timwest
Short

Chipotle Mex Grill CMG Daily - Rally to 50% and EPS resistance

NYSE:CMG   CHIPOTLE MEXICAN GRILL INC
211 1 3
CMG             - ready for another go at CMG             on the short side - The last stop was very close at only 1 ATR and it got hit right away. Oddly enough, that at least shows some strength in CMG             for future reference. If CMG             was very weak, it would have stopped at the key resistance level that I highlighted. The fact that it could get back up to the mid-point of the decline is a good sign for it longer term.

CMG             also tagged the earnings line that I have drawn here. That is a key resistance level and a low-risk level to sell short against. I missed pointing it out as a trading level for us here.

The ATR(11) is 10.8 points, which means CMG             is twice as volatile as the stock market. I see 555 now as a stop level and my target will be 510 instead of 500 on this 2nd effort.

542.65 last, -2.77

May 31, 2014 12:42PM EST

Tim
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Thanks Tim. What is the significance of your "8" and "14" markings on the two drawn lines? Is that the number of days of consolidation in that range? Also, how do you determine where you draw that line in the range (VPOC or something)?

These earnings triangles are very interesting.
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