Kellogg Company $K has been consolidating after a bearish run from September 2018 to June 2019. On the weekly chart, we can see a rounded bottom forming. K Weekly Chart (click to enlarge) Rounded Bottom:- On the weekly chart, we saw that price action made a higher low in June after holding above $52 then $53.- Now price is testing a previous resistance right around $60. - This is a critical resistance. If it holds, it will reflect a market where bears are in control. Consolidation:- Perhaps this name is going to continue to consolidate.- If so, with the prevailing trend being bearish, the only price levels I would consider buying Kellogg will be around $52-$53.Breakout:- Now, let's say price pushes above $60. - Then, I might consider $55 for a potential run up towards $68-$70 area. - But then again, there are a lot of other names to consider. - After all, the prevailing trend in K is bearish. It might take a while before it turns. - The only signal we are getting here is price shifting sideways instead of bearish.- Along with a break above $60, if price indeed starts anchoring above $55, I would have more confidence in the bullish scenario.- On the daily chart below, we can see that if price does clear $60, K would be above the 200-day simple moving average (SMA).- While the long-term trend is still bearish, the daily chart reflects a name with some life and a potential rounded bottom being complete. Kellogg Daily Chart(click to enlarge)