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SmarTrend Watching for Potential Pullback in Shares of Targa Resources After 2.03% Gain

By Nick Russo

Targa Resources (NYSE:TRGP) traded in a range yesterday that spanned from a low of $45.88 to a high of $47.30. Yesterday, the shares gained 2.0%, which took the trading range above the 3-day high of $45.97 on volume of 832,000 shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

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.

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 $46.81, which is 32% 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%.

Keywords: rebounders targa resources

Ticker(s): TRGP