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Archive
- 10/11/2024 -
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Omnicom Group (OMC) Technical Analysis
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| Summary:
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| | It was a first positive week for the Omnicom Group (OMC). During the week, the OMC gained 1.31 points, or 1.29%, and closed at 102.86 on Friday, October 11, 2024. Weekly volume was -23% below average.
 Long-term trend: [See OMC long-term trend chart]
A long-term uptrend had started on October 29, 2020 at 44.50 and reached 104.80 on September 19, 2024. OMC gained -60.30 points, or -135.51%, in 203 weeks. The chart has formed a Rising Wedge chart pattern. The trend support level is at 82.31 and resistance is at 106.61. 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 104.80 on September 19, 2024. OMC gained -32.60 points, or -45.15%, in 50 weeks. The chart has formed a Rising Wedge chart pattern. The uptrend resistance line (92.27) is broken. Usually a broken resistance is considered to be a long-term bullish signal, although a short-term pull back is possible. 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 resistance line in a medium-term trend.
 Weekly Technical Indicators: [See OMC weekly technical indicators chart]
Weekly Williams' Percentage Range and Lane's Stochastic are overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Williams' Percentage Range and 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 links to access Lane's Stochastic and Williams' Percentage Range help.
The weekly MACD line is above its signal line since August 16, 2024. This is an indication that the medium-term trend is up. Use the following link to access a MACD help.
 Short-term trend: [See OMC short-term trend chart]
A short-term uptrend had started on August 5, 2024 at 88.08 and reached 104.80 on September 19, 2024. OMC gained -16.72 points, or -18.98%, in 45 days. The chart has formed a Rising Wedge chart pattern. The uptrend support line (104.46) 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 short-term trend.
 Daily Technical Indicators: [See OMC daily technical indicators chart]
Daily technical indicators are neutral.
The daily MACD line is below its signal line since September 24, 2024. The distance between MACD and the signal line is low and getting smaller.
During the last week, the price has risen above the Parabolic SAR (stop and reversal). A Parabolic SAR below the price is a bullish signal, and it indicates that momentum is likely to remain in the upward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.
The distance between the Bollinger Bands (3.34%) is close to one year low (4.05%). It is 56.97% lower than one year average. It indicates the period of low volatility of the stock price, and it is considered a buy signal for the option traders. 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.
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