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Trading Idea: - Is Las Vegas Sands close to Resistance?

New York, February 6th (TradersHuddle.com) - Shares of Las Vegas Sands Corp. (NYSE:LVS) are trading very close to calculated resistance at $55.94. The stock ended the trading session at just $54.73, which is near levels that make it difficult to buy or start a position.

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' stock range is defined by its calculated support defined at $50.90 and by the resistance level at $55.94; the stock is clearly over-extended from support, making it harder for participants to establish fresh longs.

Traders don't have a clear entry point for Las Vegas Sands. However, as the stock pulls back towards $50.90 it will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $55.94 then traders will get an opportunity to enter the stock as it moves to a higher range.

Technical Scans

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o Dow Jones 16,102.38 ▼272.38 (-1.66%)
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INDEXDJX:.DJI

Dow Jones

Company ID [INDEXDJX:.DJI] Last trade:16,102.38 Trade time:4:30PM EDT Value change:▼272.38 (-1.66%)
INDEXSP:.INX

S&P 500

Company ID [INDEXSP:.INX] Last trade:1,921.22 Trade time:4:30PM EDT Value change:▼29.91 (-1.53%)
INDEXNASDAQ:.IXIC

NASDAQ

Company ID [INDEXNASDAQ:.IXIC] Last trade:4,683.92 Trade time:5:15PM EDT Value change:▼49.58 (-1.05%)

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