{
  "ticker": {
    "uuid": "df33bd2b-ee05-4f3c-a6e0-0a5b9d5de043",
    "symbol": "BLT",
    "name": "BLIS Technologies Limited",
    "exchange": "NZE",
    "country": "NZ",
    "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": "^NZ50",
    "stage": 2,
    "stage_name": "Advancing",
    "phase": "2a",
    "phase_label": "Stage 2A \u00b7 Early advance",
    "transition": "stage_2_healthy",
    "transition_label": "Stage 2 trend intact",
    "confidence": 96.0,
    "architecture_regime": "balance",
    "architecture_regime_label": "Balance",
    "architecture_modifier": "Balance after decline",
    "architecture_gate": "up",
    "architecture_direction": 63.761,
    "architecture_energy": 53.306,
    "architecture_maturity": 40.525,
    "architecture_confidence": 90.088,
    "architecture_tenure": "Established",
    "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": 33.87,
        "rotation_up": 61.5,
        "upward_expansion": 84.26,
        "deceleration": 46.39,
        "rotation_down": 18.0,
        "downward_expansion": 15.59
      },
      "activity_lines": [
        0.0172,
        0.0168,
        0.016481,
        0.016333
      ],
      "activity_state": "Moderate",
      "activity_direction": "Expanding",
      "rotation_direction": "Improving",
      "price_acceptance": 0.333333
    },
    "latest_close": 0.018,
    "trend_reference": 0.016267,
    "distance_from_trend": 0.106557,
    "trend_direction": "Improving",
    "fair_value": 0.017103,
    "distance_from_fair_value": 0.052474,
    "fair_value_direction": "Improving",
    "relative_strength": 6.019008,
    "relative_strength_direction": "Improving",
    "price_momentum": 0.058824,
    "excess_performance": 0.03055,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.106557,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.008264,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.052474,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": true,
        "value": 0.154632,
        "read": "Closing upward"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": true,
        "value": 0.06019,
        "read": "Leading"
      },
      {
        "label": "Relative strength direction",
        "positive": true,
        "value": 0.095752,
        "read": "Improving"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.058824,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": true,
        "value": 1.626827,
        "read": "Demand-led"
      }
    ],
    "volume": {
      "latest": 1899329,
      "relative_activity": 1.265437,
      "balance": 1.626827,
      "dry_up": 0.994685,
      "accumulation_observations": 3,
      "distribution_observations": 2
    },
    "risk": {
      "range_context": 0.07906,
      "annualized_volatility": 0.482991,
      "from_high_reference": -0.1,
      "from_low_reference": 0.285714
    },
    "levels": {
      "trend_reference": 0.016267,
      "fair_value_reference": 0.017103,
      "structural_low": 0.014,
      "invalidation": "A sustained loss of Trend, followed by flattening structure and weakening relative strength, challenges the advancing diagnosis."
    },
    "outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 17,
        "median_return": 0.0,
        "positive_rate": 0.352941,
        "directional_follow_through": 0.352941,
        "median_excess_return": -0.008422,
        "regime_survival": 0.764706,
        "best_return": 0.466667,
        "worst_return": -0.166667,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 7,
        "median_return": 0.0,
        "positive_rate": 0.428571,
        "directional_follow_through": 0.428571,
        "median_excess_return": -0.050623,
        "regime_survival": 0.428571,
        "best_return": 0.0625,
        "worst_return": -0.111111,
        "sufficient": true
      },
      {
        "horizon": "Extended",
        "sample_count": 5,
        "median_return": -0.055556,
        "positive_rate": 0.2,
        "directional_follow_through": 0.2,
        "median_excess_return": -0.070346,
        "regime_survival": 0.4,
        "best_return": 0.0625,
        "worst_return": -0.117647,
        "sufficient": true
      },
      {
        "horizon": "Full cycle",
        "sample_count": 3,
        "median_return": -0.222222,
        "positive_rate": 0.0,
        "directional_follow_through": 0.0,
        "median_excess_return": -0.31513,
        "regime_survival": 0.333333,
        "best_return": -0.117647,
        "worst_return": -0.428571,
        "sufficient": false
      }
    ],
    "ledger": [
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
        "color": "orange",
        "start": "2024-09-27",
        "end": "2024-10-18",
        "tenure": "New",
        "return": 0.076923,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2024-10-25",
        "end": "2024-11-15",
        "tenure": "New",
        "return": 0.384615,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
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        "end": "2024-12-27",
        "tenure": "Developing",
        "return": -0.166667,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2025-01-03",
        "end": "2025-05-16",
        "tenure": "Established",
        "return": -0.125,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
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        "end": "2025-05-30",
        "tenure": "New",
        "return": -0.058824,
        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
        "color": "teal",
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        "end": "2025-07-04",
        "tenure": "Developing",
        "return": 0.25,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2025-07-11",
        "end": "2025-09-05",
        "tenure": "Developing",
        "return": 0.0,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2025-09-12",
        "end": "2025-10-10",
        "tenure": "Developing",
        "return": -0.117647,
        "active": false
      },
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
        "color": "orange",
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        "end": "2025-11-21",
        "tenure": "Developing",
        "return": -0.0625,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2025-11-28",
        "end": "2025-12-26",
        "tenure": "Developing",
        "return": 0.133333,
        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
        "color": "teal",
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        "end": "2026-01-23",
        "tenure": "New",
        "return": -0.058824,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
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        "return": -0.0625,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
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        "end": "2026-04-17",
        "tenure": "New",
        "return": 0.0,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2026-04-24",
        "end": "2026-08-07",
        "tenure": "Established",
        "return": 0.125,
        "active": true
      }
    ],
    "chart_path": [
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      },
      {
        "date": "2026-07-17",
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        "volume": 1322687,
        "typical_volume": 1312045.1,
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        "fair_value": 0.017237,
        "relative_strength": -5.746869,
        "stage": 1,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "mixed",
        "direction": -11.816247,
        "energy": 5.618147,
        "activity_lines": [
          0.0162,
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          0.016105,
          0.01612
        ]
      },
      {
        "date": "2026-07-24",
        "close": 0.017,
        "volume": 990489,
        "typical_volume": 1349801.9,
        "trend": 0.016233,
        "fair_value": 0.017192,
        "relative_strength": -0.042253,
        "stage": 1,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "mixed",
        "direction": 19.51134,
        "energy": 19.16108,
        "activity_lines": [
          0.016533,
          0.0164,
          0.016205,
          0.01617
        ]
      },
      {
        "date": "2026-07-31",
        "close": 0.017,
        "volume": 1759297,
        "typical_volume": 1409479.45,
        "trend": 0.016233,
        "fair_value": 0.017147,
        "relative_strength": 0.762103,
        "stage": 2,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "mixed",
        "direction": 22.191086,
        "energy": 30.967544,
        "activity_lines": [
          0.016733,
          0.016527,
          0.0163,
          0.016219
        ]
      },
      {
        "date": "2026-08-07",
        "close": 0.018,
        "volume": 1899329,
        "typical_volume": 1500927.25,
        "trend": 0.016267,
        "fair_value": 0.017103,
        "relative_strength": 6.019008,
        "stage": 2,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "up",
        "direction": 63.760683,
        "energy": 53.305846,
        "activity_lines": [
          0.0172,
          0.0168,
          0.016481,
          0.016333
        ]
      }
    ],
    "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."
    }
  }
}