Yesterday was one of the worst days on the markets in recent memory. Rising COVID cases were a catalyst for a market-wide dip yesterday. Savvy stock traders know this is a good thing.
Dips create opportunity.
Judging by Europe’s rebound this morning, US markets could also be set for a comeback, with that in mind, we’re highlighting OTC stocks that could be in a position to rebound today.
Allied Energy Corporation (OTCMKTS:AGYP) has had a fantastic year, the stock is up over 7000%, so when the stock gave back over 20 cents the past few sessions, it wasn’t a total shock. However, yesterday, the stock may have found support at its 38.2% retracement level just above 52 cents per share.
AGYP’s recent news highlighted the oil and gas explorer’s recent operations and in the press the company’s CEO said the company is near production, stating that the next step is testing how many barrels per day their M1 well at the company’s Green Lease will produce. This kind of news could be a serious catalyst, which is why AGYP makes our list of potentially oversold opportunities to monitor.
Green Globe International Inc. (OTCMKTS:GGII) is a Cannabis play that is 90% off of its 52 week high. For the past month, every time the stock makes a dip it has been a higher low than the last one, which is a sign of momentum turning around. This is why the hemp cigarette manufacturer makes our list.
Majic Wheels Corp. (OTCMKTS:MJWL) share price rose over 500% between May and its July 2nd high of $0.2542. Like AGYP the company is experiencing a natural pullback in an otherwise bullish chart. The stock now sits at its 50% Fibonacci retracement level. This is a key pivot point for the crypto mining play. Monitor MJWL today, because where it goes from here could tell investors a great deal.
88 Energy Limited (OTCMKTS:EEENF) ran over 8,000% before coming off of its April 5th high of $0.0848. After falling just below its 78% retracement level, the company has been slowly gaining steam. The stock is up 26% over the past month. Unlike the companies above, EEENF has not put out any news so be careful with this one because there is nothing happening with the story. This is purely a technical play for a highly liquid penny stock.