You should use the graph with demand & supply shift at the same time. Some of the supply is inaccessible due to bottlenecks (logistics).
As to cyclicals - watchout for too quick assessments. Outside of logistics nothing is assured rn, second- & and third-order effects could perturbate lots of businesses that seem to be beneficiary but in the end could be casualties.
You should use the graph with demand & supply shift at the same time. Some of the supply is inaccessible due to bottlenecks (logistics).
As to cyclicals - watchout for too quick assessments. Outside of logistics nothing is assured rn, second- & and third-order effects could perturbate lots of businesses that seem to be beneficiary but in the end could be casualties.