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ANF correction before next earnings

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ANF has had an incredible run during these past 12 M and YTD, shooting up over 359% and 94% respectively. The stock is performing tremendously and has even had comparison to AI giant NVDA.

But the NVDA bubble has popped, and I believe ANF will likely follow. With such a huge difference between a 3T and 9B market cap, I believe ANF will fall far more rapidly upon break of support.

Expecting price to drop as much as 17% from current levels and likely consolidate and continue its run up near if not post its Q2 2024 earnings date.

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Here is what I will be looking at in terms of price action. A bounce off the trendline is very much possible if we don't bleed further down but I expect a series of lower lows to develop and eventually filling the gap left at the 154$ range.

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i mean just look at this weekly chart, it too overbought and has and RSI in convergence a healthy correction is very much likely to happen withing the next 56 days

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price is doing what i expect it to be doing. but i thinnk a lower high will be created, at that point i will enter in short and a higher high will invalidate the trade.

patiently waiting

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keep in mind that one thing that could happen is a correction through time before another leg up. We might consolidate within this range here, a long position at this level will prove decent RRR

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beautiful bounce up

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heres how we look on the other chart we are following (will be cleaning it up for better visual)

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we have successfully filled the gap left in our previous lower high, i will be monitoring this very closely in the upcoming sessions for a potential short entry incase price is rejected, but ANF is looking strong and may pierce through this level

depending on how price behaves will determine how i modify my gameplan

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took on the short. lets see what goes down

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if ANF cant break this first hurdle its likly yo create another higher high. managing risk and willing to exit is key here

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ok, so good entry, its very difficult catching the top of a swing point and i say we did very well, looking at the hourly our short is doing well for the time being but we are quickly approaching a very important area and we have to be very cautious here with our short. We have to respect the strength that ANF has had during this rally and a bounce can very much happen as soon as Friday. NVDA prooved its strength today and ANF could possibly bounce and create a higher high like so. we must manage risk accordingly.

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currently down over 2% and short now up 50% total, we could get a bounce from here but so far so good

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Down over 4.5% on the day! We have a great entry and have broken the trendline and broke past the gap left behind around 173$ and even closed below the 50 EMA on the 4H and because of all that i decided not to take any profit just yet, i think we got a winner on our hands here but let's see what Monday has for us

I think next stop is 167$ and ill definetely be taking profits there! a trailing stop here is not a bad idea.

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What a bummer! that's a huge bounce on the 50 EMA, i thought about exiting on Friday to avoid the weekend uncertainty and restructuring my position on monday but i was convinced the downside would continue to 153 before bouncing back up. ughh, oh well we live, and we learn.

We are still in profit due to our beautiful entry but today's price movement essentially wiped out all of Friday's gains. ANF is strong and i have trailed my stop to lock profit in case the upside does continue.

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in terms of what ill be looking for, a rejection of the 0.618 Fib level is ideal, but if we do break that ill be preppared to exit the short

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reject still in very probable here

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there's the rejection, i closed out in preperation for CPI tomorrow. We could have played this better but ill take what i can get and restructure post CPI data release

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We are really starting to squeeze here in what looks like a bullish pennant. The EMAs have caught up on the 4H and this thing looks like its ready to explode. Although we did break the trendline, the macro trend and general strength of ANF makes me think we will push to the upside. A hedge here is not a bad idea. Will be looking for more clarity on the direction upon these next two session to establish a position .

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long at 176.50$.

Keeping my stop very tight

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aghhh, ANF opened and fell as low as 167 and that would have been fantastic if we held. I wasnt willing to take that risk so we move on.

What a candle. The bulls are definitely present and this pennant. s really starting to squeeze into the apex. This stock is ready to explode either direction and for now i lean towards the upside.

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WHAT A HEARTBREAK! They got me on this one, I closed this one out, this one became a really tough read for me towards the apex and I need to do some deeper studyingg

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WHAT A BLOODBATH! NVDA has popped and ANF has followed and practically hit my target area.

My original thesis played through, but my execution fell short. I let the bulls fool me and lost sight of the bigger picture to the short-term battle.

Lots of to learn from this, this was a rollercoaster, very volatile and hard for me to read. Best to do next time is establish some longer term puts and let them ride while i play the short term with shorter term puts.

Might revist this once the dust settles. putting this chart here for my own personal recods.

Best!

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As NVDA continues to fall i expect ANF to follow, they are both OVEREXTENDED and this weekly chart is shaping up quite nicely

looking at the 4hr chart we are def trending lower and look like we want to return to 140$

less than 8B marcket cap. this can happen very quickly

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bloody bloody bloody we are quickly approaching the 200 EMA, we look oversold but the way the markets are behaving and NVDA still falling, i wouldn't be surprised if ANF continues to fall and retest that 109$ level

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looking at our weekly chart, ANF has fallen over 30% and its validating seeing we have rightfully called the top. i think we got more downside to go considering how the marco environment is behavin but we might be due for a bounce soon. the upcoming week will clear things up

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Nice little bounce here!

the trend is our friend here and if markets remain fearful i wouldn't be surprised if we fall further down, will consider a short here

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alright so glad i didnt pick up that short , thats a great bounce off the 200 EMA on the daily chart

looking back at our hourly chart we have broken the trend but look overbought here. i expect us to retest 140.50$ and bounce back up afterward. I will consider going long there

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just blew past 140$ , this weekly chart proved beautifully

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looking at this current set up prior to earnings

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well, I'm sure glad I wasn't able to buy cause that price action post earning is rough!

my original sentiment for ANF an NVDA proved correct. the bubbles have popped, and I expect further downside after a confirmation of serious lower highs!

won't be monitoring this much for now

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this dead cat looks finished expecting 122$