Trading Oil Interpret Shooting Star Crude Oil Trading Candlesticks Technical Analysis

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

Shooting Star crude oil candle-sticks pattern occurs at the top of an upward 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.

Interpret Shooting Star Oil Trading Candle Pattern Bullish or Bearish

Technical Analysis of Shooting Star Oil Candlestick 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 upward crude oil price trend this oil candlestick pattern resembles a shooting star up in the sky.