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Technical analysis: CHIPOTLE MEXICAN GRILL (#CMG)

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

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