Will TARGA RESOURCES CORP breakout?

TARGA RESOURCES CORP (TRGP)       60.34   -0.46 (-0.76%)

After market: 60.34 0 (0%)


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Will TARGA RESOURCES CORP breakout?11 days ago - Chartmill

A possible breakout setup was detected on TARGA RESOURCES CORP (NYSE:TRGP) by our stockscreener. A breakout pattern is formed when a stock consolidates after a strong rise up. We note that this pattern is detected purely based on technical analysis and whether the breakout actually materializes remains to be seen. It could be interesting to keep an eye on NYSE:TRGP.

TRGP Daily chart on 2022-09-21

Technical Analysis Observations

ChartMill assigns a Technical Rating to every stock. This score ranges from 0 to 10 and is updated daily. The score is determined by evaluating multiple technical indicators and properties.

Taking everything into account, TRGP scores 7 out of 10 in our technical rating. In the last year, TRGP was one of the better performers in the market. There are positive signs in the very recent evolution, but the medium term picture is slightly mixed.

  • The long term trend is positive and the short term trend is neutral. The long term trend gets the benefit of the doubt for now.
  • When comparing the yearly performance of all stocks, we notice that TRGP is one of the better performing stocks in the market, outperforming 96% of all stocks. On top of that, TRGP also shows a nice and consistent pattern of rising prices. However, this overall performance is mostly based on the strong move around 7 months ago.
  • TRGP is an average performer in the Oil, Gas & Consumable Fuels industry, it outperforms 68% of 381 stocks in the same industry.
  • TRGP is currently trading in the middle of its 52 week range. The S&P500 Index is currently trading in the lower part of its 52 week range, so TRGP is still doing slightly better than the market.
  • In the last month TRGP has a been trading in the 65.76 - 73.67 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.
  • Volume is considerably higher in the last couple of days.

How do we evaluate the setup for NYSE:TRGP?

ChartMill also assign a Setup Rating to every stock. With this score it is determined to what extend the stock has been trading in a range in the recent days and weeks. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. NYSE:TRGP scores a 9 out of 10:

TRGP has an excellent technical rating and also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. A pullback is taking place, which may present a nice opportunity for an entry. There is a resistance zone just above the current price starting at 72.02. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 68.51, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

Trading breakout setups.

A breakout could materialize when the stock breaks out to new highs above the current consolidation zone. One could wait for this to happen and buy when this happens. A stop loss could be placed below the consolidation zone.

This article should in no way be interpreted as trading advice. You should always make your own analysis and trade or not trade based on your own observations and style. The article is based purely on some technical observations.

Every day, new breakout setups can be found on ChartMill in our Breakout analyzer.

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