Company Description: AnnTaylor Stores Corporation, through its subsidiaries, operates as a specialty retailer of women's apparel, shoes, and accessories primarily in the United States. The company’s stores offer a range of career and casual separates, dresses, tops, weekend wear, shoes, and accessories under the Ann Taylor, LOFT, Ann Taylor Factory, and LOFT Outlet brands. It serves customers through its traditional retail stores and on the Internet at anntaylor.com and LOFTonline.com, as well as by phone. As of January 30, 2010, it operated 907 retail stores, including 291 Ann Taylor stores, 506 LOFT stores, 92 Ann Taylor Factory stores, and 18 LOFT Outlet stores in 46 states, the District of Columbia, and Puerto Rico. The company was founded in 1986 and is headquartered in New York, New York.

Our Analysis: The shares of Ann Taylor Stores Corp. 'ANN' set a new short term closing high on significantly heavier than normal trading volume. In the process the shares of 'ANN' completed a short term cup pattern with a measured move to our initial price target of $23.23/share. If the shares of 'ANN' close below that level, then I expect them to continue to move lower and test $24.86/share, a point of upside resistance established on May 12th of this year. I see downside support on the shares of 'ANN' @ $22.32/share, and have set my stops accordingly @ $21.93/share.