Shares of Chipotle (CMG) made a new 52-week low last week when it fell to 353 to start the month. In November so far, CMG has rebounded to about 385.50. CMG 4H Chart 11/8(click to enlarge)Breakout and pullback: - Looking at the 4H chart we can see that price action at the end of October broke below a consolidation range where support was at 385.50. - It should be noted that price was bearish entering that consolidation range, so the breakout was simply a sign of bearish continuation.- Now, CMG's bullish swing is within this bearish mode. - So, we should monitor possible resistance factors with respect.- For example, we can see that price is coming up to the previous consolidation range support area, which could turn into resistance.- Also, there is a falling trendilne that should meet price if CMG extends the current rally this week to 390. - At this point, I think we can expect CMG to hold under 400, picking up sellers starting around 390.- We can expect some consolidation here, but the pressure should remain towards the 345-350 area, which is a key support/resistance pivot seen on the weekly chart below.CMG Weekly Chart(click to enlarge)350 is a key pivot:- As CMG retreats to levels not seen since 2013, it found support around 350. - This area 345-350 is indeed a key support/resistance pivot going back to 2011. Can CMG finally find support here at 350? Even if it does, we should consider the prevailing bearish momentum and expect a lot selling on these bounces.