Shooting star on WTI, "Rosy opportunities again for crude bears"

FX:USOIL   CFDs on Crude Oil (WTI)
413 2 5
Technical Glance:

The recent rallies have tested resistance at 41.84 levels which is at upper Bollinger bands (see daily chart ).

While plotting weekly graph, "Shooting star" appeared at peaks of 39.54 that signals some weakness as leading oscillators diverge previous rallies.

Weekly RSI and stochastic oscillators diverge to the previous rallies which is deemed as a reversal coupled with daily technicals.

Current prices slid below 7DMA, leading and lagging indicators converge prevailing slumps.

Daily technicals suggest sell indications as the RSI signaling clear convergence with the dipping prices (currently RSI 14 trending below 55 levels while articulating).

Convergence between price and volumes: See for dipping prices with stable volumes.

While, %D crossover sustains even at 50 levels on slow stochastic (currently %D line at 52.0517 & %K line at 39.6290), so overall we see selling pressures in this commodity at current stage.

Trade tips:

At current juncture contemplating above bearish indications, on speculative grounds we recommend shorting near month futures for target towards $36.21 levels.

Writers in a futures contract are expected to post performance bond margins in order to open and maintain a short futures position.

These margin requirements are determined by the exchanges and would usually be ranging from 2 to 10% of the full value of the futures contract.
that candle is not a shooting star imho. Tail is too long, and body very small. and the trend is only 3 weeks? mmmm.
Points observed to justify the shooting star's prominent features:

1) First of all candle appeared on peaks, i.e. after 5 consecutive weeks, the pattern occurred at 6th week (it's certainly not 3 week).
2) The difference between day close and high is 2.33, thus the upper shadow is twice as big as the real body.
3) Real body is considerably big enough to satisfy the candlestick's feature, the difference is 12 cents. If it was less than 10 cents then we would've considered that as Gravestone doji.

Yes, you are right tail is a bit too long but not bigger than half the size of upper shadow, in the end you can atleast consider this as resembling shooting star.
Thanks for your keen observation and letting me know. Happy learning and trading, cheers..!!!
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