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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 $23.08 and $23.27 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 $16.42 and a high of $23.33 and are now at $23.27, 42% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 1.0%.

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.

Based on a current price of $23.27, Western Union is currently 10.0% above its average consensus analyst price target of $20.93. Western Union shares have support at the 50-day moving average (MA) of $21.10 and additional support at the 200-day MA of $19.22.

SmarTrend recommended that subscribers consider buying shares of Western Union on February 1st, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $18.40. Since that recommendation, shares of Western Union have risen 26.6%. 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