{
  "ticker": {
    "uuid": "2f9e7cca-5f09-4a73-85f0-90ba09d0ae34",
    "symbol": "CNT",
    "name": "Christiani & Nielsen (Thai) 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": 2,
    "stage_name": "Advancing",
    "phase": "2c",
    "phase_label": "Stage 2C \u00b7 Late advance",
    "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": 62.316,
    "architecture_energy": 58.194,
    "architecture_maturity": 48.0,
    "architecture_confidence": 84.675,
    "architecture_tenure": "Established",
    "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": 12.42,
        "rotation_up": 63.79,
        "upward_expansion": 80.57,
        "deceleration": 58.06,
        "rotation_down": 15.26,
        "downward_expansion": 9.57
      },
      "activity_lines": [
        1.874,
        1.797636,
        1.638524,
        1.491376
      ],
      "activity_state": "Wide",
      "activity_direction": "Expanding",
      "rotation_direction": "Improving",
      "price_acceptance": 0.5
    },
    "latest_close": 1.84,
    "trend_reference": 1.313937,
    "distance_from_trend": 0.400372,
    "trend_direction": "Improving",
    "fair_value": 1.084887,
    "distance_from_fair_value": 0.696029,
    "fair_value_direction": "Improving",
    "relative_strength": 36.332506,
    "relative_strength_direction": "Improving",
    "price_momentum": 0.894117,
    "excess_performance": 0.701792,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.400372,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.237191,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.696029,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": true,
        "value": 0.361262,
        "read": "Closing upward"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": true,
        "value": 0.363325,
        "read": "Leading"
      },
      {
        "label": "Relative strength direction",
        "positive": true,
        "value": 0.153323,
        "read": "Improving"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.894117,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": true,
        "value": 1.483167,
        "read": "Demand-led"
      }
    ],
    "volume": {
      "latest": 3308600,
      "relative_activity": 0.292823,
      "balance": 1.483167,
      "dry_up": 1.511574,
      "accumulation_observations": 3,
      "distribution_observations": 1
    },
    "risk": {
      "range_context": 0.131271,
      "annualized_volatility": 0.700615,
      "from_high_reference": -0.155963,
      "from_low_reference": 1.146666
    },
    "levels": {
      "trend_reference": 1.313937,
      "fair_value_reference": 1.084887,
      "structural_low": 0.933333,
      "invalidation": "A sustained loss of Trend, followed by flattening structure and weakening relative strength, challenges the advancing diagnosis."
    },
    "outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 10,
        "median_return": -0.03146,
        "positive_rate": 0.4,
        "directional_follow_through": 0.4,
        "median_excess_return": -0.026467,
        "regime_survival": 0.7,
        "best_return": 0.2,
        "worst_return": -0.151724,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 4,
        "median_return": -0.060587,
        "positive_rate": 0.25,
        "directional_follow_through": 0.25,
        "median_excess_return": -0.047173,
        "regime_survival": 0.25,
        "best_return": 0.314286,
        "worst_return": -0.368098,
        "sufficient": false
      },
      {
        "horizon": "Extended",
        "sample_count": 3,
        "median_return": -0.07653,
        "positive_rate": 0.0,
        "directional_follow_through": 0.0,
        "median_excess_return": -0.151962,
        "regime_survival": 0.0,
        "best_return": -0.0625,
        "worst_return": -0.214723,
        "sufficient": false
      },
      {
        "horizon": "Full cycle",
        "sample_count": 2,
        "median_return": -0.273366,
        "positive_rate": 0.0,
        "directional_follow_through": 0.0,
        "median_excess_return": -0.182532,
        "regime_survival": 0.0,
        "best_return": -0.147959,
        "worst_return": -0.398773,
        "sufficient": false
      }
    ],
    "ledger": [
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        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2024-11-01",
        "end": "2024-11-29",
        "tenure": "Developing",
        "return": -0.125985,
        "active": false
      },
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
        "color": "orange",
        "start": "2024-12-06",
        "end": "2025-01-17",
        "tenure": "Developing",
        "return": -0.18421,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2025-01-24",
        "end": "2025-04-04",
        "tenure": "Developing",
        "return": 0.065217,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
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        "tenure": "Developing",
        "return": 0.131867,
        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
        "color": "teal",
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        "end": "2025-06-06",
        "tenure": "New",
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        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
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        "active": false
      },
      {
        "regime": "rotation_down",
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        "active": false
      },
      {
        "regime": "balance",
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        "return": 0.154639,
        "active": false
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      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
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        "end": "2025-11-07",
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        "return": -0.026786,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
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        "end": "2026-01-02",
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      {
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        "active": false
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      {
        "regime": "deceleration",
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        "active": false
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      {
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      {
        "regime": "upward_expansion",
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        "tenure": "Established",
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        "active": true
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    ],
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      },
      {
        "date": "2026-04-24",
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        "date": "2026-05-08",
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      },
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      },
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        "date": "2026-06-26",
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      },
      {
        "date": "2026-07-03",
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        "stage": 2,
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      },
      {
        "date": "2026-07-10",
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        "relative_strength": 25.174979,
        "stage": 2,
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      },
      {
        "date": "2026-07-17",
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        "typical_volume": 10417605.0,
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        "fair_value": 1.071763,
        "relative_strength": 56.17485,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 85.74582,
        "energy": 62.228201,
        "activity_lines": [
          1.76,
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          1.499712,
          1.372149
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      },
      {
        "date": "2026-07-24",
        "close": 1.96,
        "volume": 9658700,
        "typical_volume": 10802610.0,
        "trend": 1.255762,
        "fair_value": 1.076715,
        "relative_strength": 45.257505,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 73.117069,
        "energy": 60.215744,
        "activity_lines": [
          1.846667,
          1.754545,
          1.558857,
          1.41975
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      },
      {
        "date": "2026-07-31",
        "close": 1.81,
        "volume": 7970700,
        "typical_volume": 11167175.0,
        "trend": 1.284032,
        "fair_value": 1.080646,
        "relative_strength": 34.510932,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 61.803124,
        "energy": 54.822331,
        "activity_lines": [
          1.862667,
          1.778,
          1.59919,
          1.455507
        ]
      },
      {
        "date": "2026-08-07",
        "close": 1.84,
        "volume": 3308600,
        "typical_volume": 11298980.0,
        "trend": 1.313937,
        "fair_value": 1.084887,
        "relative_strength": 36.332506,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 62.315552,
        "energy": 58.193909,
        "activity_lines": [
          1.874,
          1.797636,
          1.638524,
          1.491376
        ]
      }
    ],
    "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."
    }
  }
}