With the Brexit dominating the news and fraying traders’ nerves, it seems crazy to think a footwear maker would be poised to rally by double digits. However, the chart of Crocs (Nasdaq: CROX), the maker of some rather odd shoes, is beautifully set up to do so.

Crocs is a love-to-hate brand. Its “ugly” shoes are revered by fans for their comfort and functionality much to the horror of anyone with a fashion sense. Fortunately, we don’t need to concern ourselves with the company’s reputation. The only thing that matters is gains, and that is what the stock is poised to deliver.

After being in a downtrend since 2011, which accelerated in 2015, Crocs stabilized in a range this year. Following an analyst downgrade in April, the stock fell sharply and even dipped below support to a new multiyear low. But within days, better-than-expected earnings caused shares to soar.

The post-earnings rally left several seriously bullish markers on the chart. First, it negated the breakdown. Failed bearish signals are often new bullish signals, and within one day, CROX returned to the top of its range.

The rally also left a bullish key outside-day reversal on the weekly charts. After setting the new low, CROX closed the next week above the first week’s high. Huge volume suggested a change in sentiment as traders clamored to buy.

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Next, following a corrective dip, the stock broke out of its trading range in late May. Thanks to the Brexit sell-off, it came back to test that move by trading at the top of its former range. This gave bulls who missed the initial breakout a second chance to buy, and so far, they are doing so, which portends more gains ahead.

Finally, moving average analysis shows a breakout and test of the 200-day moving average. The 50-day is already starting to curl higher. And if prices do start to lift off in the next few days, the moving averages will cross to confirm a change in the primary trend to the upside.

I’d be loath to call it a golden cross, as that term has really only been studied for the major market indices, not individual stocks. But as your old auntie might say, “It’s better than a stick in the eye.”

We can set the first upside target by measuring the height of the trading range and projecting that up from the breakout point, which would be $12 in round numbers. There is a small bit of resistance there from the top of the bounce that happened after the September plunge.

Despite the highly volatile market, Crocs looks set up for a significant rebound. Just keep in mind that the long-term trend is still rather weak, so don’t overstay your welcome.

Recommended Trade Setup:

— Buy CROX at the market price
— Set stop-loss at $9.90
— Set initial price target at $12 for a potential 13% gain in four weeks

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This article originally appeared on ProfitableTrading.com: Chart Says This $10 Stock Is About To Pop