Yesterday oil was up 4%, with the commodity rebounding here are a few stocks in the sector that could benefit:
Allied Energy Corporation (OTCMKTS:AGYP), tested short-term resistance yesterday and lost. The stock, however, has pulled back to its 1 month 50% and 1 year $38.2% retracement level, and being at such a big pivot point could see a ton of support come in today, which would help it gain enough strength to take another shot at 63 cents.
Reconnaissance Energy Africa (OTCMKTS:RECAF) another oil explorer that has taken the markets by storm this year is Namibia’s giant Kavango Basin.
From January 1, 2021, to June 23, 2021, ReconAfrica gained over 580% in valuation. And it appears it came out of nowhere. Now in the testing phase, the stock’s chart is set up for review.
W&T Offshore Inc. (NYSE:WTI) an independent oil and natural gas company focused primarily in the Gulf of Mexico area, is another penny oil play below value. According to Zack’s the deepwater explorer has seen their Consensus Estimate for its current-year earnings increasing 15% over the last 60 days. This means at its current price WTI could be undervalued.
VAALCO Energy Inc. (NYSE:EGY), has had a big year like the aforementioned securities. The stock is up over 200%. Still off of its highs, the stock sits above the 38.2% retracement, which seems to be support and may have turned the corner with yesterday’s rising oil prices.