The stock has made good progress since mid-July, but will the bullish form continue towards the back end of the year?

Shell has reached the second round of bidding for the Danish biogas producer Nature Energy, as the energy companies race to boost low-carbon businesses. Nature Energy could value at around $2 billion (£1.78 billion). From a technical outlook, Currently, Shell's stock is trading at £22.60 a share. On the upside, the first resistance is based at £23.00 which is just above the middle moving average. Further resistance sits at £23.23 and a break above this resistance level could see the stock's share price head towards the major resistance at £23.87, which corresponds with the upper Bollinger band. Towards the downside, the first support level sits at £22.19 followed by a major support level at £21.58 (located below the lower Bollinger band). A dip below the major support level could see the stock retreat and fall further, losing some of the progress gained since mid-July 2022. Looking at the indicators, MACD is slightly negative but RSI suggests a neutral position as it reads 46.