Weekly structural research · LIS · Communication Services

PHR Stage Analysis

Pharol, SGPS S.A.

Week ending 9 Oct 2026Close EUR 0.0892Tenure NewBenchmark PSI20.LS

Screen this regime Supporting research Report data ↗

Executive diagnosis

What the Activity Line geometry says now

Structure, not prediction

Deceleration · Momentum cooling

The upward structure remains, but its energy is decelerating.

Trend remains positive, but Activity or price acceptance is losing strength. This can become a healthy recompression, a re-acceleration, or a Rotation Down.

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

Direction 49−100 bearish to +100 bullish

Energy 57/100directional strength

Maturity 34/100lifecycle context

Confidence 58/100evidence agreement

Trend gate Upstructural direction

Activity structure Wideexpanding separation

Price acceptance +16.7%position within the Activity structure

Fair Value context +50.2%EUR 0.0594 · 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	0.0892	0.0821	10.07	4052988	Deceleration	49	57
2026-10-02	0.0893	0.0817	8.62	3466130	Upward Expansion	47	45
2026-09-25	0.0894	0.0811	5.89	4037619	Upward Expansion	60	54
2026-09-18	0.0899	0.0807	8.66	2183973	Upward Expansion	61	55
2026-09-11	0.0899	0.0803	9.23	3560373	Upward Expansion	63	59
2026-09-04	0.0905	0.0795	11.92	1497162	Upward Expansion	70	64
2026-08-28	0.0891	0.0787	10.11	1574273	Upward Expansion	65	64
2026-08-21	0.0903	0.078	12.90	255010	Upward Expansion	74	68
2026-08-14	0.0896	0.0772	13.65	678244	Upward Expansion	73	81
2026-08-07	0.0882	0.0765	13.15	160953	Upward Expansion	68	88
2026-07-31	0.0892	0.076	15.58	1546324	Upward Expansion	77	92
2026-07-24	0.0874	0.0753	12.40	984642	Upward Expansion	74	90
2026-07-17	0.0891	0.0746	16.89	4617368	Upward Expansion	87	93
2026-07-10	0.09	0.0739	17.95	10693090	Upward Expansion	87	83
2026-07-03	0.078	0.0733	0.20	418964	Balance	46	27
2026-06-26	0.079	0.0731	3.71	4027050	Rotation Down	42	20
2026-06-19	0.0726	0.073	-4.24	305452	Rotation Down	-17	38
2026-06-12	0.0713	0.073	-5.93	560976	Balance	-23	36
2026-06-05	0.072	0.0732	-3.39	319024	Balance	1	13
2026-05-29	0.073	0.0734	-3.46	4546171	Balance	18	15
2026-05-22	0.0748	0.0736	-1.93	2034338	Upward Expansion	31	16
2026-05-15	0.075	0.0738	-0.08	2792567	Upward Expansion	35	16
2026-05-08	0.076	0.0737	0.98	2657166	Upward Expansion	48	25
2026-05-01	0.0775	0.0736	0.27	1915804	Upward Expansion	51	30
2026-04-24	0.077	0.0732	2.40	7342902	Upward Expansion	53	38
2026-04-17	0.079	0.0726	4.73	7764203	Upward Expansion	59	39
2026-04-10	0.0773	0.072	-0.11	5463590	Upward Expansion	53	34
