Tough session sees the Oklahoma-based electric utility provider shedding 1.4% in early trade

Amid the market gloom, United States NY Empire State Manufacturing Index (May) came out at -31.8, while a consensus of analysts was expecting -3.7.

Analysis of OGE's recent price action suggests OGE Energy Corp. pushed below the $37.58 support level and extended 34 cents beyond it. Trend analysis indicates that OGE made an initial break below its 21 day Simple Moving Average at $37.54, a possible indication of a forthcoming negative trend. Japanese candlestick formations show 'Bullish Harami' is a candlestick chart indicator used for detecting reversals in an existing bear trend. It is generally indicated by a small price increase that's contained within a broader downward price movement and is commonly associated with a bearish trend coming to an end. Price action remains constrained around the key Fibonacci level of $37.24 currently serving as support. If price action breaks below, the next Fib hurdle is $36.71. Asset volatility analysis shows that 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.

With market volatility ebbing, the current technical outlook indicates OGE will remain range-bound for the immediate future.

In the meantime, negative performances are also seen in other utilities stocks as after closing the previous session (Friday) at $77.96, NextEra Energy lost 36 cents and is trading around $77.6.

Moreover, United States Retail Sales is projected to outperform its last figure with 0.7%. It previously stood at -0.6%; data will be released tomorrow at 12:30 UTC. United States Core Retail Sales is projected to outperform its last figure with 0.4%. It previously stood at -0.4%; data will be released tomorrow at 12:30 UTC.

Trading mostly sideways for a month. 6 months ago, the Oklahoma-based electric utility provider fell to a low of $33.76 but has since recovered 11.88%.