Piercing Line candlestick Chart Pattern

Key to find:- A bullish candlestick opens a gap below & close above mid-point of the first candlestick.

Piercing Line candlestick

Piercing line is a Bullish Pattern.

Piercing Line candlestick Characteristic.

1.Trend:- Bullish Trend reversal.
2.Occurs:- After a Downtrend.
3.No.of Sticks:- 2.
4.Reliability:- High.
5.Confirmation:- Suggested.
6.Better if:- Lengthy candlestick, increased gap & higher close on the 2nd day.

Formation.

Strong black body or red on the 1st bar.

Piercing Line candlestick

The close on the 2nd bar must be more than half-way up the body of the 1st bar.

Piercing Line candlestick

Criteria.

1.Market moving south.
2.Opens below prior low (or close).
3.Closes as long white real body.
4.Close more than halfway into the prior black candle.

More Articles on Candlestick Patterns.

Hammer and Hanging Man Candlestick Chart Pattern.Evening Star Candlestick Chart pattern.
Star Candlestick Chart Pattern.Shooting Star Candlestick Chart Pattern.
Dark Cloud Cover Candlestick Chart Pattern.
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