Chipotle Mexican Grill Rally Baffles Wall Street For Now

shares are trading higher by $25.00 (3.9 percent) at $676.72. A Chipotle spokesperson told Benzinga through an email there was no news to account for the move in share price. Let's examine the technicals in the issue to try and determine a reason for the explosive move and where the issue may heading. Prior to today, it was hovering just above its lows for the recent slide made on April 1 at $644.06, ending Thursday's session at $651.72. It started spiking higher around 7:30 a.m. ET, when it traded $15 higher on light volume. By the opening bell, it was changing hands at $669 level. After a brief pullback to $665, it has continued to move higher, reaching $680.61 so far in Friday's session. That represents its highest level since it peaked at $683.13 on March 25. With a low short float interest of 2.79 percent, the rally cannot be attributed to this being a massive short-covering rally. Instead, investors may need to wait for a positive mention in Barron's over the weekend or some favorable news to explain the reason behind Friday's price action.