Mr_Meowster

CMG Trading Sideways

Short
NYSE:CMG   Chipotle Mexican Grill, Inc
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 it looked like the stock was going to break downward, however, the stock ended up returning back to the channel. I would not be surprised if CMG did it again and psyched people out by destroying shorts and then finally plummeting back to the 1320 range.

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