Allied Energy Corp. (OTC:AGYP) has its oil production operations almost up and ready to go. AGYP continues to gain its shareholders’ confidence as its pursues its plans for capitalizing on overlooked marginal oil wells in the US. Spikes in the price of oil are also sparking investors’ interest in oil stocks like AGYP. As the company plows ahead with onsite maintenance and preparation, AGYP is looking to potentially become one of 2021’s breakout stocks.

Catalysts

Global oil prices have been growing due to limited supply in the global energy markets. This has resulted in the lifting of already bullish oil prices. Brent crude – the global oil benchmark – is near its highest level in three consecutive years, trading at $80 a barrel. Both WTI and Brent are already up more than 50% for 2021 as oil prices get caught up in the upswing. This means oil penny stocks like AGYP could become breakout stocks in this industry with time.

AGYP has recently shared videos of their progress at the Green Lease Site where the team installed pumpjacks and a saltwater disposal well. The Texas Railroad Commission recently observed the H-5 Casing integrity test on the Green lease saltwater Disposal Well. This is an important step forward for the company which must be able to pump down the water in order to publish fairly accurate barrels per day estimates.

With this rapid progress, AGYP’s CEO George Montieth shared that “Allied is now on the cusp of becoming a producing oil company” which is excellent news for its loyal shareholders. Earlier this summer, AGYP commissioned a professional analysis of its sites. According to the report’s results, the Green Lease site is believed to have 229,400 “probable” barrels of oil and 448,000 “possible” barrels. While the Annie Gilmer is expected to have 80,400 “probable” barrels of oil and 135,500 “possible” barrels of oil.

Using the conservative price point of $46.26 per barrel, the Green Lease site holds $2,944,900 of proved oil and $18,536,600 of probable and possible oil while the Annie Gilmer site holds $6,704,900 in proved oil and gas reserves with $5,489,900 in probable and possible reserves.

Media Sentiment

@ZapBuysDower looks like AGYP is attracting investors attention after its recent onsite progress – but there’s still more to come from AGYP.

Technical Analysis

top breakout stocks AGYP chart

After peaking at $0.4283 earlier this month, AGYP is currently trading at $0.3047. AGYP’s primary support line lies at .3003, with a secondary support at .2862. Accumulation suffered a slight dip recently, however its now trending upwards. The MACD witnessed a bullish crossover recently and appears to be trending upwards now. AGYP’s RSI also appears to be fluctuating in the middle range and is currently standing at 49.40.

Should You Buy?

AGYP has suffered a recent dip in value but appears to be rebounding with a renewed upwards trend. AGYP’s current operations are a positive sign for investors and if AGYP proceeds according to plan, it could start bringing in revenue from production and even become one of the oil sector’s breakout stocks.

Overall, oil prices are on the rise which is a bullish sign for AGYP as it draws closer to production. As a long-term investment, AGYP presents some benefits but bullish investors must consider the oil sector’s volatility as well when making their investment decisions.

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