Shooting Star is a single candle bearish pattern that usually marks the end of an uptrend. The pattern is usually formed at the top of an uptrend. The Shooting Star can be identified with a long shadow and a small body. It is formed when the underlying stock or index opens and then gains momentum but fails to close near the day’s high and closes near the open again. For a candlestick to be considered a shooting star it should be formed in an uptrend or during a price advance. The longer the upper shadow, the higher the potential of a reversal occurring.
