Will Enbridge stock break C$69.46 resistance amid steady buyer support?

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Enbridge rises 1.34% to C$68.8 today

Highlights

ENB/CAD is showing slightly bullish momentum in the short and medium term, but remains under bearish long-term pressure.
Momentum indicators are mixed with the MACD signaling strong buy, RSI leaning bullish, and other oscillators mostly neutral or oversold.
For the next 2 to 3 trading days, ENB/CAD is forecast to consolidate between C$68.14 and C$69.46, with high probability of an upward move.

Mixed momentum signals as buyers test resistance and support levels

On the technical front, ENB is trading above its MA-20 (C$67.88) and MA-50 (C$67.51) on the hourly chart, but remains below the MA-200 (C$72.49). The Ichimoku Kijun at C$67.9 is currently acting as immediate support. Among momentum indicators, MACD signals a strong buy, while ADX stays neutral, suggesting no pronounced trend. RSI is neutral-bullish at 51.47, Stochastic RSI is oversold, CCI is neutral, and Bull/Bear Power is signaling buyer dominance. The Awesome Oscillator remains neutral, resulting in divergent momentum signals.

Upside bias expected as consolidation narrows near critical thresholds

Looking ahead to the next 2–3 trading days, the anticipated price range for ENB is C$68.14 to C$69.46. The forecast points to a very high probability of an upward move with a minimal chance of downside. The baseline scenario envisions price consolidation within a sideways corridor; a break above resistance could trigger a bullish move, while a failure at support near the Kijun level might result in further weakness.

Anton Kharitonov, expert at Traders Union, sees ENB displaying constructive price action above key short- and medium-term averages but warns of unresolved longer-term resistance. He notes mixed momentum signals and the absence of recent news as reasons to remain cautious. The technical setup points to a possible consolidation, with upside only likely if resistance levels break. "Until ENB can reclaim the MA-200 and hold above C$69.46, the base case remains sideways with risks skewed to the downside if Kijun support fails."

Earlier, analysts noted that Enbridge shares maintained a stable, rangebound performance supported by operational stability and leadership's focus on regulatory clarity. The current analysis confirms this ongoing consolidation, with technical signals highlighting C$69.46 as a pivotal resistance to monitor for potential upward 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.