Royal Dutch Shell shares under pressure

Screen showing share price of 22,450
Royal Dutch Shell, the oil company, fell after warning that it will record fourth-quarter after-tax charges of $3.5 billion to $4.5 billion due to write-downs and restructuring measures.

From a chartist point of view, the stock price validated a rising wedge pattern calling for a correction move. The theoretical target is set at 14E. In case of a break below 14E, eye 12.6E. The daily RSI fell below 50% and is capped by a declining trend line. Prices need to push above 16E to reinstate a bullish bias with 18.7E as target. 

Source: GAIN Capital, TradingView

Related tags: Equities

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