In the previous look at Chipotle (CMG), we noted that it completed a rounded bottom, and had upside risk towards the next key resistance around 480. Well, a week later, price has reached this resistance area.Chipotle (CMG) Daily Chart(click to enlarge)Resistance:- The daily chart shows a market that is rallying after completing a rounded bottom.- This means, the market is bullish, but against a prevailing downtrend that just turned around.- This also suggests caution and respect for key resistance levels.- We can see a support/resistance pivot area between 480 and 493 roughly. - At the moment, the RSI made a new high, which reflects strong bullish momentum.- But if the RSI starts to show bearish divergence against price, which price is in the 480-493 area, we should consider a possible bearish correction to the bullish market since late 2016. - The bearish outlook should be limited to the 430-440 area.