Western Union $WU is rebounding well from the $17.50 level, but might not have much upside given the bearish technical picture. Let's take a look at the daily chart first.WU Daily Chart(click to enlarge)Bearish Breakout:- The daily chart shows a market that has been consolidating sideways in 2017 and throughout 2018, until September/October.- In early October price broke below a common support for 2017 and 2018 at $18.40. - I think this is a critical breakout that suggests the market has shifted from sideways/neutral to bearish/neutral. - When I say bearish/neutral, it is based on the longer-term outlook going back to 2009/2010.- the weekly chart shows that the market has been essentially flat since then.- There was a slight bullish bias going into 2017, but that bullish bias has dissipated especially with the recent break below $18.40. - I think there is downside at least to the $16.00 support pivot and 2016-low.Limited Upside:- The bearish breakout also suggests weak bullish attempts ahead. - We should anticipate resistance from the simple moving averages, especially the 200-period and 100-period.- On the daily chart, we see that there should be resistance around $19-$19.50.- Even the weekly chart shows the cluster of moving averages under $20. - So upside should be limited to $20, and if price does indeed hold under $20, we should see downside pressure towards $16. WU Weekly Chart(click to enlarge)