A bullish pin bar at the support key level signals a near-term price reversal but what if it appears at the resistance key level..? It's the weakening of buyers?
3 possibilities : - price can continue to go up - price can reverse direction and go down - price can go sideways
%% THAT; + longer term trend. QQQ, as a concrete example\ has only closed once above 200dma= nice bear down trend 2022.
Pin bars are like any other chart pattern, in right climate, other patterns, trend line they can be a gem or torture, but risk management makes the profits.
Close above the pin bar's high confirms the market's bullishness. Close below the pin bar's low likewise is a strong bearish indication: again, confirmation next day after the initial bearish close would be worth waiting for.