Enbridge stock price forecast: Watching CC$73.86 support as ENB edges lower

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Enbridge slides 1.14% to C$74.48 today

Highlights

Enbridge secured regulatory approval for its $4 billion Sunrise gas expansion, supporting long-term growth and future returns.
The company reiterated 2026 financial guidance and marked its 31st consecutive dividend increase, underlining stability in shareholder distributions.
Technically, ENB trades in a bullish trend above key support at C$73.86, with a projected five-day range of C$73.50–C$75.50 amid overbought indicators and short-term momentum loss.

Regulatory approval lifts growth prospects as downside hedging rises

Enbridge received regulatory approval for its $4 billion Sunrise project, expanding future transportation capacity across its gas system with the potential for regulated returns. The company reaffirmed its 2026 financial guidance and announced its 31st consecutive dividend increase, reflecting ongoing income distribution. Notably, April 30 saw unusually high put option activity, with 20,216 contracts traded, suggesting elevated demand for downside protection, though price action has remained under broader selling pressure.

Overbought signals emerge alongside mixed momentum and technical support

ENB is currently trading above the SMA-20 at C$73.27, the SMA-50 at C$73.44, and the SMA-200 at C$68.01. The Ichimoku Kijun level on the daily chart sits at C$73.86, providing an immediate support level. Momentum indicators show mixed signals: the MACD on the daily timeframe issues a strong sell signal, while the ADX remains in the buy zone with a moderate value. The RSI, CCI, and Stoch RSI all indicate overbought conditions, and BBP is firmly in overbought territory, reflecting strong buying dominance in intraday sessions.

Sideways trend expected as key levels define short-term risk

For the next five trading days, ENB is expected to remain within a typical volatility band between C$73.50 and C$75.50, centered around the current price. The baseline scenario is sideways consolidation, supported near C$73.86 and capped by resistance around C$75.50. A strong move above C$75.50 could trigger a push toward new highs, while a break below C$73.86 may expose the stock to a deeper pullback toward the medium-term moving averages.

Viktoras Karapetjanc, expert at Traders Union, sees Enbridge’s regulatory win on the Sunrise project and its consistent dividend growth as strong positives for long-term investors. He notes that reaffirmed financial guidance provides confidence in management’s outlook and cash flow stability. Elevated put option activity adds a note of near-term caution but does not outweigh constructive fundamentals. Key price levels at C$73.86 and C$75.50 should guide tactical positioning. "With robust fundamentals and clear management commitment, I expect Enbridge to maintain its appeal for income-focused and patient investors."

Earlier, analysts noted that Enbridge was exhibiting range-bound trading supported by regulatory approvals for key pipeline expansions and ongoing operational momentum. With both recent financial reaffirmations and heightened put option activity reflecting a complex sentiment backdrop, investors should closely monitor price action around the C$75.50 resistance as a decisive break could set the stage for the next significant directional move.

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.