EarningsBeats.com Digest for July 30, 2021
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Will Earnings Be The Catalyst For This Company's Breakout?
Beating comps from last year shouldn't be a problem at all for this entertainment company. Live Nation Entertainment (LYV) didn't have a whole lot of business at this point in 2020 as most venues shut down in response to the COVID-19 pandemic. But as our economy re-opens, LYV has been a huge beneficiary. While we're not back at 100% in terms of live events, we're in much better shape than we were a year ago and that's likely to be reflected not
only in LYV's quarterly results (to be released on Tuesday, August 3rd), but also in their forward guidance. Here's a weekly chart showing that LYV is near key price support:
From the above weekly chart, I believe the current trading range is very clear-cut. Recent lows have been near 75 and recent highs have topped out just beneath 95. The consolidation has allowed LYV's weekly PPO to fall back from 12 to 2, which is also bullish as we know that LYV is no longer stretched in terms of momentum. I expect LYV to produce a solid earnings report on Tuesday, so the only question will be what type of reaction we see from Wall
Street. If LYV beats on both top and bottom lines and pulls back, I'd view 75 as an excellent opportunity for entry. It gets a little dicier if LYV gaps higher and approaches that 95 level. Longer-term, I see LYV breaking out and extending its multi-year rally, but short-term I'd pay much closer attention to the trading range.
Happy trading!
Tom Bowley
Chief Market Strategist
EarningsBeats.com
Better Timing. Better Trades.
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