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Possible Bearish Inside Day Candle Pattern Detected for Omnicom Group (NYSE:OMC)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Omnicom Group (NYSE:OMC) based on the price action in the company's shares. Today's price range of $80.75 and $81.31 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. Owners of Omnicom Group may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

There is potential upside of 0.1% for shares of Omnicom Group based on a current price of $80.75 and an average consensus analyst price target of $80.80. The stock should find initial support at its 50-day moving average (MA) of $79.53 and further support at its 200-day MA of $75.40.

In the past 52 weeks, Omnicom Group share prices have been bracketed by a low of $65.85 and a high of $84.35 and are now at $80.75, 23% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.4% while the 200-day MA has risen 0.2%.

Omnicom Group Inc. provides advertising, marketing, and corporate communications services. The Company's agencies, which operate in major markets around the world, provide a comprehensive range of services including traditional media advertising; customer relationship management (CRM); public relations; and specialty communications.

SmarTrend recommended that subscribers consider buying shares of Omnicom Group on April 11th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $75.96. Since that recommendation, shares of Omnicom Group have risen 7.2%. We continue to monitor OMC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle Omnicom Group

Ticker(s): OMC