Las Vegas Sands (LVS) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, LVS broke through the 50-day moving average, which suggests a short-term bullish trend.
The 50-day simple moving average, which is one of three major moving averages, is widely used by traders and analysts to establish support and resistance levels for a range of securities. Because it's the first sign of an up or down trend, the 50-day is considered to be more important.
LVS has rallied 7.2% over the past four weeks, and the company is a Zacks Rank #1 (Strong Buy) at the moment. This combination suggests LVS could be on the verge of another move higher.
The bullish case solidifies once investors consider LVS's positive earnings estimate revisions. No estimate has gone lower in the past two months for the current fiscal year, compared to 4 higher, while the consensus estimate has increased too.
With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on LVS for more gains in the near future.
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Las Vegas Sands Corp. (LVS): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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