Last week, we noted that the stock price of Chipotle Mexican Grill (CMG) was bullish but would face a key resistance around 480. We have earnings this week on 4/25, and the market is not ready to push CMG above 480, stalling here and retreating during the 4/24 session.Chipotle (CMG) Daily Chart(click to enlarge)Bearish Engulfing Candle Ahead of Earnings:- Note that price already came up to 480 last week, and price started to stall.- However, it was the 4/24 session candle that revealed the market's tentativeness ahead of the earnings report. - Keep in mind that the rally already priced in at least a Q1 earnings report that matches expectations and maybe even slightly better. - That means, we should probably pay more attention to guidance for Q2 (as is the case most of the time anyway). Expecting Support:- Unless the earnings report draws some real red flags about expansion, CMG should find support around 450. If market sentiment is risk averse in general the next couple of weeks, we might see further extension, but I would not expect price to dip below 430.- If price does fall below 430, I would be less confident of the bullish reversal scenario, which is what I am anticipating at the moment. Bullish outlook:- If price closes above 480 this week, CMG would have the 500 handle firmly in site for the short-term.- In the medium-term, we can anticipate a push towards the 2016 high of 542.50 before the next earnings report.