Yesterday at a glance: an influx of buyers helped the electric utility company to end the session higher around $37.73, while establishing a $37.05 to $37.74 session range yesterday.
United States Core PCE Price Index (MoM) (Mar) is next today at 12:30 UTC.
OGE's uptick comes amid good United States macroeconomic data released during the day — United States Initial Jobless Claims improved upon its previous reading of 246,000 with a new data release of 230,000.
On the flip side, highly important Pending Home Sales data from United States beat analyst expectations of 0.5% with a reading of -5.2%. United States GDP published yesterday at 12:30 UTC came out at 1.1, falling short of the two projections and continuing its decline from the previous 2.6 figure.
OGE Energy Corp. made an initial breakout above its 10 day Simple Moving Average at $37.67, a potential indicator of a newly emerging bullish phase. Fibonacci-focused traders would be interested to note that OGE is oscillating around the key Fibonacci resistance level of $37.64. In contrast, OGE could be slowing down soon as it approaches resistance at $37.96. Of course, crossing it might suggest further gains are ahead.
Overall, looking at the technical analysis landscape, it seems OGE might continue pointing upwards in the short term.
This rally in OGE's share price coincided with other utilities stocks as NextEra Energy traded at $75.85 after closing yesterday's trading day at $74.07 (up 2.4%).
Furthermore, the market is looking at United States Core PCE Price Index (MoM) (Mar) scheduled to come out today at 12:30 UTC.
The Oklahoma-based electric utility provider reached a significant high of $42.78 around 8 months ago but has lost 13.3% since then.