Chipotle CMGSTOCK_USDT on MEXC fades off a 28.12 double top and slides back to 27.99

Chipotle Mexican Grill (NYSE: CMG) is the burrito chain, and MEXC lists a USDT-margined CMGSTOCK_USDT perpetual that opened at 10:00 AM ET today. It follows US market hours.

Specs

• Max 20x, contract size 0.01 CMG.
• 0% maker, 0.02% taker.
• Funding every 8 hours, capped at +/-0.02%.

Snapshot, 12:25 PM ET

• Last 27.99, index 27.99, about -0.2% on the day.
• 24h range 27.93 to 28.12.
• 24h turnover about 17K USDT. Open interest 98,122 contracts, roughly 27K USDT.
• Funding -0.0087%, slightly negative.

15m chart

The morning was a tight base on 27.93 to 27.95 (10:30 through 11:00). Price then pushed up to 28.12 twice, at 11:30 and again at 11:45, and failed both times. Highs since: 28.10, then 28.03. Lows have stepped down too, 28.05, 27.98, 27.95, and the last two candles both closed at 27.99. It is back sitting on top of the morning base.

Bias: SHORT

A double top at 28.12 with lower highs after it points back at the 27.93 floor. A 15m close under 27.93 breaks the base that held for the first ninety minutes.

Invalidation: a 15m close above 28.12.

Funding is negative, so shorts pay a small fee to stay in, and this is a quiet, thin book. Size small.