Wednesday, September 22, 2010

Chart of the Day

Today's Chart of the Day is LVS. After consolidating for almost two weeks, it finally broke out of its trading range today and it did so on impressive volume.  MACD is also on the verge of giving a bullish signal.

To really understand and appreciate the importance of this recent consolidation and move up, one has to look at the monthly chart. These are the levels the stocks found support in 2005 before a massive move up. The level acted as support also twice in 2008 before breaking down. I got in this today stock at 32.69 and it looks good to run from here.

Here are my thoughts on today's market action in case you missed it - A bullish day but.....

Take care and good luck!

No comments: