Chipotle spikes higher 16% after beating same store sales estimates and then pulls back

$CMG broke down from a descending triangle pattern on its daily chart to test a target near $51, before rebounding higher after earnings

While fast food chains such as McDonald’s, Wendy’s and Burger King are scrambling to entice cash strapped lower income customers to their stores with $5 value meals, Chipotle ($CMG) reported 11.1% same store sales for Q2 2024, handily beating estimates of 9.2%. They saw transaction growth across all income groups and averaged a healthy 8% transaction gr…