Piercing Line Bullish Candlestick Pattern

The Psychology
In a downtrend or during a pullback within an uptrend, the stock gaps down, finds some buyers and then rallies. This simply signifies the possibility of a reversal that is more reliable if the gap down occurs at support and the white day is accompanied by a surge in volume.

A long black day is followed by a white day that gaps below the black day’s low and closes within and above the midpoint of the black day’s body.

Pattern: reversal
Reliability: moderate