Abercrombie and Fitch $ANF reported earnings before Thursday's market open. Here's a summary from 247wallst.com:...the retailer said that it had $0.06 in earnings per share (EPS) and $842.4 million in revenue. That compares with consensus estimates that called for a net loss of $0.04 per share and revenue of $845.15 million, as well as the $0.16 per share profit and $779.32 million it posted in the same period of last year. During the most recent quarter, comparable sales increased 3%, consisting of a 4% increase at Hollister and a 2% increase at Abercrombie. Thomson Reuters was calling for same-store sales of 3.7%....Looking ahead, the company expects to see net sales flat in the third quarter and increasing between 2% to 4% for the fiscal full year. Consensus estimates for the third quarter call for $0.32 in EPS and $859.04 million in revenue. The consensus estimates for the full year are $0.88 in EPS and $3.57 billion in revenue. (247wallst.com)Market Reaction: The earnings report was decent, but in this high growth environment, the market has very high demands for guidance. ANF didn't have incredible numbers so a period of consolidation would not be surprising. Today's bearish move is still within the overall bullish in the past year, or at least the sideways consolidation mode more recently. Therefore, we might consider "buying-on-the-dip" IF price can hold above $21.40. ANF Daily Chart(click to enlarge)Consolidation Mode:- Before the earnings report, the market was in consolidation and failed to push into a bullish breakout.- Along with today's negative reaction, it is possible that ANF is topping.- However, there is a prevailing uptrend, and today's price action is bringing price to some key support factors.- Note the support around $21.40, where a rising trendline coincides with the May/June low and support pivot.- I think we should anticipate some buying here. But a break below $21 would likely open up even more downside. - If price holds above $21.40 and climbs back above $26, I would be more convinced of the bullish continuation scenario.- However, without the confidence of this bullish continuation mode, we should anticipate resistance if price does rebound towards the $25-$26 area.