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May 05, 2023
A quick look at yesterday: pronounced bullish sentiment in the market helped the electric utility company to make a notable 1.41% gain yesterday, rising 52 cents and ultimately closing at $37.33.
United States Unemployment Rate data will be released today at 12:30 UTC, with an expected decline to 3.6.
OGE's uptick comes amid disappointing United States macroeconomic data released during the session – highly important Initial Jobless Claims data from United States beat analyst expectations of 240,000 with a reading of 242,000.
At the same time, United States Fed's Balance Sheet released yesterday at 20:30 UTC with a figure of 8.50 trillion, while the previous figure was 8.56 trillion. Fresh Reserve Balances with Federal Reserve Banks data from United States came out at 3.17 trillion.
Despite posting gains on yesterday, OGE Energy Corp. slid below its 50 day Simple Moving Average at $36.75 during the last session — an early indicator that a negative trend could be emerging. OGE could be slowing down soon as it approaches resistance at $37.82. Of course, crossing it might suggest further gains are ahead. In contrast, OGE's lower Bollinger Band® is at $36.64, indicating that the market is oversold and fertile for new buyers.
Technical analysis of OGE price action suggests it is likely to undergo a short-term reversal amid broader bullish sentiment.
Also worthy of note, as things stand, upcoming United States Non Farm Payrolls data is projected to fall short of market expectations with newly published data of 180,000, following on from the preceding figure of 236,000. New data is set to be published today at 12:30 UTC. United States Unemployment Rate expected to decline to 3.6 while its preceding data was 3.5, data will be available today at 12:30 UTC.
On a negative trend for around 29 days. 8 months ago the electric utility company reached a significant high of $42.78 but has consequently lost 13.96% since then.
