Yesterday's slide leaves OGE traders hoping for a bounce

Yesterday at a glance: the Oklahoma-based electric utility provider has recovered almost all of its session losses after dipping down to $36.09 yesterday.

While price action maintains a negative bias, United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 191,500, while the previous figure was 216,600. United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 179,800, while the previous figure was 195,800. United States CFTC Nasdaq 100 speculative net positions came out at 20,000.

OGE Energy Corp. made an initial break below its 3 day Simple Moving Average at $36.56, a possible indication of a forthcoming negative trend. After descending below strong Fibonacci support at $36.44, market bears have earmarked $36.06 as the next downside target. On the other hand, note that OGE's lower Bollinger Band® is at $36.06, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. OGE could begin to recover as it approaches significant support, now 26 cents away from $35.86. Dipping below could be an indication that further losses are ahead.

In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for OGE.

OGE was not the only decliner in the utilities sector; NextEra Energy went down to $74.48, losing 0.83% after it closed at $75.1 yesterday.

Pointing downwards for around a month. The current year has not been the best for the electric utility company as it lost 8.48% from its highest point of $42.78.