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.
Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.