When we looked at Wendy's $WEN a month ago, we noted that it was retreating within a bullish mode, so we were anticipating support around $16.50. We also noted that if price clears below $16.50, it would kill the bullish outlook. The market drove price below $16.50 briefly, but quickly rebounded, keeping the bullish outlook.WEN Daily Chart(click to enlarge)Bulls in Charge:- The previous bearish correction ended up extending below $16.50 briefly, but we can see that price held above the 200-day simple moving average (SMA).- Eventually, there was a V-shape reversal back into the bullish mode. - WEN made new highs last week above $18.50, but might be consolidating a bit this week. - At this point, if there is a pullback, I would anticipate support in the $17.70-$18.00 area. - If there is another choppy extended correction, price might go back to $17.00. But I think it should hold above $17 if the bullish trend is to continue. Below $17, we would likely be looking at a period of consolidation. - With price holding above $17.70, we are there is strong upside towards the $20 handle as well as the 2006-2007 high (and all-time-high) around $22.