TRGP – Targa Resources Corp.
TRGP – Targa Resources Corp.
Date: 19 May 2026
Sector: Utilities / Gas Distribution
Exchange: New York Stock Exchange (NYSE)
TradingView link: [https://www.tradingview.com/x/a4vlJr7T/](https://www.tradingview.com/x/a4vlJr7T/)
The stock initially floated around the $20–21 level. After listing, it formed a strong series of higher highs and higher lows, eventually topping out around $157 in April 2014.
Following that peak, the stock entered a prolonged decline, producing a steady sequence of lower highs and lower lows before eventually stabilising and forming the first major pink box.
Between January 2016 and April 2022, the price traded sideways within that initial consolidation range, bouncing between highs around $62 and lows near $6.08.
What is interesting is that the initial breakout from that box was not especially convincing. Price broke out, but then immediately formed another congestion zone directly above the original breakout area. That second pink box represented several additional months of sideways consolidation.
It was only when the price broke out of the second pink box that the stock really began its stronger expansion phase.
Once we cleared the top of that second box around $91.13, the stock accelerated aggressively higher and eventually reached ~$218.
The most recent pink box now provides the most useful information for near-term trading.
Between November 2024 and March 2026, the stock once again entered a broad consolidation phase, moving sideways between roughly $146 and $219.
One particularly interesting point is that during February and early March, the stock temporarily broke out of the box. That made sense fundamentally, given that the company operates in natural resources and energy infrastructure during a period when hostilities involving Iran were escalating.
However, rather than collapsing back into the range after tensions eased, the stock instead formed another tight congestion zone directly above the breakout area.
That is an important sign of strength.
Capital flows suggest the market still expects a positive outlook for companies such as Targa Resources, despite geopolitical tensions no longer intensifying as sharply.
Most importantly, since breaking out of the final pink box around the $260 region, the stock has now delivered three successive closes at all-time highs — one of my favourite technical signals.
At the end of the hostilities, we could easily have seen the stock fall back into the pink box and continue chopping sideways, or even begin a broader decline.
Instead, we’ve seen the exact opposite.
That is a very bullish sign, especially given that relatively few stocks in this industry group are currently pushing to fresh all-time highs.
Entry trigger:
* 4H pullback entry
Initial stop loss:
* Dependent on where the next 4H pullback forms
Multi-timeframe correlation
3M: Blue candle
1M: Blue candle
1W: Blue candle
1D: Blue candle
4H: Blue candle
When do I tighten the stop loss?:
* Last 4H swing low
Potential target range (daily):
* $322–$354
Activated price targets: 2
Am I in this trade: Yes
Current return (R multiple):
* -0.04R