Shooting star is also called as a candle stick pattern. It is also known as inverted hammer. It can be seen that the there is a period of Bull Run on the stock and the intra-day high price shoots up. However as the day progressed the enthusiasm subsides and the prices fall.
The percentage change between lowest price and closing price is very less than the percentage change between the highest and the opening price. The lowest intraday price is very close to the closing price of the stocks. Such pattern is generally seen when buyers expects certain favourable announcements to be made by the company, which falls short of their expectation as the day progressed.