A quick look at Friday: bullish sentiment helped the electric utility company to hammer out a noteworthy $37.29 to $37.74 range Friday, and finally closing at $37.62 to end the session.
Although OGE Energy Corp. is appreciating today after rising as high as $37.74, price action is now slowing and consolidating around 19 cents below the $37.81 resistance level. Despite posting gains on Friday, OGE slid below its 21 day Simple Moving Average at $37.3 during the last session — an early indicator that a negative trend could be emerging.
OGE is likely to reverse course and start pointing downward in the short term.
A look at other utilities stocks also showed bullish price action as NextEra Energy added 0.3% to its value, and traded at $79.
Furthermore, the market is looking at United States Consumer Confidence expected to decline to 104 while its preceding data was 104.2, data will be available tomorrow at 14:00 UTC.
The market is looking forward to the release of new data: United States Building Permits is scheduled for tomorrow at 13:30 UTC. United States New Home Sales (Mar) scheduled to come out tomorrow at 14:00 UTC.
Over the past 8 months, the Oklahoma-based electric utility provider has retreated 12.58% from a noteworthy peak of $42.78.