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

By Shiri Gupta

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 $20.30 and $20.45 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 share prices have moved between a 52-week high of $22.84 and a 52-week low of $16.02 and are now trading 27% above that low price at $20.32 per share. The 200-day and 50-day moving averages have moved 0.10% higher and 0.83% higher over the past week, respectively.

Based on a current price of $20.32, Western Union is currently 1.1% above its average consensus analyst price target of $20.09. The stock should find initial support at its 50-day moving average (MA) of $19.20 and further support at its 200-day MA of $18.74.

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 February 16th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $18.15. Since that recommendation, shares of Western Union have risen 13.1%. 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