OMC breaks below 20-day moving average
Omnicom Group (OMC) Technical Analysis Report for Sep 14, 2018
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.
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.
In spite of a strong opening the stock closed below the prior day's open and close, forming a bearish Engulfing Candle.
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.
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.
Selling might speed up should prices move below the close-by swing low at 68.38 where further sell stops could get triggered.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
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