Oil as an investment has definitely seen better days in 2023. Crude oil peaked at $83.26 on 12 Apr 2023 and has not revisited it since. As per 04 Jun 2023 OPEC+ meeting, Saudi Arabia has unilaterally added another 1 million bpd cut to its already agreed 8 million bpd reduction, that remains enforced until end 2024. With the additional cut implemented since 01 July 2023, oil price still did not rise correspondingly; defying the principal of supply & demand and dashing the intentions of Saudi Arabia. On Mon, 3 July, Saudi Arabia said it would extend the “self-imposed” 1 million bpd production cut for another month to August. In a “surprise” turn of event, Russia also announced a 500,000 bpd decline in exports, commencing in August, 2023. Did the news trigger a rise in oil price? Based on
As I have shared on how I assess whether Bitcoin will be in a bull market cycle. You may view the earlier article here to know more about what is MVRV ratio which I use to check and $Marathon Digital Holdings Inc(MARA)$ was the stock that I have used to counter check and confirm. Why MARA - BTC MVRV ratio Show Early Sign Of Bull Market Cycle But not single alone but with moving averages. In this article, I shall examine $Coinbase Global, Inc.(COIN)$ technical analysis using SMA, ADX, RSI and SAR to see if COIN does show us signs of a developing bullish trend. This is important as Bitcoin movement have similar impact on MARA as to COI