OGE price action in stalemate as markets close for Good Friday

Investors are currently sidelined due to the Good Friday holiday but will return to their desks tomorrow. Looking back over the previous session Thursday: without a clear direction, OGE closed at $38.49 while ranging between $38.26 and $38.84.

OGE Energy Corp. made an initial break below its 200 day Simple Moving Average at $38.56, a possible indication of a forthcoming negative trend. OGE's upper Bollinger Band® is at $39, suggesting that a downward move may follow. Despite this, OGE is approaching key support, around 27 cents away from $38.22. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.

Although price action remains in a stalemate, technical analysis suggests OGE could be primed for a break to the downside.

Meanwhile, mixed performances were seen by other utilities stocks as NextEra Energy traded at $78.97 after closing Thursday's trading day at $78.33 (up 0.82%).

Having set a significant low of $33.76 5 months ago, the Oklahoma-based electric utility provider is trading 14.18% higher.