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After Yesterday's Rally of 4.22% Shares Could Potentially Pullback

By Shiri Gupta

Targa Resources (NYSE:TRGP) traded in a range yesterday that spanned from a low of $44.89 to a high of $45.97. Yesterday, the shares gained 4.2%, which took the trading range above the 3-day high of $44.17 on volume of 1.1 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

Targa Resources share prices have moved between a 52-week high of $61.83 and a 52-week low of $35.35 and are now trading 30% above that low price at $45.97 per share. The 200-day and 50-day moving averages have moved 2.21% lower and 4.58% higher over the past week, respectively.

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: rebounders targa resources

Ticker(s): TRGP