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February 28, 2023
Yesterday at a glance: grinding lower but with no clear-cut direction, the Oklahoma-based electric utility provider closed the session at $36.57 after forming a distinct $36.43 – $37.56 range.
United States Consumer Confidence data will be released today at 15:00 UTC, with an expected improvement to 108.5. OGE reaction to indicator information will follow.
This down-slide takes place despite the positive US macroeconomics indicators data that was published earlier — United States Pending Home Sales beat the 1% projections, with 8.1%. Data for United States Core Durable Goods Orders published yesterday at 13:30 UTC came out at 0.7%, beating projections of 0.1% and showing improvement over the preceding figure of -0.4%.
Meanwhile, United States Core Durable Goods Orders published yesterday at 13:30 UTC came out at -4.5%, falling short of the -4% projections and continuing its decline from the previous 5.1% figure.
Despite being in the red so far in the current trading session, OGE Energy Corp. peaked above its 3 day Simple Moving Average around $37.33 — typically an early indicator of a new bullish trend beginning to emerge. Bollinger Bands® shows an indication of recovery: the lower band is at $36.43, a low enough level to, generally, suggest that OGE is trading below its fair value. OGE could begin to recover as it approaches significant support, now 42 cents away from $36.15. Dipping below could be an indication that further losses are ahead.
Technical analysis indicates that OGE's current downtrend might soon change course and start climbing up in the short term.
OGE was not the only decliner in the utilities sector; NextEra Energy went down to $71.86, losing 0.82% after it closed at $72.45 yesterday.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Crude Oil Inventories expected to decline to 440,000 while its preceding data was 7.65 million, data will be available tomorrow at 15:30 UTC.
Some optimism can drawn from the fact that United States Consumer Confidence is projected to outperform its last figure with 108.5. It previously stood at 107.1; data will be released today at 15:00 UTC.
Furthermore, United States ISM Manufacturing PMI (Feb) is expected tomorrow at 15:00 UTC.
This year has been a gloomy one for the electric utility company after trading as high as $42.78 and going on to lose 7.36% of its value.
