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Archive
- 4/5/2024 -
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Chipotle Mexican Grill (CMG) Technical Analysis
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| Summary:
| | Weekly :  | | Daily :
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| | It was the negative week for the Chipotle Mexican Grill (CMG). During the week, the CMG gave back -1.35 points, or -0.05%, and closed at 2905.42 on Friday, April 5, 2024. Weekly volume was -11% 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 3023.98 on March 20, 2024. CMG gained -1827.70 points, or -152.78%, in 92 weeks. The chart has formed a Rising Channel chart pattern. The uptrend resistance line (2020.61) is broken. Usually a broken resistance is considered to be a long-term bullish signal, although a short-term pull back is possible. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a long-term trend.
 Medium-term trend: [See CMG medium-term trend chart]
A medium-term uptrend had started on October 13, 2023 at 1768.64 and reached 3023.98 on March 20, 2024. CMG gained -1255.34 points, or -70.98%, in 22 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 2793.52 and resistance is at 3153.98. 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 medium-term trend.
 Weekly Technical Indicators: [See CMG weekly technical indicators chart]
Weekly Relative Strength Index, Williams' Percentage Range and Lane's Stochastic are overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Relative Strength Index, Williams' Percentage Range and 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 links to access Lane's Stochastic, Relative Strength Index and Williams' Percentage Range help.
The weekly MACD line is above its signal line since November 10, 2023. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is relatively high, but getting smaller. It indicates that the current medium-term uptrend is still strong, and momentum is beginning to wane. 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 January 8, 2024 at 2204.09 and reached 3023.98 on March 20, 2024. CMG gained -819.89 points, or -37.20%, in 72 days. The chart has formed a Rising Channel chart pattern. The price is near the trend support (2888.38) line. The support is usually stronger when technical indicators are oversold. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with price testing the trend support line in a short-term trend.
 Daily Technical Indicators: [See CMG daily technical indicators chart]
Daily technical indicators are neutral.
During the last week, daily MACD line has moved below its signal line. Such crossover is considered a bearish signal.
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.
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