ANF - Price hitting top of downward channel

ANF has been experiencing a significant downward trend since early September. Each time price has hit the top of the downward channel, price has dropped, continuing the downward trend. Price tends to continue in a trend / channel.

Pros:
1. Price is in a daily bollinger band squeeze
2. OBV continues on a downward slope (often an indication of the direction of the squeeze)
3. Weekly chart shows daily consolidation as a bear flag
4. Price passed through long term support @29.21 and retraced back. This is in the same area of the downward trend.
5. Overall market is showing a lot of weakness right now which will help put pressure on price.

Cons
1. Oscillators showing divergence (MACD& Stochastic)
2. Price has not fallen as fast as it has in the past when top of channel was touched
3. Has fallen $16.56, or 37%, over the last 4 months. Volume has increased recently without significant price spikes. This can indicate institutions are seeing this as a value stock and price has bottomed out.
ANFDescending Channelshort

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