To pact with Covid-19 outbreak, there are several nations who have followed numerous strategies. If we converse about the western area then they focused primarily on vaccine-empowered living. Precisely, they believe that virus would stay and its complete eradication is not possible in the near terms. Conclusively, citizens are now adapting this living as new normal to continue with their functionality.
On the other side, China is facing a challenging threat and is now moving towards the dynamic approach named Zero Covid Policy. This policy involves the comprehensive control and maximum destruction of elimination of the virus transmission.
China is undergoing massive testing, stringent lockdowns, and social isolations to control the spread of pandemic. Moreover, in China if there is any city which reports even a small number of cases then that city is restricted to impose lockdowns and isolation measures.
Due to Covid-19 outbreak, social and economic affairs got damaged. But with this approach and strategy China may improve the economic health of their country. Their main and foremost objective is to cut the line of new infections.
Let’s see how China responds to this well-defined strategy named zero covid policy. We hope that this pandemic may end soon!!
Technical Levels on Crude Oil
Crude oil prices starts falling because China reiterated its commitment to maintain its economically disruptive zero-COVID policy.
Due to above situation, today itself we saw a downfall in crude oil prices.
Looking into the above chart, crude oil is is showing a positive move in near terms. Furthermore, crude oil is creating a double top pattern. However, we would witness an upside move in crude oil after breaking down the double top candle stick pattern.
Currently, crude oil is trading at 92.53. After breaking out the level of 94, a trader may witness absolutely high movements till 100 and above.
Furthermore, breaking the level of double top pattern will provide more clear view of an upside movement.