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June 26, 2023
Friday at a glance: OGE shed 1.41%, falling to $35.68.
OGE Energy Corp. made an initial break below its 21 day Simple Moving Average at $35.93, a possible indication of a forthcoming negative trend. OGE formed a session range of $35.64 to $36.4 leaving buyers and sellers highly concentrated around an active Fibonacci support level of $36.1. In contrast, OGE could begin to recover as it approaches significant support, now 27 cents away from $35.41. Dipping below could be an indication that further losses are ahead.
Several technical indicators are adding weight to the bearish momentum seen Friday and forecasting OGE to extend its recent losses.
OGE was not the only decliner in the utilities sector; NextEra Energy went down to $74.17, losing 1.28% after it closed at $75.13 Friday.
Some optimism can drawn from the fact that United States Consumer Confidence is projected to outperform its last figure with 104. It previously stood at 102.3; data will be released tomorrow at 14:00 UTC.
Furthermore, United States Building Permits will be released tomorrow at 12:00 UTC. United States New Home Sales (May) is scheduled for tomorrow at 14:00 UTC.
Trading mostly sideways for 29 days. The Oklahoma-based electric utility provider has shed 11.28% over the past six months.
