Trade This Head & Shoulders Pattern: Las Vegas Sands Corp. (NYSE
With the stock market at recent highs, Las Vegas Sands Corp. (NYSE:LVS) is having trouble catching a bid higher. As technical traders, we seek to locate the best possible points to enter and exit a stock based on the charts and recognizing the best chart patterns. One of the best chart patterns, which is often interpreted or read incorrectly by most traders, is the "head & shoulders pattern." However, when this pattern is read properly, it presents a high probability trade.
Now, let's take note of Las Vegas Sands Corp. (NYSE:LVS), on a daily time frame chart. This daily chart has formed a head and shoulders pattern, take note of the chart below. Now, what we as traders need to watch is the "neckline." When that neckline is broken to the downside and the price of LVS confirms below it (learn what it means to "confirm" and more powerful trading techniques), that is the time to short the stock and look for a larger move lower. If LVS should break the neckline, the profit target to look for would be right around the $60 mark.
When trading, eliminating the noise is most important. Learn to read the charts properly as the pros do and you will position yourself to trade more consistently, with no guessing involved. Keep a close eye on LVS, we will be trading it!
Join us in the Elite Round Table to get our live trade alerts, when we enter and exit stocks for profit, step inside here.
Kristof De Block
Elite Round Table, Pro Trader
Now, let's take note of Las Vegas Sands Corp. (NYSE:LVS), on a daily time frame chart. This daily chart has formed a head and shoulders pattern, take note of the chart below. Now, what we as traders need to watch is the "neckline." When that neckline is broken to the downside and the price of LVS confirms below it (learn what it means to "confirm" and more powerful trading techniques), that is the time to short the stock and look for a larger move lower. If LVS should break the neckline, the profit target to look for would be right around the $60 mark.
When trading, eliminating the noise is most important. Learn to read the charts properly as the pros do and you will position yourself to trade more consistently, with no guessing involved. Keep a close eye on LVS, we will be trading it!
Join us in the Elite Round Table to get our live trade alerts, when we enter and exit stocks for profit, step inside here.
Kristof De Block
Elite Round Table, Pro Trader