ENIC: 2021-2026 base breakout/retest

6/17/2026 – Enel Chile SA (ENIC), an ADR for an electric utilities stock based in Chile, has broken out and successfully retested the breakout from a 2021-2026 big base pattern. Rising 13-, 26-, and 40-week moving averages (WMAs) from 4.35 down to 4.10 reinforce this bullish setup ahead of more important support at the big base breakout and retest zone from 3.90 to 3.68.

The 2021-2026 big base projects upside potential for ENIC to 5.25-5.42 (tactical pattern count and 100% extension of the July 2022-July 2023 rally projected from the September 2024 low) and then higher toward 6.56-6.75 (early-2018 peak and big base pattern target) on a longer-term basis.

The constructive price action is supported by the alignment of rising WMAs, which suggests that the recent consolidation represents a pause within a developing uptrend rather than a reversal. As long as ENIC continues to hold above the 3.90-3.68 breakout and retest zone, the weight of the evidence favors continued upside toward the stated objectives.

Chart 1: Enel Chile SA (ENIC) (top), relative to the S&P 500 (center), and volume (bottom): Weekly chart

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