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Neighbour: How I’m trading Royal Dutch Shell
Royal Dutch Shell’s shares have risen 8 percent since the beginning of February, one of the reasons why trader Joe Neighbour has chosen to focus on this stock.
He explains the company’s shares have been moving sideways between 2100p - 2385p for the last 13 months, and are making a fifth attempt at breaking through. Furthermore, the shares have just reached overbought levels on the RSI.
Joe says this is a trade that could “possibly work both ways”. He suggests traders looking for good risk reward could place a stop loss above 2400p and target a move over the medium term back towards the bottom of the range at 2100p.
Finally, he adds that if we do see a break to the upside, the medium term picture will start to look “at lot more attractive”.
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01:21 minutes
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