Chart Glance: On a daily chart, CMG closed above the Ichimoku Cloud at $331.58 on December 20, 2011, providing a strong buy signal. Since then, the price has rallied above resistance at $350 and moved in a straight line higher.On dips, support will come at $420.55, the Tenkan line from the Ichimoku Cloud. The 50-day moving average is at $398.43; 100-day at $367.69; 200-day at $342.67. The 200-day moving average was strong support in August, October, and November 2011.
Until CMG closes in the Ichimoku cloud, it remains in a clear uptrend. Should prices begin to stall, it might be time to take profits – but until then, we would stay with the trend.
Chipolte Mexican Grill reports earnings on April 19. Earnings per share for the first quarter are expected to be $1.92 a share from $1.46 a share in the year ago period, while first quarter revenues are expected to gain to $630.24 million from $509.38 million for the same quarter last year.