In the Daily chart of Oil prices, I have noticed that we might be forming a bearish reversal pattern called shooting star. If price closes at current or lower levels a meaningful top could be in and a reversal could be starting.
Oil prices have rallied (more than I expected) from 64.50$ to 71.50$ in just two weeks. A lower high (relative to the July high) and a big reversal lower could signal a longer-term pull back and correction in Oil prices. I’m bearish Oil at current levels.
