Targa Resources Inc Stock Forecast
Stronger technical forecast for Targa Resources Inc stock price after Monday trading.
(Updated on Apr 15, 2024)
The Targa Resources Inc stock price fell by -0.305% on the last day (Monday, 15th Apr 2024) from $114.69 to $114.34. During the last trading day the stock fluctuated 2.51% from a day low at $113.86 to a day high of $116.72. The price has risen in 5 of the last 10 days and is up by 1.88% over the past 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -223 thousand shares and in total, 2 million shares were bought and sold for approximately $213.27 million.
The stock lies in the lower part of a strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $113.89 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 46.92% during the next 3 months and, with a 90% probability hold a price between $167.32 and $177.75 at the end of this 3-month period.
TRGP Signals & Forecast
The Targa Resources Inc stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $115.06. On a fall, the stock will find some support from the long-term average at approximately $108.23. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Wednesday, April 03, 2024, and so far it has fallen -1.43%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Targa Resources Inc stock
On the downside, the stock finds support just below today's level from accumulated volume at $98.36 and $97.47. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Targa Resources Inc finds support just below today's level at $98.36. If this is broken, then the next support from accumulated volume will be at $97.47 and $93.27.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $2.86 between high and low, or 2.51%. For the last week, the stock has had daily average volatility of 2.45%.
Our recommended stop-loss: $109.60 (-4.14%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 8 days ago.)
Trading Expectations (TRGP) For The Upcoming Trading Day Of Tuesday 16th
For the upcoming trading day on Tuesday, 16th we expect Targa Resources Inc to open at $114.97, and during the day (based on 14 day Average True Range), to move between $112.23 and $116.45, which gives a possible trading interval of +/-$2.11 (+/-1.85%) up or down from last closing price. If Targa Resources Inc takes out the full calculated possible swing range there will be an estimated 3.69% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $114.68 (0.30%) than the support at $98.36 (13.98%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Targa Resources Inc stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Targa Resources Inc stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 2.037 Buy Candidate Upgraded
Predicted Opening Price for Targa Resources Inc of Tuesday, April 16, 2024
| Fair opening price April 16, 2024 | Current price |
|---|---|
| $114.97 ( 0.554%) | $114.34 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for TRGP
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 117.83 | 3.06 % | |
| R2 | 116.74 | 2.10 % | ||
| R1 | 116.07 | 1.51 % | ||
| Current price: | 114.34 | |||
| Support | S1 | 113.88 | -0.402 % | |
| S2 | 113.21 | -0.99 % | ||
| S3 | 112.11 | -1.95 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 115.97 | 1.43 % | |
| R2 | 114.69 | 0.306 % | ||
| R1 | 114.68 | 0.297 % | ||
| Current price | 114.34 | |||
| Support | S1 | 98.36 | -13.98% | |
| S2 | 97.47 | -14.75% | ||
| S3 | 93.27 | -18.43% |
TRGP Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jan 18, 2024 | Jan 30, 2024 | Feb 15, 2024 | $0.500 | 0.536% |
| 2 | Oct 12, 2023 | Oct 30, 2023 | Nov 15, 2023 | $0.500 | 0.580% |
| 3 | Jul 13, 2023 | Jul 28, 2023 | Aug 15, 2023 | $0.500 | 0.595% |
| 4 | Apr 13, 2023 | Apr 27, 2023 | May 15, 2023 | $0.500 | 0.706% |
| 5 | Jan 19, 2023 | Jan 30, 2023 | May 15, 2023 | $0.350 | 0.494% |
FAQ
Click here for our free guide on how to buy Targa Resources Inc Stock.
