West Texas Express pipeline open season: ENB resistance levels in focus

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Enbridge holds steady at C$67.46

Highlights

Enbridge began a non-binding open season for its proposed West Texas Express pipeline to address growing Permian Basin natural gas volumes.
Potential revenue and volume growth depend on stakeholder commitments, project milestones, and regulatory approvals before the pipeline can proceed.
Shares of Enbridge trade below key moving averages with sellers in control, and are expected to remain rangebound between C$66.85 and C$68.07.

Infrastructure expansion as new pipeline open season targets Permian gas

Enbridge launched a non-binding open season on September 15 for its proposed West Texas Express pipeline, aiming to add a further potential outlet for rising Permian Basin natural gas supply, according to East Daley. This step reflects the company's ongoing strategic efforts to expand its infrastructure footprint and diversify natural gas export routes. Successful uptake in the open season could ultimately lead to higher transport volumes and recurring revenue, though tangible impacts will depend on completion of subsequent project milestones and regulatory progress.

Bearish momentum prevails as resistance and mixed signals constrain rebound

On the H1 chart, ENB remains below the MA-20 at C$67.76 and the MA-50 at C$67.84, with long-term resistance from the MA-200 at C$72.26. The Ichimoku Kijun sits at C$67.78, creating a technical ceiling for any immediate rebound attempts. Among indicators, MACD signals Sell while ADX remains Neutral, suggesting unclear trend strength. RSI is at 45.78, aligning with a Sell read, while Stoch RSI and CCI both present as Neutral. Bull/Bear Power is in Buy territory, reflecting limited buyer activity on an intraday basis, and the Awesome Oscillator is Neutral with no clear trend confirmation.

Range-bound action likely as volatility persists within set corridor

In the short term, ENB is projected to trade within a corridor of C$66.85 to C$68.07 over the coming sessions, reflecting a sideways volatility band relative to current levels. The baseline scenario continues to favor range-bound movement, with a 59% probability for a downside test and 41% for an upside break. A bullish outcome requires a decisive push above immediate resistance near C$67.78, while any move below C$66.85 would reinforce the downside scenario.

Viktoras Karapetjanc, expert at Traders Union, sees Enbridge's latest pipeline initiative as a positive sign of strategic intent and institutional strength. He believes global infrastructure expansion remains a core growth driver for the company, even as ENB trades under pressure and key technical barriers. In his view, the limited immediate price move does not diminish the longer-term constructive outlook tied to successful project execution. "If ENB can push above resistance around C$67.78, I expect sentiment to improve, supported by company efforts to broaden its natural gas footprint," says Karapetjanc.

Earlier, analysts noted that Enbridge was facing persistent pressures from rising costs and financing risks, leading to a cautious near-term outlook for the stock. The current analysis adds a new dimension by highlighting the potential impact of the proposed West Texas Express pipeline, with sustained monitoring of C$67.78 resistance and C$66.85 support critical for confirming any breakout or breakdown outside the established trading band.

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.