Weekly structural research · NASDAQ · Communication Services

VEON Stage Analysis

VEON Ltd

Week ending 9 Oct 2026Close USD 76.81Tenure DevelopingBenchmark QQQ

Screen this regime Supporting research Report data ↗

Executive diagnosis

What the Activity Line geometry says now

Structure, not prediction

Upward Expansion · Early expansion

The weekly architecture is expanding upward.

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.

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

Direction 82−100 bearish to +100 bullish

Energy 91/100directional strength

Maturity 36/100lifecycle context

Confidence 81/100evidence agreement

Trend gate Upstructural direction

Activity structure Wideexpanding separation

Price acceptance +100.0%position within the Activity structure

Fair Value context +86.4%USD 41.22 · improving

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	76.81	56.58	23.38	941342	Upward Expansion	82	91
2026-10-02	75.64	55.71	22.24	885924	Upward Expansion	86	94
2026-09-25	73.52	54.98	20.02	1078801	Upward Expansion	91	96
2026-09-18	68.63	54.40	16.02	1096356	Upward Expansion	85	93
2026-09-11	67.87	53.98	15.87	786480	Upward Expansion	90	94
2026-09-04	64.20	53.47	9.07	615503	Upward Expansion	84	86
2026-08-28	60.84	53.08	3.56	456391	Upward Expansion	74	77
2026-08-21	59.38	52.88	1.07	392826	Upward Expansion	70	69
2026-08-14	57.08	52.70	-5.72	378130	Balance	61	53
2026-08-07	57.10	52.61	-5.14	450510	Balance	31	24
2026-07-31	52.29	52.44	-9.11	507997	Balance	-32	13
2026-07-24	51.01	52.46	-11.17	360313	Balance	-47	20
2026-07-17	51.62	52.51	-11.97	241218	Balance	-16	9
2026-07-10	53.30	52.51	-13.22	659484	Balance	-9	7
2026-07-03	52.00	52.44	-14.12	298218	Balance	-14	11
2026-06-26	51.66	52.38	-14.05	388072	Balance	-6	9
2026-06-19	52.03	52.44	-17.48	315232	Balance	-7	4
2026-06-12	52.42	52.46	-14.76	439117	Balance	17	20
2026-06-05	51.40	52.31	-14.49	478424	Balance	31	26
2026-05-29	56.14	52.05	-11.22	200705	Balance	54	39
2026-05-22	56.41	51.79	-8.75	441119	Balance	46	25
2026-05-15	54.29	51.59	-11.61	1060038	Balance	11	7
2026-05-08	49.50	51.51	-20.18	476351	Balance	-7	8
2026-05-01	50.29	51.54	-14.94	235261	Balance	-4	8
2026-04-24	53.00	51.60	-9.36	609851	Balance	12	8
2026-04-17	54.64	51.59	-4.71	440619	Rotation Down	1	10
2026-04-10	50.80	51.60	-6.26	426190	Rotation Down	-18	37
2026-04-03	47.72	51.70	-8.10	286836	Rotation Down	-23	36
2026-03-27	46.47	51.94	-7.16	360233	Balance	-29	28
2026-03-20	49.32	52.35	-4.94	813967	Balance	-7	9
2026-03-13	50.60	52.66	-4.61	1285785	Upward Expansion	-5	7
2026-03-06	54.00	52.91	0.71	628736	Upward Expansion	24	26
2026-02-27	55.89	52.98	2.90	298374	Balance	36	34
2026-02-20	56.24	52.80	3.37	214677	Balance	40	29
2026-02-13	52.45	52.73	-2.38	448884	Balance	12	12
2026-02-06	52.62	52.69	-3.25	307445	Balance	16	27
2026-01-30	54.64	52.58	-1.40	339420	Balance	22	34
2026-01-23	54.04	52.21	-2.59	379914	Balance	20	31
2026-01-16	54.50	51.89	-1.52	489992	Balance	32	31
2026-01-09	52.04	51.40	-6.79	301862	Balance	17	13
2026-01-02	52.70	50.94	-3.66	222232	Balance	40	20
2025-12-26	52.67	50.83	-5.38	127805	Balance	30	15
2025-12-19	51.50	50.84	-6.14	662266	Balance	6	9
2025-12-12	51.14	50.88	-6.12	354683	Balance	3	11
