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.
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