Chipotle Mexican Grill, Inc., often known simply as Chipotle, is an American fast food chain restaurants in the United States, United Kingdom, Canada, Germany, and France, specialised in tacos and burritos.
Chipotle after reaching an all-time high of $ 1,580, gradually dropped to $ 1,295: strong support area since September 2020.
We believe the recent bearish move may offer a very good entry level for a medium term strategy:
Analyzing the volumes, the point of maximum concentration is $ 1,309 thus making it a strong support level
The price has started to close above the 9-day moving average
RSI broke the bearish trendline, exiting the oversold zone
MACD is about to cross to the upside
Entry range: $ 1,335 - $ 1,360
Target 1: $ 1,430
Target 2: $ 1,500
Stop loss: $ 1,290
OTB Global Investments
27 May 2021