Definition of 'Shooting Star'
A type of candlestick formation that results when a security's price, at some point during the day, advances well above the opening price but closes lower than the opening price.
In order for a candlestick to be considered a shooting star, the formation must be on an upward or bullish trend. Furthermore, the distance between the highest price for the day and the opening price must be more than twice as large as the shooting star's body. Finally, the distance between the lowest price for the day and the closing price must be very small or nonexistent.
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