OMC dominated by bulls lifting the market higher throughout the day


Omnicom Group (OMC) Technical Analysis Report for Apr 16, 2018 [1 min read]
Highlights
OMC rallies 3.02% on high volume
OMC pushes through key resistance level
OMC dominated by bulls lifting the market higher throughout the day
OMC pushes through 200-day moving average
OMC closes higher for the 2nd day in a row
TQ Sentiment
Report Sentiment: 66% Bullish
Technical Forecast:
Overview

Moving higher for the 2nd day in a row, OMC ended Monday at 74.03 surging $2.17 (3.02%) on high volume. This is the biggest single day gain in over two months. Today's closing price of 74.03 marks the highest close since March 6th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 72.34, the share confirms its breakout through the previous session's high having traded $2.13 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily chart for OMC
Volatility

Monday's trading range was $3.42 (4.77%), that's far above last trading month's daily average range of $1.48. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being slightly below average.

Price Action

In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bullish Outside Bar. Even with a weak opening the market managed to close above the prior day's open and close, forming a bullish Engulfing Candle.

Support/Resistance

Breaking through the key resistance level at 72.90 today, it is now likely to act as support going forward. Prices are trading close to the key resistance level at 74.67. After spiking up to 74.47 during the day, the stock found resistance at the 50-day moving average at 74.14.

Trend

OMC shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish. The share managed to break above the 200-day moving average at 73.49 today for the first time since March 2nd.

Order Flow

Further buying could move prices higher should the market test March's close-by high at 75.94.

Conclusion

Both sentiments, the classical technical analysis and our quantitative statistics are in perfect alignment today showing a bullish sentiment for the next trading day.

Market Conditions for Omnicom Group
ConditionForecastDirectionWinAvgWorstBestEvents
Close near low of period TQ Pro Members Only
RSI(14) below 30 TQ Pro Members Only
Black Candle TQ Pro Members Only
4 Consecutive Lower Closes TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
More market conditions identified for TQ Pro members...
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