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Live Nation Entertainment is not yet ready for prime time

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During Friday “Crazy money“, a caller asked host Jim Cramer about Live Nation Entertainment Inc. (LYV).

“It’s grown a lot, but this company is the real deal when it comes to events,” Cramer replied.

Let’s look at the graphics.

In this daily bar chart from LYV, below, we can see that prices have tripled in the past 12 months. LYV is trading above the 50 day bullish moving average line and above the 200 day bullish moving average line. The trade volume is “different” with a declining volume from March to October, then flattened from November. The On-Balance-Volume (OBV) line shows a very modest rise from November, when prices entered a more impressive uptrend with a price spread. With the volume model and the OBV line not really tracking price gains, I’m questioning the health of the uptrend.

The Moving Average Convergence Divergence Oscillator (MACD) is currently pointing down towards the zero line and a potential sell signal.

In this weekly Japanese candlestick chart of LYV, below, we can see a weakening image. Notice the top two shadows at the end of February as traders rejected these highs? Prices are still above the 40-week rising moving average line, but the weekly OBV line shows further ‘graduation down’. The MACD Oscillator is narrowing and may soon go lower for a take-profit sell signal.

In this daily LYV point and figure chart, below, we can see a potential price target down around $ 79.

In this weekly LYV dots and figures chart, below, we see that the software is projecting the $ 150 area as a longer term tentative price target.

Result strategy: The LYV point and figure chart (above) suggests a decline towards the $ 79 area, but the $ 75 to $ 65 area is probably better chart support and this could be tested in the coming weeks. Let’s wait for the correction to unfold and good support to develop before entering the long side.

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