Positive clinical trial results for Merck’s COVID drug candidate ignited renewed interest in COVID lockdown impacted stocks and sectors on Friday. In particular, concert promoter Live Nation Entertainment (LYV) soared up the rankings in the SIA S&P 500 Index Report. LYV recently returned to the Green Favored Zone for the first time since July and finished Friday in 43rd position, up 72 spots on the day and up 230 places in the last month.
Live Nation (LYV) shares staged a major breakout on Friday, blasting through the top of a $75.00 to $95.00 sideways trading range which had persisted for the last six months. The shares also reached a new high and completed a bullish Ascending Triangle breakout on a jump in volume, indicating increasing investor interest.
The shares are currently approaching the $100.00 round number, with next potential resistance near $115.00 based on a measured move from the recent trading range. Initial support moves up to the $95.00 breakout point from $90.00 which was recently tested successfully.
Live Nation Entertainment (LYV) shares broke out to a new high on Friday, completing bullish Spread Triple Top pattern that signaled a six-month period of sideways consolidation that digested two previous high poles is over and a new advance has started.
Based on vertical and horizontal counts, next potential upside resistance tests on trend may appear near $114.50, $119.15, and $129.00. Initial support appears near $90.30 based on a common 3-box reversal.
With a bullish SMAX score of 9, LYV is exhibiting strength against the asset classes.
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