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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 $18.68 and $18.92 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.

Western Union has overhead space with shares priced $18.71, or 9.4% below the average consensus analyst price target of $20.66. The stock should run into initial resistance at its 200-day moving average (MA) of $18.76 and subsequent resistance at its 50-day MA of $19.37.

Over the past year, Western Union has traded in a range of $18.07 to $22.70 and closed yesterday at $18.71, 4% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.5%.

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 monitoring the recent change of momentum in Western Union. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Western Union in search of a potential trend change.

Keywords: bullish am inside day candle Western Union

Ticker(s): WU