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Possible Bearish Inside Day Candle Pattern Detected for Oge Energy Corp (NYSE:OGE)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Oge Energy Corp (NYSE:OGE) based on the price action in the company's shares. Yesterday's price range of $40.33 and $40.91 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Oge Energy Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Oge Energy Corp share prices have moved between a 52-week high of $41.80 and a 52-week low of $29.59 and closed yesterday at 37% above that low price at $40.66 per share. Over the last five market days, the 200-day moving average (MA) has gone up 0.6% while the 50-day MA has advanced 0.4%.

Oge Energy Corp (NYSE:OGE) is currently priced 13.5% above its average consensus analyst price target of $35.17. Oge Energy Corp shares have support at the 50-day moving average (MA) of $39.86 and additional support at the 200-day MA of $36.77.

OGE Energy Corp., through its principal subsidiary Oklahoma Gas and Electric Company, generates, transmits, and distributes electricity to wholesale and retail customers in communities in Oklahoma and western Arkansas. The Company, through Enogex Inc., operates natural gas transmission and gathering pipelines, has interests in gas processing plants, and markets electricity.

SmarTrend is monitoring the recent change of momentum in Oge Energy Corp. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Oge Energy Corp in search of a potential trend change.

Keywords: bearish am inside day candle oge energy corp

Ticker(s): OGE