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

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Omnicom Group (NYSE:OMC) based on the price action in the company's shares. Yesterday's price range of $75.56 and $75.93 is within the prior day'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 Omnicom Group may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Omnicom Group (NYSE:OMC) has potential upside of 6.8% based on a current price of $75.69 and analysts' consensus price target of $80.80. The stock should run into initial resistance at its 200-day moving average (MA) of $79.04 and subsequent resistance at its 50-day MA of $79.43.

Over the past year, Omnicom Group has traded in a range of $71.75 to $85.05 and closed yesterday at $75.69, 5% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.2% while the 200-day MA has remained constant.

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

Keywords: bullish am inside day candle Omnicom Group

Ticker(s): OMC