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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Live Nation Ente (NYSE:LYV) based on the price action in the company's shares. Yesterday's price range of $63.03 and $63.88 is within the prior day'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. Traders and investors interested in shares of Live Nation Ente may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Live Nation Ente (NYSE:LYV) is currently priced 22.4% above its average consensus analyst price target of $49.50. The stock should run into initial resistance at its 200-day moving average (MA) of $66.70 and subsequent resistance at its 50-day MA of $67.27.

In the past 52 weeks, shares of Live Nation Ente have traded between a low of $46.02 and a high of $74.02 and closed yesterday at $63.82, which is 39% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.3%.

Live Nation Entertainment, Inc. produces live concerts and sells tickets to those events over the Internet. The Company also offers ticketing services for leading arenas, stadiums, professional sports franchises and leagues, college sports teams, performing arts venues, museums and theaters.

SmarTrend is monitoring the recent change of momentum in Live Nation Ente. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Live Nation Ente in search of a potential trend change.

Keywords: bullish am inside day candle live nation ente

Ticker(s): LYV