Oil price rebounded on Monday, strengthened 4% when world’s biggest oil producers meet in Algeria to talk about how to stabilize the oil price.
Members of Organization of the Petroleum Exporting Countries (OPEC) hold informal meeting when International Energy Forum takes place in Algeria, September 26-28. They are expected to discuss about possibility of the oil production freezing.
Iran probably will not join the discussion because they are increasing their oil production since last January, when sanction on them was lifted. However, some other members of OPEC are still hoping that they will reach an agreement about how to reduce the global oil oversupply.
Oil price currently is moving at the intraday resistance area. Note that the intraday bias is actually neutral, however if you still want to look for trade opportunity today, I suggest you to wait for bearish signal confirmation at the resistance area at 45.65-46.54 with target at the intraday support area at 44.76-44.21.
However, keep in mind that the intraday bias is neutral. It will turn into bullish if the resistance 46.54 breaks which possibly will be followed by bullish move up to 47.30-47.85.