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Last Vegas Sands (LVS) Testing Key Resistance Just Under $60

Las Vegas Sands $LVS has been consolidating after a bearish correction swing from June through October. From the daily chart below, we can see that after price tagged $50, it started to trade sideways, though it did also edge out a new low around $48 by late December 2018. 

LVS Daily Chart

(click to enlarge)

Consolidation Resistance:
- As we can see on the daily chart, price has been essentially consolidating sideways, even though it made a couple of lower lows. 
- In this consolidation pattern, the $58-$59.20 area is resistance. It has been a support/resistance pivot going back to May-September 2017. 
- Also note that the RSI is right around 60. If the market is still bearish, the RSI will likely hold below 60 for the most part - forgiving a brief violation above for a couple of sessions.
- We can also see that the 200-week simple moving average reinforces the current resistance around $59-60.
- Above $60, we should also monitor the $64 area as key resistance. 
Bearish Scenario:
- If price holds below $60 and falls back below $55, we are likely still in this bearish correction mode. 
- Coupled with a contraction in the overall market, we will likely see LVS challenge that $48 low from 2018. 
- On the weekly chart, we can see that the next critical support will be around $36-$40. 

LVS Weekly Chart

(click to enlarge)

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