Weekly structural research · AMS · Energy

FUR Stage Analysis

Fugro N.V.

Week ending 9 Oct 2026Close EUR 7.46Tenure DevelopingBenchmark ^AEX

Screen this regime Supporting research Report data ↗

Executive diagnosis

What the Activity Line geometry says now

Structure, not prediction

Downward Expansion · Established contraction

The weekly architecture is expanding downward.

Trend and Activity show sustained negative alignment with weak price acceptance. Repair requires persistent improvement across the structure, not merely one strong observation.

The Trend gate is down within the current regime.
Fast Activity versus Slow Activity: weakening.
Activity structure: wide and expanding.

Direction -86−100 bearish to +100 bullish

Energy 92/100directional strength

Maturity 40/100lifecycle context

Confidence 91/100evidence agreement

Trend gate Downstructural direction

Activity structure Wideexpanding separation

Price acceptance -100.0%position within the Activity structure

Fair Value context -45.5%EUR 13.70 · weakening

Trend Architecture map · Historical context

Weekly close, Activity, Trend and Fair Value

Follow price and Trend first, then add Activity Lines to inspect the structure. Subtle bands show the regime recognized at each completed observation; the dashed line marks current Fair Value, not a historical forecast.

CloseTrendCurrent Fair Value

Background stage key

BalanceDirection is contained.
Rotation UpStructure is turning higher.
Upward ExpansionUptrend is established.
DecelerationUptrend is losing energy.
Rotation DownStructure is turning lower.
Downward ExpansionDowntrend is established.

