{ "ticker": { "uuid": "6034a251-2b1a-4168-b04d-a4758bd98ac3", "symbol": "BNR", "name": "Burning Rock Biotech\u00a0Ltd", "exchange": "NASDAQ", "country": "US", "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": "QQQ", "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": -64.16, "architecture_energy": 53.511, "architecture_maturity": 68.822, "architecture_confidence": 95.032, "architecture_tenure": "Developing", "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": 24.05, "rotation_up": 28.97, "upward_expansion": 9.41, "deceleration": 54.82, "rotation_down": 46.72, "downward_expansion": 80.41 }, "activity_lines": [ 9.182667, 9.231091, 10.861119, 13.313118 ], "activity_state": "Moderate", "activity_direction": "Contracting", "rotation_direction": "Improving", "price_acceptance": -0.5 }, "latest_close": 8.81, "trend_reference": 17.735167, "distance_from_trend": -0.503247, "trend_direction": "Weakening", "fair_value": 9.721231, "distance_from_fair_value": -0.093736, "fair_value_direction": "Weakening", "relative_strength": -51.883179, "relative_strength_direction": "Weakening", "price_momentum": -0.740882, "excess_performance": -0.928336, "evidence": [ { "label": "Price vs Trend", "positive": false, "value": -0.503247, "read": "Below" }, { "label": "Trend direction", "positive": false, "value": -0.144551, "read": "Falling" }, { "label": "Price vs current Fair Value", "positive": false, "value": -0.093736, "read": "Below anchor" }, { "label": "Fair Value direction", "positive": false, "value": -0.657962, "read": "Moving away" }, { "label": "Relative Strength vs benchmark", "positive": false, "value": -0.518832, "read": "Lagging" }, { "label": "Relative strength direction", "positive": false, "value": -0.51523, "read": "Weakening" }, { "label": "Price momentum", "positive": false, "value": -0.740882, "read": "Negative" }, { "label": "Volume balance", "positive": false, "value": 0.678935, "read": "Supply-led" } ], "volume": { "latest": 22224, "relative_activity": 0.195125, "balance": 0.678935, "dry_up": 0.305375, "accumulation_observations": 2, "distribution_observations": 3 }, "risk": { "range_context": 0.271632, "annualized_volatility": 1.105906, "from_high_reference": -0.78883, "from_low_reference": 0.330816 }, "levels": { "trend_reference": 17.735167, "fair_value_reference": 9.721231, "structural_low": 6.79, "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": 36, "median_return": -0.04439, "positive_rate": 0.416667, "directional_follow_through": 0.583333, "median_excess_return": -0.039667, "regime_survival": 0.861111, "best_return": 0.794667, "worst_return": -0.524076, "sufficient": true }, { "horizon": "Intermediate", "sample_count": 12, "median_return": -0.117735, "positive_rate": 0.333333, "directional_follow_through": 0.666667, "median_excess_return": -0.19123, "regime_survival": 0.666667, "best_return": 1.933333, "worst_return": -0.786566, "sufficient": true }, { "horizon": "Extended", "sample_count": 7, "median_return": -0.019608, "positive_rate": 0.428571, "directional_follow_through": 0.571429, "median_excess_return": -0.366529, "regime_survival": 0.571429, "best_return": 4.070968, "worst_return": -0.812381, "sufficient": true }, { "horizon": "Full cycle", "sample_count": 4, "median_return": -0.404395, "positive_rate": 0.25, "directional_follow_through": 0.75, "median_excess_return": -0.447452, "regime_survival": 0.5, "best_return": 6.208602, "worst_return": -0.757143, "sufficient": false } ], "ledger": [ { "regime": "downward_expansion", "label": "Downward Expansion", "color": "red", "start": "2023-06-30", "end": "2024-05-10", "tenure": "Extended", "return": -0.631163, "active": false }, { "regime": "balance", "label": "Balance", "color": "blue", "start": "2024-05-17", "end": "2024-06-21", "tenure": "Developing", "return": -0.195181, "active": false }, { "regime": "downward_expansion", "label": "Downward Expansion", "color": "red", "start": "2024-06-28", "end": "2024-12-06", "tenure": "Established", "return": 0.11056, "active": false }, { "regime": "rotation_up", "label": "Rotation Up", "color": "teal", "start": "2024-12-13", "end": "2025-01-17", "tenure": "Developing", "return": -0.029718, "active": false }, { "regime": "upward_expansion", "label": "Upward Expansion", "color": "green", "start": "2025-01-24", "end": "2025-02-21", "tenure": "Developing", "return": -0.02277, "active": false }, { "regime": "deceleration", "label": "Deceleration", "color": "amber", "start": "2025-02-28", "end": "2025-04-04", "tenure": "Developing", "return": -0.402155, "active": false }, { "regime": "rotation_down", "label": "Rotation Down", "color": "orange", "start": "2025-04-11", "end": "2025-05-02", "tenure": "New", "return": -0.07309, "active": false }, { "regime": "downward_expansion", "label": "Downward Expansion", "color": "red", "start": "2025-05-09", "end": "2025-07-18", "tenure": "Developing", "return": 1.021505, "active": false }, { "regime": "rotation_up", "label": "Rotation Up", "color": "teal", "start": "2025-07-25", "end": "2025-08-29", "tenure": "Developing", "return": 0.277941, "active": false }, { "regime": "upward_expansion", "label": "Upward Expansion", "color": "green", "start": 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"close": 11.3, "volume": 190199, "typical_volume": 131564.35, "trend": 19.376, "fair_value": 9.967192, "relative_strength": -38.029004, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -62.171804, "energy": 57.581264, "activity_lines": [ 9.578667, 9.955091, 12.7405, 15.79871 ] }, { "date": "2026-07-17", "close": 9.97, "volume": 65957, "typical_volume": 126978.5, "trend": 18.985, "fair_value": 9.897769, "relative_strength": -43.207587, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -49.614223, "energy": 48.3158, "activity_lines": [ 9.886667, 9.730182, 12.251262, 15.191871 ] }, { "date": "2026-07-24", "close": 8.95, "volume": 43238, "typical_volume": 121577.2, "trend": 18.5775, "fair_value": 9.824372, "relative_strength": -48.231389, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -52.139088, "energy": 45.269097, "activity_lines": [ 9.762667, 9.443273, 11.740405, 14.544452 ] }, { "date": "2026-07-31", "close": 8.9, "volume": 7705, "typical_volume": 117849.5, "trend": 18.218167, "fair_value": 9.766038, "relative_strength": -48.90545, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -52.600829, "energy": 47.548776, "activity_lines": [ 9.508667, 9.294364, 11.288119, 13.920097 ] }, { "date": "2026-08-07", "close": 8.81, "volume": 22224, "typical_volume": 113896.0, "trend": 17.735167, "fair_value": 9.721231, "relative_strength": -51.883179, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -64.15983, "energy": 53.511462, "activity_lines": [ 9.182667, 9.231091, 10.861119, 13.313118 ] } ], "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." } } }