Yesterday at a glance: pronounced bearish market sentiment ensured that the Oklahoma-based electric utility provider made a notable 1.64% loss yesterday, declining 62 cents and ultimately closing at $37.24.
Crude Oil Inventories data from United States will be released today at 14:30 UTC with analysts expecting a decline to -1 million. Potentially significant price fluctuations in OGE are expected to follow.
Amid the market gloom, United States Building Permits (Mar) released yesterday at 12:30 UTC with a figure of 1.41 million, while the previous figure was 1.55 million. United States API Weekly Crude Oil Stock came out at -2.67 million, while a consensus of analysts was expecting -2.46 million. Data from United States concerning Housing Starts was released yesterday at 12:30 UTC. Newly published figures emphasized continued decline from last month's figure of 7.3% to -0.8% this month.
The MACD index is indicating that momentum is shifting from bullish to bearish following a negative crossover. When the MACD falls below the signal line, it is typically considered to be a bearish development favoring short positions. OGE is currently flirting with an active Fibonacci support level around $37.41. In contrast, OGE could begin to recover as it approaches significant support, now 31 cents away from $36.93. 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.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Crude Oil Inventories projected to come out at -1 million — worse than previous data of 597,000; data will be released today at 14:30 UTC.
Furthermore, United States Philadelphia Fed Manufacturing Index (Apr) is expected tomorrow at 12:30 UTC. United States Existing Home Sales (Mar) scheduled to come out tomorrow at 14:00 UTC.
The electric utility company is now trading 12.14% above the significant low ($33.76) it slumped to 6 months ago.