How Do I Read Shooting Star Oil Trading Candles Pattern?

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

Shooting Star crude oil candlesticks pattern occurs at the top of an upwards oil trend where the open crude oil price is same as the low & crude oil price then rallied up but was pushed back downward to close near the open.

How Do You Analyze Shooting Star Candlestick Oil Trading Pattern Bullish or Bearish?

Technical Analysis of Shooting Star Crude Oil Trading 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 neckline in this case is a support zone.

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 candles pattern. The Shooting Star crude oil candlesticks pattern is named so because at the top of an upward oil market trend this oil candle pattern resembles a shooting star up in the sky.