Technical Summary: THL has been one of the most wonderful performers on the NZX over the last 5 years as it moved from below $1 per share to nearly $7. The 5 year chart on the right shows that this has been achieved in an orderly fashion with little in the way of volatility. That is until the last month where the stock has pulled back from nearly $7 per share to just above $5.50. Technically it is hard to say at this stage whether this is a natural correction and a “buy-the-dip” opportunity or if it is the start of a larger downtrend. As the stock approaches support from January we should get more confirmation of that holds.