Kalvista Pharmaceuticals $KALV recently saw a bullish breakout from a year-long consolidation. The daily chart shows how price has been mostly between 6 and 9, other than a spike to 10.67 in Nov 2016. But in October, price jumped to almost 16 before retreating back to the previous range. Kalvista (KALV) Daily Chart(click to enlarge)Breakout and Pullback:- The daily chart shows the market in a range for more than a year. - During this consolidation period, price action failed in a bullish breakout in November 2016, and then failed in a bearish breakout in August 2017.- Then finally, with strong volume, we saw a huge bullish breakout that popped up more than 100% before retreating sharply during the same trading session.- Price is now back around 9.00 a common resistance.- I think despite the big pullback, the overall trend is no longer bearish.- It is hard to say whether it will be bullish. At this point, I think we should limit our bullish outlook to the 15-15.50 area. - On the weekly chart, we can see a stronger upside towards the 2016 high around 20, but I think the market needs to gain more confidence on the uptrend. Maybe it needs to see more evidence that price has bottomed. Price Bottom Tested:- Right now, we are seeing the first test of the price bottom after the breakout.- I would anticipate support around, though there could be downside all the way to 7.50, which would "close the gap" caused by the after hours trading between the 10/9 and 10/10 sessions.- Later on, I think price will have to prove ability to hold above 10-10.65 before the market can gain momentum to push back towards the 15-16 area.