The press release is so perfectly timed as their stock broke down below support at $14.50 after putting in a lower high. I said last week that this was a short and a nice short it is. For those who are buying into this story of a new Chipotle don't. If you like Chipotle then by all means by them. This stock is as manipulated as it gets.... HFT#$%$ the ask with 100 share buys trying to get shorts to cover and the weak shorts do. When the sell volume comes in surprise the bids disappear... flash quotes a.ka.. "ghost bids" perhaps? If you are an straight shooting investor ask yourself why this company over LOCO or CMP? Honeslty with the possible head and shoulders set up on CMP and recent breakdown I would watch it for now.
Sentiment: Strong Sell
This is what I am talking about. Down volume thus far today has exceeded all volume yesterday. As we move down the bids tighten. It is 12:15 EST and I wouldn't be on bit surprised to see them spike the ask near the close but the price action thus far today is concerning to say the list if I were long. You could be very well right in 3-6 months but my reality is much shorter (days). Interesting t watch
My apologies if I came off rude. Message boards do not allow for voice inflections. I am a technical trader and shorted it a couple of weeks ago when it flashed a key reversal off of the 3rd standard deviation bollinger. As of last look there was a spread of .20 with 100 share hits on the ask. Ripe for someone to take the carpet out. I am not short now but and shopping for an entry point. RSI current 80 still could go higher. Good luck with it and if it doesn't hit my criteria I won't short it. But the signs of manipulation abound here. Read Flash Boys and you will know what I mean.
Pointing out fact is not fear mongering. Go ahead and buy the new symbol sounds like a great reason to see volume rise. I do not understand the rational..
RSI above 97 on a weekly chart is simply insane. This is and HFT circle jerk on light volume, big spreads and volatility. All of you day traders playing this thing are getting taxed and you don't even know it. The chart looks good on a daily basis but pay attention to the weekly chart. It was a pink sheet taco bell for goodness sakes. For the life of me I don't get the value that people see in this company. Watch the weekly and beware the high frequency traders who are keeping this thing aloft by crossing the spread with 100 share lots to keep it pumped.
Sentiment: Strong Sell
Other boards and citing internal documentation that there is a secondary offering being planned. Is that not dillutive to the shares and a negative for shareholders?