Dragonfly Doji

(No! Not at all. It is not an insect. For a Japanese who named this candlestick, it must have looked like a dragon fly.)

Formation
These candle lines have no real body. Market opens and closes at the high of the day. Only lower shadow is present below a small horizontal line.

Importance
This happens when both supply and demand are almost equal. That means the market is neutral or it is deciding the next movement.

They may occur at many places in a chart. But at the top and bottom of a trend they become significant. It predicts the bottom more effectively than the top.

Because of this they form important support and resistances.