Chipotle Mexican Grill, Inc. CMG shares are trading lower by $12.62 (3 percent) at $416.58 in Thursday's session. The issue has shed nearly $30 since Monday's close of $445.27. There has been no specific news to account for the weakness in a strong tape for most of this week.
After a lower open, it could not reclaim Wednesday's close ($429.20), peaking at $427.20 before continuing its move lower. It has continued to make lows for the session with the current low standing at $416.49.
If the decline continues, there may additional support at its April 27 low ($415). Beneath that level, the next low on the daily charts doesn't come in until its January 13 low ($496.65).
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