On the Daily timeframe, the price has pulled back from support area Such a pull back indicates the bullish trend. Furthermore, the MACD histogram lightening the negative zone and going to convert into the positive zone, further endorsing the potential upward movement toward our first target around 149-154. Subsequently, the price may revisit the pullback zone before establishing a new high and achieving the second target range 164-168.
Comment:
SHEL is facing trend line resistance in daily time frame. Upon break and sustain above 154 (which was our first target) then only more upside can be expected. On the flip side, head and shoulder pattern already established in SHEL price action technical chart which will continues if the neck line support of 128.50 breaks.
