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Chipotle (CMG) Signals Bearish Continuation

Share of Chipotle have been on a decline since its issues with food-born illness. While the downtrend has slowed down, it is still intact. 

CMG Daily Chart 12/6

(click to enlarge)

Bearish Continuation Signal:
- In October, price fell below 385.50, signaling bearish continuation.
- After that breakout, price bounced back up from 349. 
- The pullback brought price back into the middle of the previously broken consolidation range. 
- The fact that price respected this "middle" area as resistance suggests bears are still in charge. 
- Also note that price remains under the 200-, 100-, and 50-day simple moving averages (SMAs). 
- Finally, the fact that the RSI has tagged 30, then held under 60, reflects a market with bearish momentum.  
- We should look for price to push to 350, with risk of breaking lower. 

Here's a report from thestreet.com: Despite Favorable Report, Chipotle Doesn't Look Set for Comeback