Will SHEL Stock Surpass $2700 Level?

SHELL stock (LSE: SHEL) price is in an uptrend, trading near the resistance level of 2621 GBX. Buyers are aiming to break through the obstacle and achieve a new high. SHEL stock soared more than 7.57% last month. The price is above the key moving averages, indicating bullishness.

The price action indicates that SHEL stock has broken above multiple tops, showing the strong force of the bulls who kept making long positions.

At press time, SHELL stock was trading at 2606 GBX with an intraday loss of 2.05%, breaking above the 50-day EMA, showing bearishness on the charts. Moreover, the intraday trading volume is 9.045 Million and the average 10-day volume is 8.15 Million. The market cap of SHELL stock is $172.536 Billion. The oscillators are currently indicating that the price is overbought. Investors are optimistic regarding the upcoming week’s performance.

SHELL stock price has seen a slight increase of about 0.31% over the past week and a modest gain of 7.57% over the past month. However, the stock has performed decently over the longer term, as it gained about 11.63% over the past three months, and by about 12.16% over the past six months. Year-to-date increase was about 9.68%.

Technical Analysis of SHELL Stock Price in 1-D Time Frame

SHELL (LSE: SHEL) has steadily seen its stock price rise for the past three months, gaining 11.63% and 7.57% in the last month. Currently, SHEL stock is trading at 2606 GBX and has been trying to hold on to this level after an unexpected surge in price.

If it can sustain at this level, SHELL price could continue to go up and reach the first and second targets of 2700 GBX and 2800 GBX, respectively. However, if SHEL price cannot maintain this level and it falls, then it might hit the closest support levels of 2363.00 GBX and 2215.00 GBX.

Currently, SHELL stock (LSE: SHEL) is above the 50 and 200-day SMAs (simple moving averages), which are supporting the price momentum.

However, if buying volume adds up, then the price might support bullish momentum by making higher highs and new highs. Hence, the SHELL price is expected to move upwards giving bullish views over the daily time frame chart.

The current value of RSI is 64 points. The 14 SMA is below the median line at 54.17 points which indicates that the SHELL stock is bullish.

The MACD line at 51.93 and the signal line at 28.528 are above the zero line. A bullish crossover is observed in the MACD indicator which signals strength in the momentum of the SHEL stock price.

Summary

SHELL stock (LSE: SHEL) technical oscillators also support the bullish trend. The MACD, RSI, and EMAs are emphasizing positive signs and imply that the uptrend may continue in the SHEL stock price. Price action suggests that the investors and traders are bullish on the 1-Day time frame. The price action reflects a bullish perspective at the moment.

Technical Levels

Support Levels: 2363.00 GBX and 2215.00 GBX
Resistance Levels: 2700 GBX and 2800 GBX

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing