Enbridge Inc. Stock Forecast

Enbridge Inc. stock upgraded to Buy Candidate.
(Updated on May 08, 2024)

EBBNF Signals & Forecast

The Enbridge Inc. stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $20.72 and $20.65. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Tuesday, May 07, 2024, and so far it has fallen 0%. Further fall is indicated until a new bottom pivot has been found. Volume fell on the last day without any changes to the price. This does not cause any direct divergence but may be an early warning and a possible "turning point". The very low volume increases the risk and reduces the other technical signals issued. The stock had a Golden Star Signal on Friday, April 26, 2024 in the short-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.

Buy

Special Signal Notification

Golden Star

The stock had a Golden Star Signal on Friday, April 26, 2024 in the short-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.

Buy

Special Signal Notification

Double Bottom Formation

A buy signal from a double bottom formation was found on Tuesday, April 23, 2024 with a target of $20.76. Despite whether the objective of the signal formation has been reached the stock may continue to perform well.

Support, Risk & Stop-loss for Enbridge Inc. stock

Enbridge Inc. finds support from accumulated volume at $20.86 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

In general the stock tends to have very controlled movements and therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the stock During the last day, the stock moved $0 between high and low, or 0%. For the last week the stock has had daily average volatility of 0.688%

Our recommended stop-loss: $20.08 (-3.94%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 1 day ago.)

Trading Expectations (EBBNF) For The Upcoming Trading Day Of Thursday 9th

For the upcoming trading day on Thursday, 9th we expect Enbridge Inc. to open at $20.90, and during the day (based on 14 day Average True Range), to move between $20.65 and $21.15, which gives a possible trading interval of +/-$0.252 (+/-1.20%) up or down from last closing price. If Enbridge Inc. takes out the full calculated possible swing range there will be an estimated 2.41% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $20.86 (0.19%) than the resistance at $21.15 (1.20%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Enbridge Inc. stock A Buy?

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Enbridge Inc. stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.

Current score: 1.882 Buy Candidate Upgraded

Predicted Opening Price for Enbridge Inc. of Thursday, May 9, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.