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Possible Bullish Inside Day Candle Pattern Detected for AirMedia (NASDAQ:AMCN)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in AirMedia (NASDAQ:AMCN) based on the price action in the company's shares. Today's price range of $4.66 and $4.82 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Traders and investors interested in shares of AirMedia may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

There is potential upside of 86.8% for shares of AirMedia based on a current price of $4.79 and an average consensus analyst price target of $8.95. AirMedia shares should first meet resistance at the 200-day moving average (MA) of $5.29 and find additional resistance at the 50-day MA of $5.52.

Airmedia Group, Inc. operates digital media advertising networks. The Company operates digital television screens displaying advertising in Chinese airports.

In the past 52 weeks, AirMedia share prices have been bracketed by a low of $3.38 and a high of $7.70 and are now at $4.79, 42% above that low price. The 200-day and 50-day moving averages have moved 0.17% higher and 0.21% lower over the past week, respectively.

SmarTrend is monitoring the recent change of momentum in AirMedia. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of AirMedia in search of a potential trend change.

Keywords: bullish inside day candle airmedia

Ticker(s): AMCN