Wendy's (WEN) has been in period of consolidation since May. Last time we looked at WEN, we saw that it was treating a previous resistance as support, which is a bullish sign. The daily chart below shows that the consolidation has formed something of a channel and price is being rejected at the channel resistance. Let's take a look at the key levels and their implications.Wendy's (WEN) Daily Chart(click to enlarge)15.00 is key:- It looks like bulls failed to push price above 16 and into a bullish continuation scenario. - But, if price stays above 15 or turns up immediately after cracking it, then there would be a good change price is indeed heading back towards the high on the year around 16.60. - And if price DOES get to 16.60, we should anticipate further upside, with 22 as a cap for the bullish outlook at the moment. Also, we should monitor a previous resistance pivot at 18. - A break below 15 simply says WEN is still in consolidation. - This opens up the 14 handle again. - I prefer to scoop up after a dip, then to try to ride a downswing, simply because the prevailing trend is bullish.