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Uptrend SupportArchive
- 4/19/2024 -
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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 2.03 points, or 2.24%, and closed at 92.62 on Friday, April 19, 2024. Weekly volume was 60% 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 77.74 and resistance is at 103.81. 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 90.39 and resistance is at 99.55. 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 technical indicators are neutral.
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 and getting smaller. It indicates that the current medium-term uptrend is getting weak. 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 March 28, 2024 at 97.49 and reached 89.75 on April 16, 2024. OMC lost 7.74 points, or 7.94%, in 19 days. The chart has formed a Falling Wedge chart pattern. The downtrend resistance line (88.88) is broken. A broken support is considered to be a long-term bullish 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 resistance line in a short-term trend.
Daily Technical Indicators: [See OMC daily technical indicators chart]
Daily technical indicators are neutral. During the last week, daily Lane's Stochastic main line (%K) has rallied above the oversold signal line (%D). Such crossover is considered a bullish signal. 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 daily MACD line is below its signal line since April 3, 2024. This is an indication that the short-term trend is down.
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.
During the last week, the price has moved above the moving average in the center of the Bollinger Bands. 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.
During the last week, the price has advanced above the 50 Day Moving Average. Such crossover is considered a bullish signal. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.
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