Resistance

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>CMG stock price made a breakdown of a bearish flag pattern over the daily chart.&nbsp;</a> </li> 
 <li> <span>2</span> <a>Chipotle Mexican Grill’s stock price could not sustain above the 50-day EMA; showing weakness.&nbsp;</a> </li> 
 <li> <span>3</span> <a>CMG’s share price slumped nearly 3% in the last week and might continue to decline next week.&nbsp;</a> </li> 
</ul> 
<p>Chipotle Mexican Grill, Inc. (NYSE: CMG) stock price had been super bullish on the charts in the last 2 quarters and constantly maintained itself above the 50-day EMA. The CMG share price gained from a low of $1500 to a high of $2175 in the last two quarters; adding more than 45% to its market capitalization.<br><br>However, the current quarter has not been a good quarter for CMG investors as the stock is showing a continuous decline and has eroded more than 10% of the gains after the recent quarterly results.&nbsp;</p> 
<p>The price action analysis of CMG stock demonstrates that the stock has shown a bearish character over the charts after the results. The earnings triggered an 8% gap-down in the stock price. The price also tried to recover but the previous support turned resistance and heavy short-selling was observed from the upper levels which caused the stock price to decline.&nbsp;</p> 
<p>The daily chart shows that the bulls tried to turn the game to their side and made a failed attempt to break above the supply zone as they lacked momentum. The bears again dominated near the supply zone and 50-day EMA which led to the breakdown of the flag pattern.&nbsp;</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter">
  <img decoding="async" src="https://lh6.googleusercontent.com/LcwiPk_ce7y_rszccXkBiObaLUdc-5iAdACBu6SBPNQwyO0zzaiexubOg3IIkeWZrxV1pD_pzgCxONzK4qQngPjgePzvxQIMqBLu54jIb_uYROlHE0K4ajrNpyVI_AjO1xPlL33O9D21QetSY7gVwqU" alt="CMG Stock Might Crash Below $1800 Mark, Suggests Analysts">
  <figcaption class="wp-element-caption">
   Source: barchart.com
  </figcaption>
 </figure>
</div> 
<p><a href="https://www.thecoinrepublic.com/2023/09/01/cat-stock-forecast-is-nyse-cat-price-capable-to-bag-more/">CMG stock</a> option-chain analysis shows that the current implied volatility in the market is 19.21% with a decrement of 0.23% in the last trading session. The nearest resistance of $1920 has an OI of 170 open contracts on the CALL side and 133 open contracts on the PUT side, indicating the sellers are dominating the resistance level.&nbsp;</p> 
<h2 class="wp-block-heading" id="strong-cmg-stock-analysis-shows-that-price-might-crash-below-1800-strong"><strong>CMG Stock Analysis Shows That Price Might Crash Below $1800.</strong></h2> 
<div class="wp-block-image"> 
 <figure class="aligncenter">
  <img decoding="async" src="https://lh4.googleusercontent.com/vpMOmbU5yBhMiAnThvwETps5sru2llmEngOcnxxM4qCb8WZ2SlWnzgGf--g_hjxYrE-7uXhUwc8KvexXX8PSYp54vS3XxHaZyI0WADNeoZ9K9ZB0UQ7B809tjv5JMGktEJu-oomtCpH5Zx0517mLJsg" alt="CMG Stock Might Crash Below $1800 Mark, Suggests Analysts">
  <figcaption class="wp-element-caption">
   Source: Chipotle Mexican Grill&nbsp; 1D. NYSE By <a href="https://www.tradingview.com/x/3wB4g70u/">TradingView</a>
  </figcaption>
 </figure>
</div> 
<p>CMG stock price currently trades at $1912 with an intraday loss of 1.22% on Friday. The price has made a breakdown of a bearish flag formed and shows consolidation.&nbsp;</p> 
<p>The stock might crash on Monday and next week if succeeds in the breakdown of the consolidation. The breakdown might invite more sellers to short-sell near the upper levels and the price may decline sharply. The price trend is favoring the bears.&nbsp;</p> 
<p>Bulls are struggling to dominate the game and might try to gather more buying volume to make a breakout. The option chain data shows the domination of the bears at the upper levels which might be a concern for the bulls as they need to counter the trend and surpass the upper resistance.&nbsp;&nbsp;</p> 
<h2 class="wp-block-heading" id="strong-technical-indicators-showing-mixed-reaction-about-the-price-trend-strong"><strong>Technical Indicators Showing Mixed Reaction About The Price Trend.</strong></h2> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large is-resized">
  <img decoding="async" loading="lazy" src="https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-479-1024x478.png" alt="CMG Stock Might Crash Below $1800 Mark, Suggests Analysts" class="wp-image-168588" style="width: 100%;height:546px" width="1170" height="546" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-479-1024x478.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-479-300x140.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-479-768x359.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-479-1536x717.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-479-750x350.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-479-1140x532.png 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-479.png 1600w" sizes="(max-width: 1170px) 100vw, 1170px">
  <figcaption class="wp-element-caption">
   Source: Chipotle Mexican Grill&nbsp; 1D. NYSE By <a href="https://www.tradingview.com/x/3wB4g70u/">TradingView</a>
  </figcaption>
 </figure>
</div> 
<p>The daily <a href="https://www.thecoinrepublic.com/2023/09/01/cat-stock-forecast-is-nyse-cat-price-capable-to-bag-more/">CMG stock</a> price chart shows that the price suffered rejection from the key moving average of 50 EMA, indicating bearishness in the short term. The RSI and MACD are signaling a potential downtrend in the coming sessions.&nbsp;</p> 
<p>Currently, the overall technical opinion rating, including the RSI and MACD indicators, is signaling a 30% “sell” in the short term. The outlook is negative at the moment.&nbsp;</p> 
<h4 class="wp-block-heading"><strong>Conclusion</strong></h4> 
<p>Chipotle Mexican Grill’s stock price has been falling after a disappointing earnings report. The price has broken down from a bearish flag pattern and is consolidating near $1912. The price may crash further if it breaks below the consolidation.&nbsp;</p> 
<p>The bears are dominating the market and the bulls are struggling to break above the resistance. The option chain data shows more bearish pressure at the upper levels. The stock has lost more than 10% of its value in the current quarter.</p> 
<h4 class="wp-block-heading"><strong>Technical Levels</strong></h4> 
<ul> 
 <li><strong>Support levels:</strong> $1902.94 and $1851.92.</li> 
 <li><strong>Resistance levels:</strong> $1949.6 and $1973.16.&nbsp;</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 and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.&nbsp;</p>

CMG Stock Might Crash Below $1800 Mark, Suggests Analysts

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