ENB dominated by bulls lifting the market higher throughout the day
Enbridge Inc (ENB) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
ENB finished the week 0.05% higher at 42.20 after gaining $0.18 (0.43%) today, slightly outperforming the S&P 500 (0.18%) following today's earnings report. The bulls were in full control today, moving the market higher throughout the whole session. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (ENB as at Feb 14, 2020):
ENB reported earnings of $0.46 per share today. With analysts having expected an EPS of $0.5, Enbridge Inc failed market expectations by -8.0%. The company's last earnings report was released on Nov. 8, 2019, when Enbridge Inc reported earnings of $0.42 per share hitting market expectations.
Friday's trading range has been $0.97 (2.34%), that's far above the last trading month's daily average range of $0.48. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for ENB.
Two candlestick patterns are matching today's price action, the Piercing Pattern and the White Candle which are both known as bullish patterns. The last time a Piercing Pattern showed up on May 15, 2019, ENB gained 1.04% on the following trading day.
After trading as low as 41.28 during the day, the share found support at the 20-day moving average at 41.51.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Piercing Pattern" stand out. Its common bullish interpretation has been confirmed for Enbridge. Out of 7 times, ENB closed higher 85.71% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 85.71% with an average market move of 4.67%.