Weekly structural research · TOR · Basic Materials

SKE Stage Analysis

Skeena Resources Limited

Week ending 9 Oct 2026Close CAD 46.53Tenure NewBenchmark ^GSPTSE

Screen this regime Supporting research Report data ↗

Executive diagnosis

What the Activity Line geometry says now

Structure, not prediction

Deceleration · Recompressing

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: compressed and contracting.

Direction 47−100 bearish to +100 bullish

Energy 27/100directional strength

Maturity 34/100lifecycle context

Confidence 72/100evidence agreement

Trend gate Upstructural direction

Activity structure Compressedcontracting separation

Price acceptance +16.7%position within the Activity structure

Fair Value context +120.1%CAD 21.14 · 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.
Downward ExpansionDowntrend is established.

View chart values · 156 observations

Week	Close	Trend	Relative Strength	Volume	Regime	Direction	Energy
2026-10-09	46.53	41.94	13.19	1676500	Deceleration	47	27
2026-10-02	42.68	41.81	5.09	1411400	Deceleration	36	19
2026-09-25	44.91	41.92	10.40	1087900	Rotation Up	42	27
2026-09-18	44.94	42.15	11.17	1337700	Rotation Up	28	28
2026-09-11	43.90	42.25	9.71	530300	Rotation Up	34	56
2026-09-04	45.77	42.29	12.61	117800	Rotation Up	35	65
2026-08-28	46.14	42.20	14.23	347200	Rotation Up	27	56
2026-08-21	47.97	41.96	19.50	422000	Balance	38	53
2026-08-14	45.90	41.79	15.14	283900	Balance	28	27
2026-08-07	45.27	41.51	15.67	422100	Downward Expansion	-10	8
2026-07-31	37.19	41.19	-1.00	257600	Downward Expansion	-57	52
2026-07-24	38.22	41.03	1.92	234600	Downward Expansion	-51	38
2026-07-17	35.30	40.87	-5.05	483700	Balance	-68	47
2026-07-10	38.49	40.78	3.76	600100	Balance	-26	18
2026-07-03	41.52	40.62	12.66	169700	Balance	-18	15
2026-06-26	38.16	40.25	5.10	375200	Balance	-30	41
2026-06-19	39.75	39.95	10.15	222600	Balance	-14	29
2026-06-12	39.20	39.45	9.45	410000	Balance	-12	27
2026-06-05	36.36	38.96	3.79	494700	Deceleration	-7	17
2026-05-29	41.85	38.52	18.95	1506700	Deceleration	16	10
2026-05-22	39.06	37.88	13.12	1316500	Deceleration	7	9
2026-05-15	42.59	37.35	26.85	2422200	Deceleration	24	12
2026-05-08	43.51	36.77	30.29	1618300	Deceleration	40	23
2026-05-01	40.35	36.17	22.91	1587600	Deceleration	40	27
2026-04-24	43.16	35.64	32.92	1665400	Deceleration	51	35
2026-04-17	45.81	35.07	40.95	1640000	Deceleration	58	33
2026-04-10	46.15	34.37	46.61	1456000	Deceleration	45	26
2026-04-03	43.05	33.64	41.23	1287900	Deceleration	32	26
2026-03-27	38.29	33.01	32.20	2041000	Upward Expansion	34	26
2026-03-20	36.05	32.50	28.70	4831500	Upward Expansion	42	36
2026-03-13	42.76	32.00	48.65	1521800	Upward Expansion	65	60
2026-03-06	45.84	31.27	59.24	1787000	Upward Expansion	67	66
2026-02-27	51.99	30.45	77.22	2084500	Upward Expansion	90	90
2026-02-20	48.03	29.38	69.89	2238700	Upward Expansion	85	72
2026-02-13	45.08	28.48	66.33	1585200	Upward Expansion	83	77
2026-02-06	42.94	27.72	64.31	3065100	Upward Expansion	80	82
2026-01-30	38.85	27.03	53.74	4028600	Upward Expansion	68	78
2026-01-23	43.00	26.44	66.56	3085800	Upward Expansion	94	94
2026-01-16	37.50	25.70	48.42	1727100	Upward Expansion	84	85
2026-01-09	35.60	25.14	44.90	1255500	Upward Expansion	80	82
2026-01-02	32.52	24.62	37.29	1360000	Upward Expansion	67	83
