Stock Technical Analysis: LVS Forming a Bull Flag

Written by Taurus on September 27, 2009

Another request for a stock technical analysis update on LVS , (Las Vegas Sands Corp), so here we go!

LVS 260909 small

Stock Technical Analysis of LVS

While still maintaining its upwards move, LVS has retraced around 23.6% (an important fibonacci level) last week, forming a bull flag (shown in black).

It came close to the uptrend line (shown in blue) and bounced off a support at $16.80 with a huge volume increase. Interestingly enough, $16.80 was the high for 3rd November 08, so this support will be pretty strong.

A buy signal indication will only happen if prices manage to break out of the bull flag with sustained volume increase. I would be looking to close any open positions if prices manages to break below the blue uptrend line. Good luck!


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Comments

  • 09-28-2009
    8:04 am

    Sidney

    Hi Greg! Thanks for your comments and congrats on your retirement. Do join our mailing list by registering on the right to keep up-to-date with our posts! :)

    CNH does look like it is moving into an ascending triangle pattern. In addition, it also exhibits an inverse head and shoulders pattern in the making. For the pattern to complete, the stock price must move definitively above its resistance of $20. I will not buy this stock until this resistance has been cleared.

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  • 09-27-2009
    10:30 am

    Greg Jones

    I’m very interested in your work and would like to become one of your followers and contribute trade ideas.

    I recently retired as a school principal.
    In searching Finviz I found a stock that I think is ready for a move up.

    CNH at 16.55
    It has an ascending triangle pattern and the price in on the lower edge of the lower line. What do you think?

    Thanks,
    Greg

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