Shares of Wendy's (WEN) had a good run since summer of 2016. Price has rallied from around 9 to about 14.50 before stalling. Wendy's (WEN) Daily Chart 3/5(click to enlarge)Flattened:- The daily chart shows the bullish trend that began in August, accelerated in November, and stalled since December.- We did see price push above 14.00 to make a new high on the year, but we it quickly retreated. - After pulling back to 13.35 area, a common support so far this year, price did rebound. - However, the rebound revealed that bulls were no longer in charge as price failed to reach the 14.50 area.Still Supported:- Price is now at the crossroad. We know bulls are weak, but they are defending the 13.35 area. - This means, even though the 13-13.05 area is also support, a break below 13.30 should clear some of the bulls from the market already, making the 13.00 area less reliable as support.- Further show of resistance around 14.00 should strengthen the price top/bearish correction scenario.Bearish Targets:- In this scenario, we first note support around 12.40, which is a previous support pivot and likely to be challenged by a rising trendline.- The bearish outlook should be limited to the 11.35-11.70 area, which was the resistance area of the 2016 consolidation before August. This area could turn into support if WEN has become bullish. Therefore, the outlook for a bearish correction should be limited to this area.