OGE closed at $37.75 after losing 1.72% yesterday

Yesterday at a glance: after closing the previous trading day at $38.41 and dropping to $37.66, the Oklahoma-based electric utility provider closed yesterday at $37.75. By the end of the session, OGE gave up a total of 1.72%.

United States FOMC Meeting Minutes is next today at 19:00 UTC.

Meanwhile, United States Existing Home Sales (Jan) released yesterday at 15:00 UTC with a figure of 4 million, while the previous figure was 4 million. United States 2-Year Note Auction came out at 4.673. United States Existing Home Sales fell short of the 2% projections, with new data of -0.7%.

Concerning technical analysis and more specifically, trend indicators, 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. Having stamped out a session range of $37.66 to $38.23, Fibonacci-inclined OGE traders were highly concentrated around active Fibonacci support at $37.98. Analysis based on the asset volatility indicates that Bollinger Bands® shows an indication of recovery: the lower band is at $37.51, a low enough level to, generally, suggest that OGE is trading below its fair value. A study of OGE's historical price actions shows OGE could begin to recover as it approaches significant support, now 22 cents away from $37.53. 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 lost 3.17% yesterday and closed at $73.66.

With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as projections for United States Crude Oil Inventories are set for a continuation of decline with 1.17 million while previous data was 16.28 million; data will be released tomorrow at 16:00 UTC. United States Initial Jobless Claims projected to decline to 200,000 while previous data was 194,000; data will be released tomorrow at 13:30 UTC.

Furthermore, United States GDP figure is projected at 2.9. It previously stood at 2.9; data will be released tomorrow at 13:30 UTC.

The electric utility company is now trading 13.77% above the significant low ($33.76) it slumped to 4 months ago.