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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. Yesterday's price range of $20.25 and $20.47 is within the prior day'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.

Based on a current price of $20.35, Western Union is currently 4.6% above its average consensus analyst price target of $19.42. The stock should find initial support at its 50-day moving average (MA) of $19.37 and further support at its 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.

In the past 52 weeks, shares of Western Union have traded between a low of $16.02 and a high of $22.84 and closed yesterday at $20.35, which is 27% above that low price. The 200-day and 50-day moving averages have moved 0.03% higher and 0.53% higher over the past week, respectively.

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 am inside day candle Western Union

Ticker(s): WU