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Possible Bullish Inside Day Candle Pattern Detected for OGE Energy (NYSE:OGE)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in OGE Energy (NYSE:OGE) based on the price action in the company's shares. Yesterday's price range of $30.55 and $30.96 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. Traders and investors interested in shares of OGE Energy may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

OGE Energy share prices have moved between a 52-week high of $32.96 and a 52-week low of $23.37 and closed yesterday at 32% above that low price at $30.96 per share. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.9%.

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.

There is potential upside of 2.9% for shares of OGE Energy based on a current price of $30.96 and an average consensus analyst price target of $31.86. The stock should find initial support at its 50-day moving average (MA) of $27.84 and further support at its 200-day MA of $27.30.

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

Keywords: bullish am inside day candle oge energy

Ticker(s): OGE