adriel.arrasmith
Long

BUY CMG For $540/$600

NYSE:CMG   CHIPOTLE MEXICAN GRILL INC
29 0 1
CMG             has sold quite significantly based on technicals and all of the past news of Ecoli outbreaks. The damage has been done and we have now based. We have held a major trendline , key area of $400, with a weekly MACD crossover, and then finally we have completed a C wave at the .886 fib level hinting to a future gartley or bat pattern more than likely. Buying now at $446 with a stop at $431 would offer more than 6:1 risk/reward targeting $540 where we have major resistance. The 2nd target will be the $600 area.
Comment: Well, that was over quick. A great spot to retry a long against with a stop below $399.
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