Pinbar and a Higher High on Crude Oil – A Long Play?

I’d thought I’d bring the above chart to your attention. It is the Crude Oil in the Daily timeframe. I’m wondering if it’s poised to move upwards.

My thinking is that there is a pinbar..  a fairly strong one too where the close of the bar is right at the highs of it showing strength. Also, the low is a higher low than previously which is the possible start of an uptrend. The market has been in a long decline and is severely oversold. However, saying all this, we must also bear caution as the market is still technical in a downtrend (so a long trade here is a countertrend play) and also the markets can do anything.

I’m not going to trade this one as I already have a live trade which I will be holding over the weekend but let’s see how this one plays out anyway….

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Category: Make Me Some Money Ideas, Oil, Trading