Chipotle Mexican Grill’s stock, CMG, has been trading down since it printed its all-time-high 3 months ago, in July 2023.
Market participants, who look for an opportunity to go long on the stock, may be wondering when and where it’s best to pick up some shares.
Analyzing CMG’s weekly chart shows that the stock has been respecting its 162-week SMA (body) support line since December 31st, 2018.
CMG closed the last trading session at $1,781.48, while the SMA line is guarding about 10% below, at $1,596.86.
As the next level of support the stock has its 177-week SMA (wick) line, now at $1,557.15:
Zooming in:
Like in the past, market participants may find it viable to set their buy orders and go long, if and when CMG approaches the support area that these support lines define.