Weekly structural research · CPH · Healthcare

HLUN-B Stage Analysis

H. Lundbeck A/S

Week ending 2 Oct 2026Close DKK 43.68Tenure NewBenchmark ^OMXC25

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: moderate and expanding.

Direction 53−100 bearish to +100 bullish

Energy 54/100directional strength

Maturity 5/100lifecycle context

Confidence 84/100evidence agreement

Trend gate Upstructural direction

Activity structure Moderateexpanding separation

Price acceptance +33.3%position within the Activity structure

Fair Value context +14.5%DKK 38.16 · 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
2026-10-02	43.68	42.11	2.20	3298652	Upward Expansion	53	54
2026-09-25	45.26	41.87	4.71	3360358	Balance	69	59
2026-09-18	42.56	41.62	-3.45	4782680	Balance	47	33
2026-09-11	44.42	41.49	0.76	2723097	Balance	62	44
2026-09-04	44.12	41.27	-2.48	4459601	Balance	48	22
2026-08-28	41.42	41.01	-9.07	294840	Balance	4	16
2026-08-21	41.04	40.99	-9.25	423007	Balance	0	11
2026-08-14	42.52	41.10	-5.68	525232	Balance	16	13
2026-08-07	41.58	41.18	-5.16	321857	Balance	13	11
2026-07-31	41.50	41.25	-4.91	536482	Balance	17	10
2026-07-24	42.12	41.25	-2.75	328969	Upward Expansion	35	19
2026-07-17	42.86	41.24	-4.42	495843	Upward Expansion	38	19
2026-07-10	42.48	41.21	-3.44	328624	Upward Expansion	35	19
2026-07-03	43.12	41.19	-3.00	533242	Upward Expansion	43	22
2026-06-26	42.00	41.20	-0.30	422414	Upward Expansion	41	26
2026-06-19	41.52	41.24	2.04	863102	Upward Expansion	54	39
2026-06-12	43.70	41.28	6.03	478797	Rotation Up	60	46
2026-06-05	44.80	41.30	9.94	3910287	Rotation Up	42	32
2026-05-29	43.42	41.27	5.28	4924891	Rotation Up	35	25
2026-05-22	41.82	41.35	1.71	4486044	Rotation Up	16	19
2026-05-15	41.38	41.45	1.93	3417853	Rotation Up	21	44
2026-05-08	43.06	41.54	7.78	2658413	Rotation Up	27	54
2026-05-01	42.40	41.59	6.34	2286153	Rotation Up	20	35
2026-04-24	44.30	41.65	12.93	3211794	Downward Expansion	34	35
2026-04-17	42.44	41.62	5.63	3588548	Downward Expansion	-8	18
2026-04-10	40.38	41.66	2.82	2007725	Downward Expansion	-32	20
2026-04-03	40.78	41.69	7.07	2063111	Downward Expansion	-37	23
2026-03-27	38.66	41.67	6.36	4944727	Downward Expansion	-56	41
2026-03-20	37.48	41.69	4.27	3876946	Downward Expansion	-61	51
2026-03-13	36.38	41.73	-1.35	2769810	Downward Expansion	-69	67
2026-03-06	36.64	41.78	-2.06	3632042	Rotation Down	-70	74
2026-02-27	37.57	41.68	-1.67	3722684	Rotation Down	-39	66
2026-02-20	38.79	41.52	-3.12	4323194	Rotation Down	-31	60
2026-02-13	37.86	41.36	-5.00	4145982	Rotation Down	-40	56
2026-02-06	36.33	41.19	-10.94	7945623	Rotation Down	-36	29
2026-01-30	40.85	41.11	-2.98	4125258	Deceleration	14	14
2026-01-23	44.18	40.89	3.99	3528132	Deceleration	42	30
2026-01-16	45.11	40.58	4.99	3276994	Deceleration	51	28
2026-01-09	43.48	40.27	3.23	4369674	Deceleration	18	15
2026-01-02	41.70	40.09	3.38	1940532	Deceleration	6	17
2025-12-26	41.70	39.94	3.83	1088873	Deceleration	13	17
2025-12-19	41.89	39.72	5.43	2458952	Deceleration	20	17
2025-12-12	42.05	39.52	5.53	1651063	Deceleration	32	21
2025-12-05	43.42	39.28	11.64	1709256	Deceleration	39	26
2025-11-28	43.08	38.81	12.36	3219914	Upward Expansion	43	31
2025-11-21	42.84	38.41	15.29	3717521	Upward Expansion	49	41
