$CMG I believe we can see low prices towards the end of the year. A COVID free holiday season approaching who's going to be eating Chipotle instead of turkey? :) GLTA!
CMG is currently very extended and has bounced between 1320 and 1565 in 2021. With the two major pullbacks in CMG occurring when the stock had an RSI of above 60, it seems very likely that the company is due for another pullback now that the RSI has surpassed 70.
On the other hand, the stock does like to be volatile and can fake people out like on March 5th when...
This turned out to be a massive move, from our 14 June research report at $1366 to today's $1541 (exceeding target).
Opportunities abound...get in touch, today.
As per my 14/06 report:
"Chipotle Mexican Grill (CMG, $1364) | The share has breached the downward trend line extending back to the peak of 19 April, while potentially developing a double bottom formation. I'm looking for a minor retracement and an eventually break of the mid-point to trigger the setup. Note the daily RSI now have crossed back above the weekly...
Still in a down trend of megaphone.
Bull flag forming inside down trend.
With inflation rising being the next catalyst for overall market collapse I expect this to continue down considering the former will curb discretionary spending on these types of biz.
WK looks - sideways so not sure but trend defined.
$CMG.
As long as market trend is bullish, $CMG is a buy.
Iron Condor candidate?
Vertical spread towards next ER, end of July, if I were to go in.
Look for volume confirmation.
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a f ing burrito joint trading at 120x earnings. This market is a massive pump fest and the best ideas are quesadillas apparently. This thing could plummet 38% and still be overvalued
Earnings 4-21 AMC (estimated) Long entry is at neckline with an uptrend.
Possible stop below lower shoulder which is the left shoulder/1350 Right shoulder is 1401.70. It is considered more bullish if the right shoulder is higher than the left. The head is at 1256.27
Not a recommendation.
Trading close to earnings is risky. It depends on how earnings are...
This could be a great earnings play. ER is 22 days away.
Pattern recognized: Running flat
Hypothesis: Bullish
Catalyst: earnings
Conclusion: Would buy calls but they're too costly for my liking. Another example of how the stars don't always align. Trust the process.
***This does not constitute financial advice.***
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CMG based on wave analysis, is in wave 4 consolidation phase.
The stock prices are predicted to be consolidated in sideway approximately between USD1125 ~ USD1565 regions.
Happy trading.
Market looks like it's super bearish, yet we have a good setup here.
Watch the price action and GTFO if it doesn't seem like it's working out, but this seems like a reasonable entry.
