Back in late April and early May, we covered Chipotle (CMG) and its weakening technical picture (click here for our coverage). Well, the stock finally gave in and fell out of bed at the end of June, testing its long awaited 200 day moving average.
The stock has since bounced nicely from this level. Further support is found at the nearby rising trend line (just below it). Watch this confluence of support closely (and especially if you are long). Should it falter, the next support level down is the 340 break out area.
Chipotle Mexican Grill (CMG) stock chart with price support and resistance levels and technical stock analysis as of July 9, 2012. Chipotle Mexican Grill stock ticker CMG.
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