2025-12-26	33.43	24.19	42.40	664200	Upward Expansion	76	89
2025-12-19	32.59	23.66	41.76	4452000	Upward Expansion	77	88
2025-12-12	33.61	23.13	49.23	2251900	Upward Expansion	88	89
2025-12-05	30.51	22.54	38.45	1570900	Upward Expansion	83	79
2025-11-28	28.99	22.11	32.94	1152100	Deceleration	78	50
2025-11-21	24.77	21.66	19.54	2936100	Deceleration	42	19
2025-11-14	24.56	21.39	18.90	1547200	Deceleration	39	23
2025-11-07	23.02	21.14	14.17	1397000	Deceleration	34	21
2025-10-31	22.69	20.90	12.04	1562000	Upward Expansion	41	25
2025-10-24	23.16	20.57	14.67	1785600	Upward Expansion	47	35
2025-10-17	25.27	20.28	26.86	2735600	Upward Expansion	63	52
2025-10-10	25.58	19.94	30.63	3295700	Upward Expansion	70	59
2025-10-03	24.38	19.58	23.26	3894600	Upward Expansion	65	67
2025-09-26	26.08	19.23	36.31	1827000	Upward Expansion	82	88
2025-09-19	24.86	18.83	31.45	7065900	Upward Expansion	76	83
2025-09-12	24.27	18.48	31.77	1202100	Upward Expansion	76	79
2025-09-05	24.02	18.18	32.76	983100	Upward Expansion	77	67
2025-08-29	23.02	17.91	30.93	2317300	Deceleration	71	46
2025-08-22	21.14	17.62	22.60	1063900	Deceleration	43	29
2025-08-15	20.92	17.39	24.31	1150500	Upward Expansion	43	31
2025-08-08	21.06	17.15	26.82	1330600	Upward Expansion	48	39
2025-08-01	19.82	16.90	24.24	2647300	Upward Expansion	61	49
2025-07-25	21.16	16.69	31.83	2064600	Upward Expansion	65	63
2025-07-18	22.35	16.43	41.98	1261000	Upward Expansion	76	84
2025-07-11	22.30	16.12	45.34	1630000	Upward Expansion	80	87
2025-07-04	21.09	15.81	39.27	956000	Upward Expansion	73	82
2025-06-27	20.77	15.54	40.90	1268600	Upward Expansion	74	82
2025-06-20	20.68	15.29	43.53	1108500	Upward Expansion	78	82
2025-06-13	20.00	15.04	41.23	617500	Upward Expansion	78	75
2025-06-06	19.49	14.74	40.39	1387100	Upward Expansion	76	54
2025-05-30	17.58	14.52	30.09	1263400	Upward Expansion	66	46
2025-05-23	16.85	14.38	28.02	1315600	Upward Expansion	59	38
2025-05-16	15.87	14.28	21.88	1671200	Upward Expansion	56	48
2025-05-09	17.53	14.20	39.52	1231100	Upward Expansion	70	69
2025-05-02	15.52	14.02	27.05	734000	Upward Expansion	55	59
2025-04-25	16.77	13.89	40.90	1149000	Upward Expansion	65	56
2025-04-18	17.05	13.72	48.53	1581800	Deceleration	70	42
2025-04-11	15.78	13.55	43.39	1837400	Deceleration	60	27
2025-04-04	12.71	13.42	19.30	1485800	Deceleration	12	7
2025-03-28	14.44	13.34	28.38	982000	Deceleration	37	21
2025-03-21	15.16	13.21	35.38	2627700	Deceleration	48	25
2025-03-14	14.62	13.06	34.72	1030700	Deceleration	40	19
2025-03-07	13.91	12.95	28.91	897700	Upward Expansion	41	24
2025-02-28	14.27	12.75	30.60	993100	Upward Expansion	58	44
2025-02-21	14.10	12.56	32.13	2540600	Upward Expansion	62	60
2025-02-14	15.37	12.38	44.35	1054700	Upward Expansion	71	73
2025-02-07	16.10	12.15	54.01	1508800	Upward Expansion	84	70
2025-01-31	14.26	11.93	38.29	608300	Upward Expansion	65	46
2025-01-24	14.21	11.74	39.92	831200	Upward Expansion	66	44
2025-01-17	13.64	11.51	38.37	1940700	Upward Expansion	59	40
2025-01-10	13.61	11.26	41.70	1001200	Upward Expansion	61	41
2025-01-03	13.50	11.01	40.74	954700	Upward Expansion	61	41
2024-12-27	13.41	10.76	43.24	586200	Upward Expansion	63	43
2024-12-20	13.00	10.51	41.66	1865900	Upward Expansion	58	43
2024-12-13	13.05	10.29	39.96	1406000	Deceleration	60	45
2024-12-06	13.10	10.08	39.89	1136300	Deceleration	51	35
2024-11-29	13.21	9.87	43.15	1514200	Deceleration	55	36
