Technical Summary: Another look at one of the great growth stories on the NZX. The 5 year chart pretty nicely tells the story of this. The stock itself is up 277.93% for the year. More recently the stock has been consolidating these gains in sideways action. The stock was clearly overextended before pulling back to a low that we have marked on the chart. The stock then rallied back towards its highs before pulling back to a slightly higher low. We view this action as constructive and believe that the stock is behaving exactly the way we would like it to after a significant appreciation. We would like to see this pattern repeat itself on another couple of oscasions. That is rallying to highs before pulling back to higher lows. This would suggest that selling supply for the stock is disappearing. We would then wait for volume and volatility to contract before buying on new buying volume coming into the stock. It is not ready to buy yet and may never be but watch this space.