Currently looking at a long term (weekly) downtrend vs a shorter term uptrend (daily)
- Hitting daily support at $45
- Hitting lower daily bollinger band
- Somewhat negative signal on RSI, but nothing confirmative
- No earnings or dividends for 2 months - price will be more affected by technicals during this timeframe
2 trade possibilities
1. if long term...
ENB.TO Has a really obvious breakout pattern so many people will be watching it. Picture perfect base, 50/200 cross into consolidation waiting for an excuse to go high. On Watch.
Chart has notes, trend lines, and trading hypothesis. Note that my trend lines don't use strict candlestick high/low marks - they use high/low CLOSE values, and I try and have them cross through as many high/low close values as possible to confirm trends.
Updating my short-term assessment on ENB of last week. I'm targeting ENB to hit the area between the level 1 of the fib extension from the last rally and the 0.618 fib retracement level from this year's highs, after the last retracement rally already gone through the 0.382 level, I think it's time to go for the 0.618. There should be some resistance around 43$CAD...
Looking for short confirmed breakdown below 38.85. Below that there is no support until around 38.22.
Indicators:
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...
In several well-known websites some analysts called the stock of this company a "Top 10 dividend paying energy stock". This people use sentences like ENB shares displayed both attractive valuation metrics and strong profitability metrics. But I look the chart, and I think which person recommends buy this company stock and I wonder will they already bought some...
