{
  "ticker": {
    "uuid": "87fac35e-2a15-414a-9a3c-4f12b84009bd",
    "symbol": "BSD",
    "name": "Bourse Direct SA",
    "exchange": "PAR",
    "country": "FR",
    "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": "^FCHI",
    "stage": 2,
    "stage_name": "Advancing",
    "phase": "2b",
    "phase_label": "Stage 2B \u00b7 Advancing",
    "transition": "stage_2_healthy",
    "transition_label": "Stage 2 trend intact",
    "confidence": 96.0,
    "architecture_regime": "upward_expansion",
    "architecture_regime_label": "Upward Expansion",
    "architecture_modifier": "Re-accelerating",
    "architecture_gate": "up",
    "architecture_direction": 79.016,
    "architecture_energy": 75.447,
    "architecture_maturity": 13.246,
    "architecture_confidence": 84.89,
    "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": 14.59,
        "rotation_up": 73.5,
        "upward_expansion": 89.39,
        "deceleration": 45.01,
        "rotation_down": 13.14,
        "downward_expansion": 18.39
      },
      "activity_lines": [
        5.376,
        5.212909,
        5.129216,
        5.026646
      ],
      "activity_state": "Wide",
      "activity_direction": "Expanding",
      "rotation_direction": "Improving",
      "price_acceptance": 0.5
    },
    "latest_close": 5.64,
    "trend_reference": 4.944854,
    "distance_from_trend": 0.14058,
    "trend_direction": "Improving",
    "fair_value": 4.507078,
    "distance_from_fair_value": 0.251365,
    "fair_value_direction": "Improving",
    "relative_strength": 15.059369,
    "relative_strength_direction": "Improving",
    "price_momentum": 0.11637,
    "excess_performance": 0.063059,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.14058,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.06696,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.251365,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": true,
        "value": 0.148385,
        "read": "Closing upward"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": true,
        "value": 0.150594,
        "read": "Leading"
      },
      {
        "label": "Relative strength direction",
        "positive": true,
        "value": 0.039176,
        "read": "Improving"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.11637,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": true,
        "value": 4.746165,
        "read": "Demand-led"
      }
    ],
    "volume": {
      "latest": 48834,
      "relative_activity": 1.700538,
      "balance": 4.746165,
      "dry_up": 1.222246,
      "accumulation_observations": 5,
      "distribution_observations": 0
    },
    "risk": {
      "range_context": 0.049944,
      "annualized_volatility": 0.340822,
      "from_high_reference": -0.003534,
      "from_low_reference": 0.601749
    },
    "levels": {
      "trend_reference": 4.944854,
      "fair_value_reference": 4.507078,
      "structural_low": 4.16223,
      "invalidation": "A sustained loss of Trend, followed by flattening structure and weakening relative strength, challenges the advancing diagnosis."
    },
    "outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 26,
        "median_return": 0.011282,
        "positive_rate": 0.576923,
        "directional_follow_through": 0.576923,
        "median_excess_return": 0.02418,
        "regime_survival": 0.730769,
        "best_return": 0.164609,
        "worst_return": -0.169463,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 9,
        "median_return": 0.063395,
        "positive_rate": 0.666667,
        "directional_follow_through": 0.666667,
        "median_excess_return": 0.008352,
        "regime_survival": 0.333333,
        "best_return": 0.226744,
        "worst_return": -0.098246,
        "sufficient": true
      },
      {
        "horizon": "Extended",
        "sample_count": 6,
        "median_return": 0.00137,
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        "directional_follow_through": 0.5,
        "median_excess_return": 0.046005,
        "regime_survival": 0.333333,
        "best_return": 0.37647,
        "worst_return": -0.108384,
        "sufficient": true
      },
      {
        "horizon": "Full cycle",
        "sample_count": 3,
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        "positive_rate": 0.666667,
        "directional_follow_through": 0.666667,
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        "regime_survival": 0.333333,
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        "worst_return": -0.106241,
        "sufficient": false
      }
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        "regime": "balance",
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        "end": "2024-10-11",
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        "active": false
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      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2024-10-18",
        "end": "2025-01-17",
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      {
        "regime": "downward_expansion",
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        "tenure": "Developing",
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        "regime": "rotation_up",
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        "active": false
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        "date": "2026-05-01",
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        "date": "2026-05-15",
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      },
      {
        "date": "2026-07-03",
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      },
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        "fair_value": 4.481801,
        "relative_strength": 11.878757,
        "stage": 2,
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        "activity_lines": [
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      },
      {
        "date": "2026-07-17",
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        "volume": 4164,
        "typical_volume": 26092.4,
        "trend": 4.852943,
        "fair_value": 4.487452,
        "relative_strength": 8.594246,
        "stage": 2,
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        "modifier": "Recompressing",
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        "direction": 31.345674,
        "energy": 16.200987,
        "activity_lines": [
          5.013333,
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          4.984155,
          4.926119
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      },
      {
        "date": "2026-07-24",
        "close": 5.14,
        "volume": 11950,
        "typical_volume": 25640.5,
        "trend": 4.885535,
        "fair_value": 4.492777,
        "relative_strength": 9.982714,
        "stage": 2,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": 52.745181,
        "energy": 27.345722,
        "activity_lines": [
          5.060667,
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          5.009586,
          4.944639
        ]
      },
      {
        "date": "2026-07-31",
        "close": 5.44,
        "volume": 75448,
        "typical_volume": 28185.5,
        "trend": 4.923343,
        "fair_value": 4.499344,
        "relative_strength": 14.103487,
        "stage": 2,
        "regime": "deceleration",
        "modifier": "Re-acceleration watch",
        "gate": "up",
        "direction": 72.739414,
        "energy": 60.283802,
        "activity_lines": [
          5.202667,
          5.113636,
          5.061985,
          4.980411
        ]
      },
      {
        "date": "2026-08-07",
        "close": 5.64,
        "volume": 48834,
        "typical_volume": 28716.8,
        "trend": 4.944854,
        "fair_value": 4.507078,
        "relative_strength": 15.059369,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 79.01575,
        "energy": 75.446972,
        "activity_lines": [
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          5.129216,
          5.026646
        ]
      }
    ],
    "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."
    }
  }
}