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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.