Shell shares technical analysis: Seller pressure dominates with price approaching GBX3,521 support

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Shell drops 2% to GBX3,627 today

Highlights

Shell completed a buyback and cancellation of 1,969,411 shares, reducing share count and mechanically increasing earnings per share.
The ongoing buyback returns capital to shareholders but shares remain under broad selling pressure.
Shell stock trades below short- and medium-term moving averages with sellers in control; price is expected to remain rangebound between GBX3,521 and GBX3,732 with a high probability of further downside.

Share buyback lifts EPS but fails to offset persistent selling

Shell completed the purchase and cancellation of 1,969,411 of its own shares on November 9, 2026, as part of its ongoing buyback programme, according to GlobeNewswire. The buyback reduces the outstanding share float, mechanically increasing earnings per share and providing capital returns to shareholders. Despite the supportive effect from this corporate action, price action has remained under broader selling pressure.

Downside momentum as short-term signals align with seller control

On the technical front, SHEL is trading below the MA-20 and MA-50 on the hourly chart, while still holding above the MA-200 daily support. The Ichimoku Kijun is positioned at GBX3,655, acting as immediate resistance. MACD is indicating a strong sell signal and ADX shows a sell bias, while RSI, Stoch RSI, and CCI are all in neutral zones. Bull/Bear Power is negative, confirming seller dominance in the intraday session.

Downside breakout risk increases as rangebound trade dominates

Over the next several days, SHEL is expected to trade within a relatively contained range of GBX3,521 to GBX3,732, reflecting typical volatility bounds relative to current levels. The probability of a move to the upside is considered very low, while the chance of a downside breakout is elevated. The central scenario is rangebound price action, but a break below the GBX3,521 support could open further downside, while any sustained close above resistance would be required to shift momentum upward.

Anton Kharitonov, expert at Traders Union, sees Shell's share buyback as a positive corporate action, but remains focused on the prevailing technical weakness. He notes that momentum indicators continue to favor sellers, despite the mechanical support from the buyback. The base scenario expects rangebound action with higher risk of a downside break below GBX3,521. "Until buyers reclaim key resistance levels, I remain cautious — the downside scenario remains in focus for SHEL."

Earlier, analysts noted that Shell shares faced persistent technical weakness with downside risk dominating the outlook despite incremental support from its ongoing share buyback programme. The current analysis reinforces this view, highlighting a continued risk of further declines and emphasizing that a decisive move below the GBX3,521 support level could accelerate downward momentum.

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.