Scales Corporation Limited (SCL.NZX)

27 September 2018


Technical Summary: SCL has quietly become one of the best performers on the NZX. As a shareholder you are a happy camper no matter the time frame that you have held the stock. After an explosive breakout in Novmember of last year the stock has been largely consolidating these gains. The action in our view is constructive with the pull backs within the base appearing more and more shallow. This can be an indication that selling supply is starting to dwindle. The action has the appearance of a volatility contraction pattern. Traders should look for a pivot point and supply to dry up completely before trying to buy on the breakout to new highs.

SCL has quietly become one of the best-performing stocks on the NZX and looks to be setting up well

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