Side by side white lines bearish

Definition

This candlestick represents extreme bullishness and it is characterized with a long white body that has an upper shadow but no lower shadow.

Recognition Criteria

1. The body of the candlestick is white and long.
2. There is no lower shadow.
Candlestick Requirements and Flexibility

The white body of the candlestick should be longer relative to the other candlesticks on the chart. It has a shadow on the closing side but no shadow on the opening side.

Traders Behavior

A White Opening Marubozu indicates that buyers controlled the price action from the first trade to the last trade. The day opens and prices continue to go up all day long without looking back thus forming a long white day with no lower shadow. However the day does not close at the high of the day and thus creates an upper shadow.

The candlestick is generally bullish. However its position within the broader technical picture is also important. It may show a potential turning point and that prices have reached a support level after an extended decline (Bullish Belt Hold Pattern). If it is seen after a long and significant rally it may point to excessive bullishness and that prices are at dangerously high levels. Still the candlestick alone is not reliable enough to decide the direction of the markets since it reflects only one days trading.