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Bull Flag Setting up for Live Entertainment Leader with Bull Flow

by | Jan 21, 2024

Live Nation (LYV) shares are in a tight flag pattern inside of monthly value area with Friday’s candle closing with a hammer well off lows and above its 8 EMA with the trendline from the December highs now about to get cleared on a move through 92. Upside can target the 95 top of value short term with a stronger breakout move above that level likely seeing the 100-round number as a magnet and retest of the mid 2022 highs. LYV has seen recent large buys of 2000 March $90 calls at $6.10 as the Jan $85 calls adjusted up and out looking for follow through. Also on 1/19 saw 650 March $87.50 puts sell to open at $3.90. LYV has a decent short float of 10.1% of its shares which can accelerate a breakout through highs potentially as shorts are forced to cover.

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