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

By David Diaz

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 $58.24 and $60.05 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 has overhead space with shares priced $57.03, or 29.4% below the average consensus analyst price target of $80.80. The stock should run into initial resistance at its 50-day moving average (MA) of $58.94 and subsequent resistance at its 200-day MA of $73.51.

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.

Over the past year, Omnicom Group has traded in a range of $46.37 to $85.05 and closed yesterday at $57.03, 23% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.7% while the 50-day MA has declined 2.8%.

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