PPR - Chipotle Mexican Grill Discussion of Pocket Pivot Signature
Chipotle Mexican Grill (CMG) did flash a pocket pivot type of move yesterday as it came up through its 10-day moving average, but note that it is still below the 50-day line which could serve as near-term resistance. Hence we would watch to see how CMG acts here. Perhaps a low-volume pullback from the 50-dma would be buyable, but we would still want to see the stock eventually plow back up thru the 50-day line with a pocket pivot volume signature, similar to what we saw in NFLX on Monday. Chart below is a new one for us, courtesy of Bloomberg, (C)2011.
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