Work in Progress ENB Long - WIP , setting this up to remind me to keep tracking price. Not setting up any orders at the moment. Will revisit. Long term buy and hold strategy. Possible Descending Triangle in play. Good buying opportunity in low to mid 30s. 4hr chart has an MA death cross in the works which could help move price closer to target.
Further to this pattern, the weekly charts printed a bullish morning star reversal pattern (with a beautiful dragonfly doji). We should be heading up from here, barring any major news that would disrupt this pattern.
Currently looking at a long term (weekly) downtrend vs a shorter term uptrend (daily)
- Hitting daily support at $45
- Hitting lower daily bollinger band
- Somewhat negative signal on RSI, but nothing confirmative
- No earnings or dividends for 2 months - price will be more affected by technicals during this timeframe
2 trade possibilities
1. if long term...
Chart has notes, trend lines, and trading hypothesis. Note that my trend lines don't use strict candlestick high/low marks - they use high/low CLOSE values, and I try and have them cross through as many high/low close values as possible to confirm trends.
Updating my short-term assessment on ENB of last week. I'm targeting ENB to hit the area between the level 1 of the fib extension from the last rally and the 0.618 fib retracement level from this year's highs, after the last retracement rally already gone through the 0.382 level, I think it's time to go for the 0.618. There should be some resistance around 43$CAD...
Looking for short confirmed breakdown below 38.85. Below that there is no support until around 38.22.
1. Double bounce off upper down trend
2. Didn't sustain rally after earnings
3. Broke bullish 4H MA down
4. Currently in a 4H downtrend and creeping on the convection point
No RSI confirmation either way, indicator is neutral.
Enbridge is one of the largest energy infrastructure companies in North America. It operates in five segments: Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution, Green Power and Transmission, and Energy Services. It's primary area of operations include Canada and the United States.
The stock has treaded downwards since it announced the...