Pattern Overview
Description
Small body with a long upper wick at the top of an uptrend.
Meaning
Indicating rejection of higher prices. Signals a potential bearish reversal if followed by selling pressure.
What is the Shooting Star candlestick pattern?
The Shooting Star appears at the top of an uptrend with a small body and long upper wick, indicating a potential bearish reversal. Buyers initially drove prices higher, but sellers took over, bringing prices back down near the open. This shift suggests that buyers may be losing control, and a reversal could be imminent.
Interpreting the Shooting Star gives traders valuable insights into moments when optimism begins to fade, providing clues about a potential trend shift. If you’re interested in refining your ability to spot such patterns, The Chart Guys offer resources that dive deeper into understanding and trading with candlestick patterns like the Shooting Star.
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