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.
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.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.