Abercrombie and Fitch is in a sharp retracement after putting together a nice rally in February and early March. After consolidation for about a month, ANF fizzled. I had bought ANF around 26. The thing is, even though this is a sharp pullback, the overall mode could still be bullish, so a hold still seems prudent.ANF Daily Chart 4/12(click to enlarge) Looking at the daily chart, ANF still has the pattern of higher highs and higher lows. Price is still above the 100- and 200-day simple moving averages. These SMAs are still in bullish alignment. However, the RSI has dipped below 40, which shows loss of bullish momentum. Now, the 27 handle seems like a key one. There is support/resistance pivot here along with a rising speedline. If price stalls here, I would even consider a buy if not for my existing exposure. I haven't heard of of much significant news that would explain the dip. There are some downgrades, but most analyst recommendations are still positive for ANF. Perhaps, there is some profit taking, or simply portfolio adjustments. In any case, ANF is showing that it is not a hot pick, because of how choppy it is. Still, it could still be a winner in 2016 as it anchors up from the base it formed in 2015.