CMG closes within prior day's range


Chipotle Mexican Grill (CMG) Technical Analysis Report for May 17, 2018 [< 1 min read]
Highlights
CMG dominated by bears dragging the market lower throughout the day
CMG closes within previous day's range
TQ Sentiment
Report Sentiment: 40% Bearish
Technical Forecast:
Overview

CMG ended Thursday at 438.58 losing $6.09 (-1.37%). The bears were in full control today, moving the market lower throughout the whole session. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range.

Daily chart for CMG
Volatility

Thursday's trading range was $8.82 (1.98%), that's slightly below last trading month's daily average range of $11.10. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being above average.

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. After moving higher in the previous session, Chipotle Mexican closed lower but above the prior day's open today, forming a bearish Harami Candle.

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 close-by swing high at 447.71 where further buy stops could get activated.

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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