What's a Shooting Star Candlestick in Oil Trading?

What Does Shooting Star Candlestick Mean? Shooting Star Candle Definition

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

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

What is a Shooting Star Candlestick in Oil Trading? - Shooting Star Oil Candle Pattern

Technical Analysis of Shooting Star Crude Oil Trading Candle Pattern

A sell is confirmed when a candle closes below the neck-line, this is the opening of the candle on the left side of this 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 oil price on the recent high.

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