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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. Today's price range of $34.17 and $34.53 is within yesterday'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 has overhead space with shares priced $34.40, or 2.2% below the average consensus analyst price target of $35.17. The stock should discover initial support at its 200-day moving average (MA) of $33.74 and subsequent support at its 50-day MA of $33.41.

In the past 52 weeks, shares of Oge Energy Corp have traded between a low of $29.59 and a high of $37.32 and are now at $34.40, which is 16% above that low price. The 200-day and 50-day moving averages have moved 0.14% lower and 0.35% higher over the past week, respectively.

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 recommended that subscribers consider buying shares of Oge Energy Corp on February 23rd, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $32.46. Since that recommendation, shares of Oge Energy Corp have risen 6.5%. We continue to monitor OGE for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle oge energy corp

Ticker(s): OGE