Targa Resources Corp. WCA - Ascending Triangle

NYSE:TRGP   Targa Resources, Inc.
Company: Targa Resources Corp.
Ticker: TRGP
Exchange: NYSE
Sector: Energy


In today's examination, we focus on Targa Resources Corp. (TRGP) listed on the NYSE, a key player in the energy sector. The weekly chart exhibits a bullish breakout from an Ascending Triangle pattern, which has been forming over the past 66 weeks.

Ascending Triangle Pattern:

The Ascending Triangle is a classical charting pattern characterized by a horizontal resistance line and an upward-sloping support line. In this case it serves as a bullish continuation pattern.


Targa Resources' previous trend was upward, symbolized by the green diagonal line. This upward trend was momentarily halted by a consolidation phase forming the Ascending Triangle pattern. The upper horizontal boundary of the pattern is around 80, with 4 touch points, while the lower diagonal boundary ranges between 55-76 and also has 4 touch points.

The price is well above the 200 EMA, implying a bullish environment. Currently, the price appears to have broken above the horizontal boundary, favoring a long entry. The price target for this bullish setup is at 103, which corresponds to an estimated rise of 30%.


The weekly chart of Targa Resources presents an attractive bullish breakout opportunity through the Ascending Triangle pattern. This setup, validated by a breach above the horizontal boundary, could offer a rewarding long trading prospect.


Please remember, this analysis should be a part of your comprehensive market research and risk management strategy, and is not direct trading advice.

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Best regards,

Karim Subhieh

Disclaimer: This analysis is not financial advice and is intended for educational purposes only. Always conduct your own research and consult with a financial advisor before making investment decisions.


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