2025-11-14	44.14	37.94	17.42	6616554	Upward Expansion	62	54
2025-11-07	44.06	37.39	20.11	2988541	Upward Expansion	65	58
2025-10-31	45.75	36.82	24.92	2360799	Upward Expansion	76	66
2025-10-24	44.82	36.28	21.60	1967084	Upward Expansion	72	66
2025-10-17	44.12	35.97	20.44	2072433	Upward Expansion	68	73
2025-10-10	44.49	35.76	21.60	2771968	Upward Expansion	75	86
2025-10-03	44.32	35.52	21.90	3805236	Upward Expansion	78	89
2025-09-26	43.13	35.28	23.68	3225230	Upward Expansion	76	88
2025-09-19	43.64	35.10	22.90	3402285	Upward Expansion	86	91
2025-09-12	41.50	34.90	17.98	2139148	Upward Expansion	79	86
2025-09-05	40.19	34.84	14.12	2360291	Rotation Up	74	81
2025-08-29	39.12	34.83	11.22	1793069	Rotation Up	44	64
2025-08-22	38.67	34.91	6.95	1990649	Balance	41	48
2025-08-15	37.88	34.93	8.67	3584184	Balance	15	10
2025-08-08	33.81	34.94	-3.81	2102763	Balance	-37	24
2025-08-01	32.64	35.09	-5.19	2165121	Balance	-44	29
2025-07-25	34.04	35.35	-9.73	2085642	Balance	-34	24
2025-07-18	32.84	35.54	-10.23	1955585	Balance	-40	27
2025-07-11	33.77	35.71	-7.63	2673150	Balance	-26	18
2025-07-04	34.39	35.90	-5.53	2505537	Balance	-5	12
2025-06-27	34.66	36.14	-4.51	1543835	Rotation Up	0	18
2025-06-20	35.88	36.37	-2.22	1751103	Rotation Up	20	30
2025-06-13	38.01	36.60	-0.35	2453154	Downward Expansion	29	37
2025-06-06	37.24	36.75	-1.84	2927161	Downward Expansion	-2	26
2025-05-30	35.24	36.85	-4.18	1823358	Downward Expansion	-23	27
2025-05-23	36.00	37.10	-1.45	3975463	Downward Expansion	-27	25
2025-05-16	34.68	37.32	-4.80	6556628	Downward Expansion	-49	41
2025-05-09	29.27	37.66	-16.30	2243559	Downward Expansion	-66	66
2025-05-02	31.13	38.22	-12.18	1736417	Downward Expansion	-67	86
2025-04-25	28.68	38.60	-13.33	2099530	Downward Expansion	-67	88
2025-04-18	27.70	39.04	-15.05	1408085	Downward Expansion	-84	94
2025-04-11	27.15	39.55	-13.26	3528589	Downward Expansion	-94	96
2025-04-04	29.40	40.09	-6.26	3637132	Downward Expansion	-92	86
2025-03-28	35.61	40.60	1.47	1800368	Downward Expansion	-73	62
2025-03-21	37.77	40.92	5.19	1383389	Downward Expansion	-58	57
2025-03-14	37.15	41.12	2.99	1699975	Downward Expansion	-63	63
2025-03-07	37.20	41.24	1.22	2144524	Downward Expansion	-62	57
2025-02-28	37.83	41.33	1.26	3250692	Downward Expansion	-58	41
2025-02-21	37.58	41.42	2.28	3182794	Downward Expansion	-61	29
2025-02-14	39.66	41.47	10.82	2562036	Downward Expansion	-33	18
2025-02-07	39.89	41.41	11.93	5080989	Downward Expansion	-36	20
2025-01-31	41.69	41.34	18.85	1717249	Downward Expansion	-34	25
2025-01-24	39.13	41.20	12.68	1605394	Rotation Down	-56	46
2025-01-17	38.07	41.12	11.79	2103390	Rotation Down	-39	44
2025-01-10	38.40	41.07	10.86	1961028	Rotation Down	-39	48
2025-01-03	40.55	40.98	15.72	1181602	Rotation Down	-30	45
2024-12-27	39.55	40.79	14.08	770114	Rotation Down	-20	44
2024-12-20	38.11	40.66	14.13	2864334	Deceleration	-34	44
2024-12-13	39.44	40.56	12.61	2014074	Deceleration	-8	14
2024-12-06	41.54	40.42	17.76	1877273	Deceleration	10	8
2024-11-29	41.61	40.13	18.81	2326317	Deceleration	12	13
2024-11-22	42.82	39.80	23.48	2261141	Deceleration	19	15
2024-11-15	42.29	39.41	24.30	3764750	Deceleration	28	19
2024-11-08	40.46	39.03	16.90	1756305	Deceleration	26	15
