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Old 05-14-2010, 08:53 AM   Nav to Top  #1
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Default CMG - Chipotle Mexican Grill, Inc.

CMG is a $4.5 billion consumer discretionary company that engages in the development and operation of fast-casual, fresh mexican food restaurants in the United States and Canada. Technically, the move up in late April on massive volume is beginning to look like an exhaustion gap. After printing a very bullish looking candle, we saw two weeks of selling on fairly heavy volume to retest the bottom area of gap support. Since that retest, CMG has been trending higher on lesser volume. On Thursday, CMG printed a new 52 week high intraday before failing miserably into the close. This false breakout occurred on extremely heavy volume (two times normal) and coincides with a very nasty long-term negative divergence. A near-term move back to the $127.00 level is what we'd look for. It's possible this exhaustive-type move is printing a long-term top, but we'll need to see more confirmation of that in the days ahead. The most obvious confirmation would be a heavy volume break of the 50 day SMA. A sign to cover any short position would be a close above $145.00 on increasing volume.

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