Enbridge Inc. Stock Forecast
Enbridge Inc. stock downgraded from Buy Candidate to Hold/Accumulate after Friday trading session.
(Updated on Apr 26, 2024)
The Enbridge Inc. stock price fell by -1.13% on the last day (Friday, 26th Apr 2024) from $49.52 to $48.96. During the last trading day the stock fluctuated 1.62% from a day low at $48.88 to a day high of $49.67. The price has risen in 6 of the last 10 days and is up by 4.02% over the past 2 weeks. Volume has increased on the last day by 370 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 9 million shares were bought and sold for approximately $460.03 million.
The stock lies in the upper part of a weak rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $49.54 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 2.93% during the next 3 months and, with a 90% probability hold a price between $47.07 and $50.99 at the end of this 3-month period.
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ENB.TO 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 $48.40 and $48.10. 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 Thursday, April 25, 2024, and so far it has fallen -1.13%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Enbridge Inc. stock
Enbridge Inc. finds support from accumulated volume at $48.43 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $0.790 (1.62%) between high and low. For the last week, the stock has had daily average volatility of 1.58%.
Our recommended stop-loss: $47.36 (-3.27%) (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 (ENB.TO) For The Upcoming Trading Day Of Monday 29th
For the upcoming trading day on Monday, 29th we expect Enbridge Inc. to open at $49.17, and during the day (based on 14 day Average True Range), to move between $48.25 and $49.67, which gives a possible trading interval of +/-$0.715 (+/-1.46%) up or down from last closing price. If Enbridge Inc. takes out the full calculated possible swing range there will be an estimated 2.92% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $48.43 (1.08%) than the resistance at $49.52 (1.14%), 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?
Enbridge Inc. holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: 0.425 Hold/Accumulate Downgraded
Predicted Opening Price for Enbridge Inc. of Monday, April 29, 2024
| Fair opening price April 29, 2024 | Current price |
|---|---|
| $49.17 ( 0.429%) | $48.96 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ENB.TO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 49.96 | 2.04 % | |
| R2 | 49.66 | 1.43 % | ||
| R1 | 49.47 | 1.05 % | ||
| Current price: | 48.96 | |||
| Support | S1 | 48.87 | -0.187 % | |
| S2 | 48.68 | -0.568 % | ||
| S3 | 48.38 | -1.18 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 49.52 | 1.14 % | ||
| Current price | 48.96 | |||
| Support | S1 | 48.43 | -1.08% | |
| S2 | 48.06 | -1.84% | ||
| S3 | 46.46 | -5.11% |
ENB Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | May 14, 2024 | May 14, 2024 | Jun 01, 2024 | $0.92 | 1.87% |
| 2 | Nov 29, 2023 | Feb 15, 2024 | Mar 01, 2024 | $0.92 | 1.94% |
| 3 | Nov 29, 2023 | Feb 14, 2024 | Mar 01, 2024 | $0.92 | 1.94% |
| 4 | Nov 01, 2023 | Nov 14, 2023 | Dec 01, 2023 | $0.89 | 1.87% |
| 5 | Aug 14, 2023 | Aug 14, 2023 | Sep 01, 2023 | $0.89 | 1.84% |
FAQ
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