Shell stock price forecast: £3,381.75 resistance in focus as SHEL trades flat

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Shell gains 0.89% today at GBX3,305.00

Highlights

Shell is negotiating the sale of its South African fuel retail network with Abu Dhabi National Oil Company, signaling a potential strategic exit from the country.
The company repurchased 1,309,222 shares for cancellation under its ongoing buyback program, maintaining capital return focus amid legal challenges over future oil and gas investments.
Technically, SHEL trades with short-term downside pressure and mixed momentum signals, with a projected range of GBX 3,200 to GBX 3,350 for the coming week.

Share repurchase and asset sales accelerate as legal pressure rises

Shell disclosed the buy-back of 1,309,222 shares for cancellation as part of its ongoing repurchase program announced on April 21, 2026. The company also confirmed it is in advanced talks to sell its South African fuel retail network of around 600 service stations to Abu Dhabi National Oil Company, marking a potential strategic exit after a long presence in the country. On the same day, a Dutch environmental group launched new legal proceedings against Shell in the Netherlands to prevent further oil and gas investments.

Mixed momentum signals as price stays in oversold territory

Technically, GBX 3,305.00 sits below the SMA-20 at GBX 3,425.03, above the SMA-50 at GBX 3,230.86, and well above the SMA-200 at GBX 2,846.69. The Ichimoku Kijun at GBX 3,381.75 acts as immediate resistance. Momentum indicators show mixed readings: MACD and Awesome Oscillator are neutral, ADX indicates seller dominance, and RSI, CCI, Stoch RSI, and BBP reflect oversold or continued sell conditions, suggesting short-term exhaustion. Intraday price action is near session highs within a range of GBX 3,271.50 — GBX 3,316.50 amid moderate volatility.

Neutral outlook as resistance and support cap short-term moves

Over the next week, price action is expected within a typical volatility band of GBX 3,200 — GBX 3,350. The outlook is balanced with a 50% probability for either increases or declines. The baseline scenario sees SHEL trading sideways, capped by resistance near GBX 3,381.75 and supported by the GBX 3,230 area. Upside would require a breakout above GBX 3,380 — GBX 3,400, while loss of support near GBX 3,230 could expose the GBX 3,200 level.

Anton Kharitonov, expert at Traders Union, sees Shell as technically mixed with recent weakness below short-term moving averages but sustained long-term support. The news of ongoing buy-backs and a potential strategic sale in South Africa adds uncertainty, while fresh legal risks in the Netherlands create further headwinds. Downside risk remains unless GBX 3,380 is clearly reclaimed. "Base case remains neutral; if price fails to break above GBX 3,380, I expect more sideways or downside action."

Earlier, analysts noted that Shell’s longer-term outlook remained constructive despite periods of volatility and sustained seller pressure. The current setup adds weight to this view by highlighting continued capital returns and corporate actions alongside technical signals of oversold exhaustion, making a decisive move out of the GBX 3,230–3,350 range the key trigger for Shell’s next directional trend.

Source of Data: SHEL Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

The information is based on forecasts and does not constitute investment advice or a guarantee of future results. Market conditions may change. See our Disclaimer and Editorial Integrity for details.