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

By James Quinn

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 $19.54 and $20.61 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.

Over the past year, Western Union has traded in a range of $17.70 to $28.44 and closed yesterday at $19.74, 12% above that low. The 200-day and 50-day moving averages have moved 0.06% lower and 2.81% lower over the past week, respectively.

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.

Western Union (NYSE:WU) has potential upside of 6.0% based on a current price of $19.74 and analysts' consensus price target of $20.93. Western Union shares should first meet resistance at the 200-day moving average (MA) of $23.80 and find additional resistance at the 50-day MA of $24.37.

SmarTrend recommended that its subscribers protect gains by selling shares of Western Union on February 25th, 2020 by issuing a Downtrend alert when the shares were trading at $24.63. Since that call, shares of Western Union have fallen 19.9%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle Western Union

Ticker(s): WU