CMG indecisionWaiting for a move here, I have a $1030-$1035 call spread and a $970 put for tomorrow...see what happens
Trade ideas
CMG ShortBought a $1,000 5/29 put at $2.20 this morning after the opening 30 min candle, holding until end of week. GLTA
CMG: Your order is ready to go! (short)CMG hitting top of trendline extension on a MASSIVE rally. This meal is cooked and ready to drop.
Rewind CMG to Jan 2nd. Overlay Amazon. Then ask: Really? 142%?Fully admit an emotional dislike for Chipotle insofar as my belief that they are continually promoting promoting promoting and as of today the stock feels way ahead of itself here. It has reversed slightly off an intraday high.
The overlay of Amazon merely points out just how far CMG stock has moved and whether you like their food or not - it is difficult for me to rationalize that Chipotle deserves to have comas far as amazon in terms of YTD performance: In 2020, I have both AMZN and CMG up 142% as of today.
I am obviously considering shorting and am sharing the idea, but I have often wondered if these guys can buy back Billions of dollars of stock, almost at will. Upside performance w almost no corrections baffles me. Anyone?
CMG Going, Going, GuacRSI sitting at 77 right now. Possible RSI support around 61.60's but it's iffy. Not a lot of structure to the RSI right now.
Bottom trendline formed. Possible ascending wedge up top with a fake out. Could pop a lil more before this starts to slide.
MACD way above normal. Normal was around 15 at highs. Currently 59. Previous all time high was in the 30's. Last few times MACD has been even close to this high we've seen at least and $80-$100 pull back. In 2015-2016 (before E coli in Feb 2016) it saw a $300 pull back between beginning of August and Jan.
Also, it appears that CMG really likes to pop back up after pull backs 1-2 times before any major dumps. You'll notice this patter for most dumps of $60+ (Corona dump excluded).
Look back to around 2012's:
Chipotle is not a tech stockThis is being taken to new heights by the shorts. It's enough and perfect setup for a pullback
5.15.2020 CMG Short - Bearish divergence weekly, COVID19 pumpBearish divergence on the weekly
Sales worse than pre Covid19
Are sales going to be better after Covid19?
-NFA
CMG (2H) / Bullish Elliottwave CountAlthough, we see this poor channeling again, hard to believe this isn't an impulse (slope, extensions, 2x)... Another stock to watch.
The opportunity to CHIPOTLE MEXICAN GRILLHey traders, CHIPOTLE MEXICAN GRILL is in a very interesting situation, the sellers have been turned back. buyers could return to negotiations.
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Short CMG
Rejected off upper 2SD Bollinger Band and all time high to close yesterday with hanging man formation at pre-pandemic price. Daily RSI coming off overbought and MACD crossing. P/E ratio above 78. Risk/reward certainly favors the downside, retreating into the volume value area.
$CMG $999 Channel Target on Chipotle
Extremely bullish V shaped recovery considering that output is restricted , arguably a unjust level for the stock to have risen to, but it is much loved among investors
Extremely high P/e level and is overlooked in favor of growth.
$1000 looks like a certainty in the not to distant future.
Awaiting break above old high of $940
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Chipotle overbought after earningsChipotle saw a hefty jump after topping earnings estimates earlier this week.
GoNoGo Trend indicator gave a “GO” indicating the environment was bullish for the Mexican grill on April 14th, when prices were around $785.
However, note that there may be a little consolidation or minor correction here as this week’s action has caused the GoNoGo Oscillator to rise to an extreme. This means the stock has become overbought. With the price where it is, GoNoGo Charts is showing a red, short term correction arrow on the current, daily, bar. This suggests a possible correction within the trend, which at the moment is a “GO”. If this is confirmed at the close of the session, look for price to struggle for a few days.
Cramer on live TV screaming CMG to 1000www.youtube.com
This man needs to put on the clown suit.
"Chipotle is the safest place to eat"; "more upside".
CMG SHORT: Gonna head lower next week CMG has enjoyed a massive bounce from the lows and has been coiling tightly into the bearish wedge. It has now also backtested the broken uptrendline and here is a good spot for a short. I expect CMG to break lower next week and perhaps to even test the March lows.
CMG - Going into EarningsCMG has a resistance at 827, and support at 752.
But has the trendline as mentioned above, going into earnings. If this breaks the bottom, We should see testing the support.
May test the resistance if the monday is green.
Trade at your own risk.
