LVS dominated by bears dragging the market lower throughout the day
Las Vegas Sands Corp. (LVS) Technical Analysis Report for Sep 13, 2019 | by Techniquant Editorial Team
LVS finished the week 5.61% higher at 59.34 after losing $0.81 (-1.35%) today, notably underperforming the S&P 500 (-0.07%). The bears were in full control today, moving the market lower throughout the whole session. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (LVS as at Sep 13, 2019):
Friday's trading range has been $1.56 (2.58%), that's slightly above the last trading month's daily average range of $1.37. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for LVS.
Even with a strong opening the stock closed below the previous day's open and close, forming a bearish Engulfing Candle. Additionally, one bearish candlestick pattern matches today's price action, the Black Candle. The last time a Black Candle showed up on August 22nd, LVS lost -2.39% on the following trading day.
The market closed back below the 100-day moving average at 59.43. After having been unable to move lower than 59.10 in the prior session, Las Vegas found buyers again around the same price level today at 59.31.
Crossing below the upper Bollinger Band, prices have lost at least some of their upward momentum in the short-term and could now be heading back down towards the mean of the Bollinger Bands at 55.77.
Though the share is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Further buying could move prices higher should the market test August's nearby high at 61.42.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bearish Break through SMA 100" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for Las Vegas. Out of 69 times, LVS closed higher 57.97% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 57.97% with an average market move of 1.02%.