Shares of Chipotle Mexican Grill (CMG) continues to show signs of recovery, albeit in a very cautious way. We recently noted that CMG was trading at a key support around 400.Chipotle (CMG) 4H Chart(click to enlarge)Support Holding:- In February, price retreated sharply but bounced off 395.- The subsequent rally however retreated after tagging the February high. - Price came back down to this 395 support this week, and we saw a rebound during the 3/21 session.Turning Bullish?- This hold above 395 is a sign that CMG has at least turned from bearish to sideways.- The fact that price did not push back to the 350-360 support area suggests that a price bottom is developing.- I think even if CMG is going to be stuck in a sideways market, there is upside towards the 440 area in 2017.- A break above 450 could open up a bullish market. But until then, we should limit our bullish outlook to 440, around the common highs from mid-2016.