It seems counterintuitive, but the oil tanker business is one that has benefited from overproduction and lower energy prices. The chairman and CEO of Nordic American Tanker (NAT) - Get Report , Herbjorn Hansson, explained in a letter to shareholders earlier this month that the combination of factors has "increased demand for our vessels, while the lower oil price has reduced our fuel expenses."

Nordic American Tanker is one of two stocks in the sector that has broken above trend line resistance and looks poised for 10% gains.

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The chart shows the stock making a series of lower highs above horizontal support, forming a large triangle pattern. Stochcastics has made a bullish crossover and moved above its centerline, and moving average convergence/divergence, while relatively flat, has also made a bullish crossover. These are signs of improving price momentum.

While overall volume is weak, money flow as measured by accumulation/distribution has crossed above its 21-period signal average, and Chaikin money flow, a 21-period average of the A/C line is attempting to cross over its centerline. On Wednesday the stock closed above the triangle downtrend line and just below the 50-day moving average.

Shares of Teekay Tankers (TNK) - Get Report have been trading in a horizontal channel for the last month. Like the readings on the chart of its competitor, price momentum indicators are tracking higher, and the money flow indications are also neutral. The stock closed above pattern resistance on Wednesday and near the high of the day.

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NAT and Teekay are both long candidates at their current levels using trailing percentage stops. The triangle and horizontal patterns project 10% target price projections from their individual breakout levels.

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.