Stable at $39.83 and still trending upwards, Yesterday's session put the brakes on the ongoing uptrend — without a clear direction, OGE closed at $39.83 while ranging between $39.52 and $40.24.
United States Non Farm Payrolls is next.
This uncertain state for OGE is reflected by published market data as United States Initial Jobless Claims beat analyst expectations of 200,000 and the previous reading of 186,000 with new data of 183,000. United States Factory Orders improved upon its previous reading of -1.9% with a new data release of 1.8%. United States Unit Labor Costs (QoQ) (Q4) released yesterday at 13:30 UTC with a figure of 1.1, while the previous figure was two.
OGE Energy Corp.'s upper Bollinger Band® is at $40.55, suggesting that a downward move may follow. In contrast, OGE is approaching key support, around 34 cents away from $39.49. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Despite the market lacking direction, technical chart analysis strongly suggests OGE is positioned for a downward move in the near term.
Meanwhile, mixed performances were seen by other utilities stocks as NextEra Energy traded at $75.6 after closing yesterday's trading day at $74.24 (up 1.83%).
Data to be released today might clear up some of the market fog as United States Non Farm Payrolls projected to decline to 185,000 while previous data was 223,000; data will be released today at 13:30 UTC. Today at 13:30 UTC data for United States Unemployment Rate will be released, with an expected decline to 3.6 from the preceding figure of 3.5. United States ISM Non-Manufacturing PMI (Jan) will be released today at 15:00 UTC.
3 months ago, the Oklahoma-based electric utility provider fell to a low of $33.76 but has since recovered 18%.