{
  "ticker": {
    "uuid": "cfd1c688-4438-45d9-acac-8eceb9977688",
    "symbol": "KPNREIT",
    "name": "KPN Real Estate Investment Trust",
    "exchange": "SET",
    "country": "TH",
    "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": "^SET.BK",
    "stage": 1,
    "stage_name": "Basing",
    "phase": "1b",
    "phase_label": "Stage 1B \u00b7 Basing",
    "transition": "stage_1_building",
    "transition_label": "Base still building",
    "confidence": 93.223,
    "architecture_regime": "upward_expansion",
    "architecture_regime_label": "Upward Expansion",
    "architecture_modifier": "Re-accelerating",
    "architecture_gate": "up",
    "architecture_direction": 66.093,
    "architecture_energy": 66.899,
    "architecture_maturity": 10.003,
    "architecture_confidence": 75.358,
    "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": 17.22,
        "rotation_up": 63.6,
        "upward_expansion": 87.61,
        "deceleration": 46.71,
        "rotation_down": 16.97,
        "downward_expansion": 14.27
      },
      "activity_lines": [
        2.012,
        2.000182,
        1.989215,
        1.964788
      ],
      "activity_state": "Moderate",
      "activity_direction": "Expanding",
      "rotation_direction": "Improving",
      "price_acceptance": 0.666667
    },
    "latest_close": 2.02,
    "trend_reference": 1.92375,
    "distance_from_trend": 0.050032,
    "trend_direction": "Improving",
    "fair_value": 2.521768,
    "distance_from_fair_value": -0.198975,
    "fair_value_direction": "Improving",
    "relative_strength": -10.704266,
    "relative_strength_direction": "Improving",
    "price_momentum": 0.135905,
    "excess_performance": -0.05642,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.050032,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.008773,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": false,
        "value": -0.198975,
        "read": "Below anchor"
      },
      {
        "label": "Fair Value direction",
        "positive": true,
        "value": 0.070095,
        "read": "Closing upward"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.107043,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": true,
        "value": 0.064569,
        "read": "Improving"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.135905,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": true,
        "value": 1.139704,
        "read": "Demand-led"
      }
    ],
    "volume": {
      "latest": 114300,
      "relative_activity": 1.534434,
      "balance": 1.139704,
      "dry_up": 1.613639,
      "accumulation_observations": 3,
      "distribution_observations": 2
    },
    "risk": {
      "range_context": 0.018231,
      "annualized_volatility": 0.178742,
      "from_high_reference": -0.067789,
      "from_low_reference": 0.199336
    },
    "levels": {
      "trend_reference": 1.92375,
      "fair_value_reference": 2.521768,
      "structural_low": 1.684265,
      "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": 2,
        "median_return": -0.014657,
        "positive_rate": 0.0,
        "directional_follow_through": 0.0,
        "median_excess_return": 0.006546,
        "regime_survival": 0.0,
        "best_return": -0.01,
        "worst_return": -0.019313,
        "sufficient": false
      },
      {
        "horizon": "Intermediate",
        "sample_count": 1,
        "median_return": -0.059506,
        "positive_rate": 0.0,
        "directional_follow_through": 0.0,
        "median_excess_return": 0.003639,
        "regime_survival": 0.0,
        "best_return": -0.059506,
        "worst_return": -0.059506,
        "sufficient": false
      },
      {
        "horizon": "Extended",
        "sample_count": 1,
        "median_return": -0.192709,
        "positive_rate": 0.0,
        "directional_follow_through": 0.0,
        "median_excess_return": -0.147532,
        "regime_survival": 0.0,
        "best_return": -0.192709,
        "worst_return": -0.192709,
        "sufficient": false
      },
      {
        "horizon": "Full cycle",
        "sample_count": 1,
        "median_return": -0.282653,
        "positive_rate": 0.0,
        "directional_follow_through": 0.0,
        "median_excess_return": -0.138297,
        "regime_survival": 0.0,
        "best_return": -0.282653,
        "worst_return": -0.282653,
        "sufficient": false
      }
    ],
    "ledger": [
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        "regime": "balance",
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        "color": "blue",
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        "end": "2023-04-07",
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        "return": -0.020408,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2023-04-14",
        "end": "2024-10-11",
        "tenure": "Extended",
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      {
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      {
        "regime": "rotation_up",
        "label": "Rotation Up",
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        "end": "2024-12-13",
        "tenure": "Developing",
