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- 9/15/2023 -
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Chipotle Mexican Grill (CMG) Technical Analysis
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|It was the negative week for the Chipotle Mexican Grill (CMG). During the week, the CMG dropped -32.60 points, or -1.68%, and closed at 1912.50 on Friday, September 15, 2023. Weekly volume was -38% below average. |
Long-term trend: [See CMG long-term trend chart]
A long-term uptrend had started on June 14, 2022 at 1196.28 and reached 2175.01 on July 19, 2023. CMG gained -978.73 points, or -81.81%, in 57 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 1526.40 and resistance is at 2255.94. A Broadening Ascending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Ascending Wedge pattern in a long-term trend.
Medium-term trend: [See CMG medium-term trend chart]
A medium-term downtrend had started on July 19, 2023 at 2175.01 and reached 1837.11 on August 14, 2023. CMG lost 337.90 points, or 15.54%, in 3 weeks. Price is near the Fibonacci 23.6% retracement level. The Fibonacci retracement level is considered a support/resistance level.
Weekly Technical Indicators: [See CMG weekly technical indicators chart]
Weekly Lane's Stochastic is oversold. Use the Technical Stock Screener to see the list of stocks with weekly oversold Lane's Stochastic. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following link to access Lane's Stochastic help.
The weekly MACD line is below its signal line since July 21, 2023. This is an indication that the medium-term trend is down. Use the following link to access a MACD help.
Short-term trend: [See CMG short-term trend chart]
A short-term uptrend had started on August 14, 2023 at 1837.11 and reached 1976.04 on September 8, 2023. CMG gained -138.93 points, or -7.56%, in 25 days. The price is now at the 45.74% retracement level.
Daily Technical Indicators: [See CMG daily technical indicators chart]
Daily technical indicators are neutral. During the last week, daily Lane's Stochastic signal line (%D) has moved below overbought area. Such crossover is considered a bearish signal.
The daily MACD line is above its signal line since August 18, 2023. This is an indication that the short-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current short-term uptrend is getting weak.
During the last week, the price has fallen below the Parabolic SAR (stop and reversal). A Parabolic SAR above the price is a bearish signal, and it indicates that momentum is likely to remain in the downward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.
During the last week, the price has declined below the moving average in the center of the Bollinger Bands. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.