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April 30, 2023Though in the midst of a 3 day uptrend, gaining a total of 1.21%, (64 cents), Friday's session suggests run might be coming to an end — grinding lower but with no clear-cut direction, the Oklahoma-based electric utility provider closed the session at $37.54 after forming a distinct $37.35 – $38 range.
OGE Energy Corp. could begin to recover as it approaches significant support, now 28 cents away from $37.26. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, OGE peaked above its 21 day Simple Moving Average around $37.83 — typically an early indicator of a new bullish trend beginning to emerge. Bollinger Bands® shows an indication of recovery: the lower band is at $36.84, a low enough level to, generally, suggest that OGE is trading below its fair value. On the other hand, note that a Bearish Harami chart pattern, which is a means of predicting reversals in bull markets. When a Bearish Harami is detected at the top of a prevailing uptrend, it is typically considered a bearish signal and a prelude to a potential trend reversal. OGE is currently flirting with an active Fibonacci support level around $37.64.
Despite suffering losses in today's session, technical analysis is indicating that OGE will undergo a significant bounce in the immediate term.
On the other hand, positive performances could be seen by looking at other utilities stocks as NextEra Energy added 1.03% to its value, and traded at $76.63.
Furthermore, United States ISM Manufacturing PMI (Apr) is expected tomorrow at 14:00 UTC.
After hitting an important low of $33.76 approximately 6 months ago, the Oklahoma-based electric utility provider has bounced back 11.76% since.
