{
  "ticker": {
    "uuid": "6acfde83-65d8-41a9-8675-fadf61c8a205",
    "symbol": "KWG",
    "name": "KHD Humboldt Wedag International AG",
    "exchange": "GER",
    "country": "DE",
    "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": "^GDAXI",
    "stage": 3,
    "stage_name": "Distribution",
    "phase": "3a",
    "phase_label": "Stage 3A \u00b7 Churning",
    "transition": "stage_3_churning",
    "transition_label": "Stage 3 range intact",
    "confidence": 96.0,
    "architecture_regime": "upward_expansion",
    "architecture_regime_label": "Upward Expansion",
    "architecture_modifier": "Early expansion",
    "architecture_gate": "up",
    "architecture_direction": 82.567,
    "architecture_energy": 52.631,
    "architecture_maturity": 17.389,
    "architecture_confidence": 74.996,
    "architecture_tenure": "New",
    "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": 21.9,
        "rotation_up": 63.62,
        "upward_expansion": 77.0,
        "deceleration": 60.06,
        "rotation_down": 15.18,
        "downward_expansion": 6.0
      },
      "activity_lines": [
        1.912667,
        1.888,
        1.836714,
        1.812774
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      "activity_state": "Wide",
      "activity_direction": "Stable",
      "rotation_direction": "Improving",
      "price_acceptance": 0.5
    },
    "latest_close": 2.04,
    "trend_reference": 1.797,
    "distance_from_trend": 0.135225,
    "trend_direction": "Improving",
    "fair_value": 1.680385,
    "distance_from_fair_value": 0.214008,
    "fair_value_direction": "Improving",
    "relative_strength": 2.522927,
    "relative_strength_direction": "Improving",
    "price_momentum": 0.108696,
    "excess_performance": 0.044056,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.135225,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.015063,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.214008,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": true,
        "value": 0.179549,
        "read": "Closing upward"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": true,
        "value": 0.025229,
        "read": "Leading"
      },
      {
        "label": "Relative strength direction",
        "positive": true,
        "value": 0.094262,
        "read": "Improving"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.108696,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": true,
        "value": 7.290558,
        "read": "Demand-led"
      }
    ],
    "volume": {
      "latest": 126158,
      "relative_activity": 7.248814,
      "balance": 7.290558,
      "dry_up": 1.97267,
      "accumulation_observations": 2,
      "distribution_observations": 0
    },
    "risk": {
      "range_context": 0.044495,
      "annualized_volatility": 0.228401,
      "from_high_reference": -0.046729,
      "from_low_reference": 0.333333
    },
    "levels": {
      "trend_reference": 1.797,
      "fair_value_reference": 1.680385,
      "structural_low": 1.53,
      "invalidation": "A decisive breakout above range resistance with renewed RS leadership invalidates the distribution reading; a range-low break confirms deterioration."
    },
    "outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 15,
        "median_return": -0.038095,
        "positive_rate": 0.266667,
        "directional_follow_through": 0.266667,
        "median_excess_return": -0.041996,
        "regime_survival": 0.533333,
        "best_return": 0.225806,
        "worst_return": -0.133663,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 8,
        "median_return": -0.037495,
        "positive_rate": 0.375,
        "directional_follow_through": 0.375,
        "median_excess_return": 0.031057,
        "regime_survival": 0.25,
        "best_return": 0.154839,
        "worst_return": -0.18617,
        "sufficient": true
      },
      {
        "horizon": "Extended",
        "sample_count": 5,
        "median_return": -0.056701,
        "positive_rate": 0.4,
        "directional_follow_through": 0.4,
        "median_excess_return": -0.014568,
        "regime_survival": 0.2,
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        "worst_return": -0.120192,
        "sufficient": true
      },
      {
        "horizon": "Full cycle",
        "sample_count": 3,
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        "positive_rate": 0.333333,
        "directional_follow_through": 0.333333,
        "median_excess_return": 0.037714,
        "regime_survival": 0.0,
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        "worst_return": -0.280899,
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      }
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        "regime": "balance",
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        "regime": "upward_expansion",
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      {
        "regime": "deceleration",
        "label": "Deceleration",
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        "regime": "deceleration",
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          1.737636,
          1.761762,
          1.774108
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      },
      {
        "date": "2026-05-08",
        "close": 1.73,
        "volume": 2122,
        "typical_volume": 12525.75,
        "trend": 1.794667,
        "fair_value": 1.672372,
        "relative_strength": -6.903252,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Early contraction",
        "gate": "down",
        "direction": -34.415269,
        "energy": 16.203543,
        "activity_lines": [
          1.744,
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          1.756905,
          1.769355
        ]
      },
      {
        "date": "2026-05-15",
        "close": 1.72,
        "volume": 9742,
        "typical_volume": 12523.8,
        "trend": 1.784667,
        "fair_value": 1.672756,
        "relative_strength": -5.848754,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Early contraction",
        "gate": "down",
        "direction": -37.966441,
        "energy": 18.052861,
        "activity_lines": [
          1.736,
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          1.751381,
          1.764538
        ]