2025-12-05	50.34	51.00	-9.06	434865	Balance	8	10
2025-11-28	53.39	50.88	-2.28	427551	Balance	10	10
2025-11-21	52.53	50.62	1.33	717741	Rotation Down	-10	27
2025-11-14	48.15	50.29	-9.46	681764	Rotation Down	-21	43
2025-11-07	43.56	50.16	-17.98	585628	Balance	-38	49
2025-10-31	48.15	50.03	-12.03	483545	Balance	-4	15
2025-10-24	50.52	49.72	-5.67	410656	Balance	7	12
2025-10-17	51.94	49.54	-0.49	606134	Balance	23	17
2025-10-10	50.34	49.34	-0.63	480161	Balance	20	16
2025-10-03	52.21	49.06	1.30	506050	Upward Expansion	32	18
2025-09-26	52.60	48.82	3.85	475469	Upward Expansion	36	18
2025-09-19	55.08	48.55	8.88	556083	Upward Expansion	42	26
2025-09-12	53.72	48.23	9.22	835484	Upward Expansion	55	36
2025-09-05	55.00	47.95	14.74	589109	Upward Expansion	58	49
2025-08-29	58.53	47.52	24.29	1240648	Upward Expansion	64	63
2025-08-22	58.70	47.07	25.66	1657425	Upward Expansion	67	64
2025-08-15	58.10	46.63	24.55	826498	Upward Expansion	69	66
2025-08-08	56.20	46.23	22.29	1030738	Balance	64	60
2025-08-01	50.55	45.86	15.05	935446	Balance	52	42
2025-07-25	54.08	45.66	21.21	861812	Balance	61	41
2025-07-18	51.12	45.15	16.66	1498326	Balance	52	25
2025-07-11	49.40	44.75	15.14	1342512	Balance	34	17
2025-07-04	43.36	44.32	1.61	476434	Balance	-3	19
2025-06-27	44.49	44.03	6.48	1095957	Balance	1	16
2025-06-20	40.00	43.68	0.39	1877110	Upward Expansion	10	15
2025-06-13	38.26	43.39	-3.46	2117966	Upward Expansion	16	13
2025-06-06	49.23	43.22	24.07	629469	Upward Expansion	62	66
2025-05-30	52.95	42.70	37.43	650379	Upward Expansion	68	74
2025-05-23	52.65	41.98	40.96	1640580	Upward Expansion	71	72
2025-05-16	54.70	41.27	44.80	2007841	Deceleration	79	69
2025-05-09	46.84	40.43	34.20	924070	Deceleration	46	31
2025-05-02	45.71	39.86	32.07	814202	Deceleration	41	19
2025-04-25	42.63	39.35	28.68	412473	Deceleration	15	15
2025-04-18	44.32	38.94	43.75	319277	Deceleration	22	16
2025-04-11	39.44	38.47	26.49	654172	Deceleration	6	10
2025-04-04	38.91	38.09	35.40	766068	Deceleration	21	14
2025-03-28	44.99	37.70	42.64	359927	Deceleration	56	33
2025-03-21	45.95	37.09	43.99	674200	Deceleration	54	34
2025-03-14	42.04	36.47	33.72	863751	Upward Expansion	46	32
2025-03-07	44.91	35.99	40.57	717782	Upward Expansion	60	46
2025-02-28	44.76	35.44	36.92	694409	Upward Expansion	60	46
2025-02-21	45.47	34.88	35.55	586580	Upward Expansion	66	52
2025-02-14	45.25	34.27	33.15	805787	Upward Expansion	67	56
2025-02-07	42.17	33.66	28.80	233641	Upward Expansion	65	62
2025-01-31	45.05	33.12	39.02	531385	Upward Expansion	68	69
2025-01-24	45.50	32.48	40.16	634992	Upward Expansion	73	87
2025-01-17	46.00	31.83	45.67	835642	Upward Expansion	83	93
2025-01-10	45.08	31.16	48.84	566419	Upward Expansion	88	95
2025-01-03	44.47	30.53	45.55	612956	Upward Expansion	94	96
2024-12-27	38.96	29.95	28.11	373390	Upward Expansion	79	89
2024-12-20	39.04	29.50	30.67	653315	Upward Expansion	87	88
2024-12-13	36.47	29.05	20.39	301378	Upward Expansion	81	67
2024-12-06	34.74	28.69	16.34	308202	Upward Expansion	74	56
2024-11-29	33.95	28.39	18.00	155000	Upward Expansion	73	61
2024-11-22	31.35	28.08	10.36	195090	Upward Expansion	62	57
2024-11-15	33.05	27.82	18.94	180223	Upward Expansion	70	72
