Weekly structural research · JNB · Real Estate

DLT Stage Analysis

Delta Property Fund Limited

Week ending 25 Sep 2026Close ZAC 35.00Tenure NewBenchmark ^J203.JO

Screen this regime Supporting research Report data ↗

Executive diagnosis

What the Activity Line geometry says now

Structure, not prediction

Rotation Down · Supply rotation

The Activity Line structure is rotating downward.

Fast Activity is weakening relative to Slow Activity and price acceptance is deteriorating. Persistent negative Trend confirmation would establish Downward Expansion.

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

Direction -29−100 bearish to +100 bullish

Energy 49/100directional strength

Maturity 7/100lifecycle context

Confidence 64/100evidence agreement

Trend gate Mixedstructural direction

Activity structure Wideexpanding separation

Price acceptance -83.3%position within the Activity structure

Fair Value context +29.4%ZAC 27.04 · 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
2026-09-25	35.00	37.30	1.87	59180	Rotation Down	-29	49
2026-09-18	35.00	37.40	0.41	391327	Deceleration	-27	39
2026-09-11	36.00	37.50	1.81	334261	Deceleration	-1	12
2026-09-04	38.00	37.57	6.33	638467	Deceleration	8	10
2026-08-28	40.00	37.57	11.11	1586339	Deceleration	13	11
2026-08-21	38.00	37.53	6.49	48461	Deceleration	20	13
2026-08-14	38.00	37.57	10.42	0	Deceleration	23	16
2026-08-07	39.00	37.53	10.48	247196	Deceleration	28	19
2026-07-31	42.00	37.47	26.08	250020	Deceleration	33	19
2026-07-24	39.00	37.37	20.25	183840	Upward Expansion	37	19
2026-07-17	40.00	37.27	24.06	45800	Upward Expansion	54	36
2026-07-10	44.00	37.07	36.58	181367	Upward Expansion	61	66
2026-07-03	45.00	36.77	39.74	804362	Upward Expansion	61	73
2026-06-26	50.00	36.33	58.61	1464594	Upward Expansion	74	76
2026-06-19	50.00	35.77	57.85	951218	Balance	79	71
2026-06-12	46.00	35.23	47.54	3940552	Balance	39	41
2026-06-05	35.00	34.70	15.14	4049335	Balance	-22	12
2026-05-29	33.00	34.50	6.18	3452779	Balance	-31	15
2026-05-22	35.00	34.27	14.55	741242	Balance	3	7
2026-05-15	34.00	33.90	10.65	20562	Balance	-7	5
2026-05-08	34.00	33.50	8.06	881452	Balance	-8	7
2026-05-01	33.00	33.23	7.56	78121	Deceleration	-20	15
2026-04-24	32.00	32.97	3.42	181328	Deceleration	-15	15
2026-04-17	33.00	32.73	2.85	390273	Deceleration	-12	14
2026-04-10	31.00	32.47	-1.47	36200	Deceleration	-22	28
2026-04-03	33.00	32.37	7.19	2027326	Deceleration	4	17
2026-03-27	34.00	32.10	14.86	248433	Deceleration	5	18
2026-03-20	32.00	31.83	9.89	1950076	Deceleration	0	14
2026-03-13	31.00	31.63	2.21	9935267	Deceleration	8	12
2026-03-06	34.00	31.50	10.48	397645	Deceleration	33	20
2026-02-27	38.00	31.20	12.42	2840797	Upward Expansion	43	30
2026-02-20	38.00	30.77	17.73	3125008	Upward Expansion	54	38
2026-02-13	38.00	30.30	21.05	2261310	Upward Expansion	58	44
2026-02-06	38.00	29.83	22.50	10790362	Upward Expansion	60	47
2026-01-30	39.00	29.33	26.34	689708	Upward Expansion	66	52
2026-01-23	39.00	28.87	25.22	1536130	Upward Expansion	70	58
2026-01-16	37.00	28.23	21.42	939776	Upward Expansion	64	55
2026-01-09	37.00	27.63	24.33	1406965	Upward Expansion	65	55
2026-01-02	39.00	27.13	34.08	615969	Upward Expansion	80	68
2025-12-26	36.00	26.50	23.66	1758100	Upward Expansion	73	57
2025-12-19	34.00	26.00	19.84	775685	Upward Expansion	66	68
2025-12-12	35.00	25.57	25.75	1689999	Upward Expansion	76	82
2025-12-05	32.00	25.10	16.32	1271859	Upward Expansion	65	76
2025-11-28	33.00	24.83	22.46	1005405	Upward Expansion	73	81