2026-04-03	0.0788	0.0715	2.95	6261392	Upward Expansion	60	44
2026-03-27	0.075	0.0709	3.65	9487130	Upward Expansion	50	36
2026-03-20	0.0754	0.0705	5.93	14828089	Upward Expansion	51	49
2026-03-13	0.078	0.0701	5.17	15202758	Balance	60	42
2026-03-06	0.072	0.0696	-1.91	19852693	Balance	44	31
2026-02-27	0.0774	0.0694	1.70	13683401	Balance	48	29
2026-02-20	0.0776	0.0689	4.21	61579359	Rotation Down	41	16
2026-02-13	0.0658	0.0684	-10.50	4742948	Rotation Down	-22	36
2026-02-06	0.066	0.0683	-8.32	4487752	Deceleration	-23	31
2026-01-30	0.0662	0.0682	-6.47	4581075	Deceleration	-3	7
2026-01-23	0.068	0.0681	-2.75	10332053	Deceleration	2	6
2026-01-16	0.0694	0.0678	-1.58	8292252	Deceleration	8	11
2026-01-09	0.0736	0.0676	5.94	17103956	Deceleration	17	17
2026-01-02	0.0676	0.0672	-1.13	16912880	Deceleration	5	17
2025-12-26	0.0652	0.0668	-1.91	10359699	Deceleration	7	16
2025-12-19	0.0688	0.0665	3.26	15715865	Deceleration	27	19
2025-12-12	0.071	0.066	9.51	14191694	Deceleration	36	22
2025-12-05	0.0722	0.0655	8.94	4904824	Upward Expansion	43	29
2025-11-28	0.0752	0.0647	15.38	17890258	Upward Expansion	57	42
2025-11-21	0.0726	0.0638	12.91	19560930	Upward Expansion	63	54
2025-11-14	0.0788	0.063	20.37	23398102	Upward Expansion	68	83
2025-11-07	0.0776	0.0619	20.33	5850329	Upward Expansion	67	85
2025-10-31	0.0802	0.061	21.76	19455678	Upward Expansion	82	90
2025-10-24	0.08	0.0599	23.26	55651573	Upward Expansion	87	87
2025-10-17	0.0728	0.059	14.42	58654289	Upward Expansion	78	74
2025-10-10	0.0724	0.0583	15.78	94718970	Deceleration	79	55
2025-10-03	0.064	0.0589	3.65	49362944	Deceleration	45	22
2025-09-26	0.0614	0.0586	1.79	22095493	Deceleration	30	18
2025-09-19	0.0608	0.0583	4.39	4082850	Deceleration	31	22
2025-09-12	0.0614	0.0579	5.17	6041770	Deceleration	37	21
2025-09-05	0.0616	0.0575	6.49	7719723	Upward Expansion	41	25
2025-08-29	0.061	0.0571	5.03	19281148	Upward Expansion	45	33
2025-08-22	0.064	0.0567	7.47	10941491	Upward Expansion	60	49
2025-08-15	0.0636	0.0562	9.86	7266362	Upward Expansion	59	44
2025-08-08	0.0652	0.0557	13.03	23229986	Upward Expansion	66	44
2025-08-01	0.0636	0.0552	12.90	13841824	Upward Expansion	63	44
2025-07-25	0.0622	0.0546	9.60	5000698	Upward Expansion	61	54
2025-07-18	0.0626	0.0542	11.07	4557980	Upward Expansion	65	65
2025-07-11	0.0628	0.0537	10.95	12585859	Upward Expansion	66	71
2025-07-04	0.062	0.0533	9.03	3519256	Upward Expansion	65	70
2025-06-27	0.0616	0.0526	12.20	10856289	Upward Expansion	65	66
2025-06-20	0.0616	0.0519	13.79	9777197	Balance	66	63
2025-06-13	0.0624	0.0512	15.20	61604470	Balance	59	44
