Million

Billion

Time

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>Chipotle Mexican Grill stock price closed at $1872.32 while witnessing a loss of 1.19% during the last intraday session.</a> </li> 
 <li> <span>2</span> <a>CMG stock price has slipped below 20, 50, and 100-day exponential moving averages.</a> </li> 
 <li> <span>3</span> <a>The year-to-date return of Chipotle Mexican Grill is 33.71%.</a> </li> 
</ul> 
<p>CMG stock price has been in a strong bullish momentum since the start of March, rising from the low of $1470 and forming a high at $2175.01. At the end of April, the quarter 1 report was also released which boosted the price.&nbsp;</p> 
<p>Recently, CMG stock price formed a support at $1838 and commenced a bullish rally but the move was halted at $1900. The stock price retested $1900 and is currently headed toward the support level of $1838.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh3.googleusercontent.com/44R8eN1AFWoQfK5XoIUKqxqmR2IHsihgEUkq6N9-nUhjNTtPUf556CAWPeGzEVcPUecQWS6yq3PnSNiYzJzV3lqrWQkEnXbK8Zly491bAMjYKiREZrUQs3lcnDDBCnxJKLDNQWZ-tGjDSVwTutiDjQ" alt="Chipotle Mexican Grill (CMG) Stock: Good Time for CMG Stock?"> 
  <figcaption class="wp-element-caption">
    Source: CMG Stock Price By <a href="https://www.tradingview.com/x/U3nrKall/" rel="noopener noreferrer nofollow">TradingView</a>. 
  </figcaption> 
 </figure> 
</div> 
<p>If bears can push the price below $1838, then the price might head down toward the next support level of $1800, causing a downfall of roughly 2.05%. On the other hand, if CMG stock price rises above $1900, it might rise toward the next resistance level of $1964.</p> 
<h2 class="wp-block-heading" id="strong-reason-behind-the-drop-in-chipotle-mexican-grill-stock-strong"><strong>Reason Behind The Drop-In Chipotle Mexican Grill Stock</strong></h2> 
<p>The stock price hovered above $2000 for roughly three months. At the end of July, the quarter 2 report of CMG stock was released and the company missed the revenue estimates.&nbsp;</p> 
<p>The consensus estimated the revenue to be $2.532 Billion it turned out to be $2.515 Billion, a surprise of -$17.618 Million (0.70%). The earning per share was estimated to be $12.313 and CMG stock reported $12.65.&nbsp;</p> 
<p>Even though CMG was not able to beat the expectation of revenue, there was an increase of 13.6% year over year. Despite the revenue miss, same-store sales did rise by 7.4% and the management believes mid to high single digit over the year.&nbsp;</p> 
<p>The profitability of Chipotle Mexican Grill has also improved significantly. The operating margin of 17.2% expanded from the prior year period. Since hitting an all-time high on 19 July, CMG Stock has sunk approximately 13.50%.</p> 
<h3 class="wp-block-heading" id="strong-will-cmg-stock-price-stay-above-1800-strong"><strong>Will CMG Stock Price Stay Above $1800?</strong></h3> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh6.googleusercontent.com/AkdlpnlxXUW3oUs1CNeTwtm3sWi2wQzl3h2mVJpeY6EqjH8x9XcWPIUpoZRF8DcwKvITIyU4_t1cDcQW9qF2bzpwOfm5m5_nTGrrUkFlQiRbAAuVgjXGf__xv8xh4DromW-IaaBRkjqFwvExVH9MMg" alt="Chipotle Mexican Grill (CMG) Stock: Good Time for CMG Stock?"> 
  <figcaption class="wp-element-caption">
    Source: CMG Stock Price By <a href="https://www.tradingview.com/x/W7lO0wYq/" rel="noopener noreferrer nofollow">TradingView</a>. 
  </figcaption> 
 </figure> 
</div> 
<p>The stock price has plunged below 20, 50, and 100-day exponential moving averages, suggesting bearish momentum. Chaikin money flow score has dropped to -0.25 suggesting weakness in the market. CMF has been trading below the 0 mark since the start of July.&nbsp;</p> 
<p>The relative strength index trades at 40.81 indicating bearish momentum in the price. The Bollinger bands have started to contract indicating a decrease in volatility. <a href="https://www.thecoinrepublic.com/2023/07/30/cmg-stock-shows-breakdown-will-it-rebound-from-100-day-ema/" target="_blank" rel="noopener noreferrer nofollow">CMG stock price </a>is facing slight rejection near the 20-day simple moving average of Bollinger which suggests the possibility for the price to head toward the lower band of Bollinger.&nbsp;</p> 
<h4 class="wp-block-heading"><strong>Conclusion&nbsp;</strong></h4> 
<p>The market structure and price action of Chipotle Mexican Grill are bearish after the release of the second-quarter report. The company missed the revenue estimates. The drop in Chipotle presents a buying opportunity for investors.</p> 
<h5 class="wp-block-heading"><strong>Technical levels</strong></h5> 
<ul> 
 <li>Major support: $1838 and $1800</li> 
 <li>Major resistance: $1900 and $1964</li> 
</ul> 
<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. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.&nbsp;</p>

Chipotle Mexican Grill (CMG) Stock: Good Time for CMG Stock?

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Thecoinrepublic.com

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