TECHNICAL TRADING SCORECARD
ENB TSX
Enbridge Inc · held position
Last Price (CAD) $68.58
Unrealized G/L +9.3% (+C$5,143)
Tue, Nov 3, 2026 close (weekly items: Fri, Oct 30) · CAD
Portfolio weight 3.37% (Canada)
REVIEWTrend is Down (score 20) and Friday close below the 40-wk SMA ($72.91). No trade yet: re-check the thesis.
Trend health
Trend Score (8–16 wk)
● Down
Score 20/100. Lags S&P/TSX and sector; below rising 40-wk.
Opportunity cost (relative strength, weekly)
Lagging the S&P/TSX for 14 weeks (-14.4% relative)
Lagging TSX energy (XEG) for 15 weeks (-27.8% relative)
Key levels for holders
Breakout Level
confirms hold | Friday close above $70.53 | +2.8% | top of R1 (wk low 08-28, wk high ’25-12-05) |
Profit-Taking Zone (ref.)
reference · rebalance if overweight | $70.83–72.91 | +3.3% to +6.3% | wk high 09-04, 50% retr., wk low 03-27 |
Trade Breakdown
review thesis, no trade | TRIGGERED · reclaim $72.91 | +6.3% | 40-wk SMA 72.91 |
Trend Breakdown (ref.)
reference · no verdict impact | Friday close below $64.64 | -5.7% | trend stop; next support $62.42–64.32 |
If broken, then…
Trade Breakdown (40-wk SMA; triggered at $72.91): review the thesis (earnings, estimates, guidance). No trade yet.
Trend Breakdown (reference only) (Friday close < $64.64): no verdict impact; reassess if the story has also weakened. Next support $62.42–64.32.
Sluymer's view: Agrees. “ENB’s weekly momentum is becoming oversold as it shows very early signs of bottoming at the upper end of its 61.5-66 support band” (CB Oct 13).
Watch this week: Fri Nov 6: a Friday close ≥ $68.80 (+0.3%) lifts RS vs the S&P/TSX off Est. Down; a Friday close back above the 40-wk SMA $72.91 clears the Trade Breakdown.
APPENDIX · ENB (TSX) · TECHNICAL TRADING SCORECARDHeld-card Trade Breakdown level = 40-wk SMA 72.91 (already below on the Friday close: Trade Breakdown triggered).
For adding / new entries (not used for held-position decisions)
| Level | Price | From close | Note |
|---|
| Buy zone | $67.03–68.54 | -0.1% to -2.3% | wk high ’25-11-21, wk high 10-16, wk high ’25-08-22 |
| Trading stop · daily close | below $67.03 | -2.3% | trading downgrade one state; re-anchor to S2 64.64–66.31 |
| Breakout Buy Level | close above $70.53 | +2.8% | top of R1 (wk low 08-28, wk high ’25-12-05) |
| Trading (10–20 day) state | Early Up: Above 50-day; daily RS vs S&P/TSX Est. Up. |
Scores · Trend 20.0
| RS vs S&P/TSX (20) + sector (10) | 2.0 + 1.0 = 3.0 / 30 |
| Structure (6 checks) | 9 / 30 |
| Score = (RS + structure) × 100/60 | 20.0 / 100 |
| Raw state (Up ≥ 60 · Down < 45) | Down |
| Confirmation (2 consecutive Fridays) | confirmed Down |
| Trend (confirmed) | Down |
✖ Fri close above 40-wk SMA 0/6 · ✔ 40-wk SMA rising (4 wks) 4/4 · ✖ No lower high vs cycle high 0/5 · ✖ Fri close above 20-wk SMA 0/5 · ✔ Fri close above 200-wk (4-yr) SMA 5/5 · ✖ 4-mo SMA > 13-mo SMA (completed months, to Sep) 0/5
Weekly raw states: 09-25 Down → 10-02 Down → 10-09 Down → 10-16 Down → 10-23 Down → 10-30 Down. Coppock, band position, breadth and modifiers no longer enter the Trend score (Coppock chart below is reference only). |
Scores · Trading 71.7
| RS (S&P 20 + sector 10) | 20.0 + 10.0 / 30 |
| Structure | 13 / 25 |
| Coppock (daily) — positive but decelerating | 12.5 / 25 |
| Band position | 16.2 / 20 |
| Raw | 71.7 (Early Up) |
| Modifiers (10-yr > 5% rising −3, seasonal −2) | +0 |
| Final | 71.7 Early Up |
| ✔ Close above 50-day SMA 5/5 · ✖ 50-day SMA rising (10 d) 0/3 · ✖ Close above 100-day SMA 0/4 · ✖ Close above 200-day SMA 0/5 · ✔ 200-day SMA rising (20 d) 3/3 · ✔ No daily lower high (last two swing highs) 5/5 |
Relative state (weekly RS vs 16-wk SMA + 2-wk slope; daily RS vs 15-d SMA + 3-d slope; Neutral ±0.25%; phase price = next Fri / next close, benchmark flat)
| Horizon · benchmark | State | RS vs SMA | RS chg | Phase-transition price (ENB (TSX) close needed) |
|---|
| Trend · S&P/TSX | 5 Established Down (+) → | -0.82% | +3.16% | Est. Up ≥ 89.15 (+30.0%) · Early Up ≥ 69.17 · Est. Down < 68.80 |
| Trend · XEG | 5 Established Down (+) → | -10.93% | +0.67% | Early Up ≥ 76.59 · Est. Down < 76.18 |
| Trading · S&P/TSX | 1 Established Up (+) → | +2.41% | +1.54% | Est. Up ≥ 67.12 (-2.1%) · Est. Down < 63.49 |
