While OGE is on a 10 day uptrend Yesterday's session put the brakes on the ongoing uptrend — an influx of sellers pushed the Oklahoma-based electric utility provider to end the session lower around $39.7, while establishing a $39.3 to $39.84 session range yesterday.
Uncertainty around OGE is reflected by published market data as United States Consumer Confidence beat the 100 projections, with 100.2. United States API Weekly Crude Oil Stock came out at -7.85 million, while a consensus of analysts was expecting -2.49 million. United States S&P/CS HPI Composite – 20 n.s.a. (YoY) (Sep) released yesterday at 14:00 UTC with a figure of 10.4, while the previous figure was 13.1.
OGE Energy Corp. made an initial breakout above its 5 day Simple Moving Average at $39.61, a potential indicator of a newly emerging bullish phase. OGE is climbing away and is now 56 cents from the $39.14 support line.
Despite muted price action in OGE, chart analysis indicates it is positioned for a bullish run in the short term.
Meanwhile, mixed performances were seen by other utilities stocks as NextEra Energy lost 1.48% yesterday and closed at $82.49.
Data to be released today might clear up some of the market fog as United States Pending Home Sales is projected to outperform its last figure with -5%. It previously stood at -10.2%; data will be released today at 15:00 UTC. United States Core PCE Price Index (MoM) (Oct) is expected tomorrow at 13:30 UTC. United States Crude Oil Inventories is projected to outperform its last figure with -2.76 million. It previously stood at -3.69 million; data will be released today at 15:30 UTC.
The stock has been trending positively for about a month. Having set a significant high of $42.78 a month ago, the electric utility company is trading 17.74% lower.