• Return to Headlines

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

By Nick Russo

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 $44.23 and $44.61 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.

Potential upside of 24.7% exists for Targa Resources, based on a current level of $44.36 and analysts' average consensus price target of $55.32. The stock should discover initial support at its 200-day moving average (MA) of $43.07 and subsequent support at its 50-day MA of $31.50.

In the past 52 weeks, shares of Targa Resources have traded between a low of $35.35 and a high of $61.83 and are now at $44.36, which is 25% 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%.

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.

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

Keywords: bearish inside day candle targa resources

Ticker(s): TRGP