- Rooftop solar at Shell units to generate 7,500 MWh of renewable energy a year.
- SHEL PLC released its Q2-2023 consensus on July 27, 2023.
- SHELL stock jumped around 11% recently.
Shell PLC is a London-based, well-known fossil fuel company that produces crude oil, natural gases, and other lubricants. Shell Lubricants plans to install rooftop solar photovoltaic grids in China, India, Italy, Singapore, and Switzerland, generating 7,500 MWh of renewable energy annually.
From the start of 2023, Shell PLC (LSE: SHELL) stock achieved an annual high at £2613 while forming a double top in February. The formation of a double top pattern has an ‘M’ shape, indicating a bearish reversal trend. It consisted of a median bottom at £2439 and dual tops at £2588.
Since then, the SHELL stock price has hovered in the shade of bears while attaining higher resistance and lower support levels. After the annual high, the price cliff dived towards the annual low at £2151 shortly.
Recently, SHELL stock has been trading at £2591 while witnessing a gain of 0.43% during the intraday session. The price has experienced an uptrend trajectory while following the trendline. The recent uptrend delivered an 11% hike, and the price is currently contesting for the annual high.
SHELL stock price has witnessed a long march of bulls since August 18, 2023. However, this flow in one-month trading sessions leveled up the stock price, hovering above the 20, 50, 100, and 200-day EMAs, denoting the dominance of bulls in the market. Hence, the firm stays in the overbought region.
Technical Analysis SHEL Stock On The 1-D Timeframe.
The Bollinger band of SHELL stock has recently expanded and shows excellent volatility in the market while trading above the SMA line. The continued uptrend might receive a correction phase while forming a solid support level near £2522. However, it might bounce back after attaining a support level near £2522.
On the contrary, traders must wait for the next candle close; if it closes near a significant level of £2610, then there is a high possibility that the price might surge towards the £2640 mark, and if the bullish sentiment sustains, then it potentially surges further to the £2720 mark.
The RSI has been hovering above the 50 scores since August 24, 2023, and is at 79.47, indicating vigorous strength and a rise in the participation of buyers in the market.
Conclusion
The market structure of SHEL Stock represents a bullish dominance in the market, as the price action is in an uptrend to conquer the annual high. Shell plc’s performance expresses positive growth of 9.05% and 10.75% in year-to-date and three-month returns, respectively. Investors should look for buying opportunities as the technical and analyst ratings suggest the same.
Technical Levels
Major resistance: £2613.5 and £2612.5
Major support: £2149.5 and £2214.0
Disclaimer
The views and opinions stated by the author or any other person named in this article, are for informational purposes only. And do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.