Live Nation Chart Is Like Music To My Ears

Tom Bowley
by Tom Bowley,
Chief Market Strategist, EarningsBeats.com

Live Nation Entertainment (LYV) is a $5 billion consumer discretionary company that in late July reported excellent quarterly results and gapped higher to touch the 28.00 level.  The stock's all-time high came in October 2015 just beneath 30.00.  It's consolidating just above its rising 20 week EMA and volume trends have been strong.  Here's a look at the weekly chart:

Volume trends have improved, while both the MACD and SCTR are surging.  A high volume close above 28 would represent the breakout of a bullish inverse head & shoulder pattern.  Currently, LYV is consolidating in that right shoulder as both its RSI and stochastic retreat from recent overbought conditions.

Happy trading!

Tom

Tom Bowley
About The Author:

Tom is the Chief Market Strategist at EarningsBeats.com, a research and education platform for both financial professionals and individual investors. His comprehensive Daily Market Report provides insightful guidance to EB members every trading day. Learn More 

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