Global macro overview for 11/05/2016:
The weekly crude oil inventories data are scheduled for release at 02:30pm GMT today and they will provide a further insight regarding the stockpiles activity. Market participants are expecting a drop in inventories to the level of 750k barrels, down from 2784k barrels last week. This means the last week data were far above average and now it is time to revise it down, but there is no change in global oil policy recently and the oversupplied oil market conditions did not change a little since the last data release.
Let's now take a look at Crude Oil technical picture in 4H time frame. The market is stuck inside the congestion zone between the technical resistance at the level of 46.78 and technical support at the level of 43.19. Nevertheless, the recent price action might suggest that a lower high and a lower low had been made. Both of them are marginal and can not be taken as granted, especially if the golden trend line is still not violated. Bulls and bears fight for dominance continues.