{
  "ticker": {
    "uuid": "a59954d0-41bd-44f4-939e-429a25180937",
    "symbol": "BKY",
    "name": "Berkeley Energia Limited",
    "exchange": "LSE",
    "country": "GB",
    "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": "^FTSE",
    "stage": 1,
    "stage_name": "Basing",
    "phase": "1b",
    "phase_label": "Stage 1B \u00b7 Basing",
    "transition": "stage_1_building",
    "transition_label": "Base still building",
    "confidence": 59.85,
    "architecture_regime": "balance",
    "architecture_regime_label": "Balance",
    "architecture_modifier": "Upper balance after advance",
    "architecture_gate": "mixed",
    "architecture_direction": 17.731,
    "architecture_energy": 11.291,
    "architecture_maturity": 13.232,
    "architecture_confidence": 62.477,
    "architecture_tenure": "New",
    "architecture": {
      "interpretation": {
        "headline": "Directional pressure has compressed into balance.",
        "body": "Trend and Activity are compressed into balance, so neither side has durable control. Prior structure and the next directional change provide context; balance alone is not assumed to be a base."
      },
      "scores": {
        "balance": 62.17,
        "rotation_up": 32.49,
        "upward_expansion": 42.33,
        "deceleration": 47.04,
        "rotation_down": 28.95,
        "downward_expansion": 7.66
      },
      "activity_lines": [
        0.2504,
        0.250236,
        0.244286,
        0.243157
      ],
      "activity_state": "Compressed",
      "activity_direction": "Contracting",
      "rotation_direction": "Weakening",
      "price_acceptance": 0.333333
    },
    "latest_close": 0.25,
    "trend_reference": 0.24725,
    "distance_from_trend": 0.011122,
    "trend_direction": "Weakening",
    "fair_value": 0.215561,
    "distance_from_fair_value": 0.159765,
    "fair_value_direction": "Improving",
    "relative_strength": -9.720697,
    "relative_strength_direction": "Improving",
    "price_momentum": -0.067164,
    "excess_performance": -0.118399,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.011122,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": false,
        "value": -0.003894,
        "read": "Falling"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.159765,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": true,
        "value": 0.159662,
        "read": "Closing upward"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.097207,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": true,
        "value": 0.114664,
        "read": "Improving"
      },
      {
        "label": "Price momentum",
        "positive": false,
        "value": -0.067164,
        "read": "Negative"
      },
      {
        "label": "Volume balance",
        "positive": true,
        "value": 1.059366,
        "read": "Demand-led"
      }
    ],
    "volume": {
      "latest": 167820,
      "relative_activity": 0.163408,
      "balance": 1.059366,
      "dry_up": 0.15204,
      "accumulation_observations": 0,
      "distribution_observations": 0
    },
    "risk": {
      "range_context": 0.095172,
      "annualized_volatility": 0.375106,
      "from_high_reference": -0.241505,
      "from_low_reference": 0.256281
    },
    "levels": {
      "trend_reference": 0.24725,
      "fair_value_reference": 0.215561,
      "structural_low": 0.199,
      "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": 16,
        "median_return": -0.008977,
        "positive_rate": 0.4375,
        "directional_follow_through": 0.4375,
        "median_excess_return": -0.025929,
        "regime_survival": 0.375,
        "best_return": 1.32,
        "worst_return": -0.536232,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 9,
        "median_return": 0.069959,
        "positive_rate": 0.555556,
        "directional_follow_through": 0.555556,
        "median_excess_return": -0.011197,
        "regime_survival": 0.111111,
        "best_return": 0.796296,
        "worst_return": -0.543478,
        "sufficient": true
      },
      {
        "horizon": "Extended",
        "sample_count": 6,
        "median_return": 0.07644,
        "positive_rate": 0.666667,
        "directional_follow_through": 0.666667,
        "median_excess_return": -0.020621,
        "regime_survival": 0.333333,
        "best_return": 0.444444,
        "worst_return": -0.586957,
        "sufficient": true
      },
      {
        "horizon": "Full cycle",
        "sample_count": 3,
        "median_return": -0.025,
        "positive_rate": 0.333333,
        "directional_follow_through": 0.333333,
        "median_excess_return": -0.04229,
        "regime_survival": 0.333333,
        "best_return": 0.427778,
        "worst_return": -0.391304,
        "sufficient": false
      }
    ],
    "ledger": [
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2025-02-28",
        "end": "2025-05-16",
        "tenure": "Developing",
        "return": 0.225,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2025-05-23",
        "end": "2025-06-13",
        "tenure": "New",
        "return": 0.155172,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
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        "end": "2025-08-01",
        "tenure": "Developing",
        "return": -0.176471,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
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        "end": "2025-10-03",
        "tenure": "Developing",
        "return": 0.218107,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
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        "end": "2025-11-14",
