Shares in fast casual restaurant Chipotle Mexican Grill (CMG) jumped more than 4% in extended trading Wednesday after the burrito maker served up second quarter results above Wall Street’s expectations, as demand for the chain’s menu items allowed it to avoid lowering prices, helping to sustain revenue growth.

Below, we take a closer look at the technicals on Chipotle’s chart and point out important price levels to watch out for amid a post-earnings pop.

Since forming a bear trap pattern after setting a record high in June, Chipotle shares have had a correction of around 24% on above-average volume. However, the shares appear to have found buying interest near a trendline linking a February pause in the stock’s longer-term uptrend and the closely aligned 200-day moving average.

It’s also worth pointing out that the relative strength index (RSI) recently moved into oversold territory below the closely watched 30 threshold for only the fourth time over the past year, setting the stage for an earnings-driven pop from this key support area.

If Chipotle shares stage a post-earnings recovery, investors should monitor three key levels where the stock may run into overhead resistance.

The first area to watch sits around $57, a location on the chart where sellers who bought the dip may be happy to lock in profits near price consolidation that formed as part of the stock’s trending move between October 2023 and June this year.

A close above this level could see a move up to the key $61 level, where the shares would likely face a confluence of resistance from the downward sloping 50-day MA and a horizontal line linking a series of price points from late April to early July. This area also roughly lines up with the 50% Fibonacci retracement level using a grid stretched from the June high to July low.

Finally, an extended bullish move in the stock could drive a rally to around $65, just 6% below the all-time high (ATH), near a trendline sitting above a narrow range of price action between April and May.

Chipotle shares gained 4.4% to $54.04 in after-hours trading Wednesday.

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Another electricity tariff hike may be introduced in October 2024 by the Nigerian Government as the country’s monthly power subsidy rose to N181,63 billion in September.

This comes as the electricity subsidy by the Federal Government rose to N181,63 billion in September from N102.30 billion in May.In the last three months, the government paid N163.87 billion in July, N173.88bn in August, and N181.63bn in September 2024.

This comes after the Nigerian Electricity Regulatory Commission announced the removal of subsidies in areas categorized as Band A feeders on April 3, 2024. NERC had revealed that the monthly electricity subsidy at that time stood at N140.7 billion. Consequently, NERC approved an electricity tariff hike for electricity consumers enjoying at least 20 hours of electricity daily, raising their tariff to N225 per kilowatt-hour.

However, the decision generated serious outcries among Nigerians, including labour unions, educational and health institutions, whose electricity bills tripled following the removal of the subsidy. In May when the subsidy figure dropped to N102.30 billion, the government slashed the Band A tariff to N206.80/kWh. NERC said the reason for the reduction was due to a fall in the exchange rate of the Dollar to the Naira.

However, the tariff was jerked to N209/kWh in early July as the subsidy rose again to N158 billion in June. Accordingly, in the period under review, the NERC put the dollar exchange rate at N1,494.1 in July; 1,564.3 in August; and N1601.5 in September. As of September, the NERC maintains the benchmark gas-to-power price of $2.42/Million British Thermal Units based on the established benchmark price of gas-to-power by the Nigerian Midstream and Downstream Petroleum Regulatory Authority in line with Section 167 of the Petroleum Industry Act 2021. This indicates the rising cost of power generation in Nigeria.

The development coupled with the country’s inflation rate which stood at 32.15 percent in August 2024 had fueled speculations that there may be another tariff increase in the October Multi-Year Tariff Order unless the cost of power generation drops.

The Supreme Court denied an attempt by President Joe Biden's Administration to restore the Saving for a Valuable Education (SAVE) repayment plan.

Earlier this month, the Biden Administration filed an emergency request that asked the Supreme Court to lift a block placed on the SAVE plan by lower tribunals. The Supreme Court denied the request on Wednesday, upholding the injunction and allowing the block to continue.

The injunction will likely be in place until the court case arguing the plan's legality is resolved.

The income-driven repayment plan, which offered lower monthly payments and easier loan forgiveness, has been blocked since mid-July. Borrowers have been held in limbo as two cases, led by Republican-majority states seeking to block the SAVE plan, worked their way through federal courts.

The lawsuits argue that the SAVE plan's eventual cost is too high for the White House to authorize alone. The case's back-and-forth has resulted in forbearance for all borrowers enrolled in the plan until the cases are resolved.

With this injunction upheld, the merits cases will be argued in lower courts and may eventually be brought back to the Supreme Court.

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Revolut has secured a $45 billion valuation in a share sale by employees, cementing the U.K. company's position as one of the world's most valuable fintech startups.

The latest valuation comes as the company behind the banking-like app favors the Nasdaq as its venue for a potential initial public offering (IPO), according to the .

Founded in 2015, Revolut was valued at $33 billion in 2021 and on Friday said existing investor Tiger Global and fellow hedge funds Coatue and D1 Capital Partners had invested in the employees' sale of stock.

"This secondary share sale allows current employees to capitalise on their contribution to Revolut's growth, while attracting a diverse mix of both new and existing investors," Revolut said.

Japan's SoftBank bought into the company in 2021. That funding round three years ago helped make Revolut the world's most valuable fintech startup after American digital payments giant Stripe, according to .

The company got a U.K. banking license in July, which allowed it to expand and take on the country's dominant banks by offering popular products such as mortgages. It already has a banking license in Lithuania, which gives it access to the European Union (EU), as well as Mexico.

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