Watch For These Levels as Chipotle Stock Price Retreats From Record Highs
CMGChipotle Mexican Grill(CMG) Investopedia·2024-07-09 20:26

Key TakeawaysChipotle Mexican Grill shares dropped more than 5% on Monday as excitement over the fast-casual chain's recent 50-for-1 stock split wanes.Chipotle shares have confirmed a bull trap, a chart pattern that "traps" investors who initiated long positions on the breakout signal and subsequently generates losses as the price reverses. The Chipotle share price may find support at key chart levels including $56, $50, $47, and $43.When monitoring the support levels outlined above, investors should seek c ...