Abercrombie & Fitch (NYSE: ANF) rose on Friday morning, trading 2.5% higher after stock analyst Wedbush raised its price target for the clothing retailer.
Our view is that the stock will continue higher only to fail in its intermediate resistance zone.
Wedbush Securities raised its price target for ANF from $17 to $19. However, the stock analyst was a day late, as the shares closed at $19.28 on the previous trading day.
In analyzing the market cycles for ANF, the present rising phase is substandard, with a high, so far, only in the first week off its recent low.
Yet we believe it will continue to move higher before failing in the resistance zone between $21.70-22.50.
After that, we see the stock declining again, testing the $15 level by March of 2019. The megaphone suggests that the stock is trying to make a longer-term bottom.
Abercrombie & Fitch (ANF) Stock Weekly Chart
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