At the start of the week, we noted that the price action in Chipotle Mexican Grill's (CMG) share price was confirming a bullish breakout. Chipotle (CMG) Daily Chart(click to enlarge)Breakout Extension; Resistance:- As we can see on the daily chart, price has indeed extended the breakout this week.- Now, on the daily chart, we can see that the RSI is above 70. This is usually a sign of an overbought market, IF the market is sideways or bearish.- However, in this instance, I think the market is actually turning bullish. The fact the RSI is above 70 is actually telling us there is strong bullish momentum developing.- Therefore, we should not be surprised if the RSI stays around or above 70.00 for a long period as price continues to surge towards the next resistance, which would be around 480. - If the RSI and price shows bearish divergence as price approaches 480, then we should anticipate resistance.- From the 480 resistance, we should limit bearish outlook to the 440-450 area, which was a critical resistance that could turn into a support.