2025-11-21	34.00	24.47	28.42	1614211	Upward Expansion	81	79
2025-11-14	30.00	24.03	11.43	1455512	Deceleration	69	61
2025-11-07	29.00	23.80	10.75	1188796	Deceleration	62	28
2025-10-31	26.00	23.70	-1.10	825361	Deceleration	25	14
2025-10-24	24.00	23.57	-10.15	80000	Deceleration	13	12
2025-10-17	22.00	23.63	-18.31	2123868	Deceleration	10	11
2025-10-10	26.00	23.67	-3.51	264426	Deceleration	38	18
2025-10-03	25.00	23.60	-7.66	1233150	Deceleration	37	22
2025-09-26	25.00	23.50	-5.62	922713	Upward Expansion	39	23
2025-09-19	25.00	23.40	-5.55	1104583	Upward Expansion	52	31
2025-09-12	28.00	23.17	6.74	74643	Upward Expansion	66	41
2025-09-05	25.00	22.87	-2.68	660550	Upward Expansion	56	41
2025-08-29	26.00	22.77	0.36	848025	Upward Expansion	59	51
2025-08-22	26.00	22.47	-0.92	1950000	Upward Expansion	63	58
2025-08-15	27.00	22.33	3.15	717541	Upward Expansion	72	63
2025-08-08	25.00	22.07	-3.90	5104642	Upward Expansion	62	55
2025-08-01	25.00	21.90	-1.47	3156850	Upward Expansion	61	56
2025-07-25	24.00	21.73	-7.51	37360	Balance	56	43
2025-07-18	24.00	21.57	-8.39	127437	Balance	46	31
2025-07-11	23.00	21.40	-12.05	412990	Balance	34	18
2025-07-04	25.00	21.37	-5.08	18694907	Balance	43	19
2025-06-27	20.00	21.10	-23.24	1148999	Balance	-20	33
2025-06-20	19.00	21.07	-26.60	1291485	Balance	-28	33
2025-06-13	22.00	21.17	-16.15	300706	Balance	-11	15
2025-06-06	20.00	21.20	-25.16	286380	Balance	-19	20
2025-05-30	21.00	21.30	-20.65	1336424	Balance	7	9
2025-05-23	21.00	21.47	-20.54	606945	Balance	17	12
2025-05-16	21.00	21.60	-20.59	580779	Balance	21	15
2025-05-09	24.00	21.73	-9.03	296537	Balance	37	19
2025-05-02	22.00	21.87	-16.72	753661	Balance	6	6
2025-04-25	21.00	22.03	-18.94	115288	Balance	4	6
2025-04-18	23.00	22.20	-9.87	315010	Balance	25	24
2025-04-11	26.00	22.33	5.99	98733	Balance	38	40
2025-04-04	22.00	22.47	-4.24	350431	Balance	18	31
2025-03-28	26.00	22.60	3.82	2655010	Balance	30	42
2025-03-21	23.00	22.60	-7.45	2177312	Balance	15	20
2025-03-14	24.00	22.73	-1.22	825653	Balance	1	10
2025-03-07	22.00	22.83	-9.87	327783	Balance	-16	8
2025-02-28	22.00	23.00	-7.09	501798	Downward Expansion	-29	14
2025-02-21	18.00	23.33	-26.19	454464	Downward Expansion	-59	34
2025-02-14	19.00	23.83	-22.14	842967	Downward Expansion	-49	25
2025-02-07	22.00	24.33	-8.76	916716	Downward Expansion	-39	24
2025-01-31	17.00	24.53	-28.15	324436	Downward Expansion	-70	41
2025-01-24	22.00	24.77	-5.56	535186	Downward Expansion	-42	28
2025-01-17	19.00	24.80	-18.79	279249	Downward Expansion	-61	43
2025-01-10	20.00	24.97	-13.39	739291	Downward Expansion	-58	43
2025-01-03	20.00	25.17	-14.92	1075	Downward Expansion	-60	46
2024-12-27	19.00	25.47	-19.45	19777	Downward Expansion	-67	69
2024-12-20	19.00	25.67	-19.74	605124	Downward Expansion	-70	78
2024-12-13	22.00	26.03	-10.28	1051750	Downward Expansion	-65	75
2024-12-06	17.00	26.13	-30.52	578023	Downward Expansion	-83	84
2024-11-29	19.00	26.10	-20.60	754063	Rotation Down	-78	74
2024-11-22	22.00	26.00	-9.73	1002804	Rotation Down	-39	50
2024-11-15	23.00	25.80	-3.80	905616	Balance	-32	41
2024-11-08	23.00	25.50	-5.88	2653181	Balance	-23	31
2024-11-01	26.00	25.20	3.64	239141	Deceleration	10	11
2024-10-25	25.00	24.73	-1.55	2103679	Deceleration	5	8
2024-10-18	25.00	24.37	-2.41	1360100	Deceleration	7	7
2024-10-11	28.00	24.00	10.13	553879	Deceleration	30	13
2024-10-04	27.00	23.63	5.66	1118600	Deceleration	19	11
2024-09-27	26.00	23.33	-0.48	17081	Deceleration	19	11
2024-09-20	27.00	22.93	6.97	1062795	Deceleration	32	15
2024-09-13	30.00	22.63	21.29	1535757	Deceleration	41	19
