Watch for another breakout in Chipotle (CMG) – this time in the form of an ascending triangle. The stock looks solid enough for an upward move into the $560’s to $570’s
I like the stop-loss placement as well on this trade, as you can easily place it just below the short-term uptrend that helps form the ascending triangle. So that if I am wrong on the breakout, the loss is minimum.
Here is the CMG trade setup:
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