| Trading · XEG | 1 Established Up (+) ↑ | +4.23% | +2.72% | Est. Up ≥ 65.94 (-3.8%) · Est. Down < 63.29 |
Full bands (cluster rule: 2 or more tools within 3%; Δ vs 68.58)
| Band | Range | Distance | Tools in the cluster |
|---|
| R3 | 73.71–75.86 | +7.5% to +10.6% | wk high 02-13 73.71 · wk low 05-29 75.37 · wk low 07-03 75.51 · wk low 06-19 75.86 |
| R2 | 70.83–72.91 | +3.3% to +6.3% | wk high 09-04 70.83 · 50% 71.53 · wk low 03-27 72.04 · wk low 03-13 72.40 · 200-day SMA 72.57 · 40-wk SMA 72.91 |
| R1 | 68.71–70.53 | +0.2% to +2.8% | wk low 08-28 68.71 · wk high ’25-12-05 68.80 · 61.8% 69.38 · wk high ’25-10-03 70.39 · wk low 04-24 70.53 |
| S1 | 67.03–68.54 | -0.1% to -2.3% | wk high ’25-11-21 68.54 · wk high 10-16 68.22 · wk high ’25-08-22 67.03 |
| S2 | 64.64–66.31 | -3.3% to -5.7% | wk high 01-02 66.31 · wk low 09-11 66.06 · wk high ’25-01-24 65.62 · wk high ’25-05-02 65.15 · wk high ’25-06-06 65.09 · wk high ’25-02-14 64.99 · wk low 10-09 64.86 · wk high ’25-04-04 64.78 · wk low 01-30 64.64 |
| S3 | 62.42–64.32 | -6.2% to -9.0% | wk low ’25-08-22 64.32 · wk low ’25-11-07 64.04 · wk low ’25-12-19 63.67 · wk high ’25-03-07 62.49 · wk low 01-09 62.42 |
| ATH | 80.65 | +17.6% | all-time high; Profit-Taking fallback when no 2-tool band sits above the Breakout (extensions no longer used) |
Coppock, breadth and RS (reference only; not in the Trend score)
Stops & phase transitions
- Tier 1 (trading stop): daily close < 67.03 (-2.3%): trading downgrades one state, re-anchor to S2 64.64–66.31.
- Trend Breakdown (reference, S2 floor): Friday close < 64.64 (-5.7%): information only, no verdict impact. Next support S3 62.42–64.32.
- Trend vs S&P/TSX: Est. Up ≥ 89.15 (+30.0%) · above its 16-wk avg ≥ 69.17 · Est. Down < 68.80 (+0.3%) (next Friday, benchmark flat).
- Trading vs S&P/TSX: Est. Up ≥ 67.12 · Est. Down < 63.49.
Sluymer context
- CB Sep 22 p54: “ENB is weak but becoming oversold nearing a broad band of support between 62-66 where we expect it will bottom.”
- CB Sep 29: “FTS, H, ENB and TRP remain weak in corrections but are becoming oversold nearing support bands where we expect them to bottom.”
- CB Sep 29 p58: “ENB also remains weak as its correction becomes oversold testing next support at 66.”
- CB Oct 13: “Rate-sensitive stocks, such as ENB, TRP, PPL, FTS and H are becoming oversold with early signs of bottoming near support.”
- CB Oct 13 p61: “ENB’s weekly momentum is becoming oversold as it shows very early signs of bottoming at the upper end of its 61.5-66 support band.”
- CB Oct 13: “Rate-sensitive stocks, such as ENB, TRP, PPL, FTS and H are becoming oversold with early signs of bottoming near support.”
- CB Oct 13: CADUSD “weak but oversold short-term challenging next support at 0.70”; US 10-yr “beginning to stall” at 5.35%.
Notes & caveats
Benchmarks: S&P/TSX Composite (20 pts) and XEG (10 pts). Trading items and bands use the Tue, Nov 3, 2026 close; trend uses the Fri, Oct 30 week. Holder levels (simple S/R: 40-wk SMA, 200-day SMA, 50%/61.8% retracements, 2-yr weekly swings and prior breakouts, ATH; ≥2 tools within 3% per band): Breakout = top of R1; Profit-Taking = next band above it, else the ATH, else none (blue sky); Trade Breakdown = the 40-wk SMA (Friday close below it = flag, verdict REVIEW); Trend Breakdown (S2 floor) and Profit-Taking are reference only and do not change the verdict. Trend Score (8–16 wk) = relative strength (30 pts) + structure (30 pts) rescaled to 100: Up ≥ 60, Neutral 45–59, Down < 45, confirmed after two consecutive Friday closes; descriptive, not a forecast. Rates modifier uses the US 10-yr (Sluymer's global rate gauge). Coppock = 10-bar WMA of ROC(14)+ROC(11), standard settings used as a placeholder because his are unpublished; DAS is omitted. Zone = sign + 3-yr percentile; direction = 2 bars. SMAs are simple; swings are 5-bar extremes; the channel is a 2-yr log regression ±2σ. The breadth proxy is the % of ~210 current S&P/TSX Composite members (dashboard universe) with a rising weekly Coppock, in the spirit of his TSX Quadrant Balance; survivorship bias; regime input only. Weights are our choices (playbook §10); the state rule matched 86% / 83% of his sector states in-sample. Data: Yahoo Finance (unadjusted); weight from the Portfolio Dashboard (PIM 11/2 EOD, read-only).