Can Las Vegas Sands Climb a Wall of Worry?
Las Vegas Sands jumped on November 9 when news of Pfizer’s vaccine hit. It’s consolidated since, and is now showing some potential signs of continuing higher.
The first pattern on LVS is its gap above the previous high around $56. The shares have held their ground above those old highs, suggesting it’s found support above old resistance.
Next is the higher low in the last three sessions. That’s resulted in a basing pattern above the old resistance.
Third, you have yesterday’s bullish outside day.
Finally, the 50-day simple moving average (SMA) recently rose through the 200-day SMA – a golden cross. (This chart also features our MA Speed custom script.)
LVS hasn’t shown much of a turn yet fundamentally, but there is a path toward improvement. First the U.S. vaccine. Then the potential for the Chinese New Year on February 12 to revive visits to Macau. Stocks in the position of LVS have the potential to “climb a wall of worry.” Some of the chart patterns cited here might suggest that the turn is coming.
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The first pattern on LVS is its gap above the previous high around $56. The shares have held their ground above those old highs, suggesting it’s found support above old resistance.
Next is the higher low in the last three sessions. That’s resulted in a basing pattern above the old resistance.
Third, you have yesterday’s bullish outside day.
Finally, the 50-day simple moving average (SMA) recently rose through the 200-day SMA – a golden cross. (This chart also features our MA Speed custom script.)
LVS hasn’t shown much of a turn yet fundamentally, but there is a path toward improvement. First the U.S. vaccine. Then the potential for the Chinese New Year on February 12 to revive visits to Macau. Stocks in the position of LVS have the potential to “climb a wall of worry.” Some of the chart patterns cited here might suggest that the turn is coming.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
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