vlad.adrian
Long

Chipotle - Anticipating a double bottom

NYSE:CMG   CHIPOTLE MEXICAN GRILL INC
83 0 4
I love chipotle, both the stock and the sauce, never ate in a chipotle restaurant unfortunately. The weekly chart shows a possible double bottom , possible because the impulse is still red. The Force Index shows a panic back in January, and right now we are retesting the panic prices.

Going on to the daily chart , a close above 397.70$ will be a confirmation to put on a trade, however small, until the weekly impulse turns blue. No close above this level, no trade. As for targets, I will want to take profits at value on the weekly, which fits with the 61.8% retracement on the daily. Soft stop below the swing low.
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