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      },
      {
        "regime": "balance",
        "label": "Balance",
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        "end": "2025-01-03",
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        "active": false
      },
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
        "color": "orange",
        "start": "2025-01-10",
        "end": "2025-01-31",
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        "return": -0.048387,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2025-02-07",
        "end": "2025-05-09",
        "tenure": "Established",
        "return": -0.088,
        "active": false
      },
      {
        "regime": "rotation_up",
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        "return": -0.098597,
        "active": false
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      {
        "regime": "balance",
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        "active": false
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        "active": false
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      {
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        "return": -0.03,
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      {
        "regime": "deceleration",
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        "color": "amber",
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        "return": 0.020202,
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        "active": true
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        "stage": 4,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "mixed",
        "direction": 11.70652,
        "energy": 12.94156,
        "activity_lines": [
          1.9154,
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          1.869425,
          1.882432
        ]
      },
      {
        "date": "2026-04-24",
        "close": 1.940352,
        "volume": 3000,
        "typical_volume": 69535.0,
        "trend": 1.904266,
        "fair_value": 2.727661,
        "relative_strength": -16.878304,
        "stage": 4,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "mixed",
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        "energy": 20.295927,
        "activity_lines": [
          1.92131,
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          1.875558,
          1.884697
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      },
      {
        "date": "2026-05-01",
        "close": 1.969901,
        "volume": 79500,
        "typical_volume": 72255.0,
        "trend": 1.903004,
        "fair_value": 2.711121,
        "relative_strength": -17.26048,
        "stage": 4,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "mixed",
        "direction": 20.596469,
        "energy": 21.631562,
        "activity_lines": [
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          1.888932
        ]
      },
      {
        "date": "2026-05-08",
        "close": 1.969901,
        "volume": 22400,
        "typical_volume": 71220.0,
        "trend": 1.901741,
        "fair_value": 2.695059,
        "relative_strength": -17.1612,
        "stage": 4,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "mixed",
        "direction": 28.908429,
        "energy": 20.980223,
        "activity_lines": [
          1.950202,
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      },
      {
        "date": "2026-05-15",
        "close": 1.9896,
        "volume": 45700,
        "typical_volume": 73505.0,
        "trend": 1.903685,
        "fair_value": 2.678645,
        "relative_strength": -16.563915,
        "stage": 1,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "mixed",
        "direction": 32.203999,
        "energy": 34.338834,
        "activity_lines": [
          1.965961,
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          1.904686,
          1.898916
        ]
      },
      {
        "date": "2026-05-22",
        "close": 2.02,
        "volume": 304500,
        "typical_volume": 88730.0,
        "trend": 1.904092,
        "fair_value": 2.663621,
        "relative_strength": -15.660723,
        "stage": 1,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "up",
        "direction": 63.442165,
        "energy": 54.202498,
        "activity_lines": [
          1.989884,
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          1.918262,
          1.90642
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      },
      {
        "date": "2026-05-29",
        "close": 2.0,
        "volume": 4000,
        "typical_volume": 78880.0,
        "trend": 1.90702,
        "fair_value": 2.648349,
        "relative_strength": -17.202857,
        "stage": 1,
        "regime": "upward_expansion",
        "modifier": "Early expansion",
        "gate": "up",
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        "energy": 54.49635,
        "activity_lines": [
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          1.912608
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      },
      {
