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June 21, 2023
A quick look at yesterday: a tough session dominated by bearish sentiment left OGE 36 cents lower, while setting a $36.26 to $36.86 session range.
Meanwhile, United States Building Permits (May) released yesterday at 12:30 UTC with a figure of 1.49 million, while the previous figure was 1.15 million. Data for United States Housing Starts published yesterday at 12:30 UTC came out at 21.7%, beating projections of -0.8% and showing improvement over the preceding figure of -2.9%. United States Housing Starts (May) came out at 1.63 million, while a consensus of analysts was expecting 1.4 million.
OGE Energy Corp. made an initial break below its 5 day Simple Moving Average at $36.41, a possible indication of a forthcoming negative trend. Having stamped out a session range of $36.26 to $36.86, Fibonacci-inclined OGE traders were highly concentrated around active Fibonacci support at $36.45. OGE's upper Bollinger Band® is at $37.08 which indicates a further downward move may follow. On the other hand, note that OGE could begin to recover as it approaches significant support, now 27 cents away from $36.17. Dipping below could be an indication that further losses are ahead.
Several technical indicators are adding weight to the bearish momentum seen yesterday and forecasting OGE to extend its recent losses.
OGE was not the only decliner in the utilities sector; NextEra Energy closed at $74.76 (down 1.1%).
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as tomorrow at 15:00 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 1.87 million from the preceding figure of 7.92 million.
Some optimism can drawn from the fact that United States Initial Jobless Claims is projected to outperform its last figure with 260,000. It previously stood at 262,000; data will be released tomorrow at 12:30 UTC.
Furthermore, United States Existing Home Sales (May) will be released tomorrow at 14:00 UTC.
Having soared to a high of $42.78 approximately 10 months ago, the electric utility company is now trading 14% lower.
