Daily Stock Report

Live Nation Entertainment Inc. - (LYV) - February 25, 2022

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.  

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