Leading casino and resort stock, Las Vegas Sands (NYSE:LVS) is declining. Last week, the casino giant reported earnings and the stock fell on the news. Traders should note that LVS is now trading below the important 50-day moving average. When that happens to a stock, it's often viewed as a weak technical position.
Watch This Price Point
The $56.75 level represents major chart support as that's where the stock was defended in May 2017 before rallying to new highs. When a stock back-tests a major level of support, it often serves as important support again when retested. It looks like a good bet to own LVS stock around the $56.75 area.