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Possible Bearish Inside Day Candle Pattern Detected for Live Nation (NYSE:LYV)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Live Nation (NYSE:LYV) based on the price action in the company's shares. Today's price range of $35.89 and $36.10 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Live Nation may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, Live Nation share prices have been bracketed by a low of $18.77 and a high of $36.26 and are now at $36.09, 92% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.7% while the 200-day MA has slid 0.4%.

Live Nation (NYSE:LYV) defies analysts with a current price ($36.09) 7.2% above its average consensus price target of $33.50. The stock should find initial support at its 200-day moving average (MA) of $23.91 and further support at its 50-day MA of $22.08.

Live Nation Inc. produces, operates, and promotes live events including music concerts, theatrical shows, specialized motor sports, and other events.

SmarTrend recommended that subscribers consider buying shares of Live Nation on March 28th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $29.83. Since that recommendation, shares of Live Nation have risen 21.2%. We continue to monitor LYV for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle Live Nation

Ticker(s): LYV