January 03, 2012 at 10:19 am | | Comments 0

Burrito Time!

Don’t look now, but CMG is back on the move – and potentially in a very big way.  The chart below outlines the large, multi-month ascending triangle that’s been forming, and currently we’re seeing a breakout attempt in the stock.

But can it stick?

That’s always the million-dollar question, but with a solid uptrend in place and prices now pushing to new highs, I certainly wouldn’t bet against it.  In fact, I like it for a push to the $425 area, which is the projection of this pattern (add widest portion of triangle to breakout zone).

Here’s a closer look at the chart:

Why I Use TeleChart

 An aggressive stop would be a gap fill to the 12/30 close of $337.  Nice setup.

Trade Like a Bandit!

Jeff White
Producer of The Bandit Broadcast

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