The chart showing Series 1 series.
This candlestick is a type of Doji characterized with no upper shadow but a long lower shadow. It is also known as the Dragonfly Doji.
Recognition Criteria
1. The length of the body is null or close to null.
2. There is no upper shadow.
3. The lower shadow is long.
Candlestick Requirements and Flexibility
Ideally, the body should be colorless and have zero length. However, candlesticks with close-to-zero body lengths and white or black body colors are also acceptable. Only the lower shadow exists and it is long.
Trader’s Behavior
The Umbrella indicates that sellers mostly dominated trading during the day and they were able to drive prices lower. However, buyers resurfaced at the end of the day and they successfully pushed prices back to the opening level and to the day’s high.

The Umbrella has the potential to signal a bullish reversal at the bottom if it appears after a long downtrend, long black candlestick or if it is seen at a support level. Likewise, umbrella may signal a bearish reversal at the top if it appears after a long uptrend, a long white candlestick or if it is seen at a resistance level. Bearish or bullish confirmation is required in both situations.


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