{
  "ticker": {
    "uuid": "07fc829f-bb2e-463e-b5f3-9a9b7adac727",
    "symbol": "QHBREIT",
    "name": "Quality Houses Business Complex Leasehold Real Estate Investment Trust",
    "exchange": "SET",
    "country": "TH",
    "assetType": "equity"
  },
  "methodBoundary": "Trend Architecture is a weekly structural classification, not a forecast, probability of return, recommendation or execution signal. Confidence measures geometric agreement and external confirmation only.",
  "analysis": {
    "eligible": true,
    "as_of": "2026-08-07",
    "benchmark": "^SET.BK",
    "stage": 2,
    "stage_name": "Advancing",
    "phase": "2b",
    "phase_label": "Stage 2B \u00b7 Advancing",
    "transition": "stage_2_healthy",
    "transition_label": "Stage 2 trend intact",
    "confidence": 96.0,
    "architecture_regime": "upward_expansion",
    "architecture_regime_label": "Upward Expansion",
    "architecture_modifier": "Established expansion",
    "architecture_gate": "up",
    "architecture_direction": 76.118,
    "architecture_energy": 64.847,
    "architecture_maturity": 89.168,
    "architecture_confidence": 80.016,
    "architecture_tenure": "Extended",
    "architecture": {
      "interpretation": {
        "headline": "The weekly architecture is expanding upward.",
        "body": "Trend and Activity show sustained positive alignment with constructive price acceptance. Directional energy remains positive; cooling within this regime can indicate that it is maturing."
      },
      "scores": {
        "balance": 20.53,
        "rotation_up": 61.5,
        "upward_expansion": 84.13,
        "deceleration": 65.14,
        "rotation_down": 23.6,
        "downward_expansion": 10.8
      },
      "activity_lines": [
        3.804,
        3.775107,
        3.730905,
        3.662911
      ],
      "activity_state": "Moderate",
      "activity_direction": "Contracting",
      "rotation_direction": "Weakening",
      "price_acceptance": 0.666667
    },
    "latest_close": 3.84,
    "trend_reference": 3.556204,
    "distance_from_trend": 0.079803,
    "trend_direction": "Improving",
    "fair_value": 3.354016,
    "distance_from_fair_value": 0.144896,
    "fair_value_direction": "Improving",
    "relative_strength": 0.007122,
    "relative_strength_direction": "Weakening",
    "price_momentum": 0.171196,
    "excess_performance": -0.021129,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.079803,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.073805,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.144896,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": true,
        "value": 0.078758,
        "read": "Closing upward"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": true,
        "value": 7.1e-05,
        "read": "Leading"
      },
      {
        "label": "Relative strength direction",
        "positive": false,
        "value": -0.010039,
        "read": "Weakening"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.171196,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": true,
        "value": 4.552126,
        "read": "Demand-led"
      }
    ],
    "volume": {
      "latest": 1628500,
      "relative_activity": 1.612927,
      "balance": 4.552126,
      "dry_up": 1.199791,
      "accumulation_observations": 6,
      "distribution_observations": 1
    },
    "risk": {
      "range_context": 0.018557,
      "annualized_volatility": 0.09517,
      "from_high_reference": 0.0,
      "from_low_reference": 0.422927
    },
    "levels": {
      "trend_reference": 3.556204,
      "fair_value_reference": 3.354016,
      "structural_low": 3.205022,
      "invalidation": "A sustained loss of Trend, followed by flattening structure and weakening relative strength, challenges the advancing diagnosis."
    },
    "outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 24,
        "median_return": 0.011802,
        "positive_rate": 0.541667,
        "directional_follow_through": 0.541667,
        "median_excess_return": -0.008007,
        "regime_survival": 0.833333,
        "best_return": 0.10311,
        "worst_return": -0.085106,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 8,
        "median_return": 0.03194,
        "positive_rate": 0.5,
        "directional_follow_through": 0.5,
        "median_excess_return": -0.009386,
        "regime_survival": 0.625,
        "best_return": 0.119384,
        "worst_return": -0.197646,
        "sufficient": true
      },
      {
        "horizon": "Extended",
        "sample_count": 5,
        "median_return": -0.076938,
        "positive_rate": 0.4,
        "directional_follow_through": 0.4,
        "median_excess_return": -0.036454,
        "regime_survival": 0.4,
        "best_return": 0.200703,
        "worst_return": -0.250104,
        "sufficient": true
      },
      {
        "horizon": "Full cycle",
        "sample_count": 3,
        "median_return": -0.17165,
        "positive_rate": 0.333333,
        "directional_follow_through": 0.333333,
        "median_excess_return": -0.053449,
        "regime_survival": 0.333333,
        "best_return": 0.108324,
        "worst_return": -0.322764,
        "sufficient": false
      }
    ],
    "ledger": [
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
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        "end": "2024-03-01",
        "tenure": "New",
        "return": -0.008928,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2024-03-08",
        "end": "2024-07-26",
        "tenure": "Established",
        "return": -0.072336,
        "active": false
      },
      {
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        "return": 0.009091,
        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
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        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
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        "end": "2024-11-29",
        "tenure": "Developing",
        "return": -0.054836,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
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        "end": "2025-02-07",
        "tenure": "Developing",
        "return": -0.084388,
        "active": false
      },
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
        "color": "orange",
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        "end": "2025-03-07",
        "tenure": "New",
        "return": -0.079439,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
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        "end": "2025-08-01",
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        "return": -0.02536,
        "active": false
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      {
        "regime": "balance",
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        "active": false
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      {
        "regime": "deceleration",
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      {
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        "active": true
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    ],
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        "stage": 2,
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        "energy": 76.990459,
        "activity_lines": [
          3.771145,
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          3.684756,
          3.607681
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      },
      {
        "date": "2026-07-24",
        "close": 3.78,
        "volume": 1273200,
        "typical_volume": 1025665.0,
        "trend": 3.514644,
        "fair_value": 3.357387,
        "relative_strength": -3.336742,
        "stage": 2,
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        "modifier": "Established expansion",
        "gate": "up",
        "direction": 65.652211,
        "energy": 74.221453,
        "activity_lines": [
          3.782762,
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          3.700215,
          3.626116
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      },
      {
        "date": "2026-07-31",
        "close": 3.78,
        "volume": 880800,
        "typical_volume": 954820.0,
        "trend": 3.535038,
        "fair_value": 3.355207,
        "relative_strength": -2.185004,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 64.940673,
        "energy": 63.925834,
        "activity_lines": [
          3.785333,
          3.756446,
          3.713462,
          3.643236
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      },
      {
        "date": "2026-08-07",
        "close": 3.84,
        "volume": 1628500,
        "typical_volume": 1009655.0,
        "trend": 3.556204,
        "fair_value": 3.354016,
        "relative_strength": 0.007122,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 76.118055,
        "energy": 64.847028,
        "activity_lines": [
          3.804,
          3.775107,
          3.730905,
          3.662911
        ]
      }
    ],
    "method": {
      "price_basis": "completed market observations",
      "trend": "Trend provides the primary directional reference.",
      "fair_value": "Fair Value provides long-term price context and is not a forecast or target.",
      "relative_strength": "Relative Strength shows leadership or lagging performance against the market benchmark.",
      "classification": "The SM framework combines Trend, Activity, Fair Value, Relative Strength and participation into a structural read."
    }
  }
}