Trading Idea - Is Las Vegas Sands close to Resistance?

By Traders Huddle Staff Shares of Las Vegas Sands Corp. LVS are trading very close to calculated resistance at $54 with the current price action closing at just $53.27 placing the stock near levels that make it difficult to buy. Rival MGM Resorts slumped after it posted earnings that fell shorts of expectations despite revenues topping consensus. Las Vegas Sands' current stock range is defined by current calculated support defined at $41.77 and by the resistance level at $54, the stock is clearly over-extended from support, making it difficult to establishing new long positions at this level. Las Vegas Sands Corp. 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. Traders don't have a clear entry point for Las Vegas Sands, as the stock is well above support, however, as the stock pulls back towards $41.77 it will definitely provide a reference point to establish a trade. On the other hand if the stock decides to break above resistance level at $54 then traders will get an opportunity to enter Las Vegas Sands stock by establishing a position as the stock moves to a higher range.