Aspen Point expansion enters service supports Enbridge stock above C$64.87 support

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Enbridge dips 0.2% to C$65.64 today

Highlights

Enbridge secured C$3.0 billion in common-equity funding, increasing liquidity for growth projects and supporting its capital structure.
The Aspen Point project added 535 million cubic feet per day of capacity to the Westcoast system in British Columbia for $1.2 billion.
Shares of Enbridge closed at C$65.64 after slipping 0.2%, with technical signals showing persistent downward momentum and a projected trading range of C$64.87 to C$66.41 for the next 2 to 3 days.

Liquidity boost and project gains offset by persistent selling pressure

Enbridge completed a C$3.0 billion common-equity offering to support its growth ambitions and reinforce its capital structure, according to Kalkine. This injection of liquidity enhances the company's flexibility to pursue future projects and maintain financial stability. In addition, the Aspen Point expansion, a $1.2 billion project that entered service on September 29, 2026 in British Columbia, has increased the Westcoast system's capacity by 535 million cubic feet per day, unlocking further throughput opportunities as reported by Finance Yahoo. These developments provide a constructive backdrop for Enbridge's operations, though price action has remained under broader selling pressure.

Bearish momentum dominates as ENB tests key supports and resistances

ENB is trading below the MA-20 (C$66.05) and MA-50 (C$66.49) on the H1 chart, as well as below the MA-200 (C$72.27) on the daily timeframe. The Ichimoku Kijun at C$65.97 defines immediate resistance, while support is established near C$64.87. Momentum indicators highlight selling pressure: MACD and ADX both show a bearish tone, while RSI, Stochastic RSI, and CCI register deeply oversold readings that may suggest a stretched market. Bull/Bear Power confirms dominant seller activity intraday. The Awesome Oscillator is neutral, providing no material signal to reinforce the trend.

Sideways range likely as upside reversal odds remain low

Over the next 2–3 trading days, ENB is likely to fluctuate between C$64.87 and C$66.41, a typical volatility band relative to current levels. The probability of an upward move stands at 30%, with a 70% likelihood of a move lower, indicating that a bullish reversal is not the base case. The principal scenario sees ENB ranging sideways within this corridor. Should resistance at the Ichimoku Kijun (C$65.97) be breached, an attempt at the upper bound could materialize. Conversely, a break of support may accelerate a move toward C$64.87.

Viktoras Karapetjanc, expert at Traders Union, sees constructive developments in Enbridge’s fundamentals after the successful C$3.0 billion equity raise and commissioning of the Aspen Point expansion. He believes these steps enhance the company’s long-term position and financial flexibility, despite ongoing short-term bearish sentiment. Price action remains under pressure and the stock is trading below major moving averages. However, technicals suggest oversold conditions could limit further downside. "The foundation for future growth is solid, and I see pullbacks as an opportunity for medium-term investors to accumulate."

Earlier, analysts noted that Enbridge’s technical outlook remained weak despite ongoing operational improvements and infrastructure expansion. The current analysis reinforces this assessment, highlighting that the prevailing scenario is sideways trade with heightened downside risk if immediate support is breached.

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

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