{
  "ticker": {
    "uuid": "08f7c692-143c-4eb9-b18f-394d4e4ee1f2",
    "symbol": "NSL",
    "name": "NSL Foods Public Company Limited",
    "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": 1,
    "stage_name": "Basing",
    "phase": "1b",
    "phase_label": "Stage 1B \u00b7 Basing",
    "transition": "stage_1_building",
    "transition_label": "Base still building",
    "confidence": 69.684,
    "architecture_regime": "rotation_up",
    "architecture_regime_label": "Rotation Up",
    "architecture_modifier": "Emerging rotation",
    "architecture_gate": "mixed",
    "architecture_direction": 32.46,
    "architecture_energy": 39.673,
    "architecture_maturity": 10.672,
    "architecture_confidence": 51.512,
    "architecture_tenure": "New",
    "architecture": {
      "interpretation": {
        "headline": "The Activity Line structure is rotating upward.",
        "body": "Fast Activity is improving relative to Slow Activity and price acceptance is strengthening. This is earlier than full positive Trend confirmation and remains a developing repair."
      },
      "scores": {
        "balance": 36.98,
        "rotation_up": 60.66,
        "upward_expansion": 52.74,
        "deceleration": 32.28,
        "rotation_down": 19.98,
        "downward_expansion": 13.4
      },
      "activity_lines": [
        22.933333,
        22.710909,
        22.221307,
        22.143619
      ],
      "activity_state": "Moderate",
      "activity_direction": "Expanding",
      "rotation_direction": "Improving",
      "price_acceptance": 0.666667
    },
    "latest_close": 22.9,
    "trend_reference": 22.159788,
    "distance_from_trend": 0.033403,
    "trend_direction": "Weakening",
    "fair_value": 24.871908,
    "distance_from_fair_value": -0.079283,
    "fair_value_direction": "Improving",
    "relative_strength": -17.475604,
    "relative_strength_direction": "Improving",
    "price_momentum": 0.039135,
    "excess_performance": -0.15319,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.033403,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": false,
        "value": -0.01214,
        "read": "Falling"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": false,
        "value": -0.079283,
        "read": "Below anchor"
      },
      {
        "label": "Fair Value direction",
        "positive": true,
        "value": 0.050862,
        "read": "Closing upward"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.174756,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": true,
        "value": 0.114544,
        "read": "Improving"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.039135,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": true,
        "value": 1.205603,
        "read": "Demand-led"
      }
    ],
    "volume": {
      "latest": 1147100,
      "relative_activity": 0.967653,
      "balance": 1.205603,
      "dry_up": 1.254655,
      "accumulation_observations": 3,
      "distribution_observations": 3
    },
    "risk": {
      "range_context": 0.036278,
      "annualized_volatility": 0.194574,
      "from_high_reference": -0.297769,
      "from_low_reference": 0.113007
    },
    "levels": {
      "trend_reference": 22.159788,
      "fair_value_reference": 24.871908,
      "structural_low": 20.574886,
      "invalidation": "A renewed decline below the structural range low, widening the discount to current Fair Value while Trend falls, weakens the base diagnosis."
