RDSA 300920
The oil and gas major disclosed new cost cuts reductions.
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Royal Dutch Shell announced that "reduced organisational complexity, along with other measures, are expected to deliver sustainable annual cost savings of between 2.0 to 2.5 billion dollars by 2022. This will partially contribute to the announced underlying operating cost reduction of 3.0 to 4.0 billion dollars by the first quarter 2021. Job reductions of 7,000 to 9,000 are expected (including around 1,500 people who have agreed to take voluntary redundancy this year) by the end of 2022."
From a technical point of view, on a daily chart, prices still trade into a bearish channel drawn since late June. The 50 day MA remains negatively oriented above prices while the RSI is still in bearish territory. As long as the 1110 resistance is not broken, readers may therefore consider further downside towards 946 (YTD low) and 770 (Fibonacci projection) in extension.
From a technical point of view, on a daily chart, prices still trade into a bearish channel drawn since late June. The 50 day MA remains negatively oriented above prices while the RSI is still in bearish territory. As long as the 1110 resistance is not broken, readers may therefore consider further downside towards 946 (YTD low) and 770 (Fibonacci projection) in extension.
Source : TradingView, Gain Capital
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