$CMG False Downside Breakout with Upside Targets

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.
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.
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..
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.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out