Trade Ideas: LVS, MGM, MPEL, WYNN

In just three weeks, Melco Crown Entertainment Ltd (NASDAQ:MPEL) had gone up from $8 per share to its current value of $9.72, that’s almost 20%. Today, the stock made a new 52-week high of $9.99. So far this year, the stock has soared over 60%. At this level the stock could go either way here depending on the markets mood but with high overbought conditions we should see a pull back soon. Overall the stock still in long term uptrend. First support is seen at yesterday’s low of 8.97 cents and then at 8.81 cents.

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Wynn Resorts, Limited (NASDAQ:WYNN) also hit a new 52 week high of $141.34. Since the end of July 2010, the stock has been moving inside a bullish trend channel with the technical indicators showing a tremenous strength. KD is rising and MACD still above 0. In addition both 50 day EMA and 200 day EMA are both rising showing the stock would be in bull market for a while. I won’t be surprised if a profit taking appear in the netx sessions due to the overbought conditions already reached. First support is seen at $136.20.

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Las Vegas Sands Corp. (NYSE:LVS) is another strongly trending stock. Yesterday, it broke out from the 6-month downtrend and could now hedge up higher. If it does, it could encounter some selling pressure at $47.10 resistance. If that hurdle gets cleared out, the next resistance could be $49.05. On the flip side the immediate support could be $43.50 ( its 50 day EMA ).

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MGM Resorts International. (NYSE:MGM) closed down 3.41% and has now the major support on its 200 day EMA at $12.51. The stock has been trading within a descending channel since January. Notice from the technical chart below that the only support that has been keeping the entire stock afloat was its 200-day moving average ( white line ) . With the stock still respecting this major long-term support the general technical view for the stock remains upbeat despite the sell-offs that we have been seeing here.

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Disclaimer: This is not an investment advisory, and should not be used to make investment decisions. Information in AC Investor Blog is often opinionated and should be considered for information purposes only. No stock exchange anywhere has approved or disapproved of the information contained herein. There is no express or implied solicitation to buy or sell securities. The charts provided here are not meant for investment purposes and only serve as technical examples. Don’t consider buying or selling any stock without conducting your own due diligence.
About Antonio Costa 325 Articles

Antonio Costa is a 35 year old part-time trader who trade stocks in the US market.

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