Yesterday at a glance: an influx of buyers helped the electric utility company to end the session higher around $40.21, while establishing a $39.69 to $40.25 session range yesterday.
United States Consumer Price Index is next today at 13:30 UTC.
At the same time, United States Federal Budget Balance (Nov) released yesterday at 19:00 UTC with a figure of -249 billion, while the previous figure was -88 billion. Fresh 10-Year Note Auction data from United States came out at 3.625. United States 3-Year Note Auction came out at 4.093.
OGE Energy Corp. could be slowing down soon as it approaches resistance at $40.26. Of course, crossing it might suggest further gains are ahead. Despite posting gains on yesterday, OGE slid below its 10 day Simple Moving Average at $39.83 during the last session — an early indicator that a negative trend could be emerging. OGE's upper Bollinger Band® is at $40.74, this is a slight indication of a slowdown.
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.
This rally in OGE's share price coincided with other utilities stocks as NextEra Energy traded at $86.55 after closing yesterday's trading day at $84.51 (up 2.41%).
Yesterday's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Crude Oil Inventories is projected to outperform its last figure with -3.91 million. It previously stood at -5.19 million; data will be released tomorrow at 15:30 UTC.
Also worthy of note, United States Consumer Price Index is expected today at 13:30 UTC. United States Interest Rate figure is projected at 4.5. It previously stood at four; data will be released tomorrow at 19:00 UTC.
The stock has been trending positively for about 2 months. The Oklahoma-based electric utility provider has recovered 18.34% since descending to a significant low of $33.76 around a month ago.