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Possible Bearish Inside Day Candle Pattern Detected for Targa Resources (NYSE:TRGP)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Targa Resources (NYSE:TRGP) based on the price action in the company's shares. Today's price range of $46.76 and $47.41 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. Owners of Targa Resources may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Targa Resources Corp. owns general and limited partner interests in a limited partnership that provides midstream natural gas and natural gas liquid services. The partnership gathers, compresses, treats, processes, and sells natural gas. The Company also stores, fractionates, treats, transports, and sells natural gas liquids and related products.

Targa Resources (NYSE:TRGP) has potential upside of 14.3% based on a current price of $46.99 and analysts' consensus price target of $53.71. The stock should find initial support at its 200-day moving average (MA) of $43.07 and further support at its 50-day MA of $31.50.

In the past 52 weeks, Targa Resources share prices have been bracketed by a low of $35.35 and a high of $61.83 and are now at $46.99, 33% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 4.6% while the 200-day MA has slid 2.2%.

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

Keywords: bearish inside day candle targa resources

Ticker(s): TRGP