Abercrombie and Fitch has emerged out of a “NoGo” correction that began after a gap down at the beginning of March.
Since, prices have formed what looks like an ascending triangle with the gap forming the upper bound of the triangle. After making higher lows, GoNoGo Oscillator was able to break above and stay above zero during which time volatility was fairly low. As GoNoGo Oscillator continues to find support at zero (breaking out of another GoNoGo Squeeze to the upside), GoNoGo Trend has identified a new “Go” trend. We will watch to see if price can climb out of the resistance being provided by the gap and then look for higher highs.