2024-11-08	33.80	27.51	18.08	279867	Upward Expansion	82	65
2024-11-01	31.35	27.17	16.26	147433	Upward Expansion	67	48
2024-10-25	31.30	26.92	14.94	143040	Upward Expansion	71	50
2024-10-18	29.50	26.67	9.14	172476	Upward Expansion	60	52
2024-10-11	29.64	26.48	10.37	61646	Upward Expansion	62	70
2024-10-04	30.37	26.31	15.14	155804	Upward Expansion	71	75
2024-09-27	30.49	26.15	16.20	138614	Upward Expansion	79	74
2024-09-20	30.00	26.00	15.84	281784	Deceleration	77	48
2024-09-13	28.05	25.79	10.27	210773	Deceleration	50	29
2024-09-06	27.32	25.65	14.06	71629	Upward Expansion	41	28
2024-08-30	26.67	25.48	5.49	63958	Upward Expansion	56	40
2024-08-23	27.37	25.27	7.91	100652	Upward Expansion	62	58
2024-08-16	27.71	25.00	10.90	78403	Upward Expansion	64	74
2024-08-09	28.40	24.72	20.43	119841	Upward Expansion	78	81
2024-08-02	28.01	24.41	19.89	256243	Upward Expansion	78	70
2024-07-26	27.00	24.12	12.67	60405	Upward Expansion	66	47
2024-07-19	26.97	23.87	10.10	203194	Upward Expansion	69	45
2024-07-12	25.92	23.64	1.95	60164	Upward Expansion	44	33
2024-07-05	26.02	23.43	2.10	46026	Upward Expansion	55	41
2024-06-28	25.94	23.24	5.36	76384	Upward Expansion	59	48
2024-06-21	26.01	23.04	5.51	81845	Upward Expansion	61	55
2024-06-14	26.15	22.84	6.35	79743	Upward Expansion	63	60
2024-06-07	26.94	22.63	13.28	251925	Upward Expansion	78	75
2024-05-31	25.40	22.32	9.70	64665	Upward Expansion	62	71
2024-05-24	25.53	22.04	8.63	58943	Upward Expansion	63	65
2024-05-17	25.84	21.73	11.44	78667	Upward Expansion	67	53
2024-05-10	25.57	21.43	12.74	130608	Deceleration	65	42
2024-05-03	24.80	21.11	11.00	91450	Deceleration	49	30
2024-04-26	23.43	20.90	5.86	107911	Deceleration	37	23
2024-04-19	23.88	20.76	11.83	71293	Deceleration	39	28
2024-04-12	23.62	20.60	4.42	62399	Deceleration	42	30
2024-04-05	23.68	20.46	3.94	157107	Upward Expansion	46	38
2024-03-29	24.01	20.23	4.44	111923	Upward Expansion	61	52
2024-03-22	23.55	19.97	1.84	343615	Upward Expansion	65	62
2024-03-15	24.76	19.72	10.13	175298	Upward Expansion	68	85
2024-03-08	25.40	19.43	11.94	241589	Upward Expansion	78	92
2024-03-01	25.99	19.17	12.91	493301	Upward Expansion	91	96
2024-02-23	23.76	18.88	5.29	219280	Upward Expansion	83	93
2024-02-16	23.90	18.68	7.23	203522	Upward Expansion	90	90
2024-02-09	22.26	18.49	-1.71	492417	Deceleration	79	65
2024-02-02	20.18	18.39	-9.73	205519	Deceleration	48	26
2024-01-26	19.35	18.37	-12.49	93471	Deceleration	33	18
2024-01-19	19.33	18.41	-11.99	47316	Deceleration	35	19
2024-01-12	19.21	18.40	-10.15	70512	Deceleration	38	23
2024-01-05	19.10	18.46	-7.95	106490	Rotation Up	41	25
2023-12-29	19.70	18.51	-7.92	89815	Rotation Up	54	37
2023-12-22	19.91	18.48	-6.57	187955	Rotation Up	30	43
2023-12-15	19.76	18.46	-6.21	226788	Rotation Up	31	52
2023-12-08	20.13	18.43	-1.04	304610	Rotation Up	34	48
2023-12-01	20.10	18.38	-0.45	172685	Balance	24	32
2023-11-24	19.90	18.34	-1.33	397982	Balance	21	22
2023-11-17	19.87	18.34	-0.69	338556	Balance	-0	3
2023-11-10	17.75	18.35	-9.05	192711	Downward Expansion	-48	37
2023-11-03	17.01	18.38	-9.89	405485	Downward Expansion	-52	43
2023-10-27	16.01	18.41	-9.31	474711	Downward Expansion	-59	38
2023-10-20	16.85	18.47	-6.37	796054	Downward Expansion	-48	24

