In the W1 chart on USOIL, the last candlestick ended as a bearish engulfing candlestick which engulfed the three previous bullish candles.
We can see how the big red candle on the picture closed below the low of the three previous bullish candles.
That bearish Engulf Candlestick is a signal to look for a sell position on USOIL.
In the H4 chart, we can see the fresh supply above at 56.60 zones.
This fresh supply can be a great continuation level for a sell position.
If the price retraces the fresh supply above we can sell there.
The target for this sell position will be the demand below which also a great level for buy position.
A few days ago, Iran seizes a British ship in the Strait of Hormuz.
The situation between Iran and western countries is very explosive these days.
If the relationship between Iran and western countries will keep roll down it can really lead to war.
So, although the fresh supply above and the engulfing bearish candlestick, we should be really careful while selling USOIL.
If the relationship will roll down between Iran and western countries, the USOIL price might fly up and all this technical analysis will become irrelevant.
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