Short-term sellers control trend as Enbridge stock trades up

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Enbridge gains 1.14% to C$71.67 today

Highlights

The U.S. Supreme Court ruled Enbridge must keep its Line 5 pipeline lawsuit in Michigan state courts, hindering its venue change efforts.
Michigan continues to pursue actions that could halt the operation of the pipeline segment under the Straits of Mackinac, increasing regulatory uncertainty.
ENB trades below short- and medium-term technical levels amid weak momentum, with a near-term trading range expected between C$70.75 and C$73.15 as oversold signals emerge.

Legal uncertainty sustained as US Supreme Court keeps case in Michigan

On April 22, 2026, the U.S. Supreme Court unanimously ruled that Enbridge waited too long to move an environmental lawsuit regarding its Line 5 pipeline from Michigan state court to federal court, rejecting the company's attempt to change venue. This decision keeps the long-running case in Michigan's state courts as the state pursues an effort to halt the operation of the pipeline segment under the Straits of Mackinac. Enbridge has announced its ongoing commitment to operating Line 5 safely and to continued engagement with regulators and stakeholders.

Seller dominance persists as oversold signals cluster below resistance

ENB is trading below the SMA-20 (C$74.01) and SMA-50 (C$73.15), but remains above the SMA-200 (C$67.65). The Ichimoku Kijun level at C$73.86 acts as immediate resistance. Momentum signals remain weak on the daily timeframe, with both MACD and ADX indicating dominance by sellers. Oscillators such as RSI (32.73), Stoch RSI (0.00), and CCI (–135.56) reflect oversold conditions, and BBP at –1.25 shows sellers maintain control of intraday moves. Despite negative momentum, the presence of multiple oversold signals suggests the recent downside may be stretched.

Balanced risks for breakout or retest as volatility narrows

Over the next five trading days, ENB is expected to remain within a typical volatility band of C$70.75 to C$73.15. The probability of an upside move is moderate, around 50%, based on positive weekly signals from RSI, MACD, and the MA-50, with the chance of a decline equally likely. A move above C$73.86 would indicate a bullish breakout, while a drop below C$70.75 could lead to a retest of long-term support near the SMA-200.

Anton Kharitonov, expert at Traders Union, sees Enbridge facing strong selling pressure with weak daily momentum and sellers maintaining control. He believes the Supreme Court decision adds legal uncertainty, keeping sentiment defensive as the stock stays below key moving averages. A cautious outlook prevails while price action remains under resistance at C$73.86. "Unless ENB reclaims C$73.86, I remain on the sidelines and do not trust any upside here."

Earlier, analysts noted that Enbridge was consolidating amid ongoing seller dominance and oversold technical signals. The current environment, shaped by new legal developments and persistent negative momentum, heightens the importance of watching C$73.86 as a key resistance level for signs of a potential bullish reversal.

Source of Data: ENB Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

The information is based on forecasts and does not constitute investment advice or a guarantee of future results. Market conditions may change. See our Disclaimer and Editorial Integrity for details.