Resistance

Daily

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>OMC stock price was bearish in the past few trading sessions.</a> </li> 
 <li> <span>2</span> <a>Buyers were in trouble and started unwinding their positions.</a> </li> 
</ul> 
<p>Omnicom Group (OMC stock) has been under selling pressure over the last sessions which resulted in a breakdown below the key moving averages. Moreover, OMC shares faced a gap-down move while riding the gains during the recovery phase the last month. Afterward, the trend was broken, and fresh selling in the stock was noted on the charts. Furthermore, sellers aggressively made short positions and led buyers in trouble to start unwinding their positions because of fear.</p> 
<p>OMC stock slipped below the neutrality and is heading to retest the demand zone of $50. Moreover, the chart reflects panic selling post release of Q2 earnings. The trajectory suggests that OMC has shown a death crossover signaling a selloff on the charts. However, sellers must break the immediate swing of $73 to extend the fall toward $50.</p> 
<p>Omnicom Group, Inc. is a holding company that provides advertising, marketing, and corporate communications services. Its agency networks operate in the advertising, marketing, and corporate communications services industry, organized into the Americas, EMEA, and Asia-Pacific regions. The company was founded by Maxwell Dane in 1944 and is headquartered in New York, NY.</p> 
<p>At press time, OMC stock price was $79.91 with an intraday gain of 1.61%, showing neutrality on the charts. Moreover, the trading volume increased by 0.98% to 1.478 Million, and the market cap is $15.788 Billion.&nbsp;</p> 
<p>Analysts maintained a neutral rating with a yearly target price of $98.95, which the stock visited last month. Afterward, the price was corrected amid increased selling interest.</p> 
<h2 class="wp-block-heading" id="strong-daily-chart-shows-omc-stock-corrective-moves-strong"><strong>Daily Chart Shows OMC Stock Corrective Moves</strong></h2> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh6.googleusercontent.com/zhCoBXz_G4yNI1Qh8p0MHmhKIEaDg3V1UIMHe-eiqrVVdOfpiG8s7iTih0Lfp4ARgg7X6ZwsiUAd0eLXhyXHTHv3XGrmmLoW9lP9oZOAcEYEhJDCOTsxL7RaqGfsIqDYLn2dvmH7tznJqUA3z804Ab0" alt="Omnicom Stock (OMC) Price Persists in Fall, Will it Retest $50?"> 
  <figcaption class="wp-element-caption">
    Source: OMC stock price chart at TradingView 
  </figcaption> 
 </figure> 
</div> 
<p>OMC stock price has shown a breakdown of the lower trendline and started trading below the significant moving averages on the daily charts. However, a bullish engulfing candlestick was formed in the last session, and leading indicators also signaled a crossover due to the oversold data noted on the charts. Moreover, OMC stock price closed below the 50% fib level, indicating a negative outlook on the charts.</p> 
<p>The RSI curve is in the oversold region, indicating a bounce toward $85 for the following sessions. However, the trend is neutral, and the price needs to break $70 for a downtrend signal.</p> 
<p>The MACD indicator started to form green bars signaling a bullish crossover indicating that buyers are trying to rescue the gains and looking to retest the 20-day EMA.</p> 
<h4 class="wp-block-heading"><strong>Conclusion</strong></h4> 
<p><a href="https://www.thecoinrepublic.com/2023/08/18/alibaba-stock-what-to-expect-from-baba-in-2023/" rel="noopener noreferrer nofollow">Omnicom stock (OMC) price</a> showed a correction and slipped below the key moving averages, indicating selling pressure in the past sessions. Furthermore, the OMC stock slipped below the 50% Fib level suggesting that sellers are trying to flip the trend.</p> 
<h4 class="wp-block-heading"><strong>Technical Levels</strong></h4> 
<p>Support Levels: $73 and $65</p> 
<p>Resistance Levels:$85 and $100</p> 
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5> 
<p>The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.</p>

Omnicom Stock (OMC) Price Persists in Fall, Will it Retest $50?

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Thecoinrepublic.com

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