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Chipotle Mexican Grill (CMG) Retreats, Here the Trade

Leading restaurant stock, Chipotle Mexican Grill (CMG), has rolled over recently. The popular restaurant stock topped out April 12th, 2021 at $1579.52 a share. Since that high pivot, the shares have declined sharply and currently trade around $1338.00 a share. The stock still has a decent amount of support around the $1300.00 area. Should Chipotle Mexican Grill (CMG) stock trade sideways and consolidate the recent decline it will likely trade nower in the near term.

The next major support level for Chipotle Mexican Grill (CMG) stock will be around the $1200.00 level. This important support area is where the stock was defended in early November 2020 before breaking out to new all time highs. Often, leading stocks will have very solid chart support around prior major pivot points. Traders should keep this level on the radar for potential long side trade in Chipotle Mexican Grill (CMG).    

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