View chart values · 156 observations

Week	Close	Trend	Relative Strength	Volume	Regime	Direction	Energy
2026-10-09	7.46	9.90	-30.54	1382349	Downward Expansion	-86	92
2026-10-02	7.84	10.00	-26.54	1313541	Downward Expansion	-79	91
2026-09-25	8.10	10.09	-24.09	2263891	Downward Expansion	-74	90
2026-09-18	8.07	10.17	-23.61	2038315	Downward Expansion	-80	88
2026-09-11	8.26	10.29	-22.64	1795747	Downward Expansion	-79	77
2026-09-04	8.52	10.41	-21.83	599372	Downward Expansion	-77	72
2026-08-28	8.96	10.50	-18.38	305589	Downward Expansion	-62	78
2026-08-21	9.00	10.58	-18.28	144519	Downward Expansion	-63	83
2026-08-14	9.10	10.59	-19.03	233838	Downward Expansion	-64	83
2026-08-07	8.70	10.60	-22.83	332713	Downward Expansion	-79	88
2026-07-31	8.51	10.62	-24.38	2799272	Rotation Down	-86	85
2026-07-24	9.71	10.62	-13.77	169257	Rotation Down	-37	66
2026-07-17	9.81	10.57	-13.80	303303	Rotation Down	-35	64
2026-07-10	9.68	10.53	-15.09	176482	Rotation Down	-31	55
2026-07-03	9.48	10.48	-17.46	408764	Upward Expansion	-35	37
2026-06-26	9.58	10.46	-15.44	726402	Upward Expansion	-0	13
2026-06-19	10.79	10.43	-6.99	382042	Upward Expansion	34	19
2026-06-12	11.93	10.34	2.09	354713	Upward Expansion	63	40
2026-06-05	11.68	10.22	3.56	292679	Upward Expansion	59	40
2026-05-29	11.34	10.10	1.00	1572595	Upward Expansion	59	43
2026-05-22	11.86	10.01	4.43	1603841	Upward Expansion	65	67
2026-05-15	11.78	9.92	7.19	1270772	Upward Expansion	66	69
2026-05-08	11.60	9.82	4.76	2166386	Upward Expansion	62	64
2026-05-01	12.35	9.73	11.85	2239918	Upward Expansion	79	68
2026-04-24	11.04	9.62	-0.52	2717515	Deceleration	56	34
2026-04-17	10.67	9.56	-4.37	1510881	Deceleration	48	26
2026-04-10	10.89	9.54	-1.29	3018366	Deceleration	41	21
2026-04-03	10.44	9.51	-2.66	1624512	Deceleration	29	21
2026-03-27	10.04	9.53	-5.28	3369497	Deceleration	31	25
2026-03-20	9.74	9.58	-8.80	2283825	Upward Expansion	36	26
2026-03-13	10.55	9.66	-5.91	2009864	Upward Expansion	48	39
2026-03-06	10.52	9.68	-4.73	3553589	Rotation Up	63	55
2026-02-27	10.61	9.70	-8.86	4594959	Rotation Up	40	72
2026-02-20	11.60	9.72	-0.16	1641790	Rotation Up	50	82
2026-02-13	11.80	9.75	3.51	2566488	Rotation Up	62	86
2026-02-06	11.13	9.77	-2.89	3210081	Rotation Up	50	78
2026-01-30	11.49	9.81	-0.83	5766226	Rotation Up	53	54
2026-01-23	9.43	9.82	-19.03	1835851	Downward Expansion	2	19
2026-01-16	9.40	9.91	-20.94	2350326	Downward Expansion	-13	15
2026-01-09	9.01	9.98	-23.52	1714631	Downward Expansion	-44	34
2026-01-02	8.57	10.06	-26.70	1100475	Downward Expansion	-50	45
2025-12-26	8.40	10.14	-27.26	721161	Downward Expansion	-53	45
2025-12-19	8.37	10.23	-28.70	2015686	Downward Expansion	-54	44
2025-12-12	8.40	10.31	-28.97	1201120	Downward Expansion	-57	49
2025-12-05	8.93	10.40	-26.02	1926183	Downward Expansion	-62	54
2025-11-28	8.57	10.46	-29.59	1951980	Downward Expansion	-65	64
2025-11-21	8.06	10.52	-33.49	1667559	Downward Expansion	-76	84
2025-11-14	8.41	10.59	-33.32	1803230	Downward Expansion	-69	72
2025-11-07	8.01	10.65	-37.14	2948071	Downward Expansion	-84	85
2025-10-31	8.74	10.77	-33.75	2409864	Downward Expansion	-72	83
2025-10-24	9.19	10.86	-31.83	2449158	Downward Expansion	-66	79
