Analyze Shooting Star Candles Pattern

Shooting Star candlesticks pattern is a bearish reversal candle-stick pattern. It occurs at top of a market trend.

Shooting Star stock indices candlesticks pattern occurs at the top of an upwards indices trend where the open stock indices price is same as the low & stock indices price then rallied up but was pushed back downward to close near the open.

How to Analyze Shooting Star Candlesticks Pattern?

Technical Analysis of Shooting Star Candlestick Pattern

A bearish reversal sell is confirmed when a candle closes below the neck line, this is opening of the candlestick on left side of this shooting star pattern. Neckline in this case is a support zone.

Stop orders for the sell stock indices trades should be set a few pips above highest stock indices price on the recent high once a trader decides to open trades based on this shooting star candles pattern. The Shooting Star stock indices candlesticks pattern is named so because at the top of an upwards indices market trend this stock indices candle pattern looks like a shooting star up in the sky.