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

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Targa Resources (NYSE:TRGP) based on the price action in the company's shares. Yesterday's price range of $35.85 and $36.78 is within the prior day'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. Traders and investors interested in shares of Targa Resources may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

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.

In the past 52 weeks, Targa Resources share prices have been bracketed by a low of $32.00 and a high of $48.78 and closed yesterday at $36.19, 13% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has declined 0.2%.

Potential upside of 47.0% exists for Targa Resources, based on a current level of $36.19 and analysts' average consensus price target of $53.20. The stock should find initial resistance at its 50-day moving average (MA) of $38.58 and further resistance at its 200-day MA of $38.80.

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: bullish am inside day candle targa resources

Ticker(s): TRGP