Chipotle Booked a New High

Published on Friday, 13 January 2012 11:34 Written by Christopher Lynn

New York, January 13th (TradersHuddle.com) - Shares of Chipotle Mexican Grill, Inc. (NYSE:CMG) booked a new 52 week high today by trading above $352.63, traders are definitely monitoring Chipotle's price action to see if this move attracts further buying into the stock.

Chipotle Mexican Grill, Inc. (NYSE:CMG) owns and operates quick serve Mexican restaurants. The Company operates restaurants throughout the United States and specializes in burritos and tacos.

Chipotle is currently trading 1.49% versus its previous trading session close, and it has calculated support and resistance at $316.74 and $352.63 respectively. Clearly with this action this range has been penetrated, and traders will be reviewing price action to establish a new tradable range

The overall market index S&P 500 is trading lower by -0.76% from its previous trading close, which means that Chipotle stock is outperforming the overall market.