Enbridge Inc T.ENB

ENB: Be Careful With New Positions

[silkos]

Head and Shoulders Top

 

 

Intermediate-Term Bearish

Volume	12,065,605
Close Price	48.74
Target Price	45.50 - 46.10
Pattern Duration	34 days
Inbound Trend Duration	31 days

Tells Me: The price seems to have reached the end of a period of "distribution" at the top of a major uptrend; the break down through support signals a reversal to a new downtrend.

The Head and Shoulders Top is created by three successive rallies in the price following a significant uptrend. The highest high (head) is in the middle, flanked by two lower highs (shoulders) at roughly the same level. Volume is highest as the price makes the first two rallies, then diminishes through the right shoulder. Finally volume surges as the price closes below the neckline (drawn between the two lows) to confirm the reversal.

[FiddyFiddyOddz]

I said a few days ago this dog was going back to 45, thanks for the confirmation :( Silkos wrote:" Head and Shoulders Top     Intermediate-Term Bearish Volume 12,065,605 Close Price 48.74

[silkos]

It's not just that ... Debt ceiling drama will hit again soon ... the same soap opera that drags the markets down time and time again.  Look at the market as a whole ... most stocks tanked. Meta dropped 10%. Oil producers tanked. If you have $$$ buy GS or MS. Goldman Sachs makes a lot of dough during these times. They proved it again and again. Regarding ENB, don't expect anything

[FiddyFiddyOddz]

SILKOS - If you traded this heifer before the ex div, then I have to take my hat off to you for your timing, and a fantastic trade.  Great move.  For those of us that sat and did nothing, our 83 cent dividend payout cost us 6 and a half bucks in share value.  Another 5'ish % drop, and whamo, ENB's at 45, and I totally think it could happen. Remember, sprint on the way down