Will ENB extend its advance after recent earnings amid resistance near C$67.39?

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Enbridge rises 1.06% to C$66.87 today

Highlights

Enbridge reported Q3 2026 adjusted earnings per share of C$0.49 and distributable cash flow of C$2.7 billion, meeting expectations.
The company reaffirmed its 2026 guidance and maintains a C$38 billion secured growth backlog, with new gas transmission projects supporting future revenue.
Enbridge stock trades below key moving averages, momentum indicators show weakness, and the expected range over the next several days is C$65.12 to C$68.62.

Near-term performance steadies as backlog and guidance affirmed

Enbridge reported its Q3 2026 results, posting adjusted earnings per share of C$0.49 and distributable cash flow of C$2.7 billion, meeting market expectations and signaling ongoing operational steadiness. The company reaffirmed its 2026 guidance, helping to maintain visibility and limit uncertainty around forward performance. Notably, Enbridge highlighted a C$38 billion secured growth backlog, with over C$3 billion in gas transmission projects recently entering service, supporting future revenue streams according to Yahoo Finance and The Motley Fool Canada.

Persistent technical weakness as moving averages cap gains

ENB is trading below the MA-20 (C$66.92), MA-50 (C$67.99), and MA-200 (C$72.6) on the H1 timeframe, with the Ichimoku Kijun level at C$67.39 forming nearby resistance. Momentum remains weak: MACD is in Strong Sell and ADX in Sell mode, while RSI, Stoch RSI, and CCI are neutral. Bull/Bear Power reads slightly positive at 0.25, suggesting minor buyer activity intraday, and the Awesome Oscillator is also neutral.

Downside risk prevails amid weak momentum and tight range

Over the next several days, ENB is expected to move within a volatility band between C$65.12 and C$68.62. The probability of a sustained move higher is very low, while a downside scenario remains most likely given current momentum. A sideways drift within this range is the base case unless price breaks decisively above resistance or drops through support.

Anton Kharitonov, expert at Traders Union, sees Enbridge's recent earnings and distributable cash flow in line with expectations and signs of operational stability. However, he notes that the technical picture remains weak, with price under all key moving averages and momentum firmly negative. The analyst believes that, despite a robust growth backlog, upside is capped in the near term unless price breaks resistance. "Until ENB decisively moves above C$68.62, I remain cautious and expect further sideways or downside action."

Earlier, analysts noted that Enbridge's scale stable cash flows, and supportive regulatory environment underpinned its credit profile and funding activities. Fresh market data and recent earnings reinforce this stability, but with technical resistance still overhead and a directional bias to the downside, traders should watch for a potential break below C$65.12 as the next critical test.

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.