Possible Bullish Engulfing Pattern Detected for Orbitz Worldwide (NYSE:OWW) Financial News Network Online
Analysts have spotted a possible bullish engulfing pattern in Orbitz Worldwide (NYSE:OWW) based on the price action in the company’s shares. Last Friday, Orbitz Worldwide traded 208,000 shares vs. average volume of 540,000 shares per day. The company traded 110,000 shares on Thursday. Heavy volume increases the reliability of this bullish candlestick pattern.
In the past 52 weeks, Orbitz Worldwide share prices have been bracketed by a low of $2.04 and a high of $7.01 and are now at $2.24, 10% 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 0.7%.
Orbitz Worldwide has overhead space with shares priced $2.24, or 26.5% below the average consensus analyst price target of $2.83. The stock should run into initial resistance at its 50-day moving average (MA) of $2.68 and subsequent resistance at its 200-day MA of $3.75.
Orbitz Worldwide, Inc. offers travel services over the Internet. The Company's website offers air, hotel, vacation package, car rental, cruise, travel insurance, ground transportation, event ticket, and tour bookings.


