Don't Ignore This Chart!

Abercrombie And Fitch (ANF) Surges To A Strong SCTR Ranking

 | 

Abercrombie and Fitch (ANF) popped above an 8 month base in what can only be described as a breakout. The apparel retailer industry group only had one stock with an SCTR above 65 yesterday. What a difference a day makes. Now Abercrombie is leading the group. Abercrombie literally jumped to end the building of the 2015 base in the price chart. The volume soared, the SCTR went above 90 and the base looks complete. The SCTR had been working higher and the move today appears to confirm the change in investor sentiment towards the stock.


If you look on the zoom panel, you can see how big today's move was. Perhaps this could be the start of the Santa Claus rally for retailers. The breakout on the chart can only be described as a great start! Just to show how difficult this industry group has been this year, I have included a list of the stocks in the group. Now 3 stocks are above 75. 

Abercrombie made a nice move today and a few others did as well. Perhaps this is the start of a wider industry group move.

Good trading,
Greg Schnell, CMT

 

Announcement from the Author

{{ announcement.content }}

Greg Schnell
About the author: , CMT, is a Senior Technical Analyst at StockCharts.com specializing in intermarket and commodities analysis. Based in Calgary, he is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the Market Technicians Association (MTA) and the International Federation of Technical Analysts (IFTA).

Greg is also the co-author of Stock Charts for Dummies (Wiley, 2018). Greg joined StockCharts.com in 2012 and has be instrumental in helping launch a variety of new blogs and other commentary platforms. Presently, Greg contributes market analysis commentary to The Canadian Technician, Commodities Countdown and Don't Ignore This Chart blogs. Learn More
Subscribe to Don't Ignore This Chart! to be notified whenever a new post is added to this blog!
comments powered by Disqus