Global macro overview for 21/10/2015:
The report on crude oil inventories figures are scheduled for release today at 2:30 pm GMT. The market expects the stockpiles to grow slower compared to the previous week number by around a half ( 3500k vs.7862k prior). Yesterday, the American Petroleum Institute reported that the US crude inventories hit the level of 7054K, which was nearly double than the expected level of 3500K, closer to the last week stockpiles at the level of 9300k. That king of data still suggests that the stockpiles are increasing, the market is still oversupplied and the demand is decreasing.
The bearish reversal on the crude price chart might suggest a further sell-off to take place if the 50%Fibo level is rejected. The market got back to the old congestion zone, and it is currently trading at the level of 45.75. The next important support is seen at the level of 43.17. In case of a bearish breakout, lows should be tested soon.
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