Chipotle overbought after earnings
Chipotle saw a hefty jump after topping earnings estimates earlier this week.
GoNoGo Trend indicator gave a “GO” indicating the environment was bullish for the Mexican grill on April 14th, when prices were around $785.
However, note that there may be a little consolidation or minor correction here as this week’s action has caused the GoNoGo Oscillator to rise to an extreme. This means the stock has become overbought. With the price where it is, GoNoGo Charts is showing a red, short term correction arrow on the current, daily, bar. This suggests a possible correction within the trend, which at the moment is a “GO”. If this is confirmed at the close of the session, look for price to struggle for a few days.
However, note that there may be a little consolidation or minor correction here as this week’s action has caused the GoNoGo Oscillator to rise to an extreme. This means the stock has become overbought. With the price where it is, GoNoGo Charts is showing a red, short term correction arrow on the current, daily, bar. This suggests a possible correction within the trend, which at the moment is a “GO”. If this is confirmed at the close of the session, look for price to struggle for a few days.
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