusing on the $53.93 level to see if the stock holds the breakout without rolling over.