OMC breaks below 20-day moving average

Omnicom Group (OMC) Technical Analysis Report for Sep 14, 2018

Highlights

OMC breaks below 20-day moving average
OMC closes below its opening price unable to hold early session gains
OMC ends the day on a bearish note closing near the low of the day
OMC finds buyers again around 68.83
OMC closes within previous day's range

TQ Sentiment

Report Sentiment: 50% Bearish
Technical Forecast:

Overview

OMC ended the week -1.27% lower at 68.98 after losing $0.33 (-0.48%) today. Trading $0.47 higher after the open, the share was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for OMC

Volatility

Friday's trading range was $1.04 (1.5%), that's slightly above last trading month's daily average range of $0.91. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.

Price Action

In spite of a strong opening the stock closed below the prior day's open and close, forming a bearish Engulfing Candle.

Support/Resistance

Prices are trading close to a key support level at 68.57. After having been unable to move lower than 68.71 in the previous session, Omnicom Group found buyers again around the same price level today at 68.83.

Trend

Though the market is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory. OMC broke below the 20-day moving average at 69.10 today for the first time since September 11th.

Order Flow

Selling might speed up should prices move below the close-by swing low at 68.38 where further sell stops could get triggered.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Omnicom Group

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Latest Report:

OMC breaks below 20-day moving average

Sep 19, 2018
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