Short Chipotle Mexican Grill (CMG) Here
Shares of Chipotle Mexican Grill (CMG) surged higher today by over 12% on the back of solid financial results. Investors are cheering the public’s need for quick pickup/takeout food and burritos and bowls apparently can’t be beat. However, the stock has rallied from a March 2020 low of $415. This puts the net gain in just over a month at over 100%. That is a scary rise and investors should be careful. As a technical trader, I am seeing a high chance of profit to those that short Chipotle Mexican Grill.
The key to a position short Chipotle Mexican Grill is all about finding the right technical chart level to pull the trigger. That can be found easily by looking at the chart. There is an epic gap fill coming up quickly at $920. In addition, $940.28 is the all-time high also known as double top. With both of these levels are within about 2-3%, swing traders can accumulate a short trade on Chipotle Mexican Grill starting at the $920 and adding all the way up to the $940 level. A pull back of at least 10% should be expected.
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