QSR theme today, with this mornings action in MCD 0.00%↑ popping, along with this price action in CMG 0.00%↑ .
CMG 0.00%↑ sold off on volume following last weeks earnings report, but the stock price didn’t actually move much, and is basically in line with where it was before the print. The major difference between this chart and MCD 0.00%↑ is the velocity of the move. MCD 0.00%↑ peaked in January before a 6 month down trend, whereas the CMG 0.00%↑ move occurred over a much quicker 6 week timeframe. The gap up from February is now filled, and we’re left with an upside gap range just above the 200 day. It wouldn’t surpise me in the least to see this one pop back towards the 200 day, but similarly to $MCD, it’s what happens next that will be important.