CMG Cup&Handle pattern, potential gap covering
Chipotle Mexican Grill formed bearish pattern called Cup&Handle with lower high (reversal candle) on 6th of October. Important level of support was at $649 and was broken yesterday with conviction. Combine it with 
SPX break down of 200 EMA first time since long time and that is how you get in on the right side.
Risk Management: ENTRY was at $649 break. After 3 outside down days it feels a bit oversold. Maybe, wait for a bounce to fill with better price. STOP above $660 makes sence if sellers want to keep pressure and momentum. Then we have $682 reversal point. TARGET: as there is no visible support below previous support I will put my target at $609 which was resistance before gap up on earnings.
SPX break down of 200 EMA first time since long time and that is how you get in on the right side. Risk Management: ENTRY was at $649 break. After 3 outside down days it feels a bit oversold. Maybe, wait for a bounce to fill with better price. STOP above $660 makes sence if sellers want to keep pressure and momentum. Then we have $682 reversal point. TARGET: as there is no visible support below previous support I will put my target at $609 which was resistance before gap up on earnings.
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