FREE Guide: 6 Fibonacci Types that Create the Most Precise Price Levels, Targets, and Reversal Zones

May 23 Chart of the Day - Live Nation

Precision oriented price action technical analysis by far provides the best edges and most setups for traders and investors across the markets so that's what we use for the basis of our reviews

The Wall Street Journal reported that the Justice Department and a group of states plan to sue Live Nation (LYV) and call for its break up on Thursday, alleging the entertainment giant has used its ticketing monopoly to suppress competition.

Stock price was down in early trading so we wanted to review their chart from a price action technical analysis perspective.

Monthly Chart 

Live Nation monthly price action technical analysis review

On the monthly chart we can see that after setting its $127.75 all time high (ATH) back in fall 2022 price fell dramatically over time and seemingly found a bottom and bounced around the $66.50 area.

Since then, price has been making a series of higher highs and higher lows but recently met some overhead resistance and seemingly is deciding whether to continue fading down or break back to the upside.

Weekly Chart

Live Nation weekly price action technical analysis review

On the weekly chart we can see with much more clarity the dramatic fall from ATHs and the bounce back up during the past year.

Trading at $98.15 earlier today price is essentially where it was about twelve months ago with a quick run below and above since then.

Along the way price crossed a change control zone (gray rectangle) roughly between $75-$80 many times.

Change control zones are one of the five price action tools we teach when charting anything.  By definition, they are an area that represents where neither the bulls nor bears are in charge.  Price can slash though the zone with seemingly reckless abandon, price can respect the top or bottom from outside it or within it.  Or, price can trade aimlessly sideways within it.  When price breaks away from the zone it can often get drawn back to it like a magnet. And in this case we see all of the above are true.

We've layered in traditional Fibonacci levels in both directions as well as support/resistance and trend to help identify potential price levels of interest and/or future price targets.

Armed with precision oriented charts like these both traders and investors can formulate their respective plans.

So what's next? 

We don't make predictions...

Nobody knows for sure but using these 5 price action tools traders and investors can develop levels of interest in both directions.

  1. Support/Resistance
  2. Trend
  3. Fibonacci 
  4. Supply/Demand Zones,
  5. Change Control Zones

ChartPros provides the exact methodology in its price action technical analysis courses to create charts like this with the most precise and accurate levels from which investors and traders can formulate their respective trade plans.

Take a look at the charts and let us know what you think.  

We'd like to hear from you in the comments sections.

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