Friday, November 24, 2017

This Las Vegas Sands Level Is A Good Bet

This morning, leading casino and resort stock, Las Vegas Sands Corp (NYSE:LVS), is declining lower by 0.79 to $60.93 a share. Last week, the casino giant reported earnings and the stock declined lower on the news. Traders should note that LVS stock is now trading below the important 50-day moving average. Anytime a stock trades below its 50-day moving average it is often viewed as a weak technical position for the equity. Traders must now watch the $56.75 level for major chart support. This is where the stock was defended in May 2017 before rallying to new highs. Often, when stocks backtest a major support level it will serve as important support again when retested. It looks like a good bet to own LVS stock around the $56.75 area.

Nicholas Santiago

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