Stock Analysis: Today’s best swing stock trade idea for 2024 is Chipotle Mexican Grill (CMG).
On Tuesday, July 16, 2024, Chipotle Mexican Grill’s (CMG) stock price closed at $57.74.
On the monthly time frame, Chipotle Mexican Grill’s stock price is trading in a bullish trend. The price continues to create higher highs (HH) and higher lows (HL) in the structure. On the monthly time frame, if the candle closes below $60, it will form an Evening Star candlestick pattern.
This pattern indicates a potential reversal in market price.
On the higher time frame, the price is moving within a rising channel. On the weekly time frame, the structure has created a demand zone level.
On the daily time frame, the market structure has shifted to a sell trend.
Note: If the price breaks above $69.33, this setup is invalid.
Sell Swing Trade Idea:
Entry Price Range: $60–$65
Stop Loss (SL) Price: $69.45
Target 1: $52.30
Target 2: $47
Note: Keep trailing your stop loss to secure bigger profits.
Please note this is only an opinion and not financial advice.
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