Trading Idea: - Is Las Vegas Sands close to Resistance?
Published on Wednesday, 06 February 2013 08:44 Written by TradersHuddle Wire
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.