Here's How To Trade Chipotle
InTheMoneyStocks.com | Jun 21, 2017 02:39PM ET
Fast food restaurant Chipotle Mexican Grill (NYSE:CMG) sold off Tuesday on its Q2 guidance. Despite the stock price falling sharply lower on the news, the stock actually peaked out on May 16, 2017 at $499 a share. Today, CMG is trading around $416 a share. While many traders are wondering if the stock is cheap, the charts indicated that it should trade lower yet.
Traders and investors should note that Chipotle was defended in March 2017 around the $394 level. This should be the next major support area for CMG when it is retested. At this stage of the game, the stock should have the selling momentum to test that key support level.
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