whos ballzy enough to short dis, bear div appearing on 4hr + daily
for bulls, pray its an ascending triangle forming
Bigger pictures, a decline here would set up for a strong double top on the larger timeframe (2015 ATH)
CMG has been consolidating with a flag range, it has now tested the upward resistance at $721 four times. I'm playing for a breakout to the old highs at $745-750 range. All the moving averages are now curling up under, which is what you want to see on a potential breakout. Looking for 4-5% profit. Entered at $714.
Today's downgrade was more than overdue, having run 84% in 4 months on not much fundamental news. We are short and thick this has a good few $$$$ to fall before finding stability. There is a lot of FOMO money in the stock that will be quick to sell so the sell side could intensify quickly.
CMG is trending higher for a while now. Target of bulls achieved around the current range of $700-$720. I can't exactly tell when it will drop but this is the area we should be looking for a short opportunity, imho. Looking for a low target of $510-$490.
Not that much has really changed to CMG in the last year to give it such a high valuation, at the end of the day it is a food company with a P/E ratio of 118. Similar ratios are held by growth tech companies. When you consider McDonalds has a P/E of 26, that sort of confirms our short interest in CMG. $550 is a reasonable target for our short but will access along the way.