2024-11-01	42.73	38.75	20.28	2751314	Upward Expansion	54	39
2024-10-25	42.54	38.37	19.46	3549872	Upward Expansion	56	43
2024-10-18	44.92	38.00	25.18	9170170	Deceleration	65	50
2024-10-11	45.90	37.53	27.72	3106404	Deceleration	78	54
2024-10-04	42.63	37.01	20.55	2829174	Upward Expansion	47	41
2024-09-27	41.74	36.58	15.51	2251436	Upward Expansion	62	56
2024-09-20	43.03	36.21	17.57	2882719	Upward Expansion	66	66
2024-09-13	43.41	35.83	15.67	3219449	Upward Expansion	68	80
2024-09-06	44.64	35.42	24.32	2464262	Upward Expansion	80	91
2024-08-30	45.32	34.93	24.66	4583809	Upward Expansion	93	95
2024-08-23	43.77	34.44	21.97	5639393	Upward Expansion	92	93
2024-08-16	40.87	34.06	14.30	1997795	Upward Expansion	80	88
2024-08-09	39.72	33.76	13.03	2164483	Upward Expansion	72	77
2024-08-02	40.48	33.55	15.25	2700479	Upward Expansion	86	86
2024-07-26	39.28	33.22	11.14	1747055	Upward Expansion	83	80
2024-07-19	37.73	32.93	8.50	1403568	Upward Expansion	71	72
2024-07-12	37.89	32.68	6.07	3064976	Upward Expansion	76	75
2024-07-05	37.32	32.42	5.79	2425742	Upward Expansion	76	71
2024-06-28	36.75	32.18	5.80	3465347	Upward Expansion	74	67
2024-06-21	36.60	31.98	4.66	2649295	Upward Expansion	78	79
2024-06-14	35.63	31.78	2.12	3298681	Upward Expansion	70	81
2024-06-07	34.92	31.65	-2.31	1521356	Upward Expansion	67	83
2024-05-31	35.69	31.57	1.39	2325227	Upward Expansion	79	86
2024-05-24	35.10	31.52	0.11	1458906	Upward Expansion	78	81
2024-05-17	35.37	31.47	0.19	6182509	Balance	83	73
2024-05-10	32.70	31.43	-5.01	1338714	Balance	35	28
2024-05-03	31.68	31.55	-5.96	2128266	Balance	-5	8
2024-04-26	31.13	31.68	-8.40	1902023	Balance	-12	10
2024-04-19	30.92	31.82	-8.37	1665117	Balance	-14	14
2024-04-12	32.06	31.95	-6.17	3200197	Balance	-3	11
2024-04-05	31.45	32.00	-8.72	2400849	Downward Expansion	-27	12
2024-03-29	31.42	32.01	-9.85	1630528	Downward Expansion	-35	20
2024-03-22	30.87	32.05	-11.81	2582817	Downward Expansion	-50	32
2024-03-15	30.11	32.08	-12.98	2650487	Downward Expansion	-57	35
2024-03-08	29.90	32.16	-15.09	2218215	Downward Expansion	-61	38
2024-03-01	30.61	32.27	-11.46	2273589	Balance	-52	37
2024-02-23	31.61	32.32	-7.12	2387638	Balance	-47	33
2024-02-16	31.05	32.28	-9.12	3968985	Balance	-46	30
2024-02-09	29.89	32.27	-11.63	4339368	Balance	-61	31
2024-02-02	30.59	32.25	-8.11	3888847	Balance	-37	25
2024-01-26	32.42	32.21	-1.29	1950395	Balance	-20	22
2024-01-19	31.90	32.13	-1.25	1774829	Balance	-5	13
2024-01-12	33.33	32.16	0.39	3409413	Downward Expansion	4	9
2024-01-05	30.79	32.17	-5.51	2222623	Downward Expansion	-60	46
2023-12-29	30.33	32.27	-5.30	1292833	Downward Expansion	-63	65
2023-12-22	30.26	32.40	-4.33	2383906	Downward Expansion	-66	71
2023-12-15	30.20	32.54	-2.05	2528244	Downward Expansion	-60	71
2023-12-08	30.22	—	—	2802776	Not yet classified	—	—
2023-12-01	30.61	—	—	3395223	Not yet classified	—	—
2023-11-24	30.55	—	—	2834227	Not yet classified	—	—
2023-11-17	31.83	—	—	4485782	Not yet classified	—	—
2023-11-10	32.64	—	—	3647481	Not yet classified	—	—
2023-11-03	34.05	—	—	1921262	Not yet classified	—	—
2023-10-27	33.63	—	—	1818922	Not yet classified	—	—
2023-10-20	34.29	—	—	2640153	Not yet classified	—	—
2023-10-13	36.24	—	—	3647472	Not yet classified	—	—

