Western Union (WU) used to be best known for the exchanging of telegrams, but that service was dropped in 2006. Today the financial services company is much different and the chart is much more bullish.
Let's take a look at the short-term and long-term charts before prices breakout on the upside.
In this one-year daily bar chart of WU, above, we can see an uptrend playing out last year. A bullish golden cross can be seen in April as the 50-day moving average line moved above the 200-day moving average line. Prices have been above the rising 50-day and the rising 200-day averages since November.
Notice the steady and smooth uptrend for the On-Balance-Volume (OBV) line the past 12 months. This tells us that investors and traders have been accumulating shares of WU for months, and this can support further price gains. The Moving Average Convergence Divergence (MACD) oscillator has been above and below the zero line in the past year, but is currently in a bullish mode.
We included this longer-term weekly chart of WU, above, to show the durability of the uptrend. Prices are above the rising 40-week moving average line after several successful tests in the past year. The weekly OBV line has been very positive and the weekly MACD oscillator is also bullish.
In this long-term Point and Figure chart of WU, above, we can see prices positioned to emerge from a very large base pattern with a potential price objective/target of $35. I would risk below $21 to go long WU here targeting $35. I like that risk/reward ratio.