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Asset Watch
Tuesday, April 4, 2023
Enbridge closed above its 200-week moving average on Mar. 31. During the previous two weeks, the key level was resistance, as intraweek rallies were quickly sold. Now, $37.50 is support, and it should hold unless another bank panic erupts.
After Enbridge recouped its 200-week MA in October, it enjoyed a 10.9% rally over the following three weeks before a consolidation ensued. As such, the setup is quite constructive.
Finally, Enbridge’s weekly RSI is closer to oversold than overbought, and despite the share price coming within 80 cents of its October low, its RSI remains relatively resilient. Consequently, the selling momentum has been milder this time around.
So, is Enbridge poised for a comeback, or does it head lower alongside the oil price?
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