Price vs TrendAbove+3.7%

Trend directionRising+2.1%

Price vs current Fair ValuePremium+14.5%

Fair Value directionMoving away-1.1%

Relative Strength vs benchmarkLeading+2.2%

Relative strength directionImproving+5.2%

Price momentumPositive+7.1%

Volume balanceDemand-led1.26×

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

53 / ±100

+4.4 points since 2026-09-04

Energy

54 /100

+31.5 points since 2026-09-04

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

HLUN-B Directional State ↗ HLUN-B Momentum Intelligence ↗

Comparative structural evidence

Why this architecture regime won

Every regime is evaluated

Balance31

Rotation Up61

Upward Expansion82

Deceleration49

Rotation Down14

Downward Expansion14

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

2023-10-13 to 2026-10-02 · 147 classified observations out of 156 shown.

Balance 20%Rotation Up 8%Upward Expansion 28%Deceleration 12%Rotation Down 7%Downward Expansion 25%

Recent Trend Architecture ledger

Regime	Recognized	Last observation	Tenure	Move inside regime
Upward Expansion	2026-10-02	2026-10-02	New	+0.0%
Balance	2026-07-31	2026-09-25	Developing	+9.1%
Upward Expansion	2026-06-19	2026-07-24	Developing	+1.4%
Rotation Up	2026-05-01	2026-06-12	Developing	+3.1%
Downward Expansion	2026-03-13	2026-04-24	Developing	+21.8%
Rotation Down	2026-02-06	2026-03-06	Developing	+0.9%
Deceleration	2025-12-05	2026-01-30	Developing	-5.9%
Upward Expansion	2025-09-12	2025-11-28	Developing	+3.8%
Rotation Up	2025-08-29	2025-09-05	New	+2.7%
Balance	2025-07-04	2025-08-22	Developing	+12.5%
Rotation Up	2025-06-20	2025-06-27	New	-3.4%
Downward Expansion	2025-01-31	2025-06-13	Established	-8.8%
Rotation Down	2024-12-27	2025-01-24	Developing	-1.1%
Deceleration	2024-11-08	2024-12-20	Developing	-5.8%

Classic Stage Analysis comparison

Stage 1 · Basing35

Stage 2 · Advancing81

Stage 3 · Distribution66

Stage 4 · Declining19

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

Leadership versus ^OMXC25

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: 64/100
Current Relative Strength: 2.20
Relative Strength direction: Improving
Price momentum: +7.1%
Excess performance vs benchmark: +0.7%
Healthcare regime cohort: 29th percentile7 in cohort

Test HLUN-B trend persistence

Participation and structure

Is demand confirming the architecture?

Volume cannot overrule geometry

Relative volume1.76×

Latest completed volume relative to typical participation.

Up/down volume1.26×

Participation balance between advancing and declining observations.

Accumulation / distribution3 / 2

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+25.0%

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 HLUN-B Volume & Price ↗

Decision architecture

References that would change the structural read

Evidence levels, not orders

Fast Activity DKK 44.01rising

Slow Activity DKK 42.73rising

Trend Reference DKK 42.11+3.7% close margin

Current Fair Value DKK 38.16+14.5% close margin

Structural low DKK 39.50shock / 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 +4.4%

Annualized volatility +23.7%

From structural high -5.7%

From structural low +27.6%

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 ^OMXC25	Regime survived	Read
Near term	11	+3.2%-1.5% to +8.3%	+72.7%	+72.7%	+4.3%	+63.6%	Usable descriptive sample
Intermediate	4	+1.9%-2.2% to +24.7%	+75.0%	+75.0%	-0.2%	+25.0%	Too little matched history
Extended	2	+4.8%-12.3% to +22.0%	+50.0%	+50.0%	+7.8%	+0.0%	Too little matched history
Full cycle	2	+4.8%+2.5% to +7.0%	+100.0%	+100.0%	+4.2%	+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.

HLUN-B 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