{
  "ticker": {
    "uuid": "d0bce535-ba74-4eee-b315-47d3f00df602",
    "symbol": "ALNSE",
    "name": "NSE S.A.",
    "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": 86.966,
    "architecture_regime": "deceleration",
    "architecture_regime_label": "Deceleration",
    "architecture_modifier": "Recompressing",
    "architecture_gate": "up",
    "architecture_direction": 38.494,
    "architecture_energy": 15.341,
    "architecture_maturity": 34.647,
    "architecture_confidence": 60.935,
    "architecture_tenure": "Developing",
    "architecture": {
      "interpretation": {
        "headline": "The upward structure remains, but its energy is decelerating.",
        "body": "Trend remains positive, but Activity or price acceptance is losing strength. This can become a healthy recompression, a re-acceleration, or a Rotation Down."
      },
      "scores": {
        "balance": 55.46,
        "rotation_up": 38.61,
        "upward_expansion": 58.64,
        "deceleration": 62.86,
        "rotation_down": 19.49,
        "downward_expansion": 13.31
      },
      "activity_lines": [
        49.286667,
        49.14305,
        49.280407,
        49.082848
      ],
      "activity_state": "Compressed",
      "activity_direction": "Contracting",
      "rotation_direction": "Stable",
      "price_acceptance": 0.166667
    },
    "latest_close": 50.200001,
    "trend_reference": 48.277796,
    "distance_from_trend": 0.039816,
    "trend_direction": "Improving",
    "fair_value": 34.914821,
    "distance_from_fair_value": 0.437785,
    "fair_value_direction": "Weakening",
    "relative_strength": 3.204061,
    "relative_strength_direction": "Weakening",
    "price_momentum": 0.206731,
    "excess_performance": 0.153419,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.039816,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.061651,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.437785,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": false,
        "value": -0.067336,
        "read": "Moving away"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": true,
        "value": 0.032041,
        "read": "Leading"
      },
      {
        "label": "Relative strength direction",
        "positive": false,
        "value": -0.062513,
        "read": "Weakening"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.206731,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": true,
        "value": 1.648347,
        "read": "Demand-led"
      }
    ],
    "volume": {
      "latest": 992,
      "relative_activity": 0.551755,
      "balance": 1.648347,
      "dry_up": 0.49085,
      "accumulation_observations": 2,
      "distribution_observations": 1
    },
    "risk": {
      "range_context": 0.046876,
      "annualized_volatility": 0.268649,
      "from_high_reference": -0.066914,
      "from_low_reference": 0.394444
    },
    "levels": {
      "trend_reference": 48.277796,
      "fair_value_reference": 34.914821,
      "structural_low": 41.400002,
      "invalidation": "A sustained loss of Trend, followed by flattening structure and weakening relative strength, challenges the advancing diagnosis."
    },
    "outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 18,
        "median_return": 0.00187,
        "positive_rate": 0.5,
        "directional_follow_through": 0.5,
        "median_excess_return": -0.019226,
        "regime_survival": 0.611111,
        "best_return": 0.277778,
        "worst_return": -0.121739,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 8,
        "median_return": -0.009278,
        "positive_rate": 0.5,
        "directional_follow_through": 0.5,
        "median_excess_return": 0.02561,
        "regime_survival": 0.125,
        "best_return": 0.125,
        "worst_return": -0.06872,
        "sufficient": true
      },
      {
        "horizon": "Extended",
        "sample_count": 5,
        "median_return": 0.045833,
        "positive_rate": 0.8,
        "directional_follow_through": 0.8,
        "median_excess_return": 0.175853,
        "regime_survival": 0.0,
        "best_return": 0.409396,
        "worst_return": -0.006572,
        "sufficient": true
      },
      {
        "horizon": "Full cycle",
        "sample_count": 4,
        "median_return": 0.346742,
        "positive_rate": 0.75,
        "directional_follow_through": 0.75,
        "median_excess_return": 0.237887,
        "regime_survival": 0.5,
        "best_return": 0.825512,
        "worst_return": -0.05888,
        "sufficient": false
      }
    ],
    "ledger": [
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2024-08-30",
        "end": "2024-10-25",
        "tenure": "Developing",
        "return": 0.031915,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2024-11-01",
        "end": "2025-01-24",
        "tenure": "Established",
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        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
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        "end": "2025-02-28",
        "tenure": "Developing",
        "return": 0.034965,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
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        "tenure": "Developing",
        "return": 0.013158,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
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        "end": "2025-06-20",
        "tenure": "New",
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        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
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        "end": "2025-08-29",
        "tenure": "Developing",
        "return": -0.121859,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
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        "end": "2025-09-12",
        "tenure": "New",
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        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
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        "end": "2025-10-03",
        "tenure": "New",
        "return": 0.0,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
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        "return": -0.047281,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2025-12-05",
        "end": "2026-01-09",
        "tenure": "Developing",
        "return": 0.111386,
        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
        "color": "teal",
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        "end": "2026-02-20",
        "tenure": "Developing",
        "return": -0.106918,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
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        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
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        "regime": "deceleration",
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        "active": true
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    ],
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          46.20086
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      },
