Shell PLC showing a sign of recovery from a huge decline from 9th of June along with other Oil/Gas companies. Shell shown a bullish momentum since 14th of July which bounced from the support level of 19.080 GBP (4th rejection from the bottom of the upward trendline). If Shell price breaks the resistance level of 24.510 GBP, it will retest the major resistance level of 25.690 GBP before retracing back to find support between 22.040 to 24.305 GBP. Fibonacci Time Zone shows that this is expected to happen between Q3 to Q4 of this year.
To the downside, if price will not push through above 100 and 200 EMA, it is expected to retest 19.090 GBP support level which is near the 50 EMA level. If it breaks below 50 EMA, a trend reversal to the downside will be confirmed.
Indicators:
RSI (oversold) at above 50 level, showing bullish divergence between June 20 to July 14.
MACD at -30 level approaching 0 line showing a bullish momentum.
Market Sentiment (based on capital.com):
93% Buyers
7% Sellers
To the downside, if price will not push through above 100 and 200 EMA, it is expected to retest 19.090 GBP support level which is near the 50 EMA level. If it breaks below 50 EMA, a trend reversal to the downside will be confirmed.
Indicators:
RSI (oversold) at above 50 level, showing bullish divergence between June 20 to July 14.
MACD at -30 level approaching 0 line showing a bullish momentum.
Market Sentiment (based on capital.com):
93% Buyers
7% Sellers