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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Live Nation Ente (NYSE:LYV) based on the price action in the company's shares. Today's price range of $44.17 and $46.42 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 Ente may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 10.2% exists for Live Nation Ente, based on a current level of $44.90 and analysts' average consensus price target of $49.50. The stock should run into initial resistance at its 50-day moving average (MA) of $60.51 and subsequent resistance at its 200-day MA of $66.68.

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.

In the past 52 weeks, Live Nation Ente share prices have been bracketed by a low of $21.70 and a high of $76.60 and are now at $44.90, 107% above that low price. The 200-day and 50-day moving averages have moved 0.66% lower and 4.52% lower over the past week, respectively.

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: bearish inside day candle live nation ente

Ticker(s): LYV