A quick look at Friday: pronounced bullish sentiment in the market helped OGE to make a notable 2.13% gain Friday, rising 82 cents and ultimately closing at $39.24.
OGE Energy Corp. made an initial breakout above its 200 day Simple Moving Average at $39.05, a potential indicator of a newly emerging bullish phase. Despite this, OGE could be slowing down soon as it approaches resistance at $39.49. Of course, crossing it might suggest further gains are ahead. Bollinger Band® analysis indicates that current price action is approaching the upper band at $39.57, thereby suggesting that OGE is becoming overvalued.
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 gained 1.03%, as it traded at $83.2.
The stock has been trending positively for about a month. Having set a significant high of $42.78 a month ago, OGE is trading 13.8% lower.