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July 01, 2023Yesterday at a glance: pronounced bullish sentiment in the market helped the electric utility company to make a notable 0.98% gain yesterday, rising 35 cents and ultimately closing at $35.91.
At the same time, United States Core PCE Price Index (YoY) (May) came out at 4.6, while a consensus of analysts was expecting 4.7. United States Core PCE Price Index (MoM) (May) released yesterday at 12:30 UTC with a figure of 0.3, while the previous figure was 0.4. United States CFTC S&P 500 speculative net positions came out at -208,300.
OGE Energy Corp. made an initial breakout above its 5 day Simple Moving Average at $35.77, a potential indicator of a newly emerging bullish phase. OGE's lower Bollinger Band® is at $35.41, indicating that the market is oversold and fertile for new buyers. In contrast, OGE could be slowing down soon; it is getting close to the resistance line and is now at $36.11, only 20 cents away. Crossing the resistance line could, however, suggest that further gains are ahead.
Overall, looking at the technical analysis landscape, it seems OGE might continue pointing upwards in the short term.
A look at other utilities stocks also showed bullish price action as NextEra Energy gained 1.91%, as it traded at $74.2.
Trading mostly sideways for a month. Approximately 10 months ago, the electric utility company reached a significant high of $42.78 but has struggled to hold onto its gains and declined 16.88% since then.
