Connect with us

Uncategorized

TRGP Ascends Higher

Published

on

Article by: www.wealthblueprintletter.com, 4/9/2015

Targa Resources Corp., through its general and limited partner interests in Targa Resources Partners LP, provides midstream natural gas and natural gas liquid (NGL) services in the United States. The company operates in two divisions, Gathering and Processing, and Logistics and Marketing. It is involved in gathering, compressing, treating, processing, and selling natural gas; storing, fractionating, treating, transporting, terminaling, and selling NGLs and NGL products; gathering, storing, and terminaling crude oil and refined petroleum products. The company also purchases and resells component NGL products; sells propane and provides related logistics services to multi-state retailers, independent retailers, and other end-users; offers NGL balancing services; and provides transportation services to refineries and petrochemical companies in the Gulf Coast area.

Take a look at the 1-year chart of Targa (NYSE: TRGP) below with my added notations:

WBL TRGP

TRGP has formed a clear resistance at $100 (blue). In addition, the stock is climbing a short-term, trend line support level (green) over the last several of months. These two levels combined have TRGP stuck within a common chart pattern known as an ascending triangle. Eventually, the stock will have to break one of those levels.

The Tale of the Tape: TRGP has an uptrending support and a $100 resistance level to watch. A long trade could be made on a breakout above $100 or on a pullback to the trendline. A break below the trendline support would be an opportunity to enter a short trade.

Before making any trading decision, decide which side of the trade you believe gives you the highest probability of success. Do you prefer the short side of the market, long side, or do you want to be in the market at all? If you haven’t thought about it, review the overall indices themselves. For example, take a look at the S&P 500. Is it trending higher or lower? Has it recently broken through a key resistance or support level? Making these decisions ahead of time will help you decide which side of the trade you believe gives you the best opportunities.

No matter what your strategy or when you decide to enter, always remember to use protective stops and you’ll be around for the next trade. Capital preservation is always key!


Good luck!
Christian Tharp, CMT
@cmtstockcoach

Click to comment

Leave a Reply

Your email address will not be published.

Continue Reading

Subscribe To Our Newsletter:


Copyright © 2020 The Capitalist. his copyrighted material may not be republished without express permission. The information presented here is for general educational purposes only. MATERIAL CONNECTION DISCLOSURE: You should assume that this website has an affiliate relationship and/or another material connection to the persons or businesses mentioned in or linked to from this page and may receive commissions from purchases you make on subsequent web sites. You should not rely solely on information contained in this email to evaluate the product or service being endorsed. Always exercise due diligence before purchasing any product or service. This website contains advertisements.

[email]
[email]