Chipotle - Above Average Volume Detected

Published on Friday, 17 August 2012 11:38 Written by TradersHuddle Wire

New York, August 17th (TradersHuddle.com) - Unusual high volume detected on shares of Chipotle Mexican Grill, Inc. (NYSE:CMG) early in the trading session. The pace in volume of Chipotle points to a break above average, with buyers stepping in, as the stock is 0.61% higher.

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 has already traded 0.869 times its 3-month average volume and has calculated support and resistance at $290.64 and $307.28 respectively. Traders like to use volume as their lie detector for price action movement through predefined trading ranges.

The overall market index S&P 500 is trading flat by -0% from its previous trading close, which means that Chipotle stock is outperforming the overall market.