The Dragonfly Doji, a candlestick pattern in trading, resembles a “T” shape with a long lower shadow and no upper shadow. It often appears during a downtrend, signaling potential trend reversal. This pattern signifies that despite a session’s open, sellers pushed the price significantly lower, but bulls regained control by the session’s close. Traders often interpret it as a bullish reversal, suggesting a possible upturn in the market sentiment. Its appearance amid strong downtrends makes it a notable and intriguing indicator for traders analyzing market movements.
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