2025-10-17	8.60	10.97	-35.77	2330698	Downward Expansion	-79	90
2025-10-10	8.84	11.13	-34.06	2354969	Downward Expansion	-80	89
2025-10-03	9.23	11.26	-33.76	2964907	Downward Expansion	-77	85
2025-09-26	9.09	11.39	-34.22	6014608	Downward Expansion	-83	82
2025-09-19	10.00	11.54	-27.93	4416660	Downward Expansion	-73	68
2025-09-12	10.16	11.65	-26.12	4602858	Balance	-63	47
2025-09-05	10.95	11.76	-20.48	1568872	Balance	-49	26
2025-08-29	11.62	11.83	-16.35	3580104	Balance	-21	15
2025-08-22	11.98	11.91	-16.34	2048902	Balance	-24	22
2025-08-15	11.17	11.99	-21.46	2386405	Balance	-41	28
2025-08-08	11.39	12.15	-20.52	3340796	Balance	-28	15
2025-08-01	11.12	12.29	-22.72	5105981	Balance	-17	17
2025-07-25	12.37	12.45	-17.00	1852619	Balance	8	42
2025-07-18	12.33	12.54	-18.91	2447909	Balance	8	28
2025-07-11	12.48	12.63	-19.86	2950425	Balance	8	21
2025-07-04	11.83	12.72	-23.75	3780637	Balance	-14	17
2025-06-27	12.14	12.86	-23.60	2888019	Downward Expansion	-23	18
2025-06-20	11.38	12.98	-28.21	3917513	Downward Expansion	-37	24
2025-06-13	11.35	13.12	-30.24	2108609	Downward Expansion	-40	30
2025-06-06	11.20	13.24	-32.40	2626753	Downward Expansion	-43	35
2025-05-30	11.02	13.38	-33.83	2284751	Downward Expansion	-48	42
2025-05-23	10.83	13.55	-35.46	3024455	Downward Expansion	-60	51
2025-05-16	11.16	13.86	-35.31	3824424	Downward Expansion	-64	58
2025-05-09	10.56	14.15	-37.82	3440931	Downward Expansion	-67	79
2025-05-02	10.28	14.46	-39.65	3449575	Downward Expansion	-74	83
2025-04-25	10.40	14.76	-37.99	4592774	Downward Expansion	-77	87
2025-04-18	10.10	15.04	-39.04	6275184	Downward Expansion	-87	79
2025-04-11	11.68	15.35	-27.62	4644621	Downward Expansion	-74	63
2025-04-04	11.34	15.59	-32.18	3538814	Downward Expansion	-85	68
2025-03-28	12.65	15.83	-30.58	3011256	Downward Expansion	-71	60
2025-03-21	13.13	16.10	-29.12	3466568	Downward Expansion	-63	56
2025-03-14	12.85	16.37	-30.50	4454100	Downward Expansion	-74	64
2025-03-07	13.06	16.62	-30.34	6135441	Downward Expansion	-73	66
2025-02-28	13.78	16.85	-27.93	5831362	Downward Expansion	-67	79
2025-02-21	13.18	17.07	-32.67	2298246	Downward Expansion	-75	90
2025-02-14	13.36	17.38	-32.72	3013781	Downward Expansion	-77	91
2025-02-07	13.09	17.70	-32.71	3163820	Downward Expansion	-87	91
2025-01-31	14.23	17.98	-26.91	2455751	Downward Expansion	-77	65
2025-01-24	14.41	18.21	-24.54	4378274	Downward Expansion	-71	47
2025-01-17	15.72	18.42	-19.07	2000682	Downward Expansion	-48	39
2025-01-10	15.70	18.58	-17.11	1931338	Downward Expansion	-51	46
2025-01-03	15.75	18.73	-16.46	1274160	Downward Expansion	-62	56
2024-12-27	15.22	18.94	-18.96	992278	Downward Expansion	-66	60
2024-12-20	14.97	19.19	-20.09	2893681	Downward Expansion	-73	64
2024-12-13	15.34	19.42	-19.94	1974528	Downward Expansion	-70	66
2024-12-06	15.87	19.62	-17.06	2145110	Downward Expansion	-66	85
2024-11-29	15.84	19.81	-16.35	2831018	Downward Expansion	-66	87
2024-11-22	15.57	19.98	-17.78	2494469	Downward Expansion	-70	89
2024-11-15	14.86	20.17	-20.09	2682982	Downward Expansion	-86	93
2024-11-08	15.44	20.38	-18.28	3964066	Downward Expansion	-86	84
2024-11-01	16.25	20.56	-15.04	4260811	Downward Expansion	-81	47
