Earlier in March, we looked at the price action of Abercrombie and Fitch (ANF). We noted that the structure of price action suggested further downside. Indeed, during the 4/5 session, price broke below the consolidation range ANF has been trading in throughout 2017. Abercrombie and Fitch (ANF) 4H Chart(click to enlarge)Breakout:- The 4H chart shows that price has been relatively flat in 2017, following a bearish trend to end 2016.- After a bullish attempt failed to extend into a bullish reversal, price started to hammer at the range support.- The fact that price was still under the 200-period simple moving average (SMA), plus the occurrence of a false bullish breakout, suggested downside.- As price breaks below the the 10.85 support, we should anticipate further slide towards 10, and then 9.- In fact, don't be surprised if price slides towards the record low around 6.25. - If you think ANF is going to survive, it could be a bargain around 6.50-7.00.- But for now, I would expect further downside. Abercrombie and Fitch Monthly Chart(click to enlarge)