An idea showing a breakdown from a temporary channel to a lower trend line This is an update to my previous analyses to ENB which also suggests a move downward to like $9 - 10.
ENB is creating a bullish symmetrical triangle. Breaking the upper trend and the Fibbo 0.618 @ 55 dollars (called Buying zone 1 in chart). ENB will make a 10 percent upwards bullish run ( to TP1). There will be a small correction between TP1 and Fibbo 0.785 @ 56.89 dollars. Then will potentially hit the 65+ zone (to TP2)
ENB has rised dramatically on this non-log chart I have drawn a strong trend line in green that I expect price to fall to This is the result of a double top Double tops are a bearish pattern and is shown with the bearish bars pattern tool.
WHY I TOOK THE TRADE - Long term chart in uptrend & price is testing into a new DZ - The DZ(demand zone) on the (D) chart is the last Higher Low of the (W) uptrend - technically: the (W) chart & (M) were in uptrend - Price failed to CLS below the DZ, I enter LNG on the retest CONFIRMATION - Double bottom confirmed after price broke out & rallied WHY I CLOSE THE...
I do own ENB, and I continue to add, but I wish I had been more patient in the last few months, but a dividend btw 7.5-9% is attractive for something that I will try to hold for 5-10 years if ENB continues to look strong financially. I Will purchase more near 34.50-ish region if we see those prices, call it a "fantasy order". Transferring cash and placing order...
$ENB has been a good recovery play. Slow and steady & great dividends. If you didn't catch the low entries, expect retest of 41$ before hitting 46$. IF clean break, on to 50$. Unlikely we fall below this zone.
OBV on bottom shows strong uptrend vs ongoing flat price. I’m in at 29.16 US for at least short to med hold. MACD is heading the the right direction past 0 and upcoming up cross of 200 EMA.
Stock: ENBPRJ Quantity: 30 Position: Long Open: 17.50$
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...
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...