Analyzing the price chart for AirMedia (NASDAQ:AMCN) has revealed a potential bullish engulfing pattern. Last Friday, AirMedia traded 235,000 shares vs. average volume of 230,000 shares per day. The company traded 197,000 shares on Thursday. Heavy volume increases the reliability of this bullish candlestick pattern.

In the past 52 weeks, shares of AirMedia have traded between a low of $2.10 and a high of $8.24 and are now at $2.39, which is 14% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 2.3% while the 50-day MA has declined 3.5%.

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

AirMedia has overhead space with shares priced $2.39, or 120.7% below the average consensus analyst price target of $5.28. AirMedia shares should first meet with resistance at the 50-day moving average (MA) of $2.93 and find additional resistance at the 200-day MA of $5.05.