Crude oil has done its best impersonation of a 2021 meme stock the last couple of weeks riding short-term moving averages and showing no signs of stopping. We have been covering the fundamental backdrop of energy for a while now at Tackle Trading and it has been a good call on our part…as you have come to expect.

One thing great traders are always aware of are ideal entries. Crude oil formed a classic high-base pattern to start the week providing the next trading signal. In trading lingo, we call this a secondary pattern. Great traders do not chase, they wait for great patterns, hit them, and then start the process of waiting for the next great setup.

There is where we are in crude oil right now. Waiting for the next actionable setup. There was one early this week, hope you hit it and if you did not…remember what great traders do. We will break down crude oil every day on the Halftime Report so do not forget to check it out every day at 12:30 PM EST!

Chart of the Day: Crude Oil (/CL)

Crude has been running hot and short-term moving averages have been holding on the daily chart. When momentum is in motion it can be a powerful thing.

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