2025-06-06	0.0548	0.0506	1.80	8324063	Balance	34	21
2025-05-30	0.0554	0.0501	3.93	5030961	Balance	34	18
2025-05-23	0.0558	0.0496	5.68	20404405	Balance	31	14
2025-05-16	0.0566	0.0492	8.82	39381354	Balance	28	12
2025-05-09	0.0478	0.0488	-4.57	4874849	Balance	-13	14
2025-05-02	0.0474	0.0486	-5.09	3122385	Balance	-14	16
2025-04-25	0.0478	0.0485	-4.11	3849437	Balance	-3	14
2025-04-18	0.0472	0.0484	-2.52	10081292	Upward Expansion	16	19
2025-04-11	0.0492	0.0483	4.74	22560904	Upward Expansion	22	19
2025-04-04	0.0478	0.0481	-0.04	30352652	Upward Expansion	43	29
2025-03-28	0.0524	0.0481	4.47	55963032	Upward Expansion	57	42
2025-03-21	0.0522	0.0478	6.35	251365415	Upward Expansion	60	58
2025-03-14	0.0908	0.0476	85.71	49531200	Upward Expansion	96	96
2025-03-07	0.0548	0.0461	12.91	5534291	Upward Expansion	71	51
2025-02-28	0.0522	0.0458	7.97	34292232	Upward Expansion	63	37
2025-02-21	0.0498	0.0456	4.34	5918265	Upward Expansion	57	34
2025-02-14	0.0488	0.0455	2.86	3313198	Upward Expansion	55	34
2025-02-07	0.0488	0.0455	4.99	4106949	Upward Expansion	56	37
2025-01-31	0.0498	0.0456	6.73	2236435	Rotation Up	62	47
2025-01-24	0.049	0.0455	5.30	2006388	Rotation Up	32	31
2025-01-17	0.0496	0.0454	5.73	3894809	Rotation Up	36	41
2025-01-10	0.0496	0.0452	10.20	3106272	Rotation Up	36	51
2025-01-03	0.0466	0.0451	1.10	3693139	Rotation Up	18	32
2024-12-27	0.0478	0.0452	5.21	3540574	Rotation Up	21	31
2024-12-20	0.049	0.0451	10.00	8594486	Rotation Up	28	27
2024-12-13	0.05	0.0451	11.46	17415148	Rotation Up	-2	8
2024-12-06	0.04	0.045	-10.15	4266354	Downward Expansion	-65	41
2024-11-29	0.0416	0.0452	-7.73	4450513	Downward Expansion	-58	42
2024-11-22	0.042	0.0455	-6.68	3563895	Downward Expansion	-60	50
2024-11-15	0.042	0.0457	-7.00	5955910	Downward Expansion	-63	62
2024-11-08	0.0404	0.0459	-10.05	2963380	Downward Expansion	-81	76
2024-11-01	0.0416	0.0462	-10.42	2669280	Downward Expansion	-77	68
2024-10-25	0.0428	0.0464	-6.77	3234371	Downward Expansion	-70	59
2024-10-18	0.0438	0.0466	-6.99	2313507	Downward Expansion	-62	56
2024-10-11	0.044	0.0468	-7.84	827231	Downward Expansion	-62	60
2024-10-04	0.044	0.0469	-6.49	792758	Downward Expansion	-61	48
2024-09-27	0.044	0.047	-8.78	1246152	Downward Expansion	-61	44
2024-09-20	0.044	0.0472	-7.63	925099	Downward Expansion	-63	41
2024-09-13	0.045	0.0474	-7.35	2339111	Downward Expansion	-56	35
2024-09-06	0.0452	0.0476	-5.39	1221291	Downward Expansion	-57	51
2024-08-30	0.0456	0.0477	-5.27	5468104	Downward Expansion	-56	51
2024-08-23	0.046	0.0478	-3.66	1167089	Balance	-51	47
2024-08-16	0.0452	0.0478	-4.86	2603414	Balance	-58	42
