Shell share: Is the share price running out of steam?

The good news for the Shell share first: From a technical point of view, the bull trend is still intact, even if the share price of the raw materials group is currently listed below the bull market. The bad news: Very high hurdles await the commodity share. These have already left their mark since the daily high of August 30 at GBX 2,393.50.

From a technical point of view, the bull market for Shell shares on June 9, 2022 at 2,459 GBX is decisive. From here, it went lower to just below the 200-day moving average in an extended consolidation move before the trend turned back up. Despite this extensive consolidation up to 1,908.50 GBX, the long-term upward trend in the Shell share was maintained. A key argument for the bulls hoping for a breakout to new tops.

James Rogers

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