Energy industry penny stocks are breaking out and moving higher. And if oil keeps moving higher, like many analysts are predicting, these stocks should continue to rally.
These companies hold a significant part of their assets in oil. So, as the price of oil moves up they become more valuable. This is drawing buyers into the market and they are pushing their stocks higher.
They include W&T Offshore, Inc. WTI, VOC Energy Trust VOC, and VAALCO Energy, Inc. EGY.
See Also: Best Penny Stocks
There was resistance for W&T Offshore at the $4.60 level, but now shares are above it and appear to be breaking out.
After trading through the resistance at $4.20, VOC is breaking out.
VAALCO Energy hasn’t broken out yet, but it appears to be about to do so. It’s testing resistance at the $3.30 level.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.