• Return to Headlines

Possible Bearish Inside Day Candle Pattern Detected for Chipotle Mexican (NYSE:CMG)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Chipotle Mexican (NYSE:CMG) based on the price action in the company's shares. Yesterday's price range of $859.60 and $861.31 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Chipotle Mexican may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, Chipotle Mexican share prices have been bracketed by a low of $519.09 and a high of $893.02 and closed yesterday at $888.12, 71% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 0.5%.

Chipotle Mexican Grill, Inc. owns and operates quick serve Mexican restaurants. The Company manages restaurants throughout the United States.

Chipotle Mexican (NYSE:CMG) is currently priced 56.9% above its average consensus analyst price target of $382.92. The stock should find initial support at its 50-day moving average (MA) of $847.77 and further support at its 200-day MA of $787.66.

SmarTrend recommended that subscribers consider buying shares of Chipotle Mexican on November 26th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $807.72. Since that recommendation, shares of Chipotle Mexican have risen 7.0%. We continue to monitor CMG for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle chipotle mexican

Ticker(s): CMG