August 15 Chart of the Day - OGE Energy Corp.
OGE Energy Corp. (OGE) is a holding company with investments in energy and energy services providers offering physical delivery and related services for electricity in Oklahoma and western Arkansas.
The company reported second-quarter 2023 earnings earlier this week of 44 cents per share, which missed the analyst's estimates of 65 cents by 32.3%.
From a price action technical analysis perspective price is getting a "haircut" as they say on Wall St. and toiling inside a "change control zone."
Change control zones are one of the five tools we teach when charting anything. By definition, they are an area that represents where neither the bulls nor bears are in charge. Price can slash though the zone with seemingly reckless abandon, price can respect the top or bottom from outside it or within it. Or, price can trade aimlessly sideways within it. When price breaks away from the zone it can often get drawn back to it like a magnet. And in this case we see all of the above are true.
The monthly and weekly chart provide a high level snap shot from which we can determine directional assessment. $33.28 has been a line in the sand so it will be interesting to see how it plays out from here.
So what's next?
Nobody knows for sure but using these 5 price action tools traders and investors can develop levels of interest in both directions.
- Supply/Demand Zones,
- Change Control Zones
Take a look at the charts and let us know what you think.
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