Dragonfly Doji

A bearish reversal pattern that develops when the Doji is at, or very near  the high of the day.
 
The long lower shadow implies that the market tested to find where demand was located and found it. Bears were able to press prices downward, but an area of support was found at the low of the day and buying pressure was able to push prices back up to the opening price. Thus, the bearish advance downward was entirely rejected by the bulls.

Recognition Criteria:

·       DownTrend

·       Doji

·       Closing price is equal to the High OR

        Closing price-High range is equal to or lower than N% of the total line range (High-Low)

 

Function: DragonflyDoji()

Trend: Bullish

Type: Reversal