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
About the author:
Tom Bowley is the Chief Market Strategist of EarningsBeats.com, a company providing a research and educational platform for both investment professionals and individual investors. Tom writes a comprehensive Daily Market Report (DMR), providing guidance to EB.com members every day that the stock market is open. Tom has contributed technical expertise here at StockCharts.com since 2006 and has a fundamental background in public accounting as well, blending a unique skill set to approach the U.S. stock market.
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