Sellers in Control - Omnicare

Published on Thursday, 12 January 2012 11:38 Written by Christopher Lynn

New York, January 12th (TradersHuddle.com) - Unusual high volume detected on shares of Omnicare, Inc. (NYSE:OCR), early in the trading session. Omnicare is currently trading lower by 3.9%, so definitely the sellers in control, as the stock's volume is on pace to break its average.

Omnicare, Inc. (NYSE:OCR), based in Covington, Kentucky, is a leading provider of pharmaceutical care for the elderly. Omnicare serves residents in long-term care facilities, chronic care and other settings in 47 states, the District of Columbia and Canada. Omnicare is the largest U.S. provider of professional pharmacy, related consulting and data management services for skilled nursing, assisted living and other institutional healthcare providers as well as for hospice patients in homecare and other settings. Its pharmacy services also include distribution and patient assistance services for specialty pharmaceuticals. Omnicare also offers clinical research services for the pharmaceutical and biotechnology industries in 31 countries worldwide.

Omnicare has already traded 0.848 times its 3-month average volume, and has calculated support and resistance at $33.05 and $35.27 respectively. Traders like to use volume as their lie detector for price action moves through predefined trading ranges.

The overall market index S&P 500 is trading lower by -0.29% from its previous trading close, which means that Omnicare stock is underperforming the overall market.