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Watch for Targa Resources to Potentially Pullback After Gaining 2.10% Yesterday

By David Diaz

Targa Resources (NYSE:TRGP) traded in a range yesterday that spanned from a low of $51.23 to a high of $52.29. Yesterday, the shares gained 2.1%, which took the trading range above the 3-day high of $51.32 on volume of 773,000 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 $52.29 and a 52-week low of $39.59 and are now trading 32% above that low price at $52.21 per share. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.6%.

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: rebounders targa resources

Ticker(s): TRGP