bullish dragonfly doji

Hi All,

The Bullish Dragonfly Doji Pattern is a rare single candlestick pattern that occurs at the bottom of downtrend.

* A candle forms with a very small to almost nonexistent body with a long lower wick
* The lower wick is at least twice as long as the candlestick body
* Little or no upper wick

In a bearish trending market the dragonfly illustrates an unsustainable sell-off, where price drives up to new lows, but buyers take control of the trend by market close.

Although this formation is a moderate to weak signal, it is a warning for longs that the downtrend is losing momentum and bull may retake the market soon. The Bullish Dragonfly Doji is more reliable than a Bullish Hammer and it tends to be a stronger bullish signal.

JB