UMBRELLA

UMBRELLA: is a type of Doji with no upper shadow but a long lower shadow (also called the DRAGONFLY DOJI), indicating that sellers mostly dominated trading during the time able to drive prices lower. However, buyers resurfaced at the end of the time and successfully pushed prices back to the opening level and to the time’s high, signaling a bullish reversal at the bottom if it appears after a long downtrend, long down candlestick or occurring at a value.

INVERTED UMBRELLA: is a type of Doji with no lower shadow but a long upper shadow (also called the GRAVESTONE DOJI), indicating that buyers dominated trading and able to drive prices higher during the time. However, sellers resurfaced by the end of the time and pushed prices back to the opening price level and to the time’s low, pointing out evidence for buying pressure and indicating a potential bullish reversal if it occurs after a long downtrend, long down candlestick or at a support level. Likewise it may signal a failed rallyand indicating a potential bearish reversal if occurring after a long uptrend, long up candlestick or at a resistance level. Bearish or bullish confirmation is required in both situations.