OGE Energy Corporation Stock Forecast

OGE Energy Corporation stock price down 1.91% on Friday
(Updated on Apr 26, 2024)

OGE Signals & Forecast

The OGE Energy Corporation stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $33.97. On a fall, the stock will find some support from the long-term average at approximately $33.76. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Thursday, April 25, 2024, and so far it has fallen -1.91%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.

Sell

Special Signal Notification

Double Top Formation

A sell signal from a double top formation was found on Thursday, April 25, 2024 and based on theory for this formation the price should fall by -7.53% to $31.27 within 17 trading days since signal was issued (Monday, April 29, 2024).

Support, Risk & Stop-loss for OGE Energy Corporation stock

OGE Energy Corporation finds support from accumulated volume at $33.59 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $0.760 (2.25%) between high and low. For the last week, the stock has had daily average volatility of 2.02%.

Our recommended stop-loss: $32.21 (-4.77%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 1 day ago.)

Trading Expectations (OGE) For The Upcoming Trading Day Of Monday 29th

For the upcoming trading day on Monday, 29th we expect OGE Energy Corporation to open at $34.05, and during the day (based on 14 day Average True Range), to move between $33.21 and $34.43, which gives a possible trading interval of +/-$0.607 (+/-1.79%) up or down from last closing price. If OGE Energy Corporation takes out the full calculated possible swing range there will be an estimated 3.59% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $34.04 (0.65%) than the support at $33.59 (0.68%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.

Is OGE Energy Corporation stock A Buy?

OGE Energy Corporation holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.

Current score: 0.645 Hold/Accumulate Unchanged

Predicted Opening Price for OGE Energy Corporation of Monday, April 29, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.