making it worse, page-26

thanks ahpigsy :)

Piercing Line Pattern

The Piercing Pattern is a bullish candlestick reversal pattern, similar to the Bullish Engulfing Pattern

There are two components of a Piercing Pattern formation:
•Bearish Candle (Day 1)
•Bullish Candle (Day 2)

A Piercing Pattern occurs when a bullish candle on Day 2 closes above the middle of Day 1's bearish candle.

Moreover, price gaps down on Day 2 only for the gap to be filled and closes significantly into the losses made previously in Day 1's bearish candlestick.

The rejection of the gap up by the bulls is a major bullish sign, and the fact that bulls were able to press further up into the losses of the previous day adds even more bullish sentiment. Bulls were successful in holding prices higher, absorbing excess supply and increasing the level of demand.

http://www.onlinetradingconcepts.com/TechnicalAnalysis/Candlesticks/PiercingPattern.html

OBJ atm