Yesterday at a glance: the electric utility company topped out at $39.09 having ended yesterday at $38.96. However, despite early momentum, the stock gave up its gains to now trade at $38.96.
United States Initial Jobless Claims data will be released today at 12:30 UTC, with an expected decline to 200,000.
On the flip side, United States Crude Oil Inventories improved upon its previous reading of -7.49 million with a new data release of -3.74 million.
Meanwhile, United States ISM Non-Manufacturing PMI (Mar) came out at 51.2, while a consensus of analysts was expecting 54.5. United States ADP Nonfarm Employment Change (Mar) released yesterday at 12:15 UTC with a figure of 145,000, while the previous figure was 261,000.
OGE Energy Corp. made an initial breakout above its 200 day Simple Moving Average at $38.54, a potential indicator of a newly emerging bullish phase. Price action overcame a known Fibonacci resistance level at $37.95 by around $1 with prices hammering out a $37.59 – $39.09 session range. In contrast, OGE is 54 cents away from testing key resistance at $39.5. Peaking above this level could inspire market bulls and open the path to further gains. OGE's upper Bollinger Band® is at $38.9, this is a slight indication of a slowdown.
According to technical analysis, it looks as if OGE likely to continue pointing upward in the short term.
A look at other utilities stocks also showed bullish price action as NextEra Energy traded at $78.33 after closing yesterday's trading day at $77.16 (up 1.52%).
Also worthy of note, tomorrow at 12:30 UTC data for United States Non Farm Payrolls will be released, with an expected decline to 240,000 from the preceding figure of 311,000. United States Initial Jobless Claims expected to decline to 200,000 while its preceding data was 198,000, data will be available today at 12:30 UTC.
Furthermore, the market is looking at United States Unemployment Rate is expected tomorrow at 12:30 UTC.
7 months ago the electric utility company reached a significant high of $42.78 but has consequently lost 12.25% since then.