3 Penny Stocks That Have Broken Out Because Of Oil

Oil has reached $70 per barrel, with the price up by more than 100% since early November. This will inevitably be a serious drag on the economy.

But some companies because more profitable when the price of oil moves higher. These are the companies that hold a lot of their assets in oil.

Because of this, energy stocks have been rallying. And many oil-related penny stocks have broken out and may be ready to move higher. These include TransGlobe Energy Corporation (NASDAQ:TGA), Tellurian Inc. (NASDAQ:TELL), and Evolution Petroleum Corporation (NYSE:EPM).

See Also: Oil Hits $70. Will Exxon's Stock Break Out?

TransGlobe broke the resistance at $1.80. It has been trending higher since.

Tellurian's stock has been trending higher since breaking the resistance at $4.15.

Evolution Petroleum's stock has made a big move higher after breaking the resistance at the $4 level.