Royal Dutch Shell (RSDA) Fibonacci
Updated
RSDA looks like a short term short, but a mid and long term long.
Shell still has a lot of room to grow based on the 0.618 Fibonacci resistance, it obviously dropped way harder than the average AMS and NYSE stock markets because of the super low oil prices (Aramco (SA) + Russia struggle). However, short term I would not go long at this price yet, and rather wait for it to retrace back to one of the intra wave fibonacci support lines.
Below you'll see the 0.5 FIB support line highlighted as a possible contender for a good long position in the near term future, a rise in price at that point might be a good confirmations for bigger players to enter the market. If that 14.4 euro price mark can hold, it also means that RSDA created a higher low on the hourly chart.
Shell still has a lot of room to grow based on the 0.618 Fibonacci resistance, it obviously dropped way harder than the average AMS and NYSE stock markets because of the super low oil prices (Aramco (SA) + Russia struggle). However, short term I would not go long at this price yet, and rather wait for it to retrace back to one of the intra wave fibonacci support lines.
Below you'll see the 0.5 FIB support line highlighted as a possible contender for a good long position in the near term future, a rise in price at that point might be a good confirmations for bigger players to enter the market. If that 14.4 euro price mark can hold, it also means that RSDA created a higher low on the hourly chart.
Note
At 20.8-21 EUR, a strong resistance is present, existing of 2 fibonacci levels (based upon Corona drop and based upon oil drop) + some previous support turning into new resistance.
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