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Actionable news in ANF: ABERCROMBIE & FITCH CO.,

Abercrombie & Fitch (ANF) Stock Finally Reaches Floor of $20

NEW YORK (TheStreet) -- Shares of Abercrombie & Fitch (ANF - Get Report) have suffered through a long decline, but prices look like they are finally bottoming out, for this brand.

In this chart of ANF, above, we can see a price low in March with heavy volume. After this March low, the On-Balance-Volume line (OBV) starts to rise, indicating accumulation -- with more volume traded on days when ANF closed higher. Since March, the price of ANF crisscrosses the 50-day Simple Moving Average. ANF is now above the 50-day average and the slope of the average is positive. The $20 level now looks like a floor for an advance.

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In this longer view of ANF, above, we can see the decline to nearly $15 from $55. The recent rally above the 40-week moving average and the improvement in the OBV line fit into a bottom pattern. The Moving Average Convergence Divergence (MACD) oscillator had a positive crossover and could soon cross the zero line. Traders could nibble on the long side of ANF, here, and add on strength above $24. Sell stops should be...


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