Enbridge shares technical analysis: Support pressure increases at C$66.07

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Enbridge slides 1.07% to C$67.33

Highlights

Enbridge reported a 4% year-over-year increase in adjusted EBITDA to C$4.4 billion for the third quarter of 2026 and reaffirmed its 2026 guidance.
The company placed over C$3 billion in Gas Transmission projects into service, but its debt-to-EBITDA ratio rose to 5.1x, exceeding target levels.
Shares of Enbridge fell 1.07% to C$67.33, trading below key moving averages with technical indicators signaling dominant short-term bearish momentum and a likely range of C$66.07 to C$68.26 in the next 2 to 3 trading days.

Mixed earnings strength as debt levels weigh on sentiment

Enbridge's third quarter 2026 results showed adjusted EBITDA rising 4% year-over-year to C$4.4 billion, as growth in Gas Transmission was partially offset by weakness in Liquids Pipelines, according to PR Newswire. The company reaffirmed its 2026 financial guidance and placed over C$3 billion worth of Gas Transmission projects into service during the period, reflecting continued strategic investment. However, Enbridge's debt-to-EBITDA ratio stands at 5.1x as it integrates new acquisitions, a level exceeding the company's target range and highlighting ongoing balance sheet risks. These developments provided some underlying support but have not prevented continued selling pressure in the stock.

Bearish momentum dominates as resistance and support remain tested

On the H1 timeframe, ENB is trading below its MA-20, MA-50, and MA-200, underscoring persistent bearish momentum across all examined periods. The Ichimoku Kijun level at C$68.33 serves as immediate resistance. Momentum remains negative, with both MACD and ADX in Sell mode, while the Awesome Oscillator also confirms prevailing bearish conditions. RSI is neutral, which contrasts with oversold readings from both Stochastic RSI and CCI, hinting at the potential for a near-term technical bounce. Bull/Bear Power is negative, confirming that sellers continue to dominate the intraday action.

High downside risk as immediate support threatens further losses

For the next 2–3 trading days, ENB is expected to trade within a typical volatility band of C$66.07 to C$68.26. The likelihood of further downside movement is high, with a 76% probability, while the chance of an upward rebound stands at 24%. If the price manages a close above the immediate resistance level, a short-term rebound may materialize. Conversely, a decisive break below current support is likely to accelerate the ongoing downward momentum.

Viktoras Karapetjanc, expert at Traders Union, believes Enbridge's fundamental growth in Gas Transmission and strategic investments underpin long-term value, despite current market weakness. He sees persistent bearish sentiment in the short term, as technical indicators confirm seller dominance and leverage concerns remain in focus. Reaffirmed guidance and a stable dividend offer a supportive macro backdrop, yet further downside is likely near term. "Should the price reclaim C$68.33, I expect a technical rebound, but until then, the prevailing trend favors patience on new entries."

Previously it was reported that Enbridge’s outlook was characterized by a stable dividend policy and technical resistance translating into limited directional bias for the stock. The latest analysis adds that persistent bearish momentum and an elevated debt-to-EBITDA ratio reinforce downside risks, making C$68.33 a critical resistance level to monitor for any potential shift in short-term trend.

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.