ANF faces resistance at the 61.8% Fib retrace after a 35% jump; expect consolidation/struggle here rather than immediate upside.

Another earnings play guys. This happened this morning with Abercrombie & Fitch reporting earnings. Look at this push up over 35%

and we could see that Abercrombie & Fitch most recently has broken out from a declining trend line on the chart. We had a failed breakout attempt here that looked it happened back in January of this year but it took all the way over here until June before price was able to successfully break out of that declining trend line and since then it's been up up and away in an extreme firework explosion today with a big blast off here on ANF.

Now if you notice the 618 fib retrace is derived from this pivot high down to the most recent pivot low. So this is a major level of contention. One area I anticipate A&F to struggle with in the coming days, if not maybe potential weeks after a big up move of 35%.

Now any profit taking, you could be aggressive and buy in this zone right around $130 as these low pivots, but I would look I would rather be more conservative, wait for a larger pullback down here to the 122 level just on top of this other previous consolidation and start inching into the position there for then re-attack of this fib level at $146.

If it can continue to barrel through despite being overbought as it is right now in the daily RSI at 79, next resistance at 16884, but I fully anticipate price to really remain in this range around the 618 fib retrace for at least several days if not a couple weeks of price action.