Weekly structural research ยท NYSE ยท Energy

TBN Stage Analysis

Tamboran Resources Corporation

Week ending 9 Oct 2026Close USD 34.02Tenure NewBenchmark SPY
Executive diagnosis

What the Activity Line geometry says now

Structure, not prediction
Balance ยท Upper balance after advance

Directional pressure has compressed into balance.

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.

  • The Trend gate is mixed within the current regime.
  • Fast Activity versus Slow Activity: weakening.
  • Activity structure: compressed and contracting.
Direction -13โˆ’100 bearish to +100 bullish
Energy 18/100directional strength
Maturity 23/100lifecycle context
Confidence 67/100evidence agreement
Trend gate Mixedstructural direction
Activity structure Compressedcontracting separation
Price acceptance -16.7%position within the Activity structure
Fair Value context +31.1%USD 25.95 ยท improving
Trend Architecture map ยท 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.
  • Upward ExpansionUptrend is established.
  • DecelerationUptrend is losing energy.
  • Rotation DownStructure is turning lower.
View chart values ยท 120 observations
WeekCloseTrendRelative StrengthVolumeRegimeDirectionEnergy
2026-10-0934.0235.75-2.84472660Balance-1318
2026-10-0233.6535.57-2.70775819Upward Expansion1810
2026-09-2535.1135.491.42603762Upward Expansion4937
2026-09-1838.2535.3712.54778229Upward Expansion6061
2026-09-1139.1335.1015.86731356Upward Expansion6566
2026-09-0439.4334.7316.75999047Upward Expansion5857
2026-08-2837.1534.3710.96370653Balance4637
2026-08-2137.9734.1314.77643880Balance4028
2026-08-1436.8133.7810.61423141Balance1514
2026-08-0733.6133.451.82473639Balance-108
2026-07-3133.2533.204.78760005Rotation Down-1517
2026-07-2434.1933.029.52698950Rotation Down-1836
2026-07-1731.4332.760.79651231Deceleration-2348
2026-07-1031.7332.550.68562394Deceleration-228
2026-07-0330.9332.33-0.01791647Deceleration-17
2026-06-2632.0032.176.151885315Deceleration108
2026-06-1935.0131.9013.791123591Deceleration4423
2026-06-1240.3731.5132.861077018Deceleration6130
2026-06-0535.5730.9618.601595706Deceleration3316
2026-05-2933.6130.629.901036605Deceleration3217
2026-05-2235.0130.3216.721458774Deceleration3521
2026-05-1536.4930.0423.47888506Deceleration3723
2026-05-0835.6429.6821.75620821Deceleration3924
2026-05-0135.8929.3926.14551265Upward Expansion4228
2026-04-2435.6229.1027.17585494Upward Expansion5846
2026-04-1735.7628.6229.041360408Upward Expansion6269
2026-04-1035.8728.1635.752938283Upward Expansion6475
2026-04-0343.7327.6972.461100825Upward Expansion8887
2026-03-2743.4026.9679.04713381Upward Expansion9380
2026-03-2031.9226.1930.36395187Upward Expansion6847
2026-03-1328.6825.8115.46327089Upward Expansion5944
2026-03-0631.0025.5523.06481617Upward Expansion6759
2026-02-2731.7025.2023.67579136Upward Expansion7557
2026-02-2030.0624.8116.88194591Upward Expansion6956
2026-02-1328.1024.4610.36167842Upward Expansion5954
2026-02-0628.6224.1711.04239867Upward Expansion6359
2026-01-3029.9423.8515.85426108Upward Expansion7663
2026-01-2327.5023.526.99154650Upward Expansion6155
2026-01-1626.8023.343.77182900Upward Expansion5652
2026-01-0926.1923.221.18128000Upward Expansion5448
2026-01-0227.8823.129.55144497Upward Expansion6450
2025-12-2626.47โ€”โ€”114993Not yet classifiedโ€”โ€”
2025-12-1925.00โ€”โ€”226047Not yet classifiedโ€”โ€”
2025-12-1225.21โ€”โ€”222860Not yet classifiedโ€”โ€”
2025-12-0526.16โ€”โ€”369711Not yet classifiedโ€”โ€”
2025-11-2823.79โ€”โ€”140821Not yet classifiedโ€”โ€”
2025-11-2123.34โ€”โ€”196923Not yet classifiedโ€”โ€”
2025-11-1424.00โ€”โ€”171747Not yet classifiedโ€”โ€”
2025-11-0725.13โ€”โ€”210398Not yet classifiedโ€”โ€”
2025-10-3124.78โ€”โ€”446480Not yet classifiedโ€”โ€”
2025-10-2426.61โ€”โ€”643785Not yet classifiedโ€”โ€”
2025-10-1725.57โ€”โ€”250826Not yet classifiedโ€”โ€”
