A long black day is followed by another black day with equivalent closes
In a downtrend or during a pullback within an uptrend, a long black day
occurs signaling the bears being in control. The stock gaps up the next
day but then sells off to close at the same level as the previous day.
The more times a stock can successfully test and hold a low, the higher
the chance a reversal will occur once the seller become exhausted. Strength
the following day with volume would confirm the pattern.
The bullish Matching Low is similar to the bullish Homing Pigeon.