Analyze Shooting Star Oil Candles Pattern

Shooting Star candlesticks pattern is a bearish reversal candle pattern. It forms at the top of a market trend.

Shooting Star crude oil candle-sticks pattern occurs at the top of an upward oil trend where the open crude oil price is same as the low and crude oil price then rallied up but was pushed back down to close near the open.

Oil Trading Analyze Shooting Star Oil Trading Candle Pattern Bullish or Bearish

Technical Analysis of Shooting Star Crude Oil Candle Pattern

A bearish reversal sell is confirmed when a candle closes below neck-line, this is the opening of the candle on the left side of this shooting star pattern. The neck line in this case is a support level.

Stop orders for the sell crude oil trades should be placed a few pips above the highest crude oil price on the recent high once a trader decides to open trades based on this shooting star candlesticks pattern. The Shooting Star crude oil candlesticks pattern is named so because at the top of an upwards oil market trend this oil candlestick pattern resembles a shooting star up in the sky.