Market Overview

Chipotle Falls Under $300 For The First Time Since January 2013

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Chipotle Mexican Grill, Inc. (NYSE: CMG) shares are trading $5.51 (2 percent) at $300.00 in Wednesday's session.

This marks the sixth day in a row it has been in the red. Over that course of time, the stock declined from its August 15 close ($322.78) to $299.20 earlier in today's session. In just over one month, it has lost 25 percent of its value since closing at $400.04 on July 13.

After a lower open, Chipotle attempted to rally but was could not clear Tuesday's closing price of $305.51 as the rally ended just a penny shy of that at $305.50 and continued its move lower. As of 2:20 p.m. EST, the ensuing decline has taken the stock to $299.20 and is attempting remain above the key psychological level of $300.00.

The current low coincides with its January 25, 2013 low ($298.95). It hasn't closed under $300.00 since the day prior (January 24, 2013), when it ended that session at $299.62.

If the decline continues, the next daily low (January 24, 2013) is not until $292.87.

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