Live Nation Entertainment Inc. - (LYV) - June 20, 2023
Concert promoter and ticket agent Live Nation (LYV) has rocketed back up the rankings in the SIA S&P 500 Index Report since it exited the red zone in May. In the last month it has climbed 39 spots to 123rd place, recently returning to the Green Favored Zone for the first time since April of 2022.
A new uptrend appears to be getting underway in Live Nation (LYV) shares. After falling through the second half of 2022, LYV spend the first four months of this year base building in the $64.00 to $82.00 range. Last month, the shares soared up off the bottom of that range, staging a breakaway gap upward on volume and retaining its 50-day average, all signs of significant new interest.
Since, then, LYV has continued to climb, breaking out of its base and rallying up above $90.00, while its 50 and 200-day moving averages have completed a bullish Golden Cross. Initial upside resistance appears near the $100.00 round number, followed by $118.00 based on a measured move. Initial support appears at recent breakout points near $85.00 then $82.00.
Live Nation (LYV) has come under renewed accumulation in recent weeks. Rallying up off of $65.00, LYV has snapped out of a downtrend, completed two bullish Double Top breakouts and a Bullish Catapult, and regained the $90.00 level.
Initial upside resistance appears near $95.90 based on a horizonal count and previous column highs, followed by the $100.00 round number, and $101.80 based on a vertical count. Initial support appears near $85.95 based on a 3-box reversal.
With a perfect SMAX score of 10, LYV is exhibiting strength across the asset classes.
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