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

By Amy Schwartz

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 $21.09 and $21.18 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.

In the past 52 weeks, Western Union share prices have been bracketed by a low of $16.02 and a high of $22.84 and are now at $21.15, 32% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.5%.

Based on a current price of $21.15, Western Union is currently 5.0% above its average consensus analyst price target of $20.09. Western Union shares have support at the 50-day moving average (MA) of $19.37 and additional support at the 200-day MA of $18.76.

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

SmarTrend recommended that subscribers consider buying shares of Western Union on July 14th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $20.05. Since that recommendation, shares of Western Union have risen 5.8%. We continue to monitor WU for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle Western Union

Ticker(s): WU