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March 05, 2023A quick look at Friday: after ending Thursday at $35.61, OGE went up to $35.87 only to drop back, yet still traded well overall and closed at $35.8 Friday.
Despite posting gains on Friday, OGE Energy Corp. slid below its 3 day Simple Moving Average at $35.49 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 $36.07. Of course, crossing it might suggest further gains are ahead.
After posting consistent gains as part of its uptrend and being lifted by intraday sentiment, technical factors suggest OGE is set for a reversal in the coming days.
This rally in OGE's share price coincided with other utilities stocks as NextEra Energy gained 2.24%, as it traded at $73.83.
On a negative trend for around 30 days. So far this year, the electric utility company has declined 9.44% while touching highs around $42.78 earlier this year.
