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

By Shiri Gupta

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 $8.05 and $8.49 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.

Targa Resources (NYSE:TRGP) has potential upside of 535.2% based on a current price of $8.38 and analysts' consensus price target of $53.20. The stock should find initial resistance at its 50-day moving average (MA) of $23.81 and further resistance at its 200-day MA of $34.95.

Over the past year, Targa Resources has traded in a range of $3.66 to $43.47 and is now at $8.38, 129% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 7.3% while the 200-day MA has slid 1.3%.

Targa Resources Corp. owns general and limited partner interests in a limited partnership that provides midstream natural gas and natural gas liquid services. The Company gathers, compresses, treats, processes, and sells natural gas. Targa Resources also stores, fractionates, treats, transports, and sells natural gas liquids and related products.

SmarTrend recommended that subscribers consider buying shares of Targa Resources on March 20th, 2020 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $7.08. Since that recommendation, shares of Targa Resources have risen 11.0%. We continue to monitor TRGP for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle targa resources

Ticker(s): TRGP