2024-08-09	0.0454	0.0478	-3.16	2580411	Balance	-54	24
2024-08-02	0.0474	0.0481	0.29	1756862	Balance	-14	15
2024-07-26	0.047	0.0478	-2.01	2665439	Balance	-7	17
2024-07-19	0.0488	0.0475	-0.70	3466306	Balance	29	21
2024-07-12	0.0504	0.0472	2.57	11385584	Rotation Down	37	16
2024-07-05	0.0484	0.0468	0.62	2064892	Rotation Down	-15	20
2024-06-28	0.0442	0.0465	-5.22	1625126	Deceleration	-55	63
2024-06-21	0.0456	0.0465	-3.53	1371105	Deceleration	-17	36
2024-06-14	0.0466	0.0464	-0.86	1563698	Deceleration	-4	24
2024-06-07	0.047	0.0462	-2.88	1430898	Balance	0	20
2024-05-31	0.0472	0.0461	-4.44	894409	Balance	6	15
2024-05-24	0.0472	0.0459	-4.98	2197102	Balance	11	12
2024-05-17	0.0466	0.0458	-6.17	3514144	Upward Expansion	13	9
2024-05-10	0.0482	0.0457	-3.50	2698038	Upward Expansion	46	26
2024-05-03	0.0486	0.0455	0.88	1366216	Upward Expansion	49	38
2024-04-26	0.0486	0.0453	1.19	1798186	Upward Expansion	49	32
2024-04-19	0.049	0.045	6.92	2980205	Deceleration	52	31
2024-04-12	0.0486	0.0449	5.13	1783918	Deceleration	37	21
2024-04-05	0.048	0.0447	5.59	1621605	Deceleration	35	18
2024-03-29	0.0488	0.0446	5.99	681952	Deceleration	37	19
2024-03-22	0.048	0.0444	4.81	1365466	Upward Expansion	37	20
2024-03-15	0.0486	0.0443	7.28	1416362	Upward Expansion	42	27
2024-03-08	0.0476	0.0442	4.19	3402426	Upward Expansion	54	33
2024-03-01	0.0484	0.0442	4.75	4438717	Upward Expansion	57	40
2024-02-23	0.052	0.0442	11.32	7335336	Rotation Up	69	55
2024-02-16	0.0488	0.0443	4.75	2945133	Rotation Up	33	37
2024-02-09	0.0496	0.0441	7.21	3882845	Rotation Up	37	51
2024-02-02	0.0488	0.0438	2.82	7488682	Rotation Up	28	37
2024-01-26	0.0448	0.0435	-6.41	8896932	Rotation Up	16	30
2024-01-19	0.0468	0.0433	-3.66	18960803	Rotation Up	21	29
2024-01-12	0.054	0.0431	6.82	34433937	Rotation Up	22	18
2024-01-05	0.0392	0.0427	-22.58	3235883	Downward Expansion	-64	72
2023-12-29	0.0376	0.0428	-24.78	16650251	Downward Expansion	-75	78
2023-12-22	0.0376	0.043	-25.68	7601603	Downward Expansion	-80	77
2023-12-15	0.0394	0.0432	-22.90	5641961	Downward Expansion	-72	64
2023-12-08	0.0408	0.0434	-22.75	3165812	Downward Expansion	-64	47
2023-12-01	0.0416	0.0437	-21.30	3833339	Downward Expansion	-56	32
2023-11-24	0.0426	0.044	-17.58	2719458	Downward Expansion	-37	19
2023-11-17	0.043	0.0442	-16.64	2210159	Downward Expansion	-34	16
2023-11-10	0.043	0.0446	-16.78	2698301	Downward Expansion	-36	17
2023-11-03	0.0426	0.0449	-20.25	2673721	Downward Expansion	-39	19
2023-10-27	0.0432	0.0452	-17.49	2285370	Downward Expansion	-48	27
2023-10-20	0.043	0.0456	-16.31	1700617	Downward Expansion	-50	29

