United

Resistance

Billion

Daily

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>CMG stock price showed a gap down move post-Q2 earning release.</a> </li> 
 <li> <span>2</span> <a>Buyers were in trouble and unwinding their positions in the past sessions.</a> </li> 
</ul> 
<p>Chipotle Mexican Grill Inc. (NYSE: CMG) stock price showed a breakdown with a massive gap down and slipped below the 100-day EMA, showing bearishness on the charts.&nbsp;</p> 
<p>Sellers aggressively made short additions in the last session. Moreover, CMG stock posted its Q2 earning, which was below the estimates which added to the selling pressure. Consequently, the price fell below the round mark of $2000.</p> 
<p>The chart shows that the neckline of the rising wedge pattern was broken, and the price fell sharply toward the demand zone of $1800. However, buyers attempted to bounce to fill the gap and survived the selling pressure in the last session. CMG stock price showed sellers’ attainability and volatile action in the previous session; the battle between the bulls and the bears is at an exciting stage. If further follow-on selling arises, then the price will head toward the 200-day EMA near $1800.</p> 
<p>Chipotle Mexican Grill is the largest fast-casual chain restaurant in the United States, with systemwide sales of $7.5 Billion in 2021. The Mexican concept is entirely company-owned, with a footprint of more than 3,000 stores, heavily indexed to the United States (though the firm maintains a small presence in Canada, the U.K., France, and Germany).&nbsp;</p> 
<p>Chipotle sells burritos, burrito bowls, tacos, quesadillas, and beverages, with a selling proposition built around competitive prices, high-quality food sourcing, speed of service, and convenience. The company generates its revenue entirely from restaurant sales and delivery fees.</p> 
<p>At press time, CMG stock price is trading at $1912.52 with an intraday gain of 1,57%, showing a pause in the selling pressure in the last session. Moreover, the trading volume increased by 2.23% to 687.605K, and the market cap is $52.766 Billion. Analysts maintained a neutral rating with a yearly target price of $2181.</p> 
<h2 class="wp-block-heading" id="strong-cmg-stock-shows-breakdown-on-daily-charts-strong"><strong>CMG Stock Shows Breakdown On Daily Charts&nbsp;</strong></h2> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh6.googleusercontent.com/oH8Pitv5z8YF8iZhwjLCPJLo4TZDt5irjjq18qgZv0n643jUWUyWtgB00OH0TMyXl1GPfoxE7MPtK13XKKudV1_KTdD1HqoavsLOrEoVYU0kZHTxlIYtt5u_dDCWKnkfan8zPKDCW_ukaxZdZTaDsw" alt="CMG Stock Shows Breakdown, Will it Rebound From 100 day EMA?"> 
  <figcaption class="wp-element-caption">
    Source: CMG Stock Price Chart At TradingView 
  </figcaption> 
 </figure> 
</div> 
<p>On the daily charts, CMG stock price noted a fall and slipped below the 100-day EMA, showing selling pressure in the past sessions. Moreover, the sellers are willing to retest the 200-day EMA in the upcoming sessions. On the other hand, buyers are attempting to bounce and hold yesterday’s session, ending in the green.</p> 
<p>As per the technicals, CMG stock price is trading above neutrality, but the overnight selling pressure pushed the price near the 38.2% Fib level and below the lower bollinger band indicating massive selling pressure in the past sessions.</p> 
<h2 class="wp-block-heading" id="strong-what-technical-indicator-suggesting-on-short-term-charts-strong"><strong>What Technical Indicator Suggesting On Short Term Charts</strong></h2> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh4.googleusercontent.com/ezE5OrwqIlKHYbLJxTqY5SR8znY4qJK0v3DEQAvjAie8vxo1Qsf-cIhom9QK_ewKfUjJMzkyFB23Zi1oEj-MeT0miTTGUHgi-p-E4KHCh33y81GSTJclzhMQSS4d3MIAeBL1e6eGeHwFBAM6bW59bA" alt="CMG Stock Shows Breakdown, Will it Rebound From 100 day EMA?"> 
  <figcaption class="wp-element-caption">
    Source: CMG Stock Price Chart At TradingView 
  </figcaption> 
 </figure> 
</div> 
<p>On the 4-hour charts, CMG <a href="https://www.thecoinrepublic.com/2023/07/29/amc-entertainment-will-nyse-amc-stock-price-rebound-on-monday/" target="_blank" rel="noopener noreferrer nofollow">stock price</a> showed a breakdown below the lower trendline and entered the sellers’ region, leading buyers into trouble.</p> 
<p>The RSI curve sharply fell toward the oversold region and noted a negative divergence indicating massive selling pressure and a negative outlook on the charts.</p> 
<p>The MACD indicator noted a bearish crossover with substantial red bars forming, indicating the sellers’ strong momentum.</p> 
<h4 class="wp-block-heading"><strong>Conclusion</strong></h4> 
<p>Chipotle Mexican Grill Inc. (CMG stock) price noted a fall below the key MAs and is near the 200-day EMA. Furthermore, the price action indicates that sellers want to extend the fall toward the support range of $1800 in the upcoming sessions.</p> 
<h5 class="wp-block-heading"><strong>Technical Levels:</strong></h5> 
<p>Support Levels: $1800</p> 
<p>Resistance Levels:$2000 and $2200</p> 
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5> 
<p>The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.</p>

CMG Stock Shows Breakdown, Will it Rebound From 100 day EMA?

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