Live Nation Entertainment (LYV) has become more popular on the charts since early May. Let's check it out.
In this daily bar chart of LYV, below, I can see that prices found buying interest (support) around $65 from November but the game changer was a gap higher in early May. Prices gapped above the 50-day and the 200-day moving average lines.
The On-Balance-Volume (OBV) line turned up in November and its rise tells me that buyers of LYV have been more aggressive than sellers for several months now. The Moving Average Convergence Divergence (MACD) oscillator is bullish.
In this weekly Japanese candlestick chart of LYV, below, I can see that prices have turned more positive in the past three months. LYV trades above the rising 40-week moving average line.
The weekly OBV line has been strong since the middle of April. The MACD oscillator crossed above the zero line in late May. The candles do not suggest a top reversal is here.
In this daily Point and Figure chart of LYV, below, I can see an upside price target in the $125 area.
In this weekly Point and Figure chart of LYV, below, I can see the same $125 price target as the daily chart above.
Bottom line strategy: LYV looks like it's headed higher. Traders could try to buy a dip to around $90 risking to $85. The $125 area is my price target for now.
