The formation is created when the open, high, and close are roughly the same price. Also, there is a long lower shadow, twice the length as the real body.
When the high and the close are the same, a is formed and it is considered a stronger formation because the bulls were able to reject the bears completely plus the bulls were able to push price even more past the opening price.
In contrast, when the open and high are the same, this formation is considered less , but nevertheless . The bulls were able to counteract the bears, but were not able to bring the price back to the price at the open.
The long lower shadow of the implies that the market tested to find where support and demand was located. When the market found the area of support, the lows of the day, bulls began to push prices higher, near the opening price. Thus, the advance downward was rejected by the bulls.