$SHELL is in a controlled pullback after a short impulsive push into 0.0383.

The structure still leans bullish because the move up was clean and the retracement is shallow, not a breakdown. Price is compressing around 0.034–0.035, which is acting as a local equilibrium. If this level holds, continuation toward 0.037–0.038 remains likely.

Losing 0.0337 would weaken the structure and shift it into a deeper correction phase.