Shooting Star Oil Candlestick Pattern

Inverted Hammer Bullish Oil Candle Patterns

Inverted Hammer Oil Candle Stick Pattern and Shooting Star Oil Candle Stick Pattern look alike. These have a long upper shadow and a short body at the bottom. Their color does not matter. What matters is the point where they appear whether at the top of a market oil trend (star) or the bottom of a market oil trend (hammer).

The difference is that inverted hammer is a bullish reversal oil pattern while shooting star is a bearish reversal oil pattern.

Upward Oil Trend Reversal - Shooting Star Candles

Downward Oil Trend Reversal - Inverted Hammer Candles

Inverted Hammer Oil Candle Stick Pattern and Shooting Star Oil Candle Stick Pattern Crude Trading Chart Patterns

Inverted Hammer Crude Oil Candlestick

This is a bullish reversal candle pattern. It forms at the bottoms of a Oil trend.

Inverted hammer occurs at the bottom of a down oil trend & indicates the possibility of reversal of the downward crude oil trend.

Inverted Hammer Oil Trading Candlestick

Analysis of Inverted Hammer Oil Candlestick

A buy is completed when a candle closes above the neck-line, this is opening of candle on left side of this pattern. Neckline in this case is a resistance zone.

Stop orders for the buy crude oil trades should be set few pips below the lowest crude trading price on the recent low.

An inverted hammer is named so because it signifies that the oil market is hammering out a bottoms.

Shooting Star Candlestick

This is a bearish reversal candle pattern. It forms at the top of a market trend.

It occurs at the top of an up oil trend where the open crude oil price is same as the low & crude oil price then rallied up but was pushed back downwards to close near the open.

Shooting Star Candle

Technical Analysis of Shooting Star Candlestick

A sell is completed when a candle closes below neck line, this is the opening of candle on left side of this pattern. Neckline in this case is a support zone.

Stop orders for the sell crude oil trades should be set a few pips above the highest crude oil price on the recent high.

The Shooting Star 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.