Insert labels at given timestamp?

I’m using Grafana Live to stream data, say CPU load (or any metric) on a channel, which I’m displaying on a Time-Series graph. Is it possible to overlay a textual label at given points in time?

Example: Say at time ‘N’, a node failed and the remaining nodes suddenly experience an increased CPU load. Can my node orchestrator send an event on a channel saying "node failed time=‘N’…and overlay a textual label on my CPU usage graph showing this event?