The New Zealand Refining Company (NZR.NZX)

20 September 2017

Technical Summary: There is not much to say about the chart of NZR. It has been a year of consolidation for the company after a pretty horrific 2016 as the company struggled in a difficult macro environment. The stock rallied at the beginning to a high point of around $2.90 per share in February before selling of sharply to a bottom of $2.30 in April. Since this time the stock has hugged its flat 50-day moving average as sellers have met buyers in equilibrium. The stock clearly needed a catalyst to break this deadlock and the company provided one last week as it managed to burst its main pipeline to Auckland Airport. The most important job of a pipeline is for it not to leak so this was obviously bad news. The stock gapped sharply down which unless the situation gets worse will likely be short term noise.

Not much happening recently in the NZR chart so the company decided to provide some action with a burst pipeline to Auckland Airport

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