Fun With The Teen Retailers
- Posted by Greg Harmon
- on April 8th, 2013
It is spring and time to shop for new clothes for your teens. So as you are strolling through Abercrombie & Fitch, $ANF, American Eagle Outfitters, $AEO, and the Gap, $GPS, here are some fun ways to look at the stocks of those companies.
Abercrombie & Fitch, $ANF
Abercrombie & Fitch, $ANF, completed a Bearish Bat for the boys and is now working on a Bearish Butterfly for the girls. The potential Reversal Zone for the Butterfly is up at 54.39, nearly 10% above the close on Monday. The Relative Strength Index (RSI) is bullish and making a new higher high as the Moving Average Convergence Divergence indicator (MACD) is curling higher, both supporting more upside.
American Eagle Outfitters, $AEO
American Eagle Outfitters, $AEO, is floating higher, like a balloon towards the gathering of the Simple Moving Averages (SMA) in an Ice-pick pattern. When a Death Cross or Golden Cross occurs in an Ice pick pattern it carries less relevance. But the Ice-pick can act as a stalling point popping that price balloon when it reaches it. But that is still 3.7% above the closing price Monday and with the MACD curling higher and the RSI rising you may get that in a day or two.
If you look hard at the chart of Gap, $GPS, you can see an Inverted Frankenstein Head and Shoulders Pattern, complete with a small mutilated left shoulder. The Price Objective take it to at least 43.75 as it breaks through the neckline at 36.75. The RSI is bullish and rising on this and the MAD is turning back higher. Once it it over the blue box it is free to run.
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Gregory W. Harmon CMT, CFA, has traded since 1986 and held senior positions including Head of Global Trading, Head of Product Development, Head of Strategy and Director of Equity. (More)
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