Enbridge stock forecast: Consolidation near C$78.93 resistance

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Enbridge slips 0.82% to C$77.72 today

Highlights

Enbridge began constructing its $4 billion Sunrise Expansion, adding 140 km and 300 million cubic feet/day to its BC gas pipeline.
The project's 12.5% Indigenous community stake broadens local alignment and positions Enbridge for long-term revenue growth.
ENB/CAD remains under short- and medium-term technical pressure, forecast to trade sideways between C$76.93 and C$78.51 with a bearish bias.

Pipeline expansion and Indigenous stake drive growth and stakeholder alignment

Enbridge has commenced construction on the $4 billion Sunrise Expansion Program, which will expand its West Coast natural gas pipeline in British Columbia by 140 kilometres and boost capacity by 300 million cubic feet per day, according to Cbc. This project represents a significant capital deployment aimed at growing future transmission volumes and revenue potential. The initiative also features ongoing partnership with 38 Indigenous communities, who last year acquired a 12.5% ownership interest in Enbridge’s Westcoast system, broadening local stakeholder alignment and potentially supporting long-term operational stability.

Oversold bias emerges as momentum weakens below technical resistance

ENB is trading below the MA-20 at C$79.08 and MA-50 at C$78.52, with the MA-200 at C$71.28 acting as long-term support on the daily chart. The Ichimoku Kijun level at C$78.93 stands out as immediate resistance. Negative momentum dominates: ADX and MACD remain neutral to weak, while RSI reads 35.04 (Sell), and oscillators like Stochastic RSI, CCI, and Bull/Bear Power signal oversold conditions, indicating strong seller presence intraday. The Awesome Oscillator stays neutral, showing no pronounced directional bias.

Downside risk elevated as consolidation likely within projected range

Over the next two to three trading days, ENB is projected to stay within a band of C$76.93 to C$78.51 based on typical volatility. The probability of an upward move is calculated at 25%, while a further downside move has a 75% likelihood. Most likely, price consolidates inside this range; a decisive break above C$78.93 would open a bullish scenario, while a drop below immediate support could signal a deeper pullback.

Anton Kharitonov, expert at Traders Union, sees Enbridge’s technical momentum as weak, with persistent selling and key moving averages acting as resistance. Fundamentally, the launch of the large-scale Sunrise Expansion and increased Indigenous partnership highlight positive long-term intent, but these do not offset near-term price pressure. He believes the probability of a further downside move is greater, barring a clear break above resistance. "Until ENB reclaims C$78.93, I remain cautious and see little reason to expect a reversal in the short term."

In a recent review, analysts highlighted Enbridge’s stable technical outlook supported by regulatory progress and resilient investor demand. The current environment introduces heightened short-term downside risk, making any confirmed move above C$78.93 a critical signal for a potential shift in momentum.

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.