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Casino stocks fly higher as Macau eases covid restrictions

5:40 PM 20 July 2022

Macau-focused gaming stocks like Las Vegas Sands (LVS.US), Wynn Resorts (WYNN.US) rose more than 3.0% on Wednesday after Reuters reported that China's gambling hub would reopen casinos this weekend amid a drop in Covid infections.

Las Vegas Sands (LVS.US) launched today’s session with a bullish price gap above downward trendline and is approaching major resistance at $38.00, which is marked with 23.6% Fibonacci retracement of the downward wave launched in March 2021. If sellers manage to regain control, then the key support zone lies around  $28.80. Source: xStation5

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