Earlier in July, we noted that the rally in Abercrombie and Fitch Co. $ANF was likely unsustainable and that the $20 target would be an aggressive one. Indeed, price found resistance at twice in July, and is starting August with strong bearish continuation price action.ANF Daily Chart(click to enlarge)Bears in Charge:- There are several signs that bears are still in charge.- First of all, price is holding under the 200-day simple moving average (SMA). - Secondly, the RSI held under 60, reflecting maintenance of the previous bearish momentum.- Most importantly, the strong rejection at $19 and the bearish engulfing candle during the 8/1 session suggests that bulls were and are weak.Key Support:- While bears are in charge, the $15-$16 area is still key a key support area. - But at this point, if price does come down to this support area, I think ANF will break it down and open up the 2017-low around $9.00.- I would not touch ANF until $9.00 or even lower i.e. $8. But there are many other stocks to look at - why invest in a apparel retailer that has been struggling in terms of share price for years. - We might have a trading opportunity from $8-$9 back to $14 for example. But I wouldn't invest for the long-term and have funds tied up in such a down-beat name. ANF Weekly Chart(click to enlarge)