2025-10-1026.96โ€”โ€”263784Not yet classifiedโ€”โ€”
2025-10-0327.12โ€”โ€”1789914Not yet classifiedโ€”โ€”
2025-09-2621.16โ€”โ€”237944Not yet classifiedโ€”โ€”
2025-09-1921.97โ€”โ€”307335Not yet classifiedโ€”โ€”
2025-09-1221.90โ€”โ€”57136Not yet classifiedโ€”โ€”
2025-09-0521.73โ€”โ€”147541Not yet classifiedโ€”โ€”
2025-08-2920.46โ€”โ€”43995Not yet classifiedโ€”โ€”
2025-08-2220.46โ€”โ€”45031Not yet classifiedโ€”โ€”
2025-08-1520.86โ€”โ€”75968Not yet classifiedโ€”โ€”
2025-08-0820.51โ€”โ€”77575Not yet classifiedโ€”โ€”
2025-08-0119.99โ€”โ€”67630Not yet classifiedโ€”โ€”
2025-07-2519.49โ€”โ€”68748Not yet classifiedโ€”โ€”
2025-07-1819.62โ€”โ€”75777Not yet classifiedโ€”โ€”
2025-07-1119.01โ€”โ€”105398Not yet classifiedโ€”โ€”
2025-07-0419.94โ€”โ€”292390Not yet classifiedโ€”โ€”
2025-06-2721.95โ€”โ€”86353Not yet classifiedโ€”โ€”
2025-06-2023.43โ€”โ€”317621Not yet classifiedโ€”โ€”
2025-06-1322.95โ€”โ€”66756Not yet classifiedโ€”โ€”
2025-06-0621.28โ€”โ€”111505Not yet classifiedโ€”โ€”
2025-05-3019.85โ€”โ€”49751Not yet classifiedโ€”โ€”
2025-05-2319.52โ€”โ€”73830Not yet classifiedโ€”โ€”
2025-05-1619.99โ€”โ€”42941Not yet classifiedโ€”โ€”
2025-05-0921.00โ€”โ€”62510Not yet classifiedโ€”โ€”
2025-05-0220.70โ€”โ€”26871Not yet classifiedโ€”โ€”
2025-04-2521.25โ€”โ€”31115Not yet classifiedโ€”โ€”
2025-04-1822.50โ€”โ€”17316Not yet classifiedโ€”โ€”
2025-04-1121.68โ€”โ€”51014Not yet classifiedโ€”โ€”
2025-04-0422.05โ€”โ€”90668Not yet classifiedโ€”โ€”
2025-03-2824.05โ€”โ€”88704Not yet classifiedโ€”โ€”
2025-03-2123.26โ€”โ€”63646Not yet classifiedโ€”โ€”
2025-03-1422.89โ€”โ€”83887Not yet classifiedโ€”โ€”
2025-03-0723.31โ€”โ€”118568Not yet classifiedโ€”โ€”
2025-02-2825.26โ€”โ€”97125Not yet classifiedโ€”โ€”
2025-02-2127.25โ€”โ€”248926Not yet classifiedโ€”โ€”
2025-02-1423.92โ€”โ€”272229Not yet classifiedโ€”โ€”
2025-02-0725.49โ€”โ€”120713Not yet classifiedโ€”โ€”
2025-01-3124.00โ€”โ€”110349Not yet classifiedโ€”โ€”
2025-01-2425.49โ€”โ€”178993Not yet classifiedโ€”โ€”
2025-01-1721.44โ€”โ€”67041Not yet classifiedโ€”โ€”
2025-01-1020.41โ€”โ€”151533Not yet classifiedโ€”โ€”
2025-01-0320.67โ€”โ€”42523Not yet classifiedโ€”โ€”
2024-12-2718.73โ€”โ€”29394Not yet classifiedโ€”โ€”
2024-12-2017.25โ€”โ€”60985Not yet classifiedโ€”โ€”
2024-12-1316.51โ€”โ€”70319Not yet classifiedโ€”โ€”
2024-12-0616.30โ€”โ€”44102Not yet classifiedโ€”โ€”
2024-11-2917.39โ€”โ€”45205Not yet classifiedโ€”โ€”
2024-11-2217.25โ€”โ€”86074Not yet classifiedโ€”โ€”
2024-11-1519.19โ€”โ€”42721Not yet classifiedโ€”โ€”
2024-11-0819.10โ€”โ€”78851Not yet classifiedโ€”โ€”
2024-11-0118.69โ€”โ€”178175Not yet classifiedโ€”โ€”
2024-10-2518.54โ€”โ€”62363Not yet classifiedโ€”โ€”
2024-10-1819.04โ€”โ€”47833Not yet classifiedโ€”โ€”
2024-10-1119.79โ€”โ€”72090Not yet classifiedโ€”โ€”
2024-10-0420.00โ€”โ€”152083Not yet classifiedโ€”โ€”
2024-09-2720.00โ€”โ€”89554Not yet classifiedโ€”โ€”
2024-09-2020.25โ€”โ€”160606Not yet classifiedโ€”โ€”
2024-09-1319.35โ€”โ€”60112Not yet classifiedโ€”โ€”
2024-09-0618.52โ€”โ€”119271Not yet classifiedโ€”โ€”
2024-08-3020.03โ€”โ€”434277Not yet classifiedโ€”โ€”
2024-08-2319.99โ€”โ€”246679Not yet classifiedโ€”โ€”
2024-08-1623.35โ€”โ€”284694Not yet classifiedโ€”โ€”
2024-08-0921.50โ€”โ€”387005Not yet classifiedโ€”โ€”
2024-08-0223.05โ€”โ€”363676Not yet classifiedโ€”โ€”
2024-07-2624.26โ€”โ€”732016Not yet classifiedโ€”โ€”
2024-07-1924.23โ€”โ€”278816Not yet classifiedโ€”โ€”
2024-07-1224.05โ€”โ€”224954Not yet classifiedโ€”โ€”
2024-07-0523.88โ€”โ€”414574Not yet classifiedโ€”โ€”
2024-06-2822.50โ€”โ€”721236Not yet classifiedโ€”โ€”
Price vs TrendBelow-4.8%
Trend directionRising+7.7%
Price vs current Fair ValuePremium+31.1%
Fair Value directionClosing upward+3.0%
Relative Strength vs benchmarkLagging-2.8%
Relative strength directionWeakening-3.5%
Price momentumNegative-5.2%
Volume balanceSupply-led0.79ร—
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

