Business, Legal & Accounting Glossary
Long Shadow candlesticks have one long shadow and one short shadow. If the Long Shadow is the upper shadow then buyers dominated during the first part of the session bidding prices higher. Then the buying activity stalled and the price retreated.
This pattern is often referred to as a Tall Shadow. Conversely, if the Long Shadow is the lower shadow then sellers dominated during the first part of the session driving prices lower. Then the selling activity stalled and the stock price recovered. This pattern is often referred to as a Long Tail.
A Long Shadow candlestick with a tall shadow indicates resistance near the high price. Conversely, a Long Shadow candlestick with a long tail indicates support near the low price.
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This glossary post was last updated: 23rd March, 2020 | 0 Views.