The Greedy Trader Weekly Analysis
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- 7/5/2024 -
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Omnicom Group (OMC) Technical Analysis

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Summary:
Weekly :Overbought sectorBroken trend support lineLane's Stochastic is oversold
Daily :The period of low volatility of the stock price
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It was the negative week for the Omnicom Group (OMC). During the week, the OMC gave back -0.80 points, or -0.89%, and closed at 88.90 on Friday, July 5, 2024. Weekly volume was -27% below average.

OMC is a member of Communication Services Sector. Communication Services is the most overbought sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.

Long-term trend: [See OMC long-term trend chart]
A long-term uptrend had started on October 29, 2020 at 44.50 and reached 99.23 on July 18, 2023. OMC gained -54.73 points, or -122.99%, in 141 weeks. The chart has formed a Rising Wedge chart pattern. The trend support level is at 81.39 and resistance is at 104.40. A Rising Wage is a triangle formation with a noticeable slant to the upside. It represents the loss of an upside momentum on each successive high and has a bearish bias. The Rising wedge usually marks a reversal in an uptrend. In a downtrend a rising wedge is considered to be a continuation pattern. Use the following link to access a Rising Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Rising Wedge pattern in a long-term trend.

Medium-term trend: [See OMC medium-term trend chart]
A medium-term uptrend had started on October 3, 2023 at 72.20 and reached 98.06 on May 15, 2024. OMC gained -25.86 points, or -35.82%, in 32 weeks. The chart has formed a Rising Wedge chart pattern. The uptrend support line (97.05) is broken. A broken support is considered to be a long-term bearish signal. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend support in a medium-term trend.

Weekly Technical Indicators: [See OMC weekly technical indicators chart]
Weekly Lane's Stochastic is oversold. Use the Technical Stock Screener to see the list of stocks with weekly oversold Lane's Stochastic. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following link to access Lane's Stochastic help.

The weekly MACD line is below its signal line since May 24, 2024. Use the following link to access a MACD help.

Short-term trend: [See OMC short-term trend chart]
A short-term downtrend had started on June 24, 2024 at 92.45 and reached 87.28 on July 2, 2024. OMC lost 5.17 points, or 5.59%, in 8 days. The price is now at the 31.33% retracement level.

Daily Technical Indicators: [See OMC daily technical indicators chart]
Daily technical indicators are neutral.

The daily MACD line is above its signal line since July 1, 2024. The distance between MACD and the signal line is low, but getting bigger.

The distance between the Bollinger Bands is falling, and it was 4.05% on Friday. It is 55.02% lower than one year average. It indicates the period of low volatility of the stock price. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 48.12
Williams' Percentage Range (W%R) 71.40
Lane's Stochastic (%D-Slow) 28.47
Greed/Fear Indicator (GFI) 35.07
Moving Average Converg./Diverg. (MACD) -1.00
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 36.61
Williams' Percentage Range (W%R) 68.20
Lane's Stochastic (%D-Slow) 17.66
Oversold
Greed/Fear Indicator (GFI) 31.61
Moving Average Converg./Diverg. (MACD) 2.06
Trading Signals
Description Value Chart
Yearly Trendline Resistance 104.40
Monthly Trendline Resistance 101.76
Monthly Trendline Support 97.05
50 Day Moving Average 92.47
Upper Bollinger Band 91.79
Parabolic System 91.02
20 Day Moving Average 89.65
Weekly Stochastic Crossing 89.15
Price 88.90
Daily Stochastic Crossing 88.25
Lower Bollinger Band 88.17
Yearly Trendline Support 81.39
Sector and Industry
Description Name Rank
Sector Communication Services 11
Industry Advertising 19
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 92.45
High Date 06/24/2024
Low 87.28
Low Date 07/02/2024
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 98.06
High Date 05/15/2024
Low 87.28
Low Date 07/02/2024
Description Value
Direction Up
Chart Pattern Rising Wedge
Status Broken Support
Resistance 101.76
Support 97.05
Low 72.20
Low Date 10/03/2023
High 98.06
High Date 05/15/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 99.23
High Date 07/18/2023
Low 72.20
Low Date 10/03/2023
Description Value
Direction Up
Chart Pattern Rising Wedge
Status Valid
Resistance 104.40
Support 81.39
Low 44.50
Low Date 10/29/2020
High 99.23
High Date 07/18/2023
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.