        "tenure": "Developing",
        "return": -0.070922,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
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        "end": "2025-12-05",
        "tenure": "New",
        "return": -0.004065,
        "active": false
      },
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
        "color": "orange",
        "start": "2025-12-12",
        "end": "2025-12-19",
        "tenure": "New",
        "return": -0.035433,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2025-12-26",
        "end": "2026-01-16",
        "tenure": "New",
        "return": 0.071429,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
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        "end": "2026-02-06",
        "tenure": "New",
        "return": -0.075862,
        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
        "color": "teal",
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        "end": "2026-02-20",
        "tenure": "New",
        "return": -0.014815,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
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        "return": -0.178571,
        "active": false
      },
      {
        "regime": "downward_expansion",
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        "color": "red",
        "start": "2026-03-27",
        "end": "2026-06-19",
        "tenure": "Established",
        "return": 0.085106,
        "active": false
      },
      {
        "regime": "rotation_up",
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        "return": -0.09434,
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      },
      {
        "regime": "balance",
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        "active": true
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    ],
    "chart_path": [
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        "date": "2026-05-01",
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        "date": "2026-05-08",
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        "date": "2026-05-15",
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      {
        "date": "2026-06-05",
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        "date": "2026-06-12",
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      },
      {
        "date": "2026-06-26",
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        "stage": 1,
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        "modifier": "Structural repair",
        "gate": "mixed",
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      },
      {
        "date": "2026-07-03",
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        "relative_strength": -11.454013,
        "stage": 1,
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      },
      {
        "date": "2026-07-10",
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        "typical_volume": 1077184.3,
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        "stage": 4,
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        "modifier": "Value reclamation",
        "gate": "mixed",
        "direction": 15.370647,
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      },
      {
        "date": "2026-07-17",
        "close": 0.24,
        "volume": 107354,
        "typical_volume": 1071118.8,
        "trend": 0.247183,
        "fair_value": 0.214933,
        "relative_strength": -11.810741,
        "stage": 4,
        "regime": "rotation_up",
        "modifier": "Value reclamation",
        "gate": "mixed",
        "direction": 1.059697,
        "energy": 5.803238,
        "activity_lines": [
          0.2464,
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          0.239569,
          0.242106
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      },
      {
        "date": "2026-07-24",
        "close": 0.25,
        "volume": 203646,
        "typical_volume": 1070466.55,
        "trend": 0.247117,
        "fair_value": 0.215093,
        "relative_strength": -8.874333,
        "stage": 4,
        "regime": "balance",
        "modifier": "Upper balance after advance",
        "gate": "mixed",
        "direction": -0.180325,
        "energy": 5.443666,
        "activity_lines": [
          0.246467,
          0.248982,
          0.240876,
          0.242288
        ]
      },
      {
        "date": "2026-07-31",
        "close": 0.258,
        "volume": 145760,
        "typical_volume": 1042549.8,
        "trend": 0.247417,
        "fair_value": 0.215304,
        "relative_strength": -6.815691,
        "stage": 4,
        "regime": "balance",
        "modifier": "Upper balance after advance",
        "gate": "mixed",
        "direction": 17.589742,
        "energy": 10.138694,
        "activity_lines": [
          0.249533,
          0.250564,
          0.242993,
          0.24299
        ]
      },
      {
        "date": "2026-08-07",
        "close": 0.25,
        "volume": 167820,
        "typical_volume": 1027001.1,
        "trend": 0.24725,
        "fair_value": 0.215561,
        "relative_strength": -9.720697,
        "stage": 1,
        "regime": "balance",
        "modifier": "Upper balance after advance",
        "gate": "mixed",
        "direction": 17.731038,
        "energy": 11.290856,
        "activity_lines": [
          0.2504,
          0.250236,
          0.244286,
          0.243157
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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."
    }
  }
}