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

By Nick Russo

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 $50.80 and $52.25 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 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 $51.49, 11% above that low. The 200-day and 50-day moving averages have moved 0.87% lower and 3.14% lower over the past week, respectively.

Omnicom Group has overhead space with shares priced $51.49, or 36.3% 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 $61.19 and subsequent resistance at its 200-day MA of $74.21.

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: bullish am inside day candle Omnicom Group

Ticker(s): OMC