Is Shooting Star Stock Indexes Candlestick Pattern Bullish or Bearish?
Shooting Star candlesticks pattern is a bearish reversal candlestick pattern. It occurs at the top of a market trend.
Shooting Star stock indexes candlesticks pattern occurs at the top of an up indices trend where the open stock indexes price is the same as the low and stock indexes price then rallied up but was pushed back down to close near the open.
Shooting Star Bearish Indices Candlesticks Pattern
Technical Analysis of Shooting Star Indices Candlestick Pattern
A bearish reversal sell is confirmed when a candlestick closes below the neckline, this is the opening of the candlestick on the left side of this shooting star pattern. The neckline in this case is a support level.
Stop orders for the sell stock indexes trades should be placed a few pips above the highest stock indexes price on the recent high once a indices trader decides to open trades based on this shooting star candlesticks pattern. The Shooting Star stock indexes candlesticks pattern is named so because at the top of an upward stock indices market indices trend this stock indices candlestick pattern resembles a shooting star up in the sky.