Inverted Hammer Oil Candlestick Pattern

Shooting Star Bearish Crude Oil Candle Patterns

Inverted Hammer Oil Candle Stick Pattern and Shooting Star Oil Candle Stick Pattern candlesticks 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).

Difference is that inverted hammer is a bullish reversal oil trading pattern while shooting star is a bearish reversal oil trading pattern.

Upward Oil Trading Trend Reversal - Shooting Star Candlestick

Downward Oil Trading Trend Reversal - Inverted Hammer Candlestick

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

Inverted Hammer Crude Oil Candlestick

This is a bullish reversal candlestick pattern. It occurs at the bottoms of a Oil Trading trend.

Inverted hammer occurs at the bottoms of a down oil trend and indicates the possibility of reversal of the downwards Oil Trading trend.

Inverted Hammer Oil Candlestick

Technical Analysis of Inverted Hammer Crude Oil Candlestick

A buy is confirmed when a candle closes above the neck-line, this is the opening of the candle on the left side of this pattern. The neck line region in this acts as a resistance zone.

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

An inverted hammer is named so because it indicates that the crude oil market is hammering out a bottom.

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 and 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 confirmed when a candle closes below the neck-line, this is the opening of the candle on the left side of this pattern. The neck line in this case is a support level.

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 is named so because at the top of an upwards market oil trend this oil candlestick pattern resembles a shooting star up in the sky.