Enbridge stock price forecast: CC$77 support level in focus as ENB trades sideways

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Enbridge slides 0.90% to C$78.05

Highlights

Enbridge expanded its renewables portfolio by completing phase one of an 815MW Texas solar project, securing long-term contracts with PepsiCo and Donaldson Company.
The company announced a C$1.2 billion investment in a solar and battery storage facility in Wyoming, partnering with Meta to further diversify revenue streams.
Technicals remain bullish with C$78.05 supported by strong momentum, a projected C$77.00–C$80.50 trading range, and elevated probability of further price gains.

Renewables push and partnerships diversify income amid selling pressure

Enbridge completed phase one of its 815MW Sequoia solar farm project in Texas, securing new long-term power purchase agreements with PepsiCo and Donaldson Company and providing a stable source of contracted income. This launch marked a tangible expansion of Enbridge's renewable generation capacity, diversifying both its revenue base and customer exposure. Additionally, a C$1.2 billion investment was announced to build a large solar and battery storage facility near Cheyenne, Wyoming, in partnership with Meta, further expanding the company's presence in utility-scale clean energy infrastructure. These developments improved the long-term profile of Enbridge's renewables business, though price action has remained under broader selling pressure.

Buyer strength persists despite volatility and mixed intraday momentum

Technically, C$78.05 sits well above the SMA-20 (C$75.98), SMA-50 (C$74.69), and SMA-200 (C$69.20), while the Ichimoku Kijun level at C$75.59 provides a reference for immediate support. Daily chart momentum is supported by ongoing buy signals for both MACD and ADX, even as short-term oscillators give mixed readings: RSI D1 remains in buy territory (63.44), CCI indicates overbought conditions, and Stoch RSI appears neutral. Bull/Bear Power continues to highlight buyer dominance, reinforced by a buy indication in the Awesome Oscillator. However, today's session featured a mild gap down at the open (C$78.22 vs. C$78.76 prior close), and price has drifted near the daily low, reflecting increased volatility and hints of short-term weakness across intraday oscillators.

Bullish bias dominates as volatility bands define short-term risks

Over the next five trading days, ENB is likely to trade within a volatility band between C$77.00 and C$80.50, as indicated by current momentum and technical levels. There is a high probability (over 80%) of continued price strength, given strong weekly trend indicators—including RSI, ADX, MACD, and the MA-50—all displaying buy signals. The base case envisions the stock moving within this corridor, while a move above C$80.50 would require renewed buy-side momentum; a drop below support at C$77.00 could prompt a shift to a more bearish short-term outlook and open the way to lower levels.

Viktoras Karapetjanc, analyst at Traders Union, sees Enbridge's latest renewable achievements as a firm step forward for its long-term fundamental profile. He believes the operational start of the Sequoia project with major customers directly supports income stability and market sentiment, while the Meta partnership boosts visibility around future clean energy growth. Technically, ENB remains anchored above key moving averages and resilience indicators. Short-term price action shows some volatility, but broader trend and news background continue to support a constructive outlook. "Enbridge combines attractive fundamentals with strong momentum, and as long as the price holds above C$77.00, I expect continued strength in the near term."

Earlier, analysts noted that Enbridge displayed ongoing technical resilience and maintained a generally bullish outlook despite signs of overbought conditions. The current momentum-driven uptrend, bolstered by recent advances in renewables and sustained technical strength, positions C$77.00 as a crucial pivot level that could define the next phase of price direction.

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.