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Downtrend Broken Resist.Archive
- 4/26/2024 -
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Omnicom Group (OMC) Technical Analysis
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| Summary:
| | Weekly : | | Daily :
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| | It was a second consecutive positive week for the Omnicom Group (OMC). During the week, the OMC gained 3.27 points, or 3.53%, and closed at 95.89 on Friday, April 26, 2024. It was the best weekly gain since December 15, 2023. Weekly volume was 24% above 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 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 79.52 and resistance is at 103.40. 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 97.49 on March 28, 2024. OMC gained -25.29 points, or -35.03%, in 25 weeks. The chart has formed a Rising Channel chart pattern. The trend support level is at 91.01 and resistance is at 100.21. A Rising Channel represents price movement contained between parallel lower (support) and upper (resistance) trend lines. Trading Channeling stocks is one of the most reliable and accurate trading techniques that provide traders with precise entry and exit points as well as stop-losses and take-profit recommendations. Use the following link to access a Rising Channel chart pattern help, or use a Technical Stock Screener to see the list of stocks with Rising Channel pattern in a medium-term trend.
 Weekly Technical Indicators: [See OMC weekly technical indicators chart]
Weekly Williams' Percentage Range is strongly overbought. Use the Technical Stock Screener to see the list of stocks with strongly overbought weekly overbought Williams' Percentage Range. 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 Williams' Percentage Range help.
The weekly MACD line is above its signal line since November 17, 2023. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is low, but getting bigger. It indicates that the current medium-term uptrend is getting stronger. 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 April 16, 2024 at 89.75 and reached 97.25 on April 25, 2024. OMC gained -7.50 points, or -8.36%, in 9 days. The price is now at the 18.13% retracement level.
 Daily Technical Indicators: [See OMC daily technical indicators chart]
Daily Lane's Stochastic is overbought while Williams' Percentage Range is strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Lane's Stochastic or strongly overbought daily Williams' Percentage Range. Use the following link to access Lane's Stochastic help.
During the last week, daily MACD line has moved above its signal line. Such crossover is considered a bullish signal.
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