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

By Amy Schwartz

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 $42.75 and $42.97 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., together with its subsidiaries, operates as an energy and energy services provider that offers physical delivery and related services for electricity and natural gas primarily in the south central United States.

Oge Energy Corp (NYSE:OGE) is currently priced 18.2% above its average consensus analyst price target of $35.17. The stock should find initial support at its 50-day moving average (MA) of $42.24 and further support at its 200-day MA of $39.71.

Over the past year, Oge Energy Corp has traded in a range of $33.19 to $43.76 and closed yesterday at $42.97, 29% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has remained constant.

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