Scales Corporation Limited (SCL.NZX)

14 May 2018

Technical Summary: It is a wonderful long term chart for SCL, with the stock having long consolidation periods but never really giving up meaningful ground. The stock provided a good buy point out of a constructive base at the end of 2017. This was followed by an explosion to the upside that eventually resulted in the stock becoming overextended. The reaction that followed could be considered as natural and in a volatile market the stock has held up well. The stock then consolidated before breaking out again. The stock has come into natural resistance at previous all time highs and we would expect that it needs some consolidation before hopefully finding its way to new upside.

Lovely price action from SCL

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