Dragonfly Doji
Tue, Apr 15A Dragonfly Doji is a specific type of single Japanese candlestick pattern that occurs when the high, open, and close prices are identical. It indicates a possible reversal in the market.
This candlestick features a long lower shadow and lacks a body, typically appearing at the end of a downtrend. The Dragonfly Doji is considered more bullish than a hammer pattern.
To recognize a Dragonfly Doji, look for these characteristics: it has a long lower shadow with no upper shadow, resembling the letter T. The candlestick is created when the opening and closing prices are at the session's highest point.
The Dragonfly Doji is a bullish signal. It indicates that the price opened at the session's high, experienced a significant drop during the session, and then closed back at the session's high. As a result, the open, high, and close prices are all the same (or nearly the same).
This candlestick pattern is particularly important when it appears following a downtrend, especially after a series of bearish candlesticks. It suggests that the downtrend may be nearing its end.
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