I've gone long Challenger today at 417. It's an unusual chart and it took me a while to decide that it's worth buying.
Here's the daily.
Click to enlarge
It had a 3 wave rally off the early February lows which overlapped the last congestion before the final sell down and also support from December at around 400. This indicated to me that it had probably made a near term low. Subsequently, it has made a succession of higher lows and higher highs but in a narrowing band.
I was concerned that I might be buying the top of a slowly rising trend channel but I think it's more likely that the action over the last few weeks has been corrective and because the correction kept grinding up, then it's probably quite bullish.
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