Enbridge shares technical analysis: Consolidation near C$80.67 resistance

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Enbridge up 0.37% today at C$79.71

Highlights

Enbridge secured a critical water resources permit for its CA$800 million Great Lakes Tunnel Project, reducing regulatory risk and enabling resumed construction.
Improved regulatory clarity is expected to strengthen investor sentiment and the outlook for Enbridge's infrastructure expansion initiatives.
Technicals show solid bullish momentum with price forecasted to trade between C$78.75 and C$80.67 over the next few days, with low downside risk.

Permit approval reduces project risk as construction resumes

Regulatory clarity has improved for Enbridge following the reissuance of a key water resources permit from the Michigan Department of Environment, Great Lakes and Energy for its CA$800 million Great Lakes Tunnel Project, according to Simplywall. This development allows construction activities in environmentally sensitive areas to resume, reducing project risk and regulatory uncertainty. The approved permit is likely to support market sentiment by improving the outlook for Enbridge's infrastructure expansion.

Buy momentum persists despite overbought signals as support holds

On the technical front, ENB closed at C$79.71, with the Ichimoku Kijun on the daily chart at C$79.12 acting as immediate support. Key moving averages show price holding above the MA-20 and MA-50 on the working timeframe as well as above the MA-200 over the long term. Momentum is reinforced by integration of a Buy signal from both MACD and ADX, while CCI is in overbought territory. RSI registers at 62.38 (Buy), with Stoch RSI reading as neutral, and Bull/Bear Power indicating buyer dominance in intraday momentum. Still, the overbought CCI and neutral Stoch RSI point to slight divergence emerging among the oscillators.

Sideways trading likely as breakout risks remain balanced

Over the next 2–3 trading days, ENB is expected to move within the C$78.75 to C$80.67 volatility band relative to current levels. The most probable scenario is for the price to trade sideways within this corridor. Should a breakout above resistance occur, an advance toward the upper boundary of the range is likely. Conversely, a decline below immediate support would set the stage for a test of the lower end of the forecast range.

Anton Kharitonov, expert at Traders Union, sees recent regulatory clarity as a positive step for Enbridge, but remains cautious about the near-term outlook. Technical signals are mixed, with price holding support but some oscillators showing divergence. The analyst believes a sideways move within the C$78.75 to C$80.67 range is the base case unless decisive momentum emerges. "Until we see a clear breakout on volume or a reversal below support, I remain neutral and suggest caution here."

Earlier, analysts noted that Enbridge maintained a robust technical outlook supported by stable, diversified cash flows and resilient investor demand. The recent regulatory progress not only reinforces this stability but also positions ENB for a potential upside breakout, with renewed market attention warranted on any sustained move above near-term resistance.

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.