Chipotle Mexican Grill Inc (NYSE:CMG) shares are trading higher on Tuesday. Here’s a look at what’s going on.

• CMG shares are climbing with conviction. Find out why here.

What To Know: The fast-casual restaurant chain revealed the addition of Josh Weinstein to its board of directors. The move appears to be boosting investor confidence.

Weinstein, who has extensive background experience in hospitality and operations from his leadership position at Carnival Corporation, one of the biggest leisure travel companies in the world, has joined Chipotle.

Since 2022, Weinstein has been CEO and a member of the board of Carnival Corporation. He said in a statement that he will be focused on accelerating Chipotle’s business globally. Weinstein also noted that Chipotle is a top-notch restaurant chain that provides an unmatched product at an exceptional price.

“I am delighted to welcome Josh to the Board of Directors of Chipotle. His extensive experience in the service industry will provide valuable expertise to the business at an important time for us as we pursue our strategic priorities and continue to deliver on our mission of cultivating a better world,” said Scott Maw, chairman of Chipotle’s board.

CMG Stock Analysis: It’s been a challenging year for Chipotle as shares have tumbled approximately 45% year-to-date. Tuesday’s upward momentum may be more a relief bounce than anything else with shares finding some support near 52-week lows.

Chipotle is currently trading approximately 10.8% below its 50-day moving average of $37.19 and about 28.5% below its 200-day moving average of $46.39. The Relative Strength Index (RSI) sits at 36.65, indicating a neutral position, suggesting that the stock may be neither overbought nor oversold at this juncture. The recent uptick in price may signal a potential reversal, but it remains to be seen if it can sustain momentum.

Support for the stock is identified at $30.25, which could act as a critical level to watch as the stock attempts to build on its recent gains. With no clear resistance level established, the psychological barrier of $35 may serve as an initial target for upward movement, alongside the 52-week high of $66.73 providing a long-term perspective on potential recovery.

CMG Price Action: Chipotle shares were up 6.17% at $33.11 at the time of publication on Tuesday, according to Benzinga Pro.

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