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Targa Resources, Inc. (TRGP) Just Reclaimed the 200-Day Moving Average
Targa Resources, Inc. (TRGP - Free Report) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, TRGP crossed above the 200-day moving average, suggesting a long-term bullish trend.
A useful tool for traders and analysts, the 200-day simple moving average helps determine long-term market trends for stocks, commodities, indexes, and other financial instruments. It moves higher or lower in conjunction with longer-term price performance, and serves as a support or resistance level.
Shares of TRGP have been moving higher over the past four weeks, up 5.3%. Plus, the company is currently a Zacks Rank #2 (Buy) stock, suggesting that TRGP could be poised for a continued surge.
The bullish case only gets stronger once investors take into account TRGP's positive earnings estimate revisions. There have been 2 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
Given this move in earnings estimate revisions and the positive technical factor, investors may want to keep their eye on TRGP for more gains in the near future.