andrew.berg
Short

CMG Cup&Handle pattern, potential gap covering

NYSE:CMG   CHIPOTLE MEXICAN GRILL INC
Chipotle Mexican Grill             formed bearish pattern called Cup&Handle with lower high (reversal candle) on 6th of October. Important level of support was at $649 and was broken yesterday with conviction. Combine it with $SPX             break down of 200 EMA first time since long time and that is how you get in on the right side.

Risk Management: ENTRY was at $649 break. After 3 outside down days it feels a bit oversold. Maybe, wait for a bounce to fill with better price. STOP above $660 makes sence if sellers want to keep pressure and momentum. Then we have $682 reversal point. TARGET: as there is no visible support below previous support I will put my target at $609 which was resistance before gap up on earnings .
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