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Possible Bearish Inside Day Candle Pattern Detected for Western Union (NYSE:WU)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Western Union (NYSE:WU) based on the price action in the company's shares. Today's price range of $26.25 and $26.42 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Western Union may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Western Union (NYSE:WU) defies analysts with a current price ($26.25) 20.3% above its average consensus price target of $20.93. Western Union shares should encounter resistance at the 50-day moving average (MA) of $26.98 and support at its 200-day MA of $23.51.

Over the past year, Western Union has traded in a range of $17.52 to $28.44 and is now at $26.25, 50% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has remained constant.

The Western Union Company offers global money transfer services. The Company offers consumer to consumer money transfer and bill paying services, and sells money orders.

SmarTrend is tracking the current trend status for Western Union and will alert subscribers who have WU in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle Western Union

Ticker(s): WU