ANF has a H&S pattern on the daily with an RSI trending under 50 and MACD under 0. If able to breakdown below the neckline, we should see an implied move towards 29-30 where 30.10 represents an old resistance area that should now have good support.
Daily timeframe Short Term: Bearish
on 30m chart
SELL around 15.45
T1 14.95
T2 14.60
on daily chart
SELL 16.10 to 16.50
T1 13.00
T2 10.80
SL closing up 18.85
The expected time to achieve the target is in the half hour of one to three weeks
The expected time to achieve the target on a daily basis, a maximum of three months
With the indices showing solid signs that they might continue their bullish run and ANF being at solid support I think right now might be one of the best prices to buy into this.
Of-course lower lows could come and the pattern could fail... we cannot decide which setup with be the winner and which the loser.
I didn't add an SL here as I bought the stock on...
ANF is currently oversold according to the daily stochastic indicator and 200 day MA. However it overcame the 50 day MA, and is above both the daily Ichimoku Cloud and the weekly pivot P. In addition there is a bullish crossover on the stochastic.
The target is .786 fib = 18.00 which also lines up with the 200 day MA.
Target =18.00 (+4.66%)
Stop loss = 17.00 (-0.87%)
