The Royal Dutch Shell share price may be in for a further upside move if the Deutsche Bank’s price outlook for the stock carries through. Higher energy prices have been good for the stock, enabling it to rebound from a recent correction after it had soared for several months on recovering energy demand.
Deutsche Bank has set a price target of 1871p for the Royal Dutch Shell share price, which gives the stock some room for a further upside push.
The stock’s price rebounded on higher energy prices and the refusal of the OPEC + alliance to raise its scheduled quota increase of 400,000 barrels per day for November in defiance of US calls.
The RDSB share price is up 0.72% as of writing.
The intraday high briefly violated the resistance at 1713.4 but has pulled back. If the price can break this resistance, 1785.4 comes calling as the next port of call for bulls. A break of this level puts the price on course for a test of new highs at 1833.4.
On the flip side, a retreat from 1713.4 could put the bears in position to dash towards 1628.2. This move would also put 1587.9 and 1521.6 in line to become additional targets to the south.
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This post was last modified on %s = human-readable time difference 18:10