ANF hits the bull flag target— Here is where the dip-buyers are waiting

Drew Dosek Verified Investing

Abercrombie & Fitch (ANF) has put on an absolute clinic in momentum trading recently. Since November 24th, culminating in a move on Monday, this retail powerhouse has surged over 100%. To put this run into perspective, it has been an incredible one-month vertical march with only six red candles during the entire climb.

Looking at the technicals, Monday’s price action officially completed the bull flag measured move at $130.33 target established by the flag that formed back in early December. After a run this steep, the stock is looking near-term overextended. From a tactical standpoint, ANF is due for either a healthy pullback or a period of sideways consolidation before it can realistically take a shot at the next resistance level of $143.54.

If we do see some profit-taking, the first minor floor to watch is $122.72. Below that, we find much stronger support at $117.03. However, the most critical area to watch is the old declining trendline, currently sitting around the $110.00 mark. How ANF reacts to that trendline will be the ultimate test; holding that level is critical if the bulls want to maintain this historic momentum against any near-term selling pressure.

Author

Drew Dosek

Verified Investing

Passionate technical and cycle analyst committed to empowering traders through data-driven insights.

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