2024-10-25	20.10	20.73	3.24	1176262	Downward Expansion	-36	19
2024-10-18	19.93	20.74	2.15	1009945	Downward Expansion	-42	27
2024-10-11	19.80	20.74	0.51	875622	Downward Expansion	-56	37
2024-10-04	19.34	20.71	-1.00	1202962	Downward Expansion	-59	60
2024-09-27	18.68	20.73	-4.65	999716	Downward Expansion	-68	72
2024-09-20	19.29	20.74	0.84	1279340	Rotation Down	-61	64
2024-09-13	18.99	20.65	-0.66	1226817	Rotation Down	-41	53
2024-09-06	18.55	20.52	-0.48	1175623	Balance	-46	44
2024-08-30	20.78	20.41	6.95	955090	Balance	8	14
2024-08-23	21.04	20.22	9.88	1239942	Balance	9	17
2024-08-16	20.54	20.06	8.02	1000044	Balance	9	12
2024-08-09	19.93	19.86	7.79	1931302	Upward Expansion	6	8
2024-08-02	20.37	19.70	11.06	1877263	Upward Expansion	40	30
2024-07-26	22.53	19.52	19.48	1096169	Upward Expansion	66	49
2024-07-19	22.77	19.30	21.44	1447899	Deceleration	73	46
2024-07-12	21.46	19.04	10.65	891668	Deceleration	41	23
2024-07-05	21.17	18.81	11.00	674173	Deceleration	33	26
2024-06-28	20.78	18.60	10.68	1080223	Deceleration	39	24
2024-06-21	20.54	18.42	9.84	1973441	Upward Expansion	46	37
2024-06-14	20.19	18.24	9.30	1583458	Upward Expansion	61	52
2024-06-07	22.20	18.07	20.10	1314652	Upward Expansion	68	69
2024-05-31	22.58	17.81	25.75	1907225	Upward Expansion	80	70
2024-05-24	21.96	17.53	21.70	1364768	Upward Expansion	73	64
2024-05-17	21.20	17.26	18.63	1362102	Upward Expansion	64	60
2024-05-10	21.57	16.97	21.82	1342208	Upward Expansion	72	66
2024-05-03	21.00	16.67	22.52	1037860	Upward Expansion	67	65
2024-04-26	21.35	16.39	26.15	1631367	Upward Expansion	74	69
2024-04-19	20.95	16.12	28.19	2253932	Upward Expansion	71	68
2024-04-12	21.04	15.87	26.54	1559661	Upward Expansion	77	86
2024-04-05	21.13	15.62	28.64	1803661	Upward Expansion	84	92
2024-03-29	20.57	15.38	26.36	1666785	Upward Expansion	83	93
2024-03-22	19.76	15.15	23.31	2144946	Upward Expansion	78	92
2024-03-15	19.18	14.96	24.35	1785003	Upward Expansion	77	91
2024-03-08	19.72	14.80	27.57	2505207	Upward Expansion	91	95
2024-03-01	19.01	14.64	25.26	3811317	Upward Expansion	89	83
2024-02-23	16.72	14.50	11.01	1800316	Upward Expansion	74	45
2024-02-16	15.04	14.42	-0.03	904756	Upward Expansion	49	32
2024-02-09	15.11	14.38	1.45	638748	Upward Expansion	50	32
2024-02-02	15.30	14.32	6.66	986941	Upward Expansion	53	35
2024-01-26	16.09	14.25	13.30	2281138	Upward Expansion	74	44
2024-01-19	14.62	14.15	8.71	1476264	Upward Expansion	43	31
2024-01-12	15.12	14.08	12.47	1445396	Upward Expansion	56	43
2024-01-05	15.07	14.01	13.29	1007531	Upward Expansion	58	43
2023-12-29	15.70	13.94	17.57	1182377	Upward Expansion	75	50
2023-12-22	15.14	13.84	14.24	1517509	Upward Expansion	67	47
2023-12-15	14.53	13.76	9.17	1804762	Upward Expansion	62	55
2023-12-08	14.71	13.71	12.18	1917485	Upward Expansion	66	78
2023-12-01	15.46	13.64	19.68	1757959	Upward Expansion	82	88
2023-11-24	15.06	13.53	17.62	1043020	Balance	75	82
2023-11-17	15.18	13.42	19.87	2123851	Balance	81	60
2023-11-10	14.43	13.29	16.10	1355459	Balance	54	37
2023-11-03	14.14	13.19	15.56	1198645	Rotation Down	39	18
2023-10-27	13.78	13.08	16.28	1888596	Rotation Down	-9	28
2023-10-20	12.51	12.97	5.48	685389	Deceleration	-34	52

