Click to EnlargeMy colleagues at Slingshot Trader featured Las Vegas Sands (NYSE:LVS) in the Trade of the Day previously, and I can see why.
Las Vegas Sands is a major casino and resort operator in the Macao enclave of China, as well as Singapore. It also owns and operates the Venetian Resort Hotel Casino, the Palazzo and the Sands hotels in Las Vegas and the Sands Casino in Bethlehem, Pennsylvania. Shares appear to be tracing out a cup-with-handle pattern, as shown in the chart above. If the stock breaks out at $54, the upside move measures to as much as $72. This tends to be a very good time of year–in the past, this particular stock has done well in this time period. Of course, there is always a first time for a decline, but if bulls can restore order in the U.S. market, LVS shares should at least get to the $56.50 to $58 level over the next two months.
Yesterday the stock broke through an important $54.60 resistance area intraday, so I’m confident the bullish trend should continue.
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InvestorPlace advisor Jon Markman operates the investment firm Markman Capital Insight. He also writes a daily swing trading newsletter, Trader’s Advantage which aims to capture profits of 15% to 40% and often as much at 100% to 200% in less than 90 days.
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