2024-11-22	13.06	9.64	44.34	2020800	Upward Expansion	56	40
2024-11-15	11.09	9.43	26.74	3174500	Upward Expansion	61	49
2024-11-08	12.78	9.27	48.26	898700	Upward Expansion	65	61
2024-11-01	13.37	9.06	60.80	1024100	Upward Expansion	69	75
2024-10-25	13.85	8.83	68.15	1960300	Upward Expansion	82	80
2024-10-18	13.59	8.57	65.25	1105800	Upward Expansion	85	76
2024-10-11	12.18	8.32	52.27	805800	Upward Expansion	71	63
2024-10-04	11.52	8.11	47.41	1168600	Upward Expansion	65	67
2024-09-27	11.57	7.93	50.81	1808000	Upward Expansion	67	65
2024-09-20	12.07	7.72	59.50	2318900	Upward Expansion	78	65
2024-09-13	11.95	7.48	61.48	1000600	Upward Expansion	81	79
2024-09-06	10.25	7.25	45.06	811600	Upward Expansion	64	78
2024-08-30	10.36	7.10	44.34	2657600	Upward Expansion	68	70
2024-08-23	10.70	6.96	50.63	1845200	Upward Expansion	80	67
2024-08-16	11.48	6.79	64.69	2763900	Upward Expansion	91	66
2024-08-09	7.88	6.59	18.17	950300	Upward Expansion	62	51
2024-08-02	8.64	6.52	30.30	1720800	Upward Expansion	66	80
2024-07-26	8.68	6.43	28.00	1120400	Upward Expansion	68	85
2024-07-19	8.51	6.35	26.82	1837700	Upward Expansion	68	84
2024-07-12	9.31	6.29	39.36	2274600	Upward Expansion	86	88
2024-07-05	8.53	6.17	31.86	1445300	Balance	79	72
2024-06-28	7.34	6.07	14.84	2599600	Balance	62	30
2024-06-21	6.23	6.03	-0.95	842000	Balance	23	16
2024-06-14	6.19	6.02	-2.15	830600	Upward Expansion	24	19
2024-06-07	5.92	6.00	-8.29	1561700	Upward Expansion	21	14
2024-05-31	6.03	5.96	-8.11	2710500	Upward Expansion	34	19
2024-05-24	6.17	5.91	-6.75	1296400	Upward Expansion	52	30
2024-05-17	6.87	5.88	2.65	1703500	Upward Expansion	65	50
2024-05-10	6.75	5.85	1.21	983600	Upward Expansion	64	47
2024-05-03	6.35	5.84	-4.01	1694400	Upward Expansion	57	46
2024-04-26	6.72	5.82	0.32	1521900	Upward Expansion	68	59
2024-04-19	6.36	5.81	-5.16	1316600	Upward Expansion	59	56
2024-04-12	6.44	5.82	-5.16	1712200	Balance	63	57
2024-04-05	6.38	5.82	-8.43	1471700	Balance	36	41
2024-03-29	6.23	5.81	-10.85	1497500	Balance	21	23
2024-03-22	5.89	5.82	-15.69	1056200	Balance	-19	16
2024-03-15	6.02	5.84	-13.99	1802300	Downward Expansion	-21	11
2024-03-08	5.97	5.85	-14.98	1674300	Downward Expansion	-38	35
2024-03-01	5.44	5.87	-22.28	3053300	Downward Expansion	-53	52
2024-02-23	4.77	5.91	-31.84	1383300	Balance	-70	56
2024-02-16	5.13	5.96	-26.60	1334400	Balance	-62	39
2024-02-09	5.63	6.01	-19.04	1271100	Balance	-40	20
2024-02-02	6.17	6.05	-12.06	3998600	Balance	-23	14
2024-01-26	5.71	6.06	-19.10	919200	Balance	-35	21
2024-01-19	5.47	6.08	-22.29	500100	Balance	-39	16
2024-01-12	5.82	6.11	-18.32	591500	Balance	-15	14
2024-01-05	5.81	6.14	-18.95	550800	Balance	-12	16
2023-12-29	6.45	6.17	-10.93	324400	Balance	19	18
2023-12-22	6.54	6.20	-9.67	1108200	Balance	-7	13
2023-12-15	5.89	6.21	-17.47	2046600	Downward Expansion	-29	20
2023-12-08	5.39	6.26	-24.12	985100	Downward Expansion	-39	22
2023-12-01	6.07	6.37	-15.61	2117800	Downward Expansion	-38	25
2023-11-24	6.08	6.49	-14.40	1487000	Downward Expansion	-58	46
2023-11-17	5.43	6.59	-24.08	1609300	Downward Expansion	-65	76
2023-11-10	4.67	6.71	-33.34	2341900	Downward Expansion	-82	86
2023-11-03	4.63	6.85	-34.97	1317900	Downward Expansion	-89	82
2023-10-27	5.37	6.97	-20.62	1014100	Downward Expansion	-78	66
2023-10-20	6.06	7.07	-12.34	983300	Downward Expansion	-60	45