Price vs TrendAbove+35.8%

Trend directionRising+7.9%

Price vs current Fair ValuePremium+86.4%

Fair Value directionClosing upward+44.0%

Relative Strength vs benchmarkLeading+23.4%

Relative strength directionImproving+36.6%

Price momentumPositive+51.2%

Volume balanceDemand-led7.36×

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

82 / ±100

-8.0 points since 2026-09-11

Energy

91 /100

-2.5 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.

VEON Directional State ↗ VEON Momentum Intelligence ↗

Comparative structural evidence

Why this architecture regime won

Every regime is evaluated

Balance0

Rotation Up87

Upward Expansion99

Deceleration39

Rotation Down8

Downward Expansion21

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 31%Rotation Up 3%Upward Expansion 47%Deceleration 14%Rotation Down 3%Downward Expansion 3%

Recent Trend Architecture ledger

Regime	Recognized	Last observation	Tenure	Move inside regime
Upward Expansion	2026-08-21	2026-10-09	Developing	+29.4%
Balance	2026-04-24	2026-08-14	Established	+7.7%
Rotation Down	2026-04-03	2026-04-17	New	+14.5%
Balance	2026-03-20	2026-03-27	New	-5.8%
Upward Expansion	2026-03-06	2026-03-13	New	-6.3%
Balance	2025-11-28	2026-02-27	Established	+4.7%
Rotation Down	2025-11-14	2025-11-21	New	+9.1%
Balance	2025-10-10	2025-11-07	Developing	-13.4%
Upward Expansion	2025-08-15	2025-10-03	Developing	-10.1%
Balance	2025-06-27	2025-08-08	Developing	+26.3%
Upward Expansion	2025-05-23	2025-06-20	Developing	-24.0%
Deceleration	2025-03-21	2025-05-16	Developing	+19.0%
Upward Expansion	2024-09-27	2025-03-14	Established	+37.9%
Deceleration	2024-09-13	2024-09-20	New	+7.0%

Classic Stage Analysis comparison

Stage 1 · Basing19

Stage 2 · Advancing100

Stage 3 · Distribution52

Stage 4 · Declining0

Legacy result: Stage 2 · Stage 2C · Late advance. It remains visible while the experimental architecture is validated rather than being silently discarded.

Leadership versus QQQ

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

Leading benchmark

Architecture confirmation: 100/100
Current Relative Strength: 23.38
Relative Strength direction: Improving
Price momentum: +51.2%
Excess performance vs benchmark: +28.3%
Communication Services regime cohort: 86th percentile21 in cohort

Test VEON trend persistence

Participation and structure

Is demand confirming the architecture?

Volume cannot overrule geometry

Relative volume1.72×

Latest completed volume relative to typical participation.

Up/down volume7.36×

Participation balance between advancing and declining observations.

Accumulation / distribution6 / 0

Recent participation evidence classified by demand and supply.

Activity alignment+100.0%

Current positive alignment across Activity and Trend.

Fast/slow rotationImproving

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 VEON Volume & Price ↗

Decision architecture

References that would change the structural read

Evidence levels, not orders

Fast Activity USD 74.15rising

Slow Activity USD 60.31rising

Trend Reference USD 56.58+35.8% close margin

Current Fair Value USD 41.22+86.4% close margin

Structural low USD 48.08shock / repair context

What changes the read?

Sustained fan recompression, a fast-line rollover or repeated closes inside/below the fan move the read toward Deceleration or Rotation Down.

Range context +6.5%

Annualized volatility +30.1%

From structural high -2.6%

From structural low +80.3%

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 QQQ	Regime survived	Read
Near term	28	+1.1%-24.0% to +32.2%	+53.6%	+53.6%	-1.2%	+71.4%	Usable descriptive sample
Intermediate	11	+8.1%-19.0% to +52.2%	+63.6%	+63.6%	+1.9%	+54.5%	Usable descriptive sample
Extended	7	+18.9%-82.9% to +63.3%	+71.4%	+71.4%	+5.3%	+57.1%	Usable descriptive sample
Full cycle	4	+32.1%-80.9% to +89.3%	+75.0%	+75.0%	+3.9%	+25.0%	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.

VEON Stage Analysis

What the Activity Line geometry says now

The weekly architecture is expanding upward.

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

Leading 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 upward.

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 ?

Leading 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