Kellogg Co. (K) broke out on the upside from an eight-month base pattern. Prices gapped above the declining 200-day moving average line. Let's get some milk and see how far this move can carry.
In this daily bar chart of K, below, we can see that K has been bottoming and basing for several months. Prices have crossed above and below the meandering 50-day moving average line. The line turned positive in July about two weeks ago. The volume pattern is interesting in that the volume was heavy on the left side of the base like in February and the volume dried up in the middle of the pattern and then expanded again in July -- similar to the pattern on a saucer bottom. Notice the strength of the On-Balance-Volume (OBV) line?
The line rises from December to late April telling us that buyers of K have been more aggressive, even as prices declined. In May to July, the OBV line moves sideways, but we should see the line at a new high soon. The Moving Average Convergence Divergence (MACD) oscillator moved above the zero-line in the middle of July, foreshadowing Thursday's breakout.
In this weekly bar chart of K, below, we can see the downtrend of the past three years. If on Friday K can close above $60, we will have broken the downtrend and made another close above the declining 40-week moving-average line. The weekly OBV line should show improvement and maybe even a breakout from its sideways "line" pattern. The MACD oscillator is improving, and could soon test or break above the zero-line.
In this Point and Figure chart of K, below, we can see that prices have met and exceeded the $64.11 price target. Prices are likely to consolidate these gains with some sideways price action. The $70-$72 area is probably the next price target.

Bottom line strategy: Aggressive traders could go long on K around $64, risking below $60, while looking for gains to the $70-$72 area.