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Downtrend ResistanceArchive - 3/15/2024 - Sign In to see current Signals. |
Chipotle Mexican Grill (CMG) Technical Analysis
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| Summary:
| | Weekly : | | Daily : Move cursor over the icon to see details.
| | It was a first positive week for the Chipotle Mexican Grill (CMG). During the week, the CMG gained 71.39 points, or 2.66%, and closed at 2757.51 on Friday, March 15, 2024. Weekly volume was -21% 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 2775.66 on March 14, 2024. CMG gained -1579.38 points, or -132.02%, in 91 weeks. The chart has formed a Rising Channel chart pattern. The uptrend resistance line (1992.98) 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 2775.66 on March 14, 2024. CMG gained -1007.02 points, or -56.94%, in 21 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 2670.76 and resistance is at 3032.48. 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 and Lane's Stochastic are overbought while Williams' Percentage Range is strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Relative Strength Index and Lane's Stochastic or strongly overbought weekly Williams' Percentage Range. Weekly Relative Strength Index has bearish divergence. Use the following links to access the Relative Strength Index help, or use the Technical Stock Screener to see the list of stocks with weekly Relative Strength Index bearish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading signal. 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 February 21, 2024 at 2557.64 and reached 2775.66 on March 14, 2024. CMG gained -218.02 points, or -8.52%, in 22 days. The price is now at the 8.32% retracement level. Daily Technical Indicators: [See CMG daily technical indicators chart] Daily technical indicators are neutral. Daily Lane's Stochastic has bearish divergence. Use the following links to access the Lane's Stochastic help, or use the Technical Stock Screener to see the list of stocks with daily Lane's Stochastic bearish divergence. The daily MACD line is below its signal line since February 20, 2024. The distance between MACD and the signal line is low and getting smaller.
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