LYV pushes through key technical resistance level
Live Nation Entertainment Inc. (LYV) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, LYV finished Wednesday at 59.97 gaining $1.12 (1.9%), notably outperforming the S&P 500 (-0.46%). Today's close at 59.97 marks the highest recorded closing price since February 28th. Closing above Tuesday's high at 59.06, the market confirmed its breakout through the previous session high after trading up to $1.61 above it intraday.
Daily Candlestick Chart (LYV as at Sep 16, 2020):
Wednesday's trading range has been $1.98 (3.36%), that's slightly below the last trading month's daily average range of $2.20. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for LYV.
One bullish candlestick pattern matches today's price action, the White Candle.
Buyers managed to take out the key technical resistance level at 59.03 (now S1), which is likely to act as support going forward. The last time this happened on August 27th, LYV gained 2.53% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Price broke through Technical Resistance R1" stand out. Its common bullish interpretation has been confirmed for Live Nation. Out of 254 times, LYV closed higher 53.94% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 55.51% with an average market move of 0.42%.