Price vs TrendBelow-24.6%

Trend directionFalling-6.8%

Price vs current Fair ValueBelow anchor-45.5%

Fair Value directionMoving away-14.0%

Relative Strength vs benchmarkLagging-30.5%

Relative strength directionWeakening-15.5%

Price momentumNegative-31.5%

Volume balanceSupply-led0.30×

Beyond the current label

Is the structure strengthening or losing force?

Direction and energy measure different things

Direction shows the upward or downward lean. Energy shows the force behind the structural move: high energy can accompany a strong decline as well as an advance.

Direction

-86 / ±100

-6.7 points since 2026-09-11

Energy

92 /100

+14.8 points since 2026-09-11

Recent change compares the latest reading with four observations earlier. Missing readings remain unavailable. Use the chart values above to inspect individual observations.

FUR Directional State ↗ FUR Momentum Intelligence ↗

Comparative structural evidence

Why this architecture regime won

Every regime is evaluated

Balance0

Rotation Up16

Upward Expansion21

Deceleration37

Rotation Down79

Downward Expansion99

The winning regime is the state most consistent with the complete SM evidence set. Direction, energy, maturity and confidence describe different aspects of the current structure, while contradictory evidence remains visible rather than being averaged into false certainty.

Time spent in each state

The context behind today’s regime

2023-10-20 to 2026-10-09 · 156 classified observations out of 156 shown.

Balance 12%Rotation Up 4%Upward Expansion 29%Deceleration 6%Rotation Down 5%Downward Expansion 44%

Recent Trend Architecture ledger

Regime	Recognized	Last observation	Tenure	Move inside regime
Downward Expansion	2026-08-07	2026-10-09	Developing	-14.3%
Rotation Down	2026-07-10	2026-07-31	New	-12.0%
Upward Expansion	2026-05-01	2026-07-03	Developing	-23.3%
Deceleration	2026-03-27	2026-04-24	Developing	+9.9%
Upward Expansion	2026-03-13	2026-03-20	New	-7.6%
Rotation Up	2026-01-30	2026-03-06	Developing	-8.5%
Downward Expansion	2025-09-19	2026-01-23	Established	-5.7%
Balance	2025-07-04	2025-09-12	Developing	-14.1%
Downward Expansion	2024-09-27	2025-06-27	Extended	-35.0%
Rotation Down	2024-09-13	2024-09-20	New	+1.6%
Balance	2024-08-16	2024-09-06	New	-9.7%
Upward Expansion	2024-07-26	2024-08-09	New	-11.5%
Deceleration	2024-06-28	2024-07-19	New	+9.6%
Upward Expansion	2023-12-01	2024-06-21	Extended	+32.8%

Classic Stage Analysis comparison

Stage 1 · Basing53

Stage 2 · Advancing0

Stage 3 · Distribution18

Stage 4 · Declining100

Legacy result: Stage 4 · Stage 4B · Declining. It remains visible while the experimental architecture is validated rather than being silently discarded.

Leadership versus ^AEX

Is relative performance confirming the geometry?

Confirmation, not classification

Relative Strength

The security is compared with its market benchmark on the SM scale. Above zero indicates relative leadership; direction shows whether that leadership is improving or weakening.

Confirmation evidence

Lagging benchmark

Architecture confirmation: 99/100
Current Relative Strength: -30.54
Relative Strength direction: Weakening
Price momentum: -31.5%
Excess performance vs benchmark: -43.5%
Energy regime cohort: 100th percentile1 in cohort

Test FUR trend persistence

Participation and structure

Is demand confirming the architecture?

Volume cannot overrule geometry

Relative volume1.57×

Latest completed volume relative to typical participation.

Up/down volume0.30×

Participation balance between advancing and declining observations.

Accumulation / distribution1 / 5

Recent participation evidence classified by demand and supply.

Activity alignment+0.0%

Current positive alignment across Activity and Trend.

Fast/slow rotationWeakening

Current relationship between Fast Activity and Slow Activity.

Structure stability+0.0%

Whether recent Activity evidence is stable or remains in balance.

Weekly volume with architecture context

Bars show completed weekly volume; the dashed line provides typical-volume context. Both measures use the same scale.

