Shooting Star

Shooting Star is a single bearish reversal candlestick pattern, appearing in an uptrend.

Shooting Star identification:

• The lower shadow is absent or very short.

• The body of the candle is small, it can be a bullish candle or a bearish candle.

• The upper shadow is 2 to 3 times longer than the body of the candle.

Meaning of Shooting Star:

• When the market opened, the buyers took control and pushed the price higher.

• At the peak of the buyers (at the highest price), huge selling pressure appeared and pushed the price down.

• The selling pressure was so strong that the closing price was close to the opening price (lower shadow absent or very short).

In summary, the Shooting Star shows a rejection of higher prices and the bears have the upper hand over the bulls.

Follow the Price Action tradingview script