Shooting Star
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The shooting star is a bearish reversal pattern. The first bar shows a substantial increase in the asset’s value, closing substantially above the open, and usually near the day’s high. The second day features a rise to a high after the open, a failure to maintain the price, and a crash below the day’s open to close.
This pattern shows that buying power in the trend has clearly shut off. The final amount of buy side power is used reaching the high on the second day, to reach a price where no one else is willing to continue purchasing. The sell side takes over and the price crashes, falling to and then below the open. The days after will probably be met with more selling, if buyers begin unloading shares. The shooting star is highly similar to an inverted hammer.
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