CMG finds buyers at key support level


Chipotle Mexican Grill (CMG) Technical Analysis Report for Aug 10, 2018 [1 min read]
Highlights
CMG finds buyers at key support level
CMG stuck within tight trading range
CMG closes within previous day's range after lackluster session
CMG ends the day indecisive
TQ Sentiment
Report Sentiment: 0% Neutral
Technical Forecast:
Overview

CMG ended the week 4.79% higher at 485.47 after losing $2.21 (-0.45%) today. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for CMG
Volatility

Friday's trading range was $8.41 (1.73%), that's below last trading month's daily average range of $11.81. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average. Prices continued to consolidate within a tight trading range between 477.94 and 493.00 which it has been in now for the last three days.

Price Action

During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.

Support/Resistance

After trading as low as 482.44 during the day, the stock bounced off the key support level at 483.29. The failure to close below the support might increase that levels importance as support going forward. Prices are trading close to the key resistance level at 493.00.

Trend

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

Order Flow

Buying could speed up should prices move above the close-by swing high at 493.00 where further buy stops might get activated. 2,017's high at 499.00 is within reach and we could see further upside momentum should the market manage to break out past.

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
Condition Forecast Direction Win Avg Worst Best Events
Low close to previous low TQ Pro Members Only
Bullish Intraday Reversal TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
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