{
  "ticker": {
    "uuid": "33510548-93d0-400a-a620-69ff45649a69",
    "symbol": "AP",
    "name": "AP (Thailand) 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": 4,
    "stage_name": "Declining",
    "phase": "4c",
    "phase_label": "Stage 4C \u00b7 Repair watch",
    "transition": "stage_4_to_1_watch",
    "transition_label": "Stage 4 \u2192 1 repair watch",
    "confidence": 61.514,
    "architecture_regime": "rotation_up",
    "architecture_regime_label": "Rotation Up",
    "architecture_modifier": "Structural repair",
    "architecture_gate": "mixed",
    "architecture_direction": 27.933,
    "architecture_energy": 42.609,
    "architecture_maturity": 4.184,
    "architecture_confidence": 72.375,
    "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": 33.51,
        "rotation_up": 69.77,
        "upward_expansion": 46.48,
        "deceleration": 28.13,
        "rotation_down": 14.07,
        "downward_expansion": 19.14
      },
      "activity_lines": [
        8.113333,
        7.874545,
        7.727804,
        7.796785
      ],
      "activity_state": "Moderate",
      "activity_direction": "Expanding",
      "rotation_direction": "Improving",
      "price_acceptance": 0.666667
    },
    "latest_close": 8.15,
    "trend_reference": 7.933434,
    "distance_from_trend": 0.027298,
    "trend_direction": "Weakening",
    "fair_value": 7.884542,
    "distance_from_fair_value": 0.033668,
    "fair_value_direction": "Improving",
    "relative_strength": -11.344,
    "relative_strength_direction": "Improving",
    "price_momentum": -0.025336,
    "excess_performance": -0.217662,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.027298,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": false,
        "value": -0.013681,
        "read": "Falling"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.033668,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": true,
        "value": 0.068636,
        "read": "Closing upward"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.11344,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": true,
        "value": 0.003513,
        "read": "Improving"
      },
      {
        "label": "Price momentum",
        "positive": false,
        "value": -0.025336,
        "read": "Negative"
      },
      {
        "label": "Volume balance",
        "positive": false,
        "value": 0.841196,
        "read": "Supply-led"
      }
    ],
    "volume": {
      "latest": 47461400,
      "relative_activity": 1.290325,
      "balance": 0.841196,
      "dry_up": 1.639005,
      "accumulation_observations": 3,
      "distribution_observations": 4
    },
    "risk": {
      "range_context": 0.042001,
      "annualized_volatility": 0.218203,
      "from_high_reference": -0.105721,
      "from_low_reference": 0.180205
    },
    "levels": {
      "trend_reference": 7.933434,
      "fair_value_reference": 7.884542,
      "structural_low": 6.95,
      "invalidation": "Reclaiming a flat-to-rising Trend with improving relative strength is required before the declining diagnosis is repaired."
    },
    "outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 4,
        "median_return": 0.048622,
        "positive_rate": 0.75,
        "directional_follow_through": 0.75,
        "median_excess_return": 0.021912,
        "regime_survival": 0.5,
        "best_return": 0.074074,
        "worst_return": -0.158416,
        "sufficient": false
      },
      {
        "horizon": "Intermediate",
        "sample_count": 2,
        "median_return": -0.068447,
        "positive_rate": 0.5,
        "directional_follow_through": 0.5,
        "median_excess_return": -0.04252,
        "regime_survival": 0.0,
        "best_return": 0.019355,
        "worst_return": -0.15625,
        "sufficient": false
      },
      {
        "horizon": "Extended",
        "sample_count": 2,
        "median_return": 0.049278,
        "positive_rate": 0.5,
        "directional_follow_through": 0.5,
        "median_excess_return": 0.072694,
        "regime_survival": 0.0,
        "best_return": 0.187097,
        "worst_return": -0.088542,
        "sufficient": false
      },
      {
        "horizon": "Full cycle",
        "sample_count": 1,
        "median_return": 0.00434,
        "positive_rate": 1.0,
        "directional_follow_through": 1.0,
        "median_excess_return": 0.113847,
        "regime_survival": 1.0,
        "best_return": 0.00434,
        "worst_return": 0.00434,
        "sufficient": false
      }
    ],
    "ledger": [
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2024-05-24",
        "end": "2024-09-13",
        "tenure": "Established",
        "return": 0.043478,
        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
        "color": "teal",
        "start": "2024-09-20",
        "end": "2024-11-08",
        "tenure": "Developing",
        "return": -0.067708,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
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        "end": "2024-12-13",
        "tenure": "Developing",
        "return": 0.011765,
        "active": false
      },
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
        "color": "orange",
        "start": "2024-12-20",
        "end": "2025-01-24",
        "tenure": "Developing",
        "return": -0.037037,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2025-01-31",
        "end": "2025-03-14",
        "tenure": "Developing",
        "return": 0.094339,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2025-03-21",
        "end": "2025-04-11",
        "tenure": "New",
        "return": -0.131429,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2025-04-18",
        "end": "2025-08-08",
        "tenure": "Established",
        "return": 0.002083,
        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
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        "tenure": "Developing",
        "return": 0.148387,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
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        "end": "2025-11-07",
        "tenure": "Developing",
        "return": -0.078652,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
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        "end": "2025-12-12",
        "tenure": "Developing",
        "return": 0.075949,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
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        "tenure": "Established",
        "return": -0.017045,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
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        "return": -0.032403,
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      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
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        "active": false
      },
      {
        "regime": "rotation_up",
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        "return": 0.0,
        "active": true
      }
    ],
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      },
      {
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        "energy": 17.530939,
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      },
      {
        "date": "2026-07-24",
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        "typical_volume": 36896275.0,
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        "fair_value": 7.90335,
        "relative_strength": -15.334073,
        "stage": 4,
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        "modifier": "Established contraction",
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        "direction": -7.997516,
        "energy": 25.757557,
        "activity_lines": [
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      },
      {
        "date": "2026-07-31",
        "close": 8.3,
        "volume": 41962200,
        "typical_volume": 36371710.0,
        "trend": 7.940496,
        "fair_value": 7.894167,
        "relative_strength": -10.462699,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Established contraction",
        "gate": "mixed",
        "direction": 36.190318,
        "energy": 41.388081,
        "activity_lines": [
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        ]
      },
      {
        "date": "2026-08-07",
        "close": 8.15,
        "volume": 47461400,
        "typical_volume": 36782525.0,
        "trend": 7.933434,
        "fair_value": 7.884542,
        "relative_strength": -11.344,
        "stage": 4,
        "regime": "rotation_up",
        "modifier": "Structural repair",
        "gate": "mixed",
        "direction": 27.932952,
        "energy": 42.608967,
        "activity_lines": [
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      }
    ],
    "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."
    }
  }
}