      {
        "date": "2026-05-01",
        "close": 51.91,
        "volume": 2503,
        "typical_volume": 3251.35,
        "trend": 44.740333,
        "fair_value": 32.321468,
        "relative_strength": 16.25177,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Early expansion",
        "gate": "up",
        "direction": 65.656549,
        "energy": 74.661195,
        "activity_lines": [
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        ]
      },
      {
        "date": "2026-05-08",
        "close": 48.926666,
        "volume": 5432,
        "typical_volume": 3448.95,
        "trend": 44.961222,
        "fair_value": 32.506807,
        "relative_strength": 9.455369,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 60.166405,
        "energy": 46.845155,
        "activity_lines": [
          51.204889,
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          46.954387
        ]
      },
      {
        "date": "2026-05-15",
        "close": 47.236111,
        "volume": 2038,
        "typical_volume": 3518.15,
        "trend": 45.152426,
        "fair_value": 32.683799,
        "relative_strength": 7.359714,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 42.555247,
        "energy": 28.04279,
        "activity_lines": [
          49.681148,
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      },
      {
        "date": "2026-05-22",
        "close": 48.528889,
        "volume": 1963,
        "typical_volume": 3544.0,
        "trend": 45.270056,
        "fair_value": 32.870947,
        "relative_strength": 7.694308,
        "stage": 2,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": 34.783314,
        "energy": 22.702379,
        "activity_lines": [
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        ]
      },
      {
        "date": "2026-05-29",
        "close": 49.125557,
        "volume": 2241,
        "typical_volume": 3340.0,
        "trend": 45.474241,
        "fair_value": 33.064412,
        "relative_strength": 7.830418,
        "stage": 2,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": 29.710573,
        "energy": 23.239298,
        "activity_lines": [
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        ]
      },
      {
        "date": "2026-06-05",
        "close": 49.324444,
        "volume": 285,
        "typical_volume": 2932.0,
        "trend": 45.711722,
        "fair_value": 33.249809,
        "relative_strength": 7.62661,
        "stage": 2,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": 28.353515,
        "energy": 21.640482,
        "activity_lines": [
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        ]
      },
      {
        "date": "2026-06-12",
        "close": 47.733334,
        "volume": 192,
        "typical_volume": 2838.25,
        "trend": 45.936167,
        "fair_value": 33.434348,
        "relative_strength": 2.259759,
        "stage": 2,
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        "modifier": "Recompressing",
        "gate": "up",
        "direction": 15.176954,
        "energy": 12.166656,
        "activity_lines": [
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      },
      {
        "date": "2026-06-19",
        "close": 50.318886,
        "volume": 667,
        "typical_volume": 2775.55,
        "trend": 46.256796,
        "fair_value": 33.636707,
        "relative_strength": 6.82653,
        "stage": 2,
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        "modifier": "Recompressing",
        "gate": "up",
        "direction": 28.570767,
        "energy": 15.530366,
        "activity_lines": [
          49.152073,
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        ]
      },
      {
        "date": "2026-06-26",
        "close": 48.329998,
        "volume": 196,
        "typical_volume": 2724.75,
        "trend": 46.524463,
        "fair_value": 33.81573,
        "relative_strength": 3.135567,
        "stage": 2,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": 17.290647,
        "energy": 10.243711,
        "activity_lines": [
          48.926665,
          48.957272,
          49.399947,
          48.36307
        ]
      },
      {
        "date": "2026-07-03",
        "close": 49.599998,
        "volume": 225,
        "typical_volume": 2679.55,
        "trend": 46.831129,
        "fair_value": 34.007777,
        "relative_strength": 4.142281,
        "stage": 2,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": 29.252371,
        "energy": 14.947063,
        "activity_lines": [
          49.13785,
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          49.476928,
          48.561492
        ]
      },
      {
        "date": "2026-07-10",
        "close": 49.299999,
        "volume": 758,
        "typical_volume": 2671.75,
        "trend": 47.134463,
        "fair_value": 34.203566,
        "relative_strength": 5.528716,
        "stage": 2,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": 29.432497,
        "energy": 17.852205,
        "activity_lines": [
          49.217406,
          49.032403,
          49.496767,
          48.720774
        ]
      },
      {
        "date": "2026-07-17",
        "close": 47.5,
        "volume": 791,
        "typical_volume": 2611.75,
        "trend": 47.407796,
        "fair_value": 34.377115,
        "relative_strength": 1.786681,
        "stage": 2,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": 3.22811,
        "energy": 4.638561,
        "activity_lines": [
          48.698591,
          48.788332,
          49.313272,
          48.744357
        ]
      },
      {
        "date": "2026-07-24",
        "close": 49.200001,
        "volume": 1155,
        "typical_volume": 2052.35,
        "trend": 47.744463,
        "fair_value": 34.559044,
        "relative_strength": 5.006238,
        "stage": 2,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": 16.429831,
        "energy": 7.917356,
        "activity_lines": [
          48.762,
          48.879292,
          49.273111,
          48.859983
        ]
      },
      {
        "date": "2026-07-31",
        "close": 49.099998,
        "volume": 592,
        "typical_volume": 1854.9,
        "trend": 48.101129,
        "fair_value": 34.735295,
        "relative_strength": 3.226278,
        "stage": 2,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": 14.932528,
        "energy": 7.168091,
        "activity_lines": [
          48.866666,
          48.916363,
          49.222473,
          48.947437
        ]
      },
      {
        "date": "2026-08-07",
        "close": 50.200001,
        "volume": 992,
        "typical_volume": 1797.9,
        "trend": 48.277796,
        "fair_value": 34.914821,
        "relative_strength": 3.204061,
        "stage": 2,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": 38.493982,
        "energy": 15.340694,
        "activity_lines": [
          49.286667,
          49.14305,
          49.280407,
          49.082848
        ]
      }
    ],
    "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."
    }
  }
}