New York, June 12th (TradersHuddle.com) - Las Vegas Sands Corp. (NYSE:LVS) ended the trading session at $56.14, near its 50 day moving average set at $56.43. Las Vegas Sands' price action placed the stock below this important level, which makes it difficult to be bought, as the stock will certainly face resistance as it approaches its 50 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.
The latest price action range, defined by a peaks and troughs algorithm, placed calculated support at $56.25 and resistance at $60.54. These levels will be closely monitored, as they provide great insight into the latest price dynamics.
If traders want to establish a position in Las Vegas Sands, given the resistance expected as the stock approaches its 50 day moving average, a trade might materialize as the stock manages to break this important technical level. After the breakout, the 50 day moving average could be used as support going forward. However, until the break materializes, buying the stock is basically a gamble with 50-50 chance.
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