CMG breaks below previous session low


Chipotle Mexican Grill (CMG) Technical Analysis Report for Jul 13, 2018 [1 min read]
Highlights
CMG closes below its opening price unable to hold early session gains
CMG ends the day on a bearish note closing near the low of the day
CMG breaks below previous session low
TQ Sentiment
Report Sentiment: 50% Bearish
Technical Forecast:
Overview

CMG finished the week 1.37% higher at 457.21 after losing $1.84 (-0.4%) today. Trading $2.40 higher after the open, the stock was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Thursday's low at 458.40, the share confirms its breakout through the previous session's low having traded $1.73 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for CMG
Volatility

Friday's trading range was $4.33 (0.94%), that's far below last trading month's daily average range of $10.54. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average.

Support/Resistance

Prices are trading close to a key support level at 452.17.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

Buying might accelerate should prices move above the close-by swing high at 464.39 where further buy stops could get activated. Selling might speed up should prices move below the nearby swing low at 452.17 where further sell stops could get triggered. With prices trading close to this year's high at 474.46, upside momentum might accelerate should Chipotle Mexican be able to break out to new highs for the year.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Chipotle Mexican Grill
ConditionForecastDirectionWinAvgWorstBestEvents
Close to Swing Low TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
Bearish Break through SMA 20 TQ Pro Members Only
Close to Swing High TQ Pro Members Only
Price broke through Technical Support S1 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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