NYSE:SHEL may be ready to breakout.

SHELL PLC-ADR (SHEL)       58.255   -0.21 (-0.37%)


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NYSE:SHEL may be ready to breakout.7 days ago - Chartmill

A possible breakout setup was detected on SHELL PLC-ADR (NYSE:SHEL) by our stockscreener. A breakout pattern is formed when a stock consolidates after a strong rise up. We note that this pattern is detected purely based on technical analysis and whether the breakout actually materializes remains to be seen. It could be interesting to keep an eye on NYSE:SHEL.

SHEL Daily chart on 2022-11-24

Technical Analysis Observations

ChartMill assigns a proprietary Technical Rating to each stock. The score is computed daily by evaluating various technical indicators and properties. The score ranges from 0 to 10.

We assign a technical rating of 9 out of 10 to SHEL. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, SHEL is showing a nice and steady performance.

  • Both the short term and long term trends are positive. This is a very positive sign.
  • When comparing the yearly performance of all stocks, we notice that SHEL is one of the better performing stocks in the market, outperforming 94% of all stocks.
  • SHEL is currently trading in the upper part of its 52 week range. The market is still in the middle of its 52 week range, so SHEL slightly outperforms the market at the moment.
  • In the last month SHEL has a been trading in the 53.03 - 57.66 range, which is quite wide. It is currently trading near the high of this range.
  • SHEL is part of the Oil, Gas & Consumable Fuels industry. There are 390 other stocks in this industry, SHEL did better than 57% of them.

How do we evaluate the setup for NYSE:SHEL?

Next to the Technical Rating, the Setup Rating of a stock determines to which extend the stock is consolidating. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. For NYSE:SHEL this score is currently 9:

SHEL has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately. There is very little resistance above the current price. There is a support zone below the current price at 56.67, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for SHEL in the last couple of days, which is a good sign.

Trading setups like NYSE:SHEL

A breakout could materialize when the stock breaks out to new highs above the current consolidation zone. One could wait for this to happen and buy when this happens. A stop loss could be placed below the consolidation zone.

Of course, there are many ways to trade or not trade NYSE:SHEL and this article should in no way be interpreted as trading advice. The article is purely based on an automated technical analysis and just points out the technical observations. Always make your own analysis and trade at your own responsibility.

More breakout setups can be found in our Breakout analyzer.

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