Is Shooting Star Stock Indices Candle Pattern Bullish or Bearish?

Shooting Star candles pattern is a bearish market reversal candle pattern setup. It occurs at tops of a trend.

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

Shooting Star Bearish Candlesticks Pattern

Analysis of Shooting Star Candlestick Pattern

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

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

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