The Morning Star is a bullish, bottom reversal pattern that is the opposite of the Evening Star. It warns of weakness in an existing downtrend that could potentially lead to a trend reversal and the establishment of a new uptrend. Like the Evening Star, the Morning Star consists of three candlesticks with the middle candlestick forming a star. The first candlestick in the Morning Star pattern must have a relatively large real body must move in the direction of the downtrend. In other words, its real body must be large and dark in color. The second candlestick is the star, which has a short real body that is separated from the real body of the first candlestick. The gap between the real bodies of the two candlesticks distinguishes a star from a Doji or a Spinning Top. The star does not need to form below the low of the first candlestick and can exist within the lower shadow of that candlestick. The star is the first indication of weakness as it indicates that the sellers were not able to drive the price close much lower than the close of the previous period. This weakness is confirmed by the third candlestick, which must be white or light in color and must close well into the body of the first candlestick.
As with the Evening Star, the reliability of the Morning Star is enhanced if the third candlestick opens above the real body of the star leaving a gap between the real bodies of the star and the third candlestick, though, this does not occurs very often. Reliability is further enhanced by the extent to which the real body of the third candlestick pierces the real body of the first candlestick, especially if the third candlestick has little or no upper shadow. Reliability is also enhanced if the volume on the first candlestick is below average and the volume on the third candlestick is above average.