SHELL PLC (SHEL.AS)

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Every week Tech Charts Global Equity Markets report features some of the well-defined, mature classical chart patterns under a lengthy watchlist and the chart pattern breakout signals that took place during that week. Global Equity Markets report covers single stocks from developed, emerging and frontier markets, ETF’s, select commodities, cryptocurrencies and global equity indices. Below chart is from the watchlist section of the weekly report. It is featuring an ascending triangle chart pattern on Shell plc (Shell).

SHELL PLC (SHEL.AS)

Shell plc (Shell) is an international energy and petrochemical company. The Company is engaged in the exploration, production, refining and marketing of oil and natural gas, and the manufacturing and marketing of chemicals. The stock is listed on the Amsterdam Stock Exchange. Price chart formed an 8 month-long ascending triangle with the horizontal boundary acting as strong resistance at 29.00 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 29.80 levels will confirm the breakout from the 8 month-long ascending triangle with the possible chart pattern price target of 35.40 levels.

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