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Inflation is here.
Commodity prices are soaring, with the price of oil up by about 10% in just two weeks. As a result, many energy-based stocks have already broken out.
Other energy-based companies haven't broken out yet, but appear to be on the verge of doing so. These include Evolution Petroleum Corporation (NYSE:EPM), VOC Energy Trust (NYSE:VOC), and Crescent Point Energy Corp. (NYSE:CPG).
Evolution Petroleum is testing resistance at the $4 level. This level was resistance in early May as well.
VOC has run into resistance at the $4.15 level. If the price of oil keeps rising, shares of VOC may very well break this resistance and move higher as well.
The $4.75 level has been resistance for Crescent Point for two years. It's being tested once again and if this level breaks, shares could make a big move higher.