Is Shooting Star Stock Indices Candle Pattern Bullish or Bearish?

Shooting Star candles pattern is a bearish market reversal candlestick 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 and 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 candlestick 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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