ANF Forms Inside Day within Rising Wedge

Abercrombie & Fitch (ANF) is part of the retail apparel industry group and the consumer discretionary sector. ANF surged with a gap up in early April, but failed to hold this surge and filled the gap in mid April.

The inability tohold the gap-surge shows weakness. There was another, and smaller, surge last week with an inside day forming over the last two days. A lower high could be taking shape with resistance around 26-27. The inside day shows indecision that could foreshadow a reversal lower. The On Balance Volume (OBV) is shown below with a negative divergence in March-April. Volume is not keeping pace with price and this is also negative.