Chipotle Mexican Grill Inc Stock Forecast

Green day on Monday for Chipotle Mexican Grill Inc stock after gaining 0.706%
(Updated on Apr 29, 2024)

CMG Signals & Forecast

Mostly positive signals in the chart today. The Chipotle Mexican Grill Inc stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $3,014.79 and $2,901.55. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 11.86%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.

Support, Risk & Stop-loss for Chipotle Mexican Grill Inc stock

Chipotle Mexican Grill Inc finds support from accumulated volume at $3,111.97 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $70.67 between high and low, or 2.23%. For the last week, the stock has had daily average volatility of 2.80%.

The Chipotle Mexican Grill Inc stock is extremely overbought on RSI14 (76). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken. Since the Chipotle Mexican Grill Inc has been rising for 6 days in a row, the risk over the next couple of days has increased. We don't expect a major reaction as the stock is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.

Our recommended stop-loss: $3,113.83 (-2.98%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 76 and this increases the risk substantially. There is a buy signal from a pivot bottom found 6 days ago.)

Trading Expectations (CMG) For The Upcoming Trading Day Of Tuesday 30th

For the upcoming trading day on Tuesday, 30th we expect Chipotle Mexican Grill Inc to open at $3,207.21, and during the day (based on 14 day Average True Range), to move between $3,142.89 and $3,276.05, which gives a possible trading interval of +/-$66.58 (+/-2.07%) up or down from last closing price. If Chipotle Mexican Grill Inc takes out the full calculated possible swing range there will be an estimated 4.15% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ $3,111.97, some $97.50 (3.04%) from the current price of $3,209.47, our system finds the risk reward attractive.

Is Chipotle Mexican Grill Inc stock A Buy?

Chipotle Mexican Grill Inc holds several positive signals and has broken the strong rising trend up. As the stock is also in great technical shape we, therefore, consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months.

Current score: 6.469 Strong Buy Candidate Unchanged

Predicted Opening Price for Chipotle Mexican Grill Inc of Tuesday, April 30, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.