A quick look at yesterday: the electric utility company dropped 2.27% early on and traded close to the $34.94 level.

Highly important Pending Home Sales data from United States beat analyst expectations of 0.5% with a reading of 0%.

This down-slide takes place despite the positive US macroeconomics indicators data that was published earlier — United States GDP beat the 1.1 projections, with 1.3. Highly important Initial Jobless Claims data from United States beat analyst expectations of 250,000 with a reading of 229,000.

Technical chart analysis shows OGE Energy Corp. could begin to recover as it approaches significant support, now 30 cents away from $34.64. Dipping below could be an indication that further losses are ahead. With regards to technical trend indicators, chart analysis show 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 remains constrained around the key Fibonacci level of $35.22 currently serving as support. If price action breaks below, the next Fib hurdle is $34.46. According to momentum evaluation, the Relative Strength Index indicates OGE is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. According to asset volatility analysis, Bollinger Bands® shows an indication of recovery: the lower band is at $35, a low enough level to, generally, suggest that OGE is trading below its fair value.

Overall, the technical outlook suggests OGE is likely to remain muted for the immediate future, with no clear-cut direction.

OGE was not the only decliner in the utilities sector; NextEra Energy went down to $73.39, losing 1.14% after it closed at $74.24 yesterday.

With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as today at 12:30 UTC data for United States Core Durable Goods Orders will be released, with an expected decline to 0% from the preceding figure of 0.3%.

Furthermore, United States Core PCE Price Index (MoM) (Apr) is expected today at 12:30 UTC.

Trending downwards for around a month. So far this year, the Oklahoma-based electric utility provider has declined 11.33% while touching highs around $42.78 earlier this year.