    },
    "outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 6,
        "median_return": -0.001402,
        "positive_rate": 0.5,
        "directional_follow_through": 0.5,
        "median_excess_return": 0.017831,
        "regime_survival": 0.5,
        "best_return": 0.12203,
        "worst_return": -0.084388,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 3,
        "median_return": 0.054687,
        "positive_rate": 1.0,
        "directional_follow_through": 1.0,
        "median_excess_return": 0.014941,
        "regime_survival": 0.0,
        "best_return": 0.549648,
        "worst_return": 0.013825,
        "sufficient": false
      },
      {
        "horizon": "Extended",
        "sample_count": 3,
        "median_return": -0.189844,
        "positive_rate": 0.333333,
        "directional_follow_through": 0.333333,
        "median_excess_return": -0.140429,
        "regime_survival": 0.0,
        "best_return": 0.367476,
        "worst_return": -0.207137,
        "sufficient": false
      },
      {
        "horizon": "Full cycle",
        "sample_count": 2,
        "median_return": 0.058883,
        "positive_rate": 0.5,
        "directional_follow_through": 0.5,
        "median_excess_return": 0.005508,
        "regime_survival": 0.0,
        "best_return": 0.41726,
        "worst_return": -0.299494,
        "sufficient": false
      }
    ],
    "ledger": [
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2024-04-12",
        "end": "2024-07-05",
        "tenure": "Established",
        "return": 0.316042,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2024-07-12",
        "end": "2024-09-20",
        "tenure": "Developing",
        "return": 0.090806,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2024-09-27",
        "end": "2024-11-01",
        "tenure": "Developing",
        "return": -0.077465,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2024-11-08",
        "end": "2025-01-17",
        "tenure": "Developing",
        "return": -0.161538,
        "active": false
      },
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
        "color": "orange",
        "start": "2025-01-24",
        "end": "2025-01-31",
        "tenure": "New",
        "return": -0.053571,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2025-02-07",
        "end": "2025-03-28",
        "tenure": "Developing",
        "return": 0.126214,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2025-04-04",
        "end": "2025-05-02",
        "tenure": "Developing",
        "return": 0.150523,
        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
        "color": "teal",
        "start": "2025-05-09",
        "end": "2025-06-13",
        "tenure": "Developing",
        "return": -0.0625,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2025-06-20",
        "end": "2025-07-25",
        "tenure": "Developing",
        "return": 0.121739,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2025-08-01",
        "end": "2025-09-12",
        "tenure": "Developing",
        "return": -0.015608,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2025-09-19",
        "end": "2025-10-17",
        "tenure": "Developing",
        "return": -0.131148,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2025-10-24",
        "end": "2026-06-26",
        "tenure": "Extended",
        "return": -0.144422,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2026-07-03",
        "end": "2026-07-10",
        "tenure": "New",
        "return": -0.008696,
        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
        "color": "teal",
        "start": "2026-07-17",
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        "tenure": "New",
        "return": -0.017167,
        "active": true
      }
    ],
    "chart_path": [
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        "date": "2023-08-18",
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        "typical_volume": 4798280.0,
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      },
      {
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      {
        "date": "2026-04-17",
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        "date": "2026-05-08",
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      },
      {
        "date": "2026-05-22",
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      },
      {
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      },
      {
        "date": "2026-06-05",
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      },
      {
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      },
      {
        "date": "2026-07-03",
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        "relative_strength": -21.983646,
        "stage": 4,
        "regime": "balance",
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      },
      {
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        "gate": "mixed",
        "direction": 30.114613,
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      },
      {
        "date": "2026-07-17",
        "close": 23.299999,
        "volume": 2439900,
        "typical_volume": 1475915.0,
        "trend": 22.141885,
        "fair_value": 24.828861,
        "relative_strength": -20.306907,
        "stage": 1,
        "regime": "rotation_up",
        "modifier": "Structural repair",
        "gate": "mixed",
        "direction": 39.049362,
        "energy": 60.706955,
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          22.786666,
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          22.003854
        ]
      },
      {
        "date": "2026-07-24",
        "close": 22.700001,
        "volume": 1545700,
        "typical_volume": 1377630.0,
        "trend": 22.137963,
        "fair_value": 24.840402,
        "relative_strength": -21.59847,
        "stage": 1,
        "regime": "rotation_up",
        "modifier": "Emerging rotation",
        "gate": "mixed",
        "direction": 23.833415,
        "energy": 54.37711,
        "activity_lines": [
          22.866667,
          22.421818,
          22.005091,
          22.039861
        ]
      },
      {
        "date": "2026-07-31",
        "close": 23.0,
        "volume": 816600,
        "typical_volume": 1246870.0,
        "trend": 22.153793,
        "fair_value": 24.857925,
        "relative_strength": -18.720677,
        "stage": 1,
        "regime": "rotation_up",
        "modifier": "Emerging rotation",
        "gate": "mixed",
        "direction": 36.420529,
        "energy": 54.780294,
        "activity_lines": [
          22.953333,
          22.592727,
          22.119556,
          22.095477
        ]
      },
      {
        "date": "2026-08-07",
        "close": 22.9,
        "volume": 1147100,
        "typical_volume": 1185445.0,
        "trend": 22.159788,
        "fair_value": 24.871908,
        "relative_strength": -17.475604,
        "stage": 1,
        "regime": "rotation_up",
        "modifier": "Emerging rotation",
        "gate": "mixed",
        "direction": 32.460286,
        "energy": 39.672997,
        "activity_lines": [
          22.933333,
          22.710909,
          22.221307,
          22.143619
        ]
      }
    ],
    "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."
    }
  }
}