Shell Share Price Nears 5-Year High Amid Global Oil Price Hikes

Shell plc share price witnessed a price surge of over 6% in the last three intraday sessions amid a global oil price hike. The recent oil price has been recently affected by a conflict between Israel and Hamas. The conflict that erupted between Israel and Hamas has hiked global oil by over 5% in the last three sessions post which the European and American oil stock price showed gains.

The price trend analysis illustrates that the SHEL stock price currently trades near the five-year high price of £26.64. The stock delivers an optimistic outlook for the current quarter and might gain more if it breaks higher.

The technical indicators imply that the shell stock price maintained above the 50-day EMA and 200-day EMA indicating a strong uptrend prevailed. The current quarter saw the stock price rise from a low of £22.9 to £26.64 gaining over 15% return.

Currently, the Shell plc stock trades near a five-year high price and might gain more if breaks above the recent swing high. Shell plc engages in the production of oil and natural gas.

SHEL Stock Price Forecast For 2023

The average analyst price target for SHEL plc in 2023 is £30.60, which represents a potential upside of 15.45% from the current price. However, there is a wide range of analyst price targets between £23.84 to £37.75.

The most optimistic analysts believe that SHEL stock could reach £37.75 in 2023 if the global oil demand grows strongly and the company is able to successfully execute its growth plans.

SHEL Stock Price Tries To Sustain Above 50-day EMA

The daily price chart shows that the SHEL stock price trades above the 50-day EMA and 200-day EMA indicating a strong uptrend prevailing in the short term as well as long term.

The overall technical opinion rating including RSI and MACD signals an 88% “buy” rating with a strong short-term outlook on maintaining the current direction.

Conclusion

SHEL plc share price hovers near a five-year high price and bounced back nearly 6% in the last three intraday sessions to reach the previous swing high. The price hike is supported by a global oil price rise due to the conflict that erupted between Israel and Hamas in the Middle East. The stock price may show more gains if it breaks above the recent swing high.

Technical Levels

Support Levels: £24.88 and £24.23
Resistance Levels: £26.64 and £27.20

Disclaimer

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