There is a possibility that this note will not use the word “bearish” to describe what is being analyzed and that will be a first in quite some time should it turn out to be true.
It is a delicate situation, however, as shown by the monthly chart in the fact that Las Vegas Sands (LVS) remains above the trendline to mark its more than three-year uptrend, but just barely so. Should LVS drop below $52.48, it will have begun to reverse that trend and particularly if the potential breach is made on a closing basis.
There is not a strong reason to be concerned about this potential reversal in looking at the six-month chart below with a 50 DMA above the 200 DMA and LVS above its LTRO Rally trendline and the very trendline shown above with the possibility existing for a Bull Pennant pulling LVS up to that pattern’s target of $62 on confirmation of about $60.40.
It is not a particularly strong Bull Pennant, though, and there could even be a Head and Shoulders-type pattern in there with a target of $50.38 on confirmation of $56.19 marked just by its neckline and so the recent sideways trading to top a decent uptrend seems not to deserve a strong commitment in either direction. Below $56.19, though, and the downside target of that H&S plus a potential drop to $40 will be worth thinking about while a possible close above $62 will shift the attention to a continuation of the three-year uptrend in LVS.
Right now, then, LVS seems mainly sideways with a kicker coming and a trend worth respecting in itself considering there are few good clues as to whether it breaks up or down when it does shift and possibly soon.