Alpha Capture Founder and CMT Jon Boorman says he finds Chipotle Mexican Grill, Inc.’s CMG technicals constructive for further gains for at least weeks. Boorman was a guest on Benzinga’s #PreMarket Prep, where he discussed chart setups and risk.
For Chipotle, Boorman noted that he is long the stock with a stop at $664, beneath the early January lows. Boorman said that his constant risk-focused outlook determines his position sizing. So, while his stop in Chipotle is more than 6 percent from current prices, he will not risk more than 0.5 percent of his portfolio.
Chipotle reports earnings on Tuesday. Analysts are expecting EPS of $3.78, up from $2.53 a year ago.
Check out the full interview below:
Don’t forget to tune in to Benzinga’s #PreMarket Prep broadcast Monday-Friday 8-9:45 a.m. ET for a live, interactive morning show with veteran traders and featured finance industry experts ready to answer your questions for the trading day.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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