      },
      {
        "date": "2026-05-22",
        "close": 1.73,
        "volume": 5793,
        "typical_volume": 12191.15,
        "trend": 1.777333,
        "fair_value": 1.672564,
        "relative_strength": -8.726671,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Established contraction",
        "gate": "down",
        "direction": -45.957858,
        "energy": 21.768286,
        "activity_lines": [
          1.732667,
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          1.747238,
          1.761011
        ]
      },
      {
        "date": "2026-05-29",
        "close": 1.73,
        "volume": 1112,
        "typical_volume": 11978.8,
        "trend": 1.770333,
        "fair_value": 1.672564,
        "relative_strength": -9.468381,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Established contraction",
        "gate": "down",
        "direction": -45.715575,
        "energy": 23.208899,
        "activity_lines": [
          1.73,
          1.734,
          1.743333,
          1.757957
        ]
      },
      {
        "date": "2026-06-05",
        "close": 1.74,
        "volume": 0,
        "typical_volume": 11454.3,
        "trend": 1.766667,
        "fair_value": 1.672436,
        "relative_strength": -7.652837,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Established contraction",
        "gate": "down",
        "direction": -44.800989,
        "energy": 21.773764,
        "activity_lines": [
          1.732,
          1.735818,
          1.741143,
          1.756
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      },
      {
        "date": "2026-06-12",
        "close": 1.86,
        "volume": 19773,
        "typical_volume": 12059.95,
        "trend": 1.770333,
        "fair_value": 1.672949,
        "relative_strength": -0.879268,
        "stage": 3,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "mixed",
        "direction": 20.253723,
        "energy": 14.210109,
        "activity_lines": [
          1.775333,
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          1.762022
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      },
      {
        "date": "2026-06-19",
        "close": 1.84,
        "volume": 6726,
        "typical_volume": 12257.65,
        "trend": 1.774333,
        "fair_value": 1.673462,
        "relative_strength": -3.215581,
        "stage": 3,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "mixed",
        "direction": 18.426033,
        "energy": 27.418697,
        "activity_lines": [
          1.803333,
          1.774364,
          1.758714,
          1.766516
        ]
      },
      {
        "date": "2026-06-26",
        "close": 1.88,
        "volume": 5876,
        "typical_volume": 12106.9,
        "trend": 1.779333,
        "fair_value": 1.675,
        "relative_strength": 0.074298,
        "stage": 3,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "mixed",
        "direction": 28.813475,
        "energy": 46.382812,
        "activity_lines": [
          1.836667,
          1.796182,
          1.769952,
          1.773333
        ]
      },
      {
        "date": "2026-07-03",
        "close": 1.87,
        "volume": 0,
        "typical_volume": 11857.45,
        "trend": 1.782,
        "fair_value": 1.675769,
        "relative_strength": -4.671426,
        "stage": 3,
        "regime": "rotation_up",
        "modifier": "Structural repair",
        "gate": "mixed",
        "direction": 38.719511,
        "energy": 61.268873,
        "activity_lines": [
          1.856667,
          1.813636,
          1.780048,
          1.779183
        ]
      },
      {
        "date": "2026-07-10",
        "close": 1.87,
        "volume": 3687,
        "typical_volume": 11807.55,
        "trend": 1.786333,
        "fair_value": 1.676859,
        "relative_strength": -1.93167,
        "stage": 3,
        "regime": "rotation_up",
        "modifier": "Value reclamation",
        "gate": "mixed",
        "direction": 36.64261,
        "energy": 60.64033,
        "activity_lines": [
          1.867333,
          1.828909,
          1.78981,
          1.78486
        ]
      },
      {
        "date": "2026-07-17",
        "close": 1.86,
        "volume": 712,
        "typical_volume": 11627.25,
        "trend": 1.788667,
        "fair_value": 1.677821,
        "relative_strength": -1.415146,
        "stage": 3,
        "regime": "rotation_up",
        "modifier": "Value reclamation",
        "gate": "up",
        "direction": 61.405736,
        "energy": 63.815295,
        "activity_lines": [
          1.866,
          1.840364,
          1.798429,
          1.789613
        ]
      },
      {
        "date": "2026-07-24",
        "close": 1.86,
        "volume": 6022,
        "typical_volume": 11339.05,
        "trend": 1.790333,
        "fair_value": 1.679103,
        "relative_strength": -2.319527,
        "stage": 3,
        "regime": "upward_expansion",
        "modifier": "Early expansion",
        "gate": "up",
        "direction": 58.011913,
        "energy": 49.960003,
        "activity_lines": [
          1.864667,
          1.849455,
          1.807,
          1.794215
        ]
      },
      {
        "date": "2026-07-31",
        "close": 1.83,
        "volume": 4437,
        "typical_volume": 11465.95,
        "trend": 1.792,
        "fair_value": 1.679103,
        "relative_strength": -5.630777,
        "stage": 3,
        "regime": "upward_expansion",
        "modifier": "Early expansion",
        "gate": "up",
        "direction": 53.438472,
        "energy": 33.537604,
        "activity_lines": [
          1.852,
          1.850545,
          1.812095,
          1.796774
        ]
      },
      {
        "date": "2026-08-07",
        "close": 2.04,
        "volume": 126158,
        "typical_volume": 17403.95,
        "trend": 1.797,
        "fair_value": 1.680385,
        "relative_strength": 2.522927,
        "stage": 3,
        "regime": "upward_expansion",
        "modifier": "Early expansion",
        "gate": "up",
        "direction": 82.56658,
        "energy": 52.630533,
        "activity_lines": [
          1.912667,
          1.888,
          1.836714,
          1.812774
        ]
      }
    ],
    "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."
    }
  }
}