ctpelot
Long

$CMG False Downside Breakout with Upside Targets

NYSE:CMG   CHIPOTLE MEXICAN GRILL INC
122 4 0
$CMG Chipotle recent retraced all of its gains from July.
The stock double-bottomed and experience a false breakout to the downside.

Long Target 1: $635.44
Long Target 2: $677.97
The drop was caused by bad short term news related to food quality, something easily corrected, so these drops are short term buying opportunities. May double my position. CMG is a great stock from a great company, good leadership, strong performance.
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ctpelot RonaldNewcomb
Ronald - Thanks for the comment. I did see the E. Coli news. I also think that company has great leadership and fundamentals and has been a great long-term play for myself.
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i see no sign of strength i say hold off on your long until 500-510 alot better entry.. or a sign of strength..
My sign of strength would be some sort of Candle stick maybe a hammer candle followed by authoritative volume... other then that you cant call a chart break down a fails breakdown... the chart gapped down for a reason... go with the flow.. its a short term, short in a Bull Environment,, your not wrong but the market is very fluid and does what it wants... i say Short for tomorrow along with SPX500 showing weakness..
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ctpelot JL162636
Thank you for the comment. This was intended to be a longer-term swing play for me. I appreciate your advice on following candlesticks patterns with volume.
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