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

By Nick Russo

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. Today's price range of $30.54 and $30.73 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. 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 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.

Over the past year, OGE Energy has traded in a range of $23.37 to $33.10 and is now at $30.64, 31% above that low. The 200-day and 50-day moving averages have moved 0.09% higher and 0.93% higher over the past week, respectively.

Potential upside of 4.0% exists for OGE Energy, based on a current level of $30.64 and analysts' average consensus price target of $31.86. OGE Energy shares have support at the 50-day moving average (MA) of $27.84 and additional support at the 200-day MA of $27.30.

SmarTrend is tracking the current trend status for OGE Energy and will alert subscribers who have OGE in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish inside day candle oge energy

Ticker(s): OGE