Enbridge shares technical analysis: Consolidation near C$64.85 support

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Enbridge slips 0.06% to C$65.46 today

Highlights

Enbridge has entered a joint venture with KKR and Apollo for C$2.7 billion Westcoast natural gas pipeline expansions in British Columbia.
Enbridge gains C$700 million cash upfront, retains majority ownership and operational control, with a buyback option from year seven to fourteen.
Shares of Enbridge trade below key moving averages, with technical indicators showing strong selling pressure and high downside probability in the C$64.85 to C$66.07 range.

Liquidity boost and long-term flexibility as joint venture secures pipeline funding

Enbridge has entered into a joint venture with KKR and Apollo to support C$2.7 billion in expansions of its Westcoast natural gas pipeline system in British Columbia, according to Energynow. Under the agreement, KKR and Apollo will fund two major projects—Aspen Point and Sunrise—while Enbridge receives an immediate C$700 million cash payment at closing, ensuring enhanced liquidity for its ongoing operations. The company retains majority ownership and operational control of the pipeline, with a structured option to repurchase the investors' interest between the seventh and fourteenth year after closing, which adds significant long-term strategic flexibility.

Persistent selling pressure and diminished momentum as key indicators signal

On the technical front, ENB is trading below its MA-20 (C$65.81) and MA-50 (C$66.18) on the h1 chart and well under the long-term MA-200 (C$72.27, D1). Immediate resistance aligns with the Ichimoku Kijun at C$65.82. Supporting levels are found at C$64.85, with resistance at C$66.07. Indicator-wise, RSI stands low at 38.34, while MACD, ADX, CCI, and Bull/Bear Power all register sell signals, reflecting ongoing selling pressure in intraday trading. Both Stoch RSI and Awesome Oscillator are currently neutral, signaling some loss of downside momentum.

Limited rebound prospects as price action remains capped by resistance

Over the next several sessions, ENB is likely to trade in a range between C$64.85 and C$66.07, consistent with typical volatility bands for this name. The probability of a sustained upward move is low, whereas further downside remains the dominant short-term scenario; a reversal higher would require a decisive break above the C$65.82 resistance. A move below the C$64.85 support would increase downside risk and open the way for further losses, while a base case outcome is continued sideways trading within this defined band.

Anton Kharitonov, analyst at Traders Union, sees Enbridge's strategic joint venture as boosting near-term liquidity while safeguarding long-term control. He notes that despite this fundamental support, technical signals remain weak with clear selling pressure. Downside risk dominates the short-term view, with price action likely bound within C$64.85 to C$66.07. "Unless C$65.82 is decisively reclaimed, I see little reason to expect a reversal in the current trend."

Earlier, analysts noted that Enbridge’s technical outlook remained weak despite ongoing operational improvements and infrastructure expansion. The current analysis reinforces this view, with renewed joint venture activity and additional liquidity providing longer-term flexibility, but the immediate priority for traders remains monitoring the C$65.82 resistance and C$64.85 support for signs of a directional breakout.

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.