Price vs TrendAbove+8.7%

Trend directionRising+8.0%

Price vs current Fair ValuePremium+50.2%

Fair Value directionMoving away-11.4%

Relative Strength vs benchmarkLeading+10.1%

Relative strength directionWeakening-7.9%

Price momentumPositive+15.4%

Volume balanceSupply-led0.18×

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

49 / ±100

-14.0 points since 2026-09-11

Energy

57 /100

-1.8 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.

PHR Directional State ↗ PHR Momentum Intelligence ↗

Comparative structural evidence

Why this architecture regime won

Every regime is evaluated

Balance24

Rotation Up38

Upward Expansion71

Deceleration74

Rotation Down28

Downward Expansion25

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 16%Rotation Up 10%Upward Expansion 39%Deceleration 14%Rotation Down 4%Downward Expansion 17%

Recent Trend Architecture ledger

Regime	Recognized	Last observation	Tenure	Move inside regime
Deceleration	2026-10-09	2026-10-09	New	+0.0%
Upward Expansion	2026-07-10	2026-10-02	Established	-0.8%
Balance	2026-07-03	2026-07-03	New	+0.0%
Rotation Down	2026-06-19	2026-06-26	New	+8.8%
Balance	2026-05-29	2026-06-12	New	-2.3%
Upward Expansion	2026-03-20	2026-05-22	Developing	-0.8%
Balance	2026-02-27	2026-03-13	New	+0.8%
Rotation Down	2026-02-13	2026-02-20	New	+17.9%
Deceleration	2025-12-12	2026-02-06	Developing	-7.0%
Upward Expansion	2025-10-17	2025-12-05	Developing	-0.8%
Deceleration	2025-09-12	2025-10-10	Developing	+17.9%
Upward Expansion	2025-06-27	2025-09-05	Developing	+0.0%
Balance	2025-04-25	2025-06-20	Developing	+28.9%
Upward Expansion	2025-02-07	2025-04-18	Developing	-3.3%

Classic Stage Analysis comparison

Stage 1 · Basing5

Stage 2 · Advancing100

Stage 3 · Distribution68

Stage 4 · Declining0

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

Leadership versus PSI20.LS

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: 65/100
Current Relative Strength: 10.07
Relative Strength direction: Weakening
Price momentum: +15.4%
Excess performance vs benchmark: +17.4%
Communication Services regime cohort: 100th percentile2 in cohort

Test PHR trend persistence

Participation and structure

Is demand confirming the architecture?

Volume cannot overrule geometry

Relative volume1.64×

Latest completed volume relative to typical participation.

Up/down volume0.18×

Participation balance between advancing and declining observations.

Accumulation / distribution0 / 5

Recent participation evidence classified by demand and supply.

Activity alignment+75.0%

Current positive alignment across Activity and Trend.

Fast/slow rotationWeakening

Current relationship between Fast Activity and Slow Activity.

Structure stability+12.5%

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 PHR Volume & Price ↗

Decision architecture

References that would change the structural read

Evidence levels, not orders

Fast Activity EUR 0.0894falling

Slow Activity EUR 0.0853rising

Trend Reference EUR 0.0821+8.7% close margin

Current Fair Value EUR 0.0594+50.2% close margin

Structural low EUR 0.0705shock / repair context

What changes the read?

Renewed positive order and expanding width produce re-acceleration; fast/slow failure with downside acceptance produces Rotation Down.

Range context +2.2%

Annualized volatility +25.2%

From structural high -2.8%

From structural low +46.2%

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 PSI20.LS	Regime survived	Read
Near term	7	+7.2%-10.3% to +17.9%	+71.4%	+71.4%	+4.0%	+42.9%	Usable descriptive sample
Intermediate	4	+4.7%-9.4% to +15.6%	+50.0%	+50.0%	-5.0%	+50.0%	Too little matched history
Extended	2	+8.6%-9.8% to +27.0%	+50.0%	+50.0%	-4.6%	+0.0%	Too little matched history
Full cycle	2	+26.9%+7.4% to +46.4%	+100.0%	+100.0%	+10.1%	+0.0%	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.

PHR Stage Analysis

What the Activity Line geometry says now

The upward structure remains, but its energy is decelerating.

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 upward structure remains, but its energy is decelerating.

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