Is Chipotle Mexican Sneaking Toward a Breakout?
Chipotle Mexican Grill is one of the biggest restaurant survivors of the pandemic. It’s consistently beaten estimates by growing in the digital space.
Like many other beneficiaries of coronavirus, CMG has chopped in a range since September. However, the price action may be pointing toward a breakout.
First, the shares closed yesterday at a trendline running along the September and October highs. (It was also the highest close in over six weeks.)
Second, MACD is starting to rise.
Third, the range has been very tight. This is clear from the closely packed moving averages. We can also see the tight range in the Bollinger Band Width and the inside week (see the candle starting November 23).
CMG’s a little like Netflix yesterday. It’s done do little for so long, traders might have forgetten about it. And that’s exactly why it could be worth a look now.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Like many other beneficiaries of coronavirus, CMG has chopped in a range since September. However, the price action may be pointing toward a breakout.
First, the shares closed yesterday at a trendline running along the September and October highs. (It was also the highest close in over six weeks.)
Second, MACD is starting to rise.
Third, the range has been very tight. This is clear from the closely packed moving averages. We can also see the tight range in the Bollinger Band Width and the inside week (see the candle starting November 23).
CMG’s a little like Netflix yesterday. It’s done do little for so long, traders might have forgetten about it. And that’s exactly why it could be worth a look now.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
