{ "ticker": { "uuid": "9d3d866f-a365-4a72-a5b8-2024065b55cc", "symbol": "ZLNA", "name": "Zelluna ASA", "exchange": "OSL", "country": "NO", "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": "OSEBX.OL", "stage": 1, "stage_name": "Basing", "phase": "1b", "phase_label": "Stage 1B \u00b7 Basing", "transition": "stage_1_building", "transition_label": "Base still building", "confidence": 50.423, "architecture_regime": "deceleration", "architecture_regime_label": "Deceleration", "architecture_modifier": "Re-acceleration watch", "architecture_gate": "up", "architecture_direction": 50.536, "architecture_energy": 50.43, "architecture_maturity": 33.567, "architecture_confidence": 66.807, "architecture_tenure": "Developing", "architecture": { "interpretation": { "headline": "The prior uptrend is attempting to re-accelerate.", "body": "Positive Trend survived a recompression and Fast Activity is strengthening again. Promotion requires renewed confirmation across the completed evidence set." }, "scores": { "balance": 31.32, "rotation_up": 69.82, "upward_expansion": 75.56, "deceleration": 43.93, "rotation_down": 9.65, "downward_expansion": 16.56 }, "activity_lines": [ 22.146667, 21.2, 21.361686, 20.882744 ], "activity_state": "Compressed", "activity_direction": "Expanding", "rotation_direction": "Improving", "price_acceptance": 0.5 }, "latest_close": 22.6, "trend_reference": 19.745, "distance_from_trend": 0.144594, "trend_direction": "Improving", "fair_value": 231.490269, "distance_from_fair_value": -0.902372, "fair_value_direction": "Improving", "relative_strength": 24.913321, "relative_strength_direction": "Weakening", "price_momentum": 0.506667, "excess_performance": 0.381673, "evidence": [ { "label": "Price vs Trend", "positive": true, "value": 0.144594, "read": "Above" }, { "label": "Trend direction", "positive": true, "value": 0.192038, "read": "Rising" }, { "label": "Price vs current Fair Value", "positive": false, "value": -0.902372, "read": "Below anchor" }, { "label": "Fair Value direction", "positive": true, "value": 0.021795, "read": "Closing upward" }, { "label": "Relative Strength vs benchmark", "positive": true, "value": 0.249133, "read": "Leading" }, { "label": "Relative strength direction", "positive": false, "value": -0.131749, "read": "Weakening" }, { "label": "Price momentum", "positive": true, "value": 0.506667, "read": "Positive" }, { "label": "Volume balance", "positive": true, "value": 1.036795, "read": "Demand-led" } ], "volume": { "latest": 59977, "relative_activity": 0.38688, "balance": 1.036795, "dry_up": 0.747942, "accumulation_observations": 1, "distribution_observations": 1 }, "risk": { "range_context": 0.08339, "annualized_volatility": 0.790279, "from_high_reference": -0.368715, "from_low_reference": 1.754754 }, "levels": { "trend_reference": 19.745, "fair_value_reference": 231.490269, "structural_low": 13.85, "invalidation": "A renewed decline below the structural range low, widening the discount to current Fair Value while Trend falls, weakens the base diagnosis." }, "outcomes": [ { "horizon": "Near term", "sample_count": 8, "median_return": 0.0073, "positive_rate": 0.625, "directional_follow_through": 0.625, "median_excess_return": 0.005104, "regime_survival": 0.625, "best_return": 0.222868, "worst_return": -0.156151, "sufficient": true }, { "horizon": "Intermediate", "sample_count": 3, "median_return": -0.160883, "positive_rate": 0.333333, "directional_follow_through": 0.333333, "median_excess_return": -0.144863, "regime_survival": 0.0, "best_return": 0.204738, "worst_return": -0.241279, "sufficient": false }, { "horizon": "Extended", "sample_count": 3, "median_return": -0.419558, "positive_rate": 0.0, "directional_follow_through": 0.0, "median_excess_return": -0.416134, "regime_survival": 0.0, "best_return": -0.287791, "worst_return": -0.93934, "sufficient": false }, { "horizon": "Full cycle", "sample_count": 2, 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161997.5, "trend": 18.703333, "fair_value": 250.619115, "relative_strength": 14.782621, "stage": 1, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 6.890812, "energy": 16.12834, "activity_lines": [ 19.26, 20.170909, 20.859448, 20.067045 ] }, { "date": "2026-07-17", "close": 22.1, "volume": 144360, "typical_volume": 160939.55, "trend": 18.94, "fair_value": 245.888987, "relative_strength": 28.299872, "stage": 1, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 20.573529, "energy": 14.742854, "activity_lines": [ 20.166667, 20.389091, 21.0126, 20.286185 ] }, { "date": "2026-07-24", "close": 21.200001, "volume": 71656, "typical_volume": 161205.6, "trend": 19.156667, "fair_value": 241.063346, "relative_strength": 19.512879, "stage": 1, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 27.412298, "energy": 15.563053, "activity_lines": [ 20.666667, 20.458182, 21.053419, 20.431992 ] }, { "date": "2026-07-31", "close": 23.0, "volume": 187813, "typical_volume": 166407.1, "trend": 19.456667, "fair_value": 236.210782, "relative_strength": 28.201151, "stage": 1, "regime": "deceleration", "modifier": "Momentum cooling", "gate": "up", "direction": 52.859586, "energy": 38.276034, "activity_lines": [ 21.62, 20.869091, 21.238981, 20.679949 ] }, { "date": "2026-08-07", "close": 22.6, "volume": 59977, "typical_volume": 155027.45, "trend": 19.745, "fair_value": 231.490269, "relative_strength": 24.913321, "stage": 1, "regime": "deceleration", "modifier": "Re-acceleration watch", "gate": "up", "direction": 50.535505, "energy": 50.429908, "activity_lines": [ 22.146667, 21.2, 21.361686, 20.882744 ] } ], "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." } } }