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

By Nick Russo

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. Yesterday's price range of $77.45 and $79.00 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. 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.

Omnicom Group (NYSE:OMC) has potential upside of 2.5% based on a current price of $78.84 and analysts' consensus price target of $80.80. Omnicom Group shares should first meet resistance at the 200-day moving average (MA) of $78.91 and find additional resistance at the 50-day MA of $79.19.

In the past 52 weeks, shares of Omnicom Group have traded between a low of $71.75 and a high of $85.05 and closed yesterday at $78.84, which is 10% above that low price. In the last five trading sessions, the 50-day moving average (MA) has remained constant 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 tracking the current trend status for Omnicom Group and will alert subscribers who have OMC in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle Omnicom Group

Ticker(s): OMC