Bearish DailyPlay for Thursday August 10th, 2017 – Chipotle (CMG)
The bearish DailyPlay we chose for Thursday August 10th is Chipotle (CMG). CMG is part of the Consumer Discretionary Sector (XLY). Over the last month, XLY has experienced a 1.74% move higher but its 1m trend has turned neutral while breaking below its $91 support level.
Chipotle’s 1m and 6m trends turned bearish on 6/20 and recently bounced lower off its $360 resistance level. With a technical score of 2 (out of 10), CMG is a strong bearish stock that is likely to continue lower.
As a stop loss, if CMG was to trade above $360 for multiple days, this would invalidate our analysis and suggest getting out of the trade.
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