88 Energy Limited (EEENF) Stock Bounces Back Strongly: A Good Buy Now?

Those who are on the lookout for penny stocks this week might consider having a look at the 88 Energy Limited (OTCMKTS:EEENF) stock. The stock went on an upward move yesterday and ended the day with gains of as much as 31%.

88 Energy Limited (EEENF) Stock Bounces Back Strongly: A Good Buy Now?

It seems the stock is on the path to recovery after having declined considerably after 88 Energy suffered from operational problems recently. The stock had hit its peak back in early March but since then it was in the middle of a steady drop.

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Earlier on this month, the company announced that it suffered from a power outage at two of its high prospect zones owing to an equipment failure. That announcement led to a massive selloff in the stock and it declined by as much as 90%. In light of the recovery in the 88 Energy stock on Tuesday, it might be a good idea for investors to keep an eye on the stock over the coming days.

Michael Rowels

Weekend Contributor. Writing for business and finance publishers has become his passion over the last decades after he completed a master's degree in Financial Management. Sharing some opinions and forecasts to thousands of readers is a routine job for him but he never promises to invest in one stock.