Market Overview

Chipotle Breaches $350 For The First Time Since April 2013

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Chipotle Mexican Grill, Inc. (NYSE: CMG) shares are trading lower by $7.00 (2 percent) at $349.05 in Friday's session.

The stock is trading lower for the sixth day in a row, falling from its July 13 close ($400.04) to $345.75 earlier in today's session. The stock has been under extreme selling pressure as a result of food-quality and restaurant cleanliness that have arisen once again.

See Also: Wall Street Isn't Happy With Chipotle's Latest Food Safety Scare

After lower open, Chipotle managed a brief bounce to $358.58, before continuing its move lower. The pace of the decline accelerated once the stock breached its former low for the move from November at $352.96, taking the stock well under $350.00.

At this time, the stock has found intraday support ahead of its April 19, 2013 low ($343.31), only reaching $345.75. So far, the rebound off that low has been capped at $349.80 as of 11:40 a.m. EST.

Posted-In: Technicals Intraday Update Movers Trading Ideas

 

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