Earlier this week, Chipotle's (CMG) - Get Report rally off the early February lows ran out of steam. Today, the stock is working on its fourth straight decline and may have further to fall.

Chipotle had gained just over 20% from the Feb. 8 low before retesting heavy resistance near the November bottom. This key supply zone also includes the one-third retracement level of the massive bear market from the October high to the January low. Chipotle has been fading since, as a pullback from the $532 area develops. For patient bulls, this drift lower will soon create a low-risk entry opportunity.

A further drop from current levels appears likely in the near term. As this plays out, Chipotle investors should keep a close eye on the $485-to-$478 area. This important support zone includes the stock's initial February high near the upper band and the January high near the lower band. A continued light-volume drift down to this area will create a very low-risk buying opportunity. If Chipotle can regain its footing here, a refreshed bull trend could quickly develop.

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Disclosure: This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.