"In this bull market, investors are going to look for this stock at least for a trading rally from here and, as it stands based on technicals, a trading rally makes sense," Wald told CNBC's " Trading Nation " on Monday.
Ari Wald, head of technical analysis at Oppenheimer, said this underperformance gives it "rotation potential."
But, the stock has had a disappointing first half of 2021.
Analysts at the firm upgraded the stock to a strong buy, expecting the chain to be able to pass off increasing costs to the consumer.
Nancy Tengler, chief investment officer at Laffer Tengler Investments, bought into the stock in March 2020 when it fell below $500.
Wald, CNBC's, Ari Wald, Oppenheimer, it's, Chipotle, Nancy Tengler, Tengler
Investments, FactSet, Tengler Investments