We see a possible ABCD pattern forming in the weekly chart for OIL commodity.
In my opinion, the reopening of China will allow the millions of Chinese to be able to once again visit their favourite countries, Thailand, Europe, Asia countries, etc. Many countries are highly dependent on the high spending power of the wealthy Chinese when they travel abroad.
As soon as international travels is allowed in China, I forsee the demand for Oil will skyrocket back to its triple digit figures. This can be from end of Q1 to Q3 next year depending on how the Central government tackle the expected high number of Covid cases to come.
It is a delicate matter for the government; on one hand they need to appease the needs of the people to travel , to visit to connect with friends and family members abroad plus taking care that the incoming tourists will not cause an alarmingly high number in the Covid cases which will strain their healthcare system.
In my opinion, the reopening of China will allow the millions of Chinese to be able to once again visit their favourite countries, Thailand, Europe, Asia countries, etc. Many countries are highly dependent on the high spending power of the wealthy Chinese when they travel abroad.
As soon as international travels is allowed in China, I forsee the demand for Oil will skyrocket back to its triple digit figures. This can be from end of Q1 to Q3 next year depending on how the Central government tackle the expected high number of Covid cases to come.
It is a delicate matter for the government; on one hand they need to appease the needs of the people to travel , to visit to connect with friends and family members abroad plus taking care that the incoming tourists will not cause an alarmingly high number in the Covid cases which will strain their healthcare system.
Note
loaded more yesterdayNote
we need to break out of the all important resistance at 80-82 price levelNote
Let's see if it will break above this current price levelNote
82-84 price range seems like a strong resistanceNote
it has break above the resistance zoneNote
Praise God. Congrats to those who followed. There should be some selling pressure at 92.50
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.