9.4.17 | ANF | Rising Wedge

(Code-Name_Virtue) Minor/Secondary Trend Press Release
Price has completed a Big W chart pattern and is now forming a Rising Wedge chart pattern. There is $.49 of daily volatility left in the Wedge with many strong supply values that price will be trading in if it continues bullish on Tuesday. The consensus is that price is going to reverse bearish this week, it may continue bullish on Tuesday due to the shopping from the holiday weekend however selling the high of tomorrow is sensible speculation.

Entry: Sell the high of the intraday chart.
Target: Exit when you're comfortable.
Stop: Use a 1:3 risk reward ratio.
Please scroll down for more charts based on this analysis.
Comment: Price Closed outside the top of the Linear Regression Channel signaling to Sell.
Comment: Here is tighter fitting Rising Wedge on the 1 hour chart, as well as a 2nd line for confirmation on the RSI trendline (Zone).
Comment: If the Rising Wedge fails, price may begin to form a Cup+Handle chart pattern.
Comment: Sorry Folks, price diverged from the rising wedge today. It looks like ANF has formed an upward moving channel instead.
Comment: Note the Bearish Divergence on the Awesome Accelerator.
Comment: Price may be set up for corrective move bearish once it starts to test Resistance.
Comment: The Blue trading range that extends across the chart is based on a weekly time frame indicating price will need a lot of momentum to breakout past this value.


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