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September 17, 2024, 00:34 am ET, BY Tom S.- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)
The technical summary data tells us to buy OMC near 99.48 with an upside target of 105.09. This data also tells us to set a stop loss @ 99.19 to protect against excessive loss in case the stock begins to move against the trade. 99.48 is the first level of support below 101.09 , and by rule, any test of support is a buy signal. In this case, support 99.48 is being tested, a buy signal would exist.
The technical summary data is suggesting a short of OMC as it gets near 105.09 with a downside target of 99.48. We should have a stop loss in place at 105.39though. 105.09 is the first level of resistance above 101.09, and by rule, any test of resistance is a short signal. In this case, if resistance 105.09 is being tested, a short signal would exist.
If 105.09 begins to break higher, the technical summary data tells us to buy OMC just slightly over 105.09, with an upside target of n/a. The data also tells us to set a stop loss @ 104.79 in case the stock turns against the trade. 105.09 is the first level of resistance above 101.09, and by rule, any break above resistance is a buy signal. In this case, 105.09, initial resistance, would be breaking higher, so a buy signal would exist. Because this plan is based on a break of resistance, it is referred to as a Long Resistance Plan.
The technical summary data is suggesting a short of OMC if it tests 105.09 with a downside target of 100.73. We should have a stop loss in place at 105.39 though in case the stock begins to move against the trade. By rule, any test of resistance is a short signal. In this case, if resistance, 105.09, is being tested a short signal would exist. Because this plan is a short plan based on a test of resistance it is referred to as a Short Resistance Plan.
If 101.87 begins to break higher, the technical summary data tells us to buy OMC just slightly over 101.87, with an upside target of 105.09. The data also tells us to set a stop loss @ 101.63 in case the stock turns against the trade. 101.87 is the first level of resistance above 101.09, and by rule, any break above resistance is a buy signal. In this case, 101.87, initial resistance, would be breaking higher, so a buy signal would exist. Because this plan is based on a break of resistance, it is referred to as a Long Resistance Plan.
The technical summary data is suggesting a short of OMC if it tests 101.87 with a downside target of 100.73. We should have a stop loss in place at 102.11 though in case the stock begins to move against the trade. By rule, any test of resistance is a short signal. In this case, if resistance, 101.87, is being tested a short signal would exist. Because this plan is a short plan based on a test of resistance it is referred to as a Short Resistance Plan.
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This Omnicom Group Inc. (NYSE: OMC) trading report incorporates analysis also used by some of the biggest funds in the world. Review the technical takeaways closely.