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Chipotle Mexican Grill(CMG - Get Report) develops and operates fast-casual, fresh Mexican food restaurants throughout the U.S. This stock is trading up 2% to $334.83 in recent trading.
Today's Volume: 416,000
Average Volume: 538,237
Volume % Change: 50%
From a technical perspective, CMG is trending modestly higher here and breaking out above some near-term overhead resistance levels at $330 to $334.89 with decent upside volume. At last check, CMG has hit an intraday high of $336.79 and volume is tracking in a bit below its three-month average action of 538,237 shares.
Traders should now look for long-biased trades in CMG as long as it's trending above $330, and then once it sustains a move or close above that second breakout level at $334.89 and above today's high of $336.79 with volume that hits near or above 538,237 shares. If that breakout hits soon, then CMG will set up to re-test or possibly take out its next major overhead resistance level at $351.80.