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Fan Yang

Abercrombie and Fitch (ANF) in a Bearish Flag Breakout

Retailers continue to be pressured this year and Abercrombie and Fitch (ANF) looks like it might push into new lows on the year.

Abercrombie and Fitch (ANF) 4H Chart

(click to enlarge)

Flag Breakout:
- As we can see on the 4H chart ANF has been rebounding since July. 
- Price ranged from a low of 8.80 to 10.45.
- But note the structure of price action, which was a small upwards channel. Compared to the prevailing bearish price action, this rising channel is simple a flag pattern.
- Price has broken below this channel this week, thus opening up the bearish continuation outlook, or at least towards the 2017 lows around 9.00.