Stocks

CHINA: ‘’Sweeps” the commodity market after the Oil, metals, and food prices plungeDec 1, 2022

China sweeps the commodity market, but from Elliott wave perspective we see China stocks trading at strong support area.

Ipek Ozkardeskaya, an analyst at Swisspuote Bank emphasizes that the economy will possibly suffer more either because of the endless and meaningless containment measures or because of the health crisis. The international commodity market is reeling, while China is plagued by massive protests against lockdowns and the “zero tolerance” policy against Covid-19. A situation that threatens the economic activity of the country (No.2 economy worldwide) and sinks the demand for energy, food, and raw materials.

China50 Elliott Wave Analysis

CHINA: ‘’Sweeps" the commodity market after the Oil, metals, and food prices plunge Daily Chart
CHINA A50 Daily Chart

From the Elliot Wave perspective, the CHINA A50 Index can be finishing a complex (W)-(X)-(Y) corrective decline from the highs, but to confirm support in place and bulls back in the game, we have to see broken channel resistance line and 14500 first bullish evidence level.

by Stavros Chanidis

Corrective Rally On Crude Oil Can Cause Resistance On USDCAD. Check the article HERE

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