For the first time since joining the SIA S&P 500 Index Report back in late 2019, hotel and casino operator Las Vegas Sands (LVS) has climbed up into the Green Favored Zone. The shares had been steadily climbing within the red zone since April, then jumped straight to the Green Zone in one day by popping 111 spots to 111th position. LVS is up 230 places in the last month.
A long-term downtrend in Las Vegas Sands (LVS) shares that started back in March of 2021 appears to have bottomed out. Since March of this year, LVS has settled into a $30.00 to $40.00 base building range, and it has now completed several successful channel support tests. This week, the shares have snapped out of a short-term downswing with a breakout over $35.00, a sign of renewed interest. A breakout over $40.00 would complete the base, snap a long-term downtrend line, and confirm the start of a new uptrend.
On a breakout, initial resistance may appear near $47.50, a previous support/resistance level, followed by the $50.00 round number which coincides with a measured move. Initial support appears at the $35.00 breakout point.
A major breakout is underway in Las Vegas Sands (LVS) shares. Since peaking in March of 2021, the shares had been under distribution, that really got going with a big plunge in the summer of 2021 and continued until LVS finally bottomed out in May. For the last two months LVS has been base building but this month is has become clearer that accumulation has resumed. So far in July, the shares have completed bullish Double Top and Spread Triple Top breakouts to signal the start of a new uptrend that was confirmed yesterday when the shares snapped a long-term downtrend line.
Based on horizontal and vertical counts, next potential upside resistance appears near $41.55, $44.10, and 46.80 on trend. Initial support appears near $36.15 based on a 3-box reversal.
With its bullish SMAX score increasing to 9, LVS is exhibiting strength against the asset classes.
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