Explore FUR Volume & Price ↗

Decision architecture

References that would change the structural read

Evidence levels, not orders

Fast Activity EUR 7.82falling

Slow Activity EUR 9.29falling

Trend Reference EUR 9.90-24.6% close margin

Current Fair Value EUR 13.70-45.5% close margin

Structural low EUR 7.22shock / repair context

What changes the read?

Fan contraction and a persistent upward fast/slow rotation are required before the declining structure is considered repaired.

Range context +6.6%

Annualized volatility +37.2%

From structural high -41.9%

From structural low +3.3%

Point-in-time evidence

What followed this architecture in this market?

Descriptive history, never a forecast

Historical comparisons use only the structural read that would have been available at each completed observation. Independent observations are used where possible, with benchmark comparison beginning after each recognized state.

Outcome horizon	Samples	Median move	Positive periods	Directional follow-through	Median excess vs ^AEX	Regime survived	Read
Near term	27	-0.1%-22.5% to +27.4%	+48.1%	+51.9%	+0.6%	+77.8%	Usable descriptive sample
Intermediate	11	-2.4%-25.1% to +83.3%	+45.5%	+54.5%	-5.4%	+54.5%	Usable descriptive sample
Extended	7	+10.5%-32.3% to +65.3%	+57.1%	+42.9%	-2.2%	+57.1%	Usable descriptive sample
Full cycle	4	+10.2%-51.4% to +50.0%	+50.0%	+50.0%	-7.2%	+50.0%	Too little matched history

Evidence framework

What the analysis measures and where its limits lie

Trend Architecture

Trend Architecture brings Price, Fast Activity, Slow Activity and Trend into one structural read. It identifies balance, rotation, expansion, deceleration and contraction while requiring persistent evidence for confirmed regime changes.

Evidence roles

Trend, Activity, relative strength, volume and Fair Value each have a defined role in the SM evidence framework. No single reading is treated as sufficient on its own, and conflicting evidence remains visible.

Fair Value and RS

Current Fair Value provides a long-term price anchor and shows whether price is trading above, below or repairing toward that reference. Relative Strength compares the security with its benchmark and shows whether leadership is improving or weakening.

Known limitations

Weekly structure recognizes conditions after they develop. Event gaps can bypass smooth transitions, sideways markets can rotate repeatedly, and historical samples for a particular regime can be thin.

Independent market research for education. Not investment advice, a recommendation, a forecast, a target, or an execution instruction. Historical regime behaviour does not establish what happens next.

FUR Stage Analysis

What the Activity Line geometry says now

The weekly architecture is expanding downward.

Weekly close, Activity, Trend and Fair Value

Is the structure strengthening or losing force?

Direction

Energy

Why this architecture regime won

The context behind today’s regime

Is relative performance confirming the geometry?

Relative Strength

Lagging benchmark

Is demand confirming the architecture?

Weekly volume with architecture context

References that would change the structural read

What followed this architecture in this market?

What the analysis measures and where its limits lie

Trend Architecture

Evidence roles

Fair Value and RS

Known limitations

Send a message

Evidence context

What the Activity Line geometry says now

The weekly architecture is expanding downward.

Weekly close, Activity, Trend and Fair Value

Is the structure strengthening or losing force?

Direction

Energy

Why this architecture regime won

The context behind today’s regime

Is relative performance confirming the geometry?

Relative Strength ?

Lagging benchmark

Is demand confirming the architecture?

Weekly volume with architecture context

References that would change the structural read

What followed this architecture in this market?

Test the structure from another angle

Trend Persistence ↗

Directional State ↗

Momentum Intelligence ↗

Volume & Price ↗

Similar Charts ↗

RMI Reversal Map ↗

What the analysis measures and where its limits lie

Trend Architecture

Evidence roles

Fair Value and RS

Known limitations

Relative Strength

Trend Persistence

Directional State

Momentum Intelligence

Volume & Price

Similar Charts

RMI Reversal Map