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Piercing pattern

Piercing line candlestick pattern. This graphical pattern is used by traders to identify a possible reversal of the down trend.

Main features of the pattern. After a series of several consecutive descending candlesticks in a row an ascending candlestick closes above the middle of the body of previous descending candlestick. After this candlestick two more ascending candlesticks should follow. Many traders see the opening point of the third ascending candlesticks as a signal of the possible reversal in the down trend.

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