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The novel coronavirus is nailing the price of oil – it's lost 24% in the last month.
So then why did Money Morning's options trading specialist, Tom Gentile, just call the oil industry a cash cow?
Tom's got his own play on the oil industry. He believes oil could not only bounce back, but even rise significantly in 2020.
For the same reason, there's an opportunity in our best penny stock to buy today as well. It's a penny stock poised for at least 95% return.
In fact, that's the average analyst projection. Others point to upwards of 170% potential.
And because this is a penny stock, that growth is going to come quick.
Due to their low share price – anywhere under $5 – penny stocks can make big percentage changes in a short amount of time. This can happen on any news, whether it's industry-wide or international.
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For example, last November, Senmiao Technology Ltd. (NASDAQ: AIHS) was one of our top penny stocks. It soared 268% when the Dow Jones hit a record high in November.
Another one of our best penny stocks, BioNano Genomics Inc. (NASDAQ: BNGO), added 107% the moment its product was bought by a major university in October.
And today's penny stock is perfectly positioned to profit from a big, oncoming industry shift. That means a breakout is all the more likely.
Here's why the oil industry will bounce back – and the 177% penny stock you can grab before it does…
Why the Oil Industry Is Still a Profit Opportunity
Oil is still holding above the $50 level. And this is a great sign. It means oil is at a nice discount before it bounces back.
Tom Gentile uses the United States Oil Fund LP (NYSE: USO) to show how the price of oil reacted when hitting similar levels last year. When USO reached support levels in June, August, and October of 2019, the stock rallied 20% to 30%.
But this is more than a technical observation. You see, as the coronavirus scare fades over time, travel will kick up again, and oil stocks will rally.
Tom Gentile just shared how you can profit in this situation by trading options on the oil industry. But if you want to earn quick cash with stocks, this oil penny stock could more than double your money…