Live Nation Entertainment is a California-based events promoter and venue operator. It has built its business scale by consolidating concert promoters. In 2010, Live Nation merged with well-known online ticketing company Ticketmaster. Live Nation promoted famous names like Jay-Z, Shakira, and U2 and earns most of its revenues from sporting events. Short-term prospects for the company look bleak due to the pandemic. However, it is a leader in concert, events, and talent management. It has a strong brand and has adapted to selling tickets for virtual concerts. Long-term prospects, therefore, are strong.
The monthly long-term chart for Live Nation shows a clear uptrend. This trend reversed starting January 2020 and the stock fell by more than 36% over the next three months. The price broke the bottom of the long-term trend temporarily in March 2020 and April 2020. However, starting April, the stock has pulled back by about 33%. In the process, the price has also gone back above a crucial support-resistance line which it had broken back in March. Going forward, there seems to be no resistance till 65 and 70 levels and the stock looks poised to rise. A long position can be initiated with a stop-loss close to the bottom of the long-term trend around 36.
Positions taken today at $56.85 with a stop loss 42.86% below at $32.48. Take profit point at $80 giving a profit of 40.72%
On the video and images above you will see the reason this stock was selected.
You will see the image is of a monthly chart of the stock showing the long-term upwards trend formed over the years. You will also see the entry point and the where the stop loss is placed. For more information please watch the video given.
Once it is time to move the original stop loss up you will see an additional image.