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Watch for Targa Resources to Potentially Pullback After Gaining 3.34% Yesterday

By James Quinn

Targa Resources (NYSE:TRGP) traded in a range yesterday that spanned from a low of $52.96 to a high of $55.07. Yesterday, the shares gained 3.3%, which took the trading range above the 3-day high of $53.64 on volume of 749,000 shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

In the past 52 weeks, Targa Resources share prices have been bracketed by a low of $40.57 and a high of $59.21 and are now at $54.72, 35% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.4%.

SmarTrend recommended that its subscribers protect gains by selling shares of Targa Resources on October 12th, 2018 by issuing a Downtrend alert when the shares were trading at $55.40. Since that call, shares of Targa Resources have fallen 4.4%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: rebounders targa resources

Ticker(s): TRGP