Las Vegas Sands Corp (NYSE:LVS) has been in a corrective process since hitting the $55 area in early November. Since then the stock has put in a series of higher lows and the pattern is getting very tight. This stock moves fast and is tricky. We had a lot of success riding this last year from the $19 area. Recently it’s just been a choppy trade in both directions.
This wedge is almost complete and we should get a directional move soon. I’m long and will be looking to add above $47.75 (yesterday’s high) and then confirmation above $48.35 (12/21 high) to break the trend. This stock whips around but rewards you if you’re on the right side. I hate trying to anticipate some moves, but unfortunately when it comes to this stock, I break a few rules. My stop would be $45.75.
*DISCLOSURE: Long LVS
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