The technical picture of the Western Union Co stock (NYSE: WU) on our 4-hour chart shows that after reversing higher in the end of November, the share price continues to run north, while trading above a short-term tentative upside line drawn from the low of November 30th. Although there is a good indication that a further move up could be possible, we would first prefer to wait for a break above the 18.24 barrier, which is the current highest point December.
If, eventually, the stock jumps above the 18.24 zone, this will confirm a forthcoming higher high, potentially leading the share price towards the 18.98 hurdle, marked by the high of October 28th. WU might stall there for a bit, as it could also test the 200 EMA. However, if the buyers remain in control, they may overcome that obstacle and target the next possible resistance area, at 19.84, which is marked near the low of September 21st and the high of October 22nd.
The RSI and the MACD are both pointing higher. In addition to that, the RSI is above 50 and the MACD is above zero and the trigger line. The two oscillators show positive price momentum, which supports the above-mentioned scenario.
Alternatively, if the aforementioned upside line breaks and the price falls below the 17.22 hurdle, marked by the low of December 7th, that could temporarily spook the buyers from the arena. WU might drift to the 16.60 obstacle, a break of which may open the door for a re-test of the 15.70 level, marked by the lowest point of November.
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