Since we last mentioned concert promoter Live Nation (LYV) as a potential reopening play in the October 4th edition of the Daily Stock Report, the shares have gained 26.0%. Boosted by a positive quarterly sales report and strong advance ticket sales, Live Nation jumped 23 positions to 19th place within the Green Favored Zone of the SIA S&P 500 Index Report.
A major breakout is underway in Live Nation (LYV) shares. Yesterday the shares soared on volume, completing a Bullish Engulfing candle and closing at a record high, breaking through the top of a $100.00 to $124.00 range where the shares had been consolidating since a previous Bullish Ascending Triangle breakout rally faded.
Measured moves from recent trading suggest potential upside resistance near $140.00, $148.00, or the $150.00 round number. Initial support moves up toward $120.00 from the 50-day moving average near $113.85.
For over a year, Live Nation (LYV) shares have been under accumulation, advancing through a series of High Poles, followed by pauses at higher levels. Since its last rally ended in November, LYV has been consolidating between $100.00 and $124.00. Two recent bullish Double Top breakouts suggested that accumulation has resumed and the start of a new rally phase was confirmed yesterday with the shares breaking out to a new all-time high and completing a bullish Spread Double Top pattern.
Vertical and horizonal counts suggest potential resistance tests on trend near $129.00, $145.25, and $154.10. Initial support appears near $114.50 based on a 3-box reversal.
With a perfect SMAX score of 10, LYV is exhibiting strength across 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.
