BULLISH WHITE OPENING MARUBOZU (BWOM)
A white that has a upper shadow but has no lower shadow.
Characteristics:
1. A BWOM does not have a lower shadow but it has an upper shadow;
2. When the day opens, the prices continue to go up all day, thus forming a long white body with no lower shadow; and
3. The price closes higher than the opening price but not at the day’s high, thus forming the upper shadow.
Brief Explanation:
The BWOM is a single candlestick pattern denoted by a long white body. It has an upper shadow but no lower shadow. This is a strong bullish pattern. This shows that the prices continued to go up all throughout the day without coming below the opening level. This is how the long white body is formed. However prices did not close at the high of the day resulting in an upper shadow.
Notes:
1. In a downtrend, the BWOM is called a Bullish Belt Hold Pattern
2. It needs to be used with other candlesticks for a better judgment about the trend situation.
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