Don't Ignore This Chart!

Chipotle Fires Up The Mexican Grille


Chipotle has been building a very large base over the last couple of years. With Tuesday's move, it is now trying to break out above the consolidation.  The SCTR has resumed its strong presence, while the relative strength in purple continues to run to the upside. The full stochastic is showing strength here as the price sits at the breakout level. One of the indicators I like the most here is the PPO, which is bouncing off the zero line after pulling back. This looks like a long runway for Chipotle. I think a tight stop in the high $480s should give it all the wiggle room you'd want to give should it fail to hold the breakout. 

There were lots of videos produced over the last week. Here are a few of the ones I was involved in:

A lot of charts are making bullish turns this week. If you are looking for some positive areas of the market to investigate, I would strongly encourage you to view the Weekend Market Roundup video, which you can also find in the "Canadian Technician" articles. Follow this link to "The Canadian Technician" and don't forget to subscribe.

I had two shows this week for Market Buzz on StockCharts TV, where there have been some beautiful sector setups to talk about recently. This new show is dedicated to weekly timeframe investing. Please follow me on Twitter and subscribe to my blog for regular updates.

There are some Canadian charts that look outstanding! This is my Canadian Market Review for the week. 

If you would like to learn more about the basics of charting, check out Stock Charts for Dummies. The first section of the book walks through all the chart settings to get the charts you want, the second section explores why you might use charts for investing and the third section is about putting it all together.

Click here to buy your copy of Stock Charts For Dummies today!

If you are missing intermarket signals in the market, follow me on Twitter and check out my Vimeo Channel. Bookmark it for easy access!

Good trading,
Greg Schnell, CMT, MFTA
Senior Technical Analyst,
Author, Stock Charts for Dummies

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The Canadian Technician

Greg Schnell
About the author: , CMT, is a Senior Technical Analyst at specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the CMT Association and the International Federation of Technical Analysts (IFTA). Learn More
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