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Possible Bearish Inside Day Candle Pattern Detected for Las Vegas Sands (NYSE:LVS)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Las Vegas Sands (NYSE:LVS) based on the price action in the company's shares. Today's price range of $60.55 and $61.11 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Las Vegas Sands may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Las Vegas Sands Corp. owns and operates casino resorts and convention centers. The Company operates in the United States, Macau and Singapore. Las Vegas Sand Corp's casinos offer a wide range of gaming activities and entertainment as well as overnight accommodations, while its expo centers host a wide range of entertainment shows, expositions, and other activities.

Potential upside of 36.8% exists for Las Vegas Sands, based on a current level of $60.81 and analysts' average consensus price target of $83.21. The stock should discover initial support at its 200-day moving average (MA) of $59.59 and subsequent support at its 50-day MA of $56.43.

Over the past year, Las Vegas Sands has traded in a range of $47.39 to $69.60 and is now at $60.81, 28% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.9% while the 200-day MA has remained constant.

SmarTrend is tracking the current trend status for Las Vegas Sands and will alert subscribers who have LVS in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle Las Vegas Sands

Ticker(s): LVS