The distance between the candlestick body and the maximum day price in the form of a vertical line is called the candlestick upper shadow (uwakage). The distance between the candlestick body and the minimum price is also depicted as a line and called the candlestick's lower shadow (shitakage).
The Japanese candlestick body is the difference between the opening and closing prices, and the Japanese candlestick shadows point to the highest and lowest prices in the given trading period. If the shadows are short, then the price range of a certain security will be located near the opening and closing prices of that period. If the shadows are long, it means that trading was active on this time frame, and prices moved away from the opening price and returned to the closing one afterwards.
If a candlestick has a long upper shadow and a short lower shadow, it indicates that bulls (buyers) dominated the market during this period and pushed the price to its highest level. Then, bears (sellers) sent it to the level of the closing price.
If a candlestick has a long lower shadow and a short upper shadow, bears pushed the price down, and then bulls brought it to the closing level. In both cases, the candlestick colour does not matter.
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