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June 15, 2023
A quick look at today: pronounced bullish sentiment in the market helped the Oklahoma-based electric utility provider to make a notable 0.94% gain today, rising 34 cents and ultimately closing at $36.55.
OGE's uptick comes amid good United States macroeconomic data released during the day — United States Retail Sales beat the -0.1% projections, with 0.3%.
On the flip side, United States Initial Jobless Claims fell short of the 250,000 projections, with new data of 262,000.
At the same time, United States Philadelphia Fed Manufacturing Index (Jun) released today at 12:30 UTC with a figure of -13.7, while the previous figure was -10.4.
Bollinger Band® analysis indicates that current price action is approaching the upper band at $36.97, thereby suggesting that OGE Energy Corp. is becoming overvalued. OGE could be slowing down soon as it approaches resistance at $36.88. Of course, crossing it might suggest further gains are ahead.
After posting consistent gains as part of its uptrend and being lifted by intraday sentiment, technical factors suggest OGE is set for a reversal in the coming days.
A look at other utilities stocks also showed bullish price action as NextEra Energy gained 1.31%, as it traded at $74.36.
9 months ago the electric utility company reached a significant high of $42.78 but has consequently lost 15.36% since then.
