A shooting star pattern is a single candle formation. It is defined as a long upper wick with a small body. It occurs in uptrends only and is strictly a reversal pattern. This candle is most likely found at the end of uptrends, when a stock price reaches a new high or at resistance levels. This candle develops by a stock price reaching a new high during the trading day. That new high is then rejected and the stock’s price will either close near or below its open price. The key to this candle being a reversal is the following day must close below the prior day’s price. The psychology behind this being a reversal is the sellers regain control by rejecting the higher price. Additional relevance can be applied if there is an increase in volume when this candle is formed. More emphasis can be added if this happens at a new high or at a level or resistance. We will provide as many examples as we can to help you identify this candle.
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