{
  "ticker": {
    "uuid": "4c93075c-8b32-4993-92d5-9733c33c19b3",
    "symbol": "DUNI",
    "name": "Duni AB (publ)",
    "exchange": "STO",
    "country": "SE",
    "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": "^OMX",
    "stage": 4,
    "stage_name": "Declining",
    "phase": "4b",
    "phase_label": "Stage 4B \u00b7 Declining",
    "transition": "stage_4_declining",
    "transition_label": "Stage 4 decline intact",
    "confidence": 96.0,
    "architecture_regime": "downward_expansion",
    "architecture_regime_label": "Downward Expansion",
    "architecture_modifier": "Established contraction",
    "architecture_gate": "down",
    "architecture_direction": -60.902,
    "architecture_energy": 54.002,
    "architecture_maturity": 70.718,
    "architecture_confidence": 87.228,
    "architecture_tenure": "Established",
    "architecture": {
      "interpretation": {
        "headline": "The weekly architecture is expanding downward.",
        "body": "Trend and Activity show sustained negative alignment with weak price acceptance. Repair requires persistent improvement across the structure, not merely one strong observation."
      },
      "scores": {
        "balance": 12.08,
        "rotation_up": 29.27,
        "upward_expansion": 14.43,
        "deceleration": 57.94,
        "rotation_down": 46.27,
        "downward_expansion": 76.43
      },
      "activity_lines": [
        78.033335,
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        80.434808,
        83.444712
      ],
      "activity_state": "Wide",
      "activity_direction": "Contracting",
      "rotation_direction": "Improving",
      "price_acceptance": -0.5
    },
    "latest_close": 78.800003,
    "trend_reference": 87.828874,
    "distance_from_trend": -0.102801,
    "trend_direction": "Weakening",
    "fair_value": 90.722903,
    "distance_from_fair_value": -0.131421,
    "fair_value_direction": "Weakening",
    "relative_strength": -22.952736,
    "relative_strength_direction": "Weakening",
    "price_momentum": -0.197919,
    "excess_performance": -0.259413,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": false,
        "value": -0.102801,
        "read": "Below"
      },
      {
        "label": "Trend direction",
        "positive": false,
        "value": -0.0701,
        "read": "Falling"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": false,
        "value": -0.131421,
        "read": "Below anchor"
      },
      {
        "label": "Fair Value direction",
        "positive": false,
        "value": -0.060976,
        "read": "Moving away"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.229527,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": false,
        "value": -0.053986,
        "read": "Weakening"
      },
      {
        "label": "Price momentum",
        "positive": false,
        "value": -0.197919,
        "read": "Negative"
      },
      {
        "label": "Volume balance",
        "positive": false,
        "value": 0.648996,
        "read": "Supply-led"
      }
    ],
    "volume": {
      "latest": 162954,
      "relative_activity": 0.742501,
      "balance": 0.648996,
      "dry_up": 1.307492,
      "accumulation_observations": 2,
      "distribution_observations": 3
    },
    "risk": {
      "range_context": 0.037738,
      "annualized_volatility": 0.224661,
      "from_high_reference": -0.251193,
      "from_low_reference": 0.064865
    },
    "levels": {
      "trend_reference": 87.828874,
      "fair_value_reference": 90.722903,
      "structural_low": 74.0,
      "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": 24,
        "median_return": 0.00015,
        "positive_rate": 0.5,
        "directional_follow_through": 0.5,
        "median_excess_return": -0.009843,
        "regime_survival": 0.75,
        "best_return": 0.231118,
        "worst_return": -0.181706,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 8,
        "median_return": 0.017763,
        "positive_rate": 0.625,
        "directional_follow_through": 0.375,
        "median_excess_return": -0.022844,
        "regime_survival": 0.375,
        "best_return": 0.13398,
        "worst_return": -0.131213,
        "sufficient": true
      },
      {
        "horizon": "Extended",
        "sample_count": 5,
        "median_return": 0.047737,
        "positive_rate": 0.6,
        "directional_follow_through": 0.4,
        "median_excess_return": -0.025952,
        "regime_survival": 0.4,
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        "worst_return": -0.218478,
        "sufficient": true
      },
      {
        "horizon": "Full cycle",
        "sample_count": 4,
        "median_return": -0.062937,
        "positive_rate": 0.25,
        "directional_follow_through": 0.75,
        "median_excess_return": -0.093148,
        "regime_survival": 0.75,
        "best_return": 0.376668,
        "worst_return": -0.301942,
        "sufficient": false
      }
    ],
    "ledger": [
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        "regime": "balance",
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        "end": "2024-11-01",
        "tenure": "New",
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        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
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      },
      {
        "regime": "rotation_up",
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      },
      {
        "regime": "upward_expansion",
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      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
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        "active": false
      },
      {
        "regime": "downward_expansion",
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      },
      {
        "date": "2026-04-24",
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      },
      {
        "date": "2026-05-22",
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      },
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        "date": "2026-05-29",
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        "typical_volume": 282653.55,
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      },
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        "date": "2026-06-05",
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      },
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        "date": "2026-06-12",
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      },
      {
        "date": "2026-06-26",
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      },
      {
        "date": "2026-07-03",
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        "trend": 91.690672,
        "fair_value": 90.902547,
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      },
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        "fair_value": 90.837974,
        "relative_strength": -24.435279,
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      },
      {
        "date": "2026-07-17",
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        "typical_volume": 211976.05,
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        "fair_value": 90.813297,
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        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Established contraction",
        "gate": "down",
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        "energy": 59.981898,
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          77.640001,
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          82.34825,
          85.618464
        ]
      },
      {
        "date": "2026-07-24",
        "close": 77.0,
        "volume": 291978,
        "typical_volume": 215624.2,
        "trend": 89.471319,
        "fair_value": 90.772476,
        "relative_strength": -22.959262,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Established contraction",
        "gate": "down",
        "direction": -66.841195,
        "energy": 63.167525,
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          77.320001,
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      },
      {
        "date": "2026-07-31",
        "close": 78.900002,
        "volume": 343142,
        "typical_volume": 224171.85,
        "trend": 88.664707,
        "fair_value": 90.754412,
        "relative_strength": -21.755596,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Established contraction",
        "gate": "down",
        "direction": -62.864474,
        "energy": 59.992849,
        "activity_lines": [
          77.673334,
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          80.945865,
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        ]
      },
      {
        "date": "2026-08-07",
        "close": 78.800003,
        "volume": 162954,
        "typical_volume": 219466.5,
        "trend": 87.828874,
        "fair_value": 90.722903,
        "relative_strength": -22.952736,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Established contraction",
        "gate": "down",
        "direction": -60.90248,
        "energy": 54.00217,
        "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."
    }
  }
}