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RDSB Share Price Set for Advance On Renewable Power Deal

Investors are applauding the moves by Shell to move towards the use of cleaner energy sources. The RDSB share price is rising this Wednesday as the oil giant signed a deal to purchase power from the world’s largest offshore wind farm. The deal will see the company buyimng 240 megawatts of electricity from the Dogger Bank Wind Farm under a 15-year power purchase agreement.

The company has also lifted a force majeure on its Bonny Light crude oil loadings from Nigeria. This move comes after reopening one of its two key pipelines, the Nembe Creek Trunkline, shut for two months for repairs. 

News about the US releasing 50 million barrels from its oil reserves in addition to China’s actions last week did not affect the bullish sentiment of investors. RDSB share price is up 1.44% as of writing, as the shares prepare to close out a third straight winning session.

RDSB Share Price Outlook

The RDSB share price appears set to march towards the 1713.4 resistance on the back of the RSI divergence, and this move requires additional momentum from the present spot. 1785.4 is the next resistance in line, after which the bulls need to breach the 2021 high at 1813. to attain multi-year highs at 1833.4 (24 February 2020 high).

On the flip side, a decline below the lower low at 1587.0 opens the door for a further dip towards 1521.6, with 1483.2 serving as the additional downside target.