CMG breaks below previous session low

Chipotle Mexican Grill (CMG) Technical Analysis Report for Sep 14, 2018

Highlights

CMG runs into sellers again around 497.24
CMG breaks below previous session low

TQ Sentiment

Report Sentiment: 60% Bearish
Technical Forecast:

Overview

CMG finished the week 1.98% higher at 491.56 after losing $4.38 (-0.88%) today. Closing below Thursday's low at 491.88, the share confirms its breakout through the prior session's low having traded $3.37 below it intraday.

Daily chart for CMG

Volatility

Friday's trading range was $8.73 (1.76%), that's slightly below last trading month's daily average range of $10.06. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being below average.

Price Action

Despite a strong opening the market closed below the previous day's open and close, forming a bearish Engulfing Candle.

Support/Resistance

After having been unable to move above 497.87 in the prior session, Chipotle Mexican ran into sellers again around the same price level today, failing to move higher than 497.24.

Trend

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

Order Flow

Buying might speed up should prices move above the nearby swing high at 497.87 where further buy stops could get triggered. Selling might accelerate should prices move below the close-by swing low at 484.53 where further sell stops could get activated.

Conclusion

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

Market Conditions for Chipotle Mexican Grill

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Latest Report:

CMG breaks below previous session low

Sep 21, 2018
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