5th Feb 2021. 9.33am
UK EQUITY TRADE
|At market (1,275p)
|1,220p (55pts 4.3%)
BUY Royal Dutch Shell (RDSB)
Shell finds support as crude breaks higher
This week’s price action indicates that Shell has found support at the December swing lows…
On Wednesday, prices breifly broke below support only to bounce back and close positive on the session – forming a bullish hammer candle.
We have also seen WTI crude oil break to new trend highs this week, and this is likely to be supportive.
Enter long at market prices with a stop below support. Our profit target is a 1.5 x risk bounce up towards the January highs.
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