CHALLENGER ACQUISITIONS LTD #LON:CHAL Breakout of Wedge Coming Soon ?

 

CHALLENGER ACQUISITIONS LTD

Unfortunately, we could not get stock quote CHAL this time.

Market Cap: £1.53M
Price: 1.02 GBX

Challenger Acquisitions Limited has been formed to undertake acquisitions of target companies in the entertainment and leisure sectors with a particular focus on the attractions sector. This is a company I initially invested in around June 2017, with the purchase of subsequent stock in August 2017  surrounding much excitement about the New York Wheel project. The current Project has quite some way to go, quite interesting to see the amount of construction work that has been done so far

http://tiny.cc/gg4rny

it’s also possible to view the webcams in order to see real-time work

http://www.earthcam.net/projects/newyorkwheel/

After recent attempts o find a new contractor the share price took a downward trend and then remained quite flat. I am hopeful however that soon it will break out for a retracement to around 2-2.40 pence per share.

looking at the chart below, we can see what I hope to be us coming towards the end of this downward wedge. The RSI shows us it is not oversold and the MACD is looking positive.

 

I am remaining bullish on this trade so we shall soon see if this comes to fruition





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