-13 / ยฑ100

-78.1 points since 2026-09-11

Energy

18 /100

-48.4 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.

Comparative structural evidence

Why this architecture regime won

Every regime is evaluated
Balance57
Rotation Up21
Upward Expansion19
Deceleration66
Rotation Down54
Downward Expansion39

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 todayโ€™s regime

2024-06-28 to 2026-10-09 ยท 41 classified observations out of 120 shown.

Balance 12%Upward Expansion 56%Deceleration 27%Rotation Down 5%
Recent Trend Architecture ledger
RegimeRecognizedLast observationTenureMove inside regime
Balance2026-10-092026-10-09New+0.0%
Upward Expansion2026-09-042026-10-02Developing-14.7%
Balance2026-08-072026-08-28New+10.5%
Rotation Down2026-07-242026-07-31New-2.7%
Deceleration2026-05-082026-07-17Developing-11.8%
Upward Expansion2026-01-022026-05-01Established+28.7%
Classic Stage Analysis comparison
Stage 1 ยท Basing35
Stage 2 ยท Advancing47
Stage 3 ยท Distribution44
Stage 4 ยท Declining44

Legacy result: Stage 3 ยท Stage 3B ยท Distribution. It remains visible while the experimental architecture is validated rather than being silently discarded.

Leadership versus SPY

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
67/100
Current Relative Strength
-2.84
Relative Strength direction
Weakening
Price momentum
-5.2%
Excess performance vs benchmark
-20.0%
Energy regime cohort
33th percentile39 in cohort
Participation and structure

Is demand confirming the architecture?

Volume cannot overrule geometry
Relative volume0.57ร—

Latest completed volume relative to typical participation.

Up/down volume0.79ร—

Participation balance between advancing and declining observations.

Accumulation / distribution1 / 0

Recent participation evidence classified by demand and supply.

Activity alignment+50.0%

Current positive alignment across Activity and Trend.

Fast/slow rotationWeakening

Current relationship between Fast Activity and Slow Activity.

Structure stability+50.0%

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.

Decision architecture

References that would change the structural read

Evidence levels, not orders
Fast Activity USD 35.04falling
Slow Activity USD 35.49falling
Trend Reference USD 35.75-4.8% close margin
Current Fair Value USD 25.95+31.1% close margin
Structural low USD 30.53shock / repair context
What changes the read?

Persistent fast/slow separation and fan expansion would end Balance; direction determines whether it becomes Rotation Up or Rotation Down.

Range context +9.5%
Annualized volatility +41.1%
From structural high -34.8%
From structural low +52.3%
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 movePositive periodsDirectional follow-through Median excess vs SPY Regime survived Read
Near term1+17.3%+17.3% to +17.3%+100.0%+100.0%+18.0%+0.0%Too little matched history
Intermediate0โ€”โ€”โ€”โ€”โ€”Too little matched history
Extended0โ€”โ€”โ€”โ€”โ€”Too little matched history
Full cycle0โ€”โ€”โ€”โ€”โ€”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.

Evidence context