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

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Western Union (NYSE:WU) based on the price action in the company's shares. Yesterday's price range of $19.12 and $19.19 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. Traders and investors interested in shares of Western Union may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Over the past year, Western Union has traded in a range of $16.42 to $21.37 and closed yesterday at $19.17, 17% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.3% while the 200-day MA has remained constant.

There is potential upside of 9.2% for shares of Western Union based on a current price of $19.17 and an average consensus analyst price target of $20.93. The stock should find initial support at its 200-day moving average (MA) of $18.58 and further support at its 50-day MA of $18.34.

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: bullish am inside day candle Western Union

Ticker(s): WU