Back in Line for a Burrito

• Posted by Greg Harmon
• on October 9th, 2013

A month ago I started looking at Chipotle Mexican Grill, $CMG for a potential long term play in Pondering the Burrito. It looked good at that point, but so did a lot of other high priced stocks, like Netflix and Priceline.com. I ended up going with Priceline instead and continued to lurk. Now out of Priceline (and just in time) the burrito is looking better than ever. Not only did it get through the Harmonic Shark Potential Reversal Zone (from previous post) at 423. To date it has stood as the broad markets are pulling back and all of its high priced momentum peers have stumbled and given the entire

market the finger. It just keeps trending higher. No worries about what anything else is doing. The chart above shows the break out from the September analysis (blue line) a back test and then movement continuing higher. Now it is testing the rising trend support and the 423 level. A move over 434, to new highs will trigger my entry.

____________________________________________________________________________________________________

Want to learn more about Dragonfly Capital Views?

Dragonfly Capital Views Performance Through September 2013 Expiry and sign up here for the free 7 day trial before you pay.

If you like what you see above sign up for deeper analysis and trading strategy by using the Get Premium button above. As always you can see details of individual charts and more on my StockTwits page.

The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.

blog comments powered by Disqus