Enbridge shares technical analysis: C$77.66 support under pressure

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Enbridge slides 1.57% to C$78.95 today

Highlights

ENB is experiencing short- and medium-term selling pressure as it trades below key moving averages despite maintaining a long-term bullish structure.
Momentum indicators are mixed, with MACD signaling strong buy momentum while RSI and ADX suggest ongoing seller dominance and possible exhaustion.
Price is forecasted to consolidate between C$77.66 and C$80.24 over the next 2–3 days, with a 59% probability of further downside unless resistance at C$79.15 is reclaimed.

Technical signals diverge as resistance forms and sellers wane

ENB is trading below its MA-20 at C$79.57 and MA-50 at C$79.17, while remaining well above the MA-200 at C$71.47. The Ichimoku Kijun stands at C$79.15 and forms the immediate technical resistance. Indicators present conflicting signals: MACD highlights persistent buy momentum, but ADX maintains a sell bias. RSI registers at 47.73, which is a sell reading, while Stoch RSI is oversold and CCI holds a neutral line, collectively suggesting signs of possible seller exhaustion. Bull/Bear Power remains oversold, confirming intraday seller dominance. Overall, oscillators and momentum tools reveal divergences, reflecting a complex short-term technical backdrop.

Price consolidation expected as bearish risks outweigh recovery

Within the next 2–3 trading sessions, ENB is expected to trade in a range between C$77.66 and C$80.24. The probability of further downside is estimated at 59%, while the chance of an upward move stands at 41%. In the base scenario, price action is likely to consolidate inside this band. A break above resistance at C$79.15 could initiate a bullish phase, whereas a drop below the lower bound of C$77.66 would signal renewed bearish momentum.

Anton Kharitonov, expert at Traders Union, sees Enbridge trading below key moving averages, with mixed technical signals and short-term oscillators flashing signs of weakness. He notes the lack of current news drivers and the dominance of sellers keeping price action under pressure. The expert believes downside risk is elevated, but a clear direction will depend on a break of C$77.66 or C$79.15. "Base case is rangebound; I remain cautious unless ENB reclaims C$79.15 with momentum."

Earlier, analysts highlighted Enbridge’s long-term constructive outlook, citing technical resilience and the positive implications of its expansion efforts. Recent short-term selling pressure and mixed momentum signals introduce increased uncertainty, making close attention to upcoming support and resistance levels essential for traders assessing potential trend shifts.

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.