Live Nation Entertainment (NYSE: LYV) stock price slumped 0.28% intraday on Friday, resulting in a total of more than 6% decline in the whole week. The price could not sustain above the 200-day EMA, indicating the abundance of bears at the upper levels.
The price trend analysis shows that the price has been shifting its trend on a quarterly basis. The last quarter saw the bottoming out of the price near the $70 level to end the previous declining trend followed by a bullish trend that took the stock price to a high of $101 by the end of the last quarter.
Moreover, the current quarter saw the price trend entering a correction phase after a trending phase. The daily chart witnesses the formation of a parallel channel pattern with the LYV stock price rolling in between the boundaries of the channel.
Analysts offering a 1-year price forecast for Live Nation Entertainment have a maximum estimate of $124 with an upside potential of more than 55% and a minimum estimate of $85.
LYV stock option-chain analysis shows that the current implied volatility in the market is 30.47% with an increment of 0.92% in the last trading session. The at-the-money strike has an OI of 520 on the PUT side and 1418 on the CALL side indicating that sellers are dominating at the CMP.
LYV Stock Price Showed Breakdown of Consolidation
The LYV stock price currently trades at $79.75 and has shown weakness over the charts after declining more than 6% in the last week. The price might decline more on Monday until it reaches the lower boundary of the channel pattern.
The bulls are getting weaker which is encouraging the bears to short the upper levels. The option data also confirms the dominance of the bears at the upper levels as well as at the current level.
Technical Indicators Show Weakness Over the Chart
The daily LYV stock price chart shows that the price declined below the 50-day EMA and could not sustain above the 200-day EMA, indicating weakness in the short term. The 50-day EMA is acting as a dynamic resistance for the price.
The overall technical opinion rating including RSI and MACD signals an 8% “sell” with a weakening short-term outlook on maintaining the current direction.
Conclusion
Live Nation Entertainment’s (LYV) stock price fell by 0.28% on Friday and by more than 6% in the week. The price failed to stay above the 200-day EMA, indicating bearish pressure. The price has been changing its trend every quarter, and it is now in a correction phase. The price is moving in a parallel channel pattern, and it may decline further on Monday to the lower boundary. Analysts have given a maximum estimate of $124 for LYV in one year, with a 55% upside potential. The option data also points to a bearish sentiment.
Technical Levels
- Support levels: $79.75 and $73.66.
- Resistance levels: $85.73 and $91.14.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/09/25/lyv-stock-price-prediction-can-bulls-make-a-comeback-on-monday/