Kellogg (NYSE:K) has broken through the top of a bullish pattern this morning.
The bullish "wedge" became active when price broke above $53.50. The catalyst appears to be a filing by Nelson Peltz's Trian fund showing a 2.9 million-share stake in the company taken in the fourth quarter, according to StreetInsider.com.
The yellow vertical line on the daily chart below shows upside potential for the pattern to the $56.50 area, presuming that it remains active. That would be a minimum objective. A move back below $53.50 would see the pattern become inactive.
Click to enlarge
(Chart courtesy of tradeMONSTER)