Analysts have spotted a possible bearish engulfing pattern in Focus Media Holding (NASDAQ:FMCN) based on the price action in the company’s shares. Yesterday, Focus Media Holding traded 1.8 million shares vs. average volume of 2.4 million shares per day. The company traded 2.4 million shares on Tuesday. Heavy volume increases the reliability of this bearish candlestick pattern.

Focus Media Holding (NASDAQ:FMCN) has a potential upside of 29.0% based on a current price of $31.36 and analysts' consensus price target of $40.46. The stock should find initial support at its 50-day moving average (MA) of $30.73 and further support at its 200-day MA of $28.41.

Focus Media Holding Limited operates an out-of-home advertising network in China. The Company uses audiovisual television displays which are placed primarily in high-traffic areas of commercial office buildings such as in lobbies and near elevators, as well as in large retail chain stores and other venues.

In the past 52 weeks, shares of Focus Media Holding have traded between a low of $18.59 and a high of $37.58 and are now at $31.36, which is 69% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.0% while the 200-day MA has risen 0.4%

Source:fnno