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Las Vegas Sands (LVS) Approaching Key Support

Last month, we noted that Las Vegas Sands (LVS) was in a strong bullish market in 2017 and had the 70 level in sight. So far, price has cracked 66 but has since retreated to about 60 last Friday (7/14). It seems to have found some near-term support here. While price might still retreat further, we should note that 58-60 is a very key support area, so maybe we should think about the bullish outlook.

LVS Daily Chart

(click to enlarge)

Support Factors:
1) 60 is a psychological level and an established support/resistance pivot.
2) Around 58, price would be challenged by a rising trendline.
3) The 100- and 200-day simple moving averages (SMAs) are both around 58.
4) When the RSI is around 40, it should turn back up if the trend is still bullish.

A break below 58, with the RSI pushing below 40 and maybe to 30, would be a bearish signal. So until that happens, we should still anticipate a bullish outlook for LVS, with the 70 handle in sight.