Chart Analysis – $CMG

$CMG (Chipotle Mexican Grill) is looking fairly bearish to me. Looking at the weekly, it is really struggling up here after trying on many different occasions to continue the uptrend, but each time it just makes a lower high.

CMG - Weekly - 3 December 2014
CMG – Weekly – 3 December 2014

On the chart above I only see demand at 508, making this a great risk-to-reward trade. On the daily though. there is some demand at 595 that the bears need to push through.

I am looking at the 30 minute chart for zones to sell the rallies and I like the supply on top of supply at 669, then at 673.

CMG - 30 Minute - 3 December 2014
CMG – 30 Minute – 3 December 2014

All in all a bearish looking chart, showing relative weakness to the market with some nice supply above. A good looking setup, with extra guacamole on the side.

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