Price vs TrendAbove+11.0%

Trend directionRising+1.8%

Price vs current Fair ValuePremium+120.1%

Fair Value directionClosing upward+6.9%

Relative Strength vs benchmarkLeading+13.2%

Relative strength directionImproving+9.4%

Price momentumPositive+0.8%

Volume balanceDemand-led1.03×

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

47 / ±100

+13.5 points since 2026-09-11

Energy

27 /100

-29.1 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.

SKE Directional State ↗ SKE Momentum Intelligence ↗

Comparative structural evidence

Why this architecture regime won

Every regime is evaluated

Balance50

Rotation Up35

Upward Expansion59

Deceleration69

Rotation Down22

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

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

Balance 16%Rotation Up 3%Upward Expansion 54%Deceleration 17%Downward Expansion 10%

Recent Trend Architecture ledger

Regime	Recognized	Last observation	Tenure	Move inside regime
Deceleration	2026-10-02	2026-10-09	New	+9.0%
Rotation Up	2026-08-28	2026-09-25	Developing	-2.7%
Balance	2026-08-14	2026-08-21	New	+4.5%
Downward Expansion	2026-07-24	2026-08-07	New	+18.4%
Balance	2026-06-12	2026-07-17	Developing	-9.9%
Deceleration	2026-04-03	2026-06-05	Developing	-15.5%
Upward Expansion	2025-12-05	2026-03-27	Established	+25.5%
Deceleration	2025-11-07	2025-11-28	New	+25.9%
Upward Expansion	2025-09-05	2025-10-31	Developing	-5.5%
Deceleration	2025-08-22	2025-08-29	New	+8.9%
Upward Expansion	2025-04-25	2025-08-15	Established	+24.7%
Deceleration	2025-03-14	2025-04-18	Developing	+16.6%
Upward Expansion	2024-12-20	2025-03-07	Developing	+7.0%
Deceleration	2024-11-29	2024-12-13	New	-1.2%

Classic Stage Analysis comparison

Stage 1 · Basing37

Stage 2 · Advancing91

Stage 3 · Distribution57

Stage 4 · Declining9

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

Leadership versus ^GSPTSE

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: 83/100
Current Relative Strength: 13.19
Relative Strength direction: Improving
Price momentum: +0.8%
Excess performance vs benchmark: -5.0%
Basic Materials regime cohort: 33th percentile30 in cohort

Test SKE trend persistence

Participation and structure

Is demand confirming the architecture?

Volume cannot overrule geometry

Relative volume2.71×

Latest completed volume relative to typical participation.

Up/down volume1.03×

Participation balance between advancing and declining observations.

Accumulation / distribution2 / 2

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+37.5%

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 SKE Volume & Price ↗

Decision architecture

References that would change the structural read

Evidence levels, not orders

Fast Activity CAD 44.79falling

Slow Activity CAD 42.67rising

Trend Reference CAD 41.94+11.0% close margin

Current Fair Value CAD 21.14+120.1% close margin

Structural low CAD 34.41shock / 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 +8.3%

Annualized volatility +52.1%

From structural high -12.2%

From structural low +115.3%

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 ^GSPTSE	Regime survived	Read
Near term	10	+9.2%-8.8% to +32.5%	+80.0%	+80.0%	+6.2%	+40.0%	Usable descriptive sample
Intermediate	6	+12.6%-3.6% to +93.9%	+83.3%	+83.3%	+9.9%	+16.7%	Usable descriptive sample
Extended	4	+16.1%-13.7% to +127.2%	+50.0%	+50.0%	+11.5%	+25.0%	Too little matched history
Full cycle	2	+45.0%-29.5% to +119.5%	+50.0%	+50.0%	+32.0%	+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.

SKE 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