This Is One Of The Most Reliable Candlestick Patterns
There are so many
candlestick patterns, but I think “shooting star ” is one of the most reliable
patterns. It is very easy to spot on a chart because it has a
distinctive tail.
09:35:41
Alert
Biomet Inc (BMET)
is bouncing off the 50-day EMA, and it is testing yesterday’s low. BMET is down
0.22 at 42.72.
Do you see it? BMET formed a shooting star at the 50-day EMA yesterday. The
upper tail suggests weakening of buying pressures. Notice, the stock was also
forming a bear flag.
Remember, for the shooting star to be effective, it needs to appear at the
important resistance level.