After ending yesterday at $36.42, OGE is currently trading at $36.58.
OGE is currently trading at $36.58 following the release of ISM Non-Manufacturing PMI (Oct) data from the United States.
OGE's uptick comes amid good United States macroeconomic data released during the day — highly important Initial Jobless Claims data from United States beat analyst expectations of 220,000 with a reading of 217,000.
At the same time, United States ISM Non-Manufacturing PMI (Oct) came out at 54.4, while a consensus of analysts was expecting 55.5. United States Interest Rate released yesterday at 18:00 UTC with a figure of four, while the previous figure was 3.25.
Despite posting gains so far today, OGE Energy Corp. slid below its 5 day Simple Moving Average at $36.58 in earlier trade — an early indicator that a negative trend could be emerging. OGE's upper Bollinger Band® is at $37.28, this is a slight indication of a slowdown. OGE could be slowing down soon as it approaches resistance at $37.15. Of course, crossing it might suggest further gains are ahead.
Examining the technical analysis landscape, OGE is likely to reverse course and start pointing downward in the short term.
Rallies can also be seen in other utilities stocks, NextEra Energy is up 1%.
Also worthy of note, United States Non Farm Payrolls projected to come out at 200,000 — worse than previous data of 263,000; data will be released tomorrow at 12:30 UTC. Projections for United States Unemployment Rate are set for a continuation of decline with 3.6 while previous data was 3.5; data will be released tomorrow at 12:30 UTC.
Having set a significant high of $42.78 20 days ago, OGE is trading 7.88% lower.