Trade Alert - Chipotle at New Highs | 52 WeekHighLow

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Trade Alert - Chipotle at New Highs

Published on Wednesday, 01 February 2012 12:34 Written by Christopher Lynn

cmg New York, February 1st (TradersHuddle.com) - Shares of Chipotle Mexican Grill, Inc. (NYSE:CMG) booked a new 52 week high today by trading above $370.35, 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 0.74% versus its previous trading session close, and it has calculated support and resistance at $316.74 and $370.35 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 higher by 1.25% from its previous trading close, which means that Chipotle stock is underperforming the overall market.

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