Sometimes it is best to not trade at all.
The crude oil market is one of those markets these days.
The inventory build came in much higher than expectations, and the price dipped but then reverse back higher. I know....it was do to refineries closing due to freezing which led to the build up in the crude inventories, but it was still way higher than the expectations (which I presume accounted for that freezing anyway).
Looking at the hourly chart above, the price of crude fell below the 200 hour MA at $76.03 to a low of $75.67, but is now back at $76.58. Go figure.
Crude oil has been having its shares of ups and downs as the markets react to China reopening, global slowing, weather, and perhaps technicals. The inventory data today, had a prelude with the private inventory report late yesterday which showed a 14M build. So the the sharp rise today of 18M was somewhat anticipated. However, after the report yesterday, the price of crude oil fell below the 100 hour MA (blue line in the chart above) , but not with much momentum. When the price started to rebound, the sellers turned to buyers, forcing the price away from the 100 hour MA and above the 200 hour MA.
Sometimes it's best to just leave well enough alone and not trade.
