Possible shooting star on oil

Since WTI oil started retracing to the upside from the 42.00 level, we have been attentive to a possible bearish bounce from the 44.00, because the 44.00 level had acted in the past as support and it was possible for it to act as resistance on this occasion. But the bullish momentum was very strong on WTI oil and the price continued rallying towards the 45.00 zone. At the 45.00 zone today’s daily candle has the shape of a shooting star. The shooting star formation is a bearish reversal pattern that it is confirmed when the next candle is also bearish. Therefore, oil may drop from the current level. To the downside, the 44.00, the 43.00 or the 42.00 levels may act as support. To the upside, the 46.00 level, the 47.00, or the 48.00 may act as resistance.