OGE bounced 17 cents from 4 months low and closed at $34.4

After ending yesterday at $34.4, the Oklahoma-based electric utility provider dropped 67 cents to $34.23, reaching its lowest point in 4 months.

United States Unemployment Rate published yesterday at 13:30 UTC came out at 3.6, falling short of the 3.4 projections and continuing its decline from the previous 3.4 figure.

This down-slide takes place while positive United States macroeconomics indicators data was published earlier – data from United States concerning Non Farm Payrolls was released yesterday at 13:30 UTC. Newly published figures emphasized continued decline from last month's figure of 504,000 to 311,000 this month.

Meanwhile, United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 107,100, while the previous figure was 128,800.

Trend and momentum analysis indicates that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Price action pushed below a known Fibonacci support level at $35.14 by around 74 cents with prices hammering out a $34.23 – $35.28 range by session close. Momentum evaluation shows that the Relative Strength Index indicates OGE is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. Analysis based on the asset volatility indicates that Bollinger Bands® shows an indication of recovery: the lower band is at $33.76, a low enough level to, generally, suggest that OGE is trading below its fair value. Visual analysis of OGE's chart shows that OGE could begin to recover as it approaches significant support, now 41 cents away from $34. Dipping below could be an indication that further losses are ahead.

All in all, the technical analysis suggests OGE has no clear-cut direction.

OGE was not the only decliner in the utilities sector; NextEra Energy went down 1.02%, closed at $73.76.

On a negative trend for around a month. The current year has not been the best for the electric utility company as it lost 12.72% from its highest point of $42.78.