        "date": "2026-06-05",
        "close": 2.0,
        "volume": 20800,
        "typical_volume": 78840.0,
        "trend": 1.908673,
        "fair_value": 2.633317,
        "relative_strength": -17.04288,
        "stage": 1,
        "regime": "upward_expansion",
        "modifier": "Early expansion",
        "gate": "up",
        "direction": 58.621889,
        "energy": 55.843315,
        "activity_lines": [
          2.000607,
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          1.940114,
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      },
      {
        "date": "2026-06-12",
        "close": 1.97,
        "volume": 236000,
        "typical_volume": 90570.0,
        "trend": 1.909326,
        "fair_value": 2.618933,
        "relative_strength": -17.955105,
        "stage": 1,
        "regime": "upward_expansion",
        "modifier": "Early expansion",
        "gate": "up",
        "direction": 56.286087,
        "energy": 50.155098,
        "activity_lines": [
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      },
      {
        "date": "2026-06-19",
        "close": 1.94,
        "volume": 64500,
        "typical_volume": 93775.0,
        "trend": 1.908978,
        "fair_value": 2.604357,
        "relative_strength": -17.310445,
        "stage": 1,
        "regime": "upward_expansion",
        "modifier": "Early expansion",
        "gate": "up",
        "direction": 41.405326,
        "energy": 25.475933,
        "activity_lines": [
          1.973333,
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          1.924542
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      },
      {
        "date": "2026-06-26",
        "close": 1.98,
        "volume": 0,
        "typical_volume": 57575.0,
        "trend": 1.909965,
        "fair_value": 2.591238,
        "relative_strength": -12.977711,
        "stage": 1,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": 39.963189,
        "energy": 22.862423,
        "activity_lines": [
          1.971333,
          1.979423,
          1.956367,
          1.929124
        ]
      },
      {
        "date": "2026-07-03",
        "close": 1.99,
        "volume": 21000,
        "typical_volume": 51510.0,
        "trend": 1.91001,
        "fair_value": 2.579263,
        "relative_strength": -15.382639,
        "stage": 1,
        "regime": "deceleration",
        "modifier": "Momentum cooling",
        "gate": "up",
        "direction": 45.042498,
        "energy": 27.912421,
        "activity_lines": [
          1.975333,
          1.981609,
          1.962729,
          1.934288
        ]
      },
      {
        "date": "2026-07-10",
        "close": 1.98,
        "volume": 161200,
        "typical_volume": 54905.0,
        "trend": 1.910996,
        "fair_value": 2.566624,
        "relative_strength": -15.631849,
        "stage": 1,
        "regime": "deceleration",
        "modifier": "Momentum cooling",
        "gate": "up",
        "direction": 39.724962,
        "energy": 26.134571,
        "activity_lines": [
          1.976667,
          1.981075,
          1.966948,
          1.938803
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      },
      {
        "date": "2026-07-17",
        "close": 2.02,
        "volume": 108400,
        "typical_volume": 59535.0,
        "trend": 1.913315,
        "fair_value": 2.555562,
        "relative_strength": -14.045278,
        "stage": 1,
        "regime": "deceleration",
        "modifier": "Momentum cooling",
        "gate": "up",
        "direction": 71.741308,
        "energy": 63.443391,
        "activity_lines": [
          1.992667,
          1.987629,
          1.97438,
          1.945836
        ]
      },
      {
        "date": "2026-07-24",
        "close": 2.02,
        "volume": 202700,
        "typical_volume": 69010.0,
        "trend": 1.915635,
        "fair_value": 2.54342,
        "relative_strength": -13.527798,
        "stage": 1,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 69.43111,
        "energy": 70.589852,
        "activity_lines": [
          2.005333,
          1.993273,
          1.98087,
          1.952718
        ]
      },
      {
        "date": "2026-07-31",
        "close": 2.0,
        "volume": 55400,
        "typical_volume": 70795.0,
        "trend": 1.917288,
        "fair_value": 2.53223,
        "relative_strength": -12.757781,
        "stage": 1,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 59.978167,
        "energy": 62.729231,
        "activity_lines": [
          2.006,
          1.994727,
          1.984467,
          1.958161
        ]
      },
      {
        "date": "2026-08-07",
        "close": 2.02,
        "volume": 114300,
        "typical_volume": 74490.0,
        "trend": 1.92375,
        "fair_value": 2.521768,
        "relative_strength": -10.704266,
        "stage": 1,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 66.093492,
        "energy": 66.899063,
        "activity_lines": [
          2.012,
          2.000182,
          1.989215,
          1.964788
        ]
      }
    ],
    "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."
    }
  }
}