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Short

Bearish Shooting Star Print

TVC:USOIL   CFDs on WTI Crude Oil
63 0 5
OIL’S DAILY PRINT: SHOOTING STAR
What does it mean ?

Shooting star ( candlestick pattern) In technical analysis , a shooting star is interpreted as a type of reversal pattern presaging a falling price. The Shooting Star looks exactly the same as the Inverted hammer , but instead of being found in a downtrend it is found in an uptrend and thus has different implications.

On a daily timeframe , Oil             has printed a shooting star usually signaling a bearish auction on the session. What’s interesting is the shooting star has rejected .236 support now reversing as resistance (Fib-tool). The overall structure from the April’16 timeframe is called a bump and reversal top. At some point the bump will fail leading to a reversal, or in another words pierce the red ascending demand line . Current position is a lead-in phase that could either bump from here or could signal the reversal. Nevertheless, a major move in oil             is pending and today’s closing print of the auction is not healthy.
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