OGE sheds 1.14% within $37.2 to $37.66 daily range

Yesterday at a glance: pronounced bearish sentiment in the market pushed the Oklahoma-based electric utility provider into a notable 1.14% slide yesterday, falling 43 cents and ultimately closing at $37.23.

United States JOLTs Job Openings (Feb) is next today at 14:00 UTC.

Meanwhile, United States ISM Manufacturing PMI (Mar) came out at 46.3, while a consensus of analysts was expecting 47.5. United States ISM Manufacturing Employment (Mar) released yesterday at 14:00 UTC with a figure of 46.9, while the previous figure was 49.1. Fresh ISM Manufacturing Prices (Mar) data from United States came out at 49.2.

Technical analysis of OGE's past price action reveals multiple support and resistance levels: although OGE Energy Corp. is down today and was as low as $37.2, it seems to be recovering slightly and climbing away from the $37.07 support line and is now 16 cents above it. Concerning technical analysis and more specifically, trend indicators, the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Analysis based on the asset volatility indicates that OGE's upper Bollinger Band® is at $37.83 which indicates a further downward move may follow.

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 $76.67, losing 0.53% after it closed at $77.08 yesterday.

Moreover, United States Crude Oil Inventories is projected to outperform its last figure with -1.8 million. It previously stood at -7.49 million; data will be released tomorrow at 14:30 UTC.

Furthermore, United States ADP Nonfarm Employment Change (Mar) is scheduled for tomorrow at 12:15 UTC. United States JOLTs Job Openings (Feb) is expected today at 14:00 UTC.

The electric utility company has shed 5.71% over the past three months.