Cryptocurrencies

RDSB: Shell Share Price Approaches 2,000p as Oil Prices Surge

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Written By: Crispus Nyaga
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    Summary:
  • The Royal Dutch Shell share price has been in a strong bullish trend in the past few days. The RDSB stock has jumped sharply

The Royal Dutch Shell share price has been in a strong bullish trend in the past few days. The RDSB stock has risen in the past five days and is trading at 1,845p. It has risen by over 20% from its lowest level in December and is trading at the highest level since January 2020. 

The current price is about 130% above the lowest level in 2020. It is not alone. The BP share price has alos jumped by 125% in the same period and is currently at the highest level since February 2020. Similarly, the Tullow Oil stock price has also been in a bullish trend.

The Royal Dutch Shell share price has jumped in the past few months as investors cheer the crude oil price. Brent, the global benchmark is trading at 87.7p, which is the highest level since October 2014. The West Texas Intermediate (WTI) price has also surged. In total, Brent has jumped by over 440% from the lowest level in 2020. 

Therefore, analysts believe that company’s stock will keep rising, thanks to the rising revenue and income. The company is also set to lower the number of outstanding shares by spending about $5.5 billion it raised after selling its Permian Basin business to ConocoPhillips.

Shell share price forecast

The weekly chart shows that the RDSB share price has been in a strong bullish trend in the past few months. The stock has managed to move above the 61.8% Fibonacci retracement level. A closer look shows that it is close to forming a golden cross where the 200-day and 50-day moving average are about to make a crossover.

Therefore, there is a likelihood that the Shell share price will likely keep rising as bulls target the next key resistance at 2,000p. This price is about 9% above the current level. On the flip side, a move below 1,730p will invalidate the bullish view.

This post was last modified on Jan 18, 2022, 06:59 GMT 06:59

Written By: Crispus Nyaga

Crispus Nyaga is an analyst and consultant with more than 8 years of experience. He started trading Forex while completing his BSc degree and he has worked for brokers like OctaFX, easyMarkets, & Capital. He has also contributed widely in leading websites like rkdream.com, SeekingAlpha, iNvezz, DailyForex, and BanklessTimes. In 2017, Crispus completed his MBA.

Published by
Written By: Crispus Nyaga