[BULLISH]: Danakali has formed a new Shooting Star pattern.
This pattern consists of a white body followed by an Inverted Hammer that is characterized by a long upper shadow and a small body. It is similar in shape to the Bullish Inverted Hammer pattern but unlike it the Shooting Star appears in an uptrend and signals a bearish reversal.
Calculation: Shooting Star Candlestick Pattern:
1) The market is characterized by a prevailing uptrend;
2) The first day of the pattern is a white candlestick;
3) On the second day a small body at the lower end of the trading range is observed. Colour of this body is not important;
4) The upper shadow of this second candlestick should be at least twice as long as the body;
5) There is (almost) no lower shadow;
PROFILE: Danakali (DNK.AX)
Stock Exchange: ASX
Ticker Codes: | DNK.AX | ASX:DNK |
Danakali Limited engages in the exploration of minerals in Eritrea, East Africa. It primarily holds interests in the Colluli potash project located in the Danakil region of Eritrea. The company was formerly known as South Boulder Mines Ltd. and changed its name to Danakali Limited in June 2015. Danakali Limited is based in Subiaco, Australia.
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