The Royal Dutch Shell (RDSB) share price is up sharply today as investors react to the rising crude oil prices. The stock has jumped by 3.50%, making it the third-best performer in the FTSE 100 index. Other top performers in the index are BHP Group, Anglo American, and Rio Tinto, among others.
Royal Dutch Shell is one of the few oil supermajors in the world. This means that as a leading player in the upstream, Shell makes more money when oil prices are rising. Today, oil prices have jumped by more than 1%, with Brent and West Texas Intermediate (WTI) rising to $63 and $60, respectively. At the height of the pandemic, the two benchmarks dropped to $16 and -$38, respectively.
The Shell share price is rising as investors react to the company’s green energy projects. In the past few months, Shell has been accumulating some of the biggest electric vehicle charging points, especially in Europe. The company is also investing billions into hydrogen, natural gas, and carbon capture technologies. Precisely, the company is investing more than $6 billion into these initiatives.
Royal Dutch Shell Share Price Forecast
The four-hour chart shows that the RDSB share price has been rising recently after it found strong support at 1,240p early this month. The price has risen by more than 8% since then. It is above the 25-day exponential moving averages (EMA) and the 23.6% Fibonacci retracement level. As I predicted in my previous forecast of Shell stock, the shares could continue rising as bulls target the next resistance at 1,400p. However, a drop below 1,262 will invalidate this trend.
RDSB Shares Chart