Enbridge Stock Forecast
Enbridge stock price up 0.198% on Tuesday
(Updated on Apr 23, 2024)
The Enbridge stock price gained 0.226% on the last trading day (Tuesday, 23rd Apr 2024), rising from $35.35 to $35.43. It has now gained 5 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 0.97% from a day low at $35.19 to a day high of $35.53. The price has risen in 6 of the last 10 days and is up by 0.31% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 1 million more shares were traded than the day before. In total, 12 million shares were bought and sold for approximately $432.60 million.
The stock is moving within a horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Enbridge stock with a 90% probability to be traded between $32.89 and $36.08 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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ENB Signals & Forecast
The Enbridge stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $34.23 and $35.29. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 7.43%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Enbridge stock
Enbridge finds support from accumulated volume at $34.80 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.340 between high and low, or 0.97%. For the last week, the stock has had daily average volatility of 1.90%.
Our recommended stop-loss: $33.98 (-4.06%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 5 days ago.)
Trading Expectations (ENB) For The Upcoming Trading Day Of Wednesday 24th
For the upcoming trading day on Wednesday, 24th we expect Enbridge Inc to open at $35.38, and during the day (based on 14 day Average True Range), to move between $34.84 and $36.00, which gives a possible trading interval of +/-$0.578 (+/-1.63%) up or down from last closing price. If Enbridge Inc takes out the full calculated possible swing range there will be an estimated 3.26% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $35.50 (0.23%) than the support at $34.80 (1.75%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Enbridge Inc stock A Buy?
Enbridge 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.
Current score: 0.637 Hold/Accumulate Unchanged
Predicted Opening Price for Enbridge Inc of Wednesday, April 24, 2024
| Fair opening price April 24, 2024 | Current price |
|---|---|
| $35.38 ( 0.113%) | $35.42 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ENB
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 35.72 | 0.85 % | |
| R2 | 35.59 | 0.480 % | ||
| R1 | 35.51 | 0.254 % | ||
| Current price: | 35.42 | |||
| Support | S1 | 35.25 | -0.480 % | |
| S2 | 35.17 | -0.706 % | ||
| S3 | 35.04 | -1.07 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 36.09 | 1.89 % | |
| R2 | 35.69 | 0.762 % | ||
| R1 | 35.50 | 0.226 % | ||
| Current price | 35.42 | |||
| Support | S1 | 34.80 | -1.75% | |
| S2 | 34.42 | -2.82% | ||
| S3 | 33.33 | -5.90% |
ENB Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Nov 29, 2023 | Feb 14, 2024 | Mar 01, 2024 | $0.659 | 1.89% |
| 2 | Nov 01, 2023 | Nov 14, 2023 | Dec 01, 2023 | $0.643 | 1.83% |
| 3 | Aug 01, 2023 | Aug 14, 2023 | Sep 01, 2023 | $0.670 | 1.89% |
| 4 | May 03, 2023 | May 12, 2023 | Jun 01, 2023 | $0.658 | 1.82% |
| 5 | Nov 30, 2022 | Feb 14, 2023 | Mar 01, 2023 | $0.666 | 1.75% |
FAQ
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