2024-09-06	26.00	22.23	5.67	1279740	Deceleration	30	21
2024-08-30	26.00	21.93	3.33	141078	Deceleration	34	23
2024-08-23	27.00	21.70	7.57	826197	Upward Expansion	41	25
2024-08-16	27.00	21.43	10.68	464667	Upward Expansion	57	40
2024-08-09	27.00	21.13	14.76	808837	Upward Expansion	60	57
2024-08-02	32.00	20.93	37.85	507630	Upward Expansion	65	72
2024-07-26	33.00	20.57	43.20	529082	Upward Expansion	71	69
2024-07-19	34.00	20.23	51.57	2249927	Deceleration	78	51
2024-07-12	28.00	19.87	23.86	5541101	Deceleration	54	32
2024-07-05	24.00	19.57	8.36	178334	Upward Expansion	43	29
2024-06-28	23.00	19.47	5.79	59006	Upward Expansion	57	41
2024-06-21	24.00	19.47	10.91	165745	Upward Expansion	62	54
2024-06-14	26.00	19.37	25.03	1608286	Rotation Up	64	77
2024-06-07	29.00	19.43	40.65	3281946	Rotation Up	49	73
2024-05-31	25.00	19.60	22.29	1275378	Rotation Up	28	58
2024-05-24	30.00	19.60	42.76	490698	Rotation Up	48	55
2024-05-17	25.00	19.50	19.31	6651788	Downward Expansion	18	24
2024-05-10	16.00	19.50	-22.42	183199	Downward Expansion	-34	18
2024-05-03	16.00	19.87	-20.80	167522	Downward Expansion	-40	26
2024-04-26	16.00	20.37	-20.11	510761	Downward Expansion	-56	40
2024-04-19	14.00	20.90	-28.93	2205783	Downward Expansion	-59	52
2024-04-12	14.00	21.30	-31.35	230725	Downward Expansion	-61	67
2024-04-05	12.00	21.83	-41.23	1105723	Downward Expansion	-74	68
2024-03-29	14.00	21.97	-31.99	4466346	Downward Expansion	-65	49
2024-03-22	14.00	21.90	-31.41	1046518	Downward Expansion	-70	60
2024-03-15	17.00	21.83	-17.08	818078	Downward Expansion	-56	49
2024-03-08	18.00	21.67	-13.57	108253	Downward Expansion	-58	53
2024-03-01	14.00	21.50	-32.23	691868	Downward Expansion	-76	70
2024-02-23	18.00	21.50	-15.21	578148	Downward Expansion	-31	44
2024-02-16	18.00	21.50	-14.99	625502	Rotation Down	-33	44
2024-02-09	17.00	21.47	-19.82	262571	Rotation Down	-38	46
2024-02-02	19.00	21.43	-12.40	1919802	Deceleration	-29	30
2024-01-26	19.00	21.37	-13.89	2817950	Deceleration	-20	24
2024-01-19	18.00	21.27	-16.22	243140	Deceleration	-25	19
2024-01-12	21.00	21.23	-5.06	2759566	Deceleration	4	7
2024-01-05	21.00	21.20	-5.88	2987801	Deceleration	4	17
2023-12-29	23.00	21.23	-0.83	150704	Deceleration	6	15
2023-12-22	23.00	21.17	1.71	279316	Deceleration	5	17
2023-12-15	19.00	21.10	-17.58	972935	Deceleration	-1	17
2023-12-08	21.00	21.20	-7.90	175731	Deceleration	18	16
2023-12-01	23.00	21.23	-2.39	4096790	Deceleration	32	17
2023-11-24	21.00	21.20	-11.29	1467946	Deceleration	30	19
2023-11-17	28.00	21.43	20.17	351234	Deceleration	52	35
2023-11-10	34.00	21.30	51.02	589379	Deceleration	72	43
2023-11-03	25.00	20.97	9.43	375383	Rotation Up	43	29
2023-10-27	27.00	20.97	22.76	212979	Rotation Up	58	44
2023-10-20	25.00	20.87	11.73	266370	Rotation Up	36	58
2023-10-13	27.00	20.80	14.72	121307	Rotation Up	38	70
2023-10-06	31.00	20.67	32.65	194356	Rotation Up	46	71

Price vs TrendBelow-6.2%

Trend directionRising+0.1%

Price vs current Fair ValuePremium+29.4%

Fair Value directionMoving away-68.3%

Relative Strength vs benchmarkLeading+1.9%

Relative strength directionWeakening-56.7%

Price momentumPositive+2.9%

Volume balanceSupply-led0.65×

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

-29 / ±100

-41.2 points since 2026-08-28

Energy

49 /100

+38.2 points since 2026-08-28

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

DLT Directional State ↗ DLT Momentum Intelligence ↗

Comparative structural evidence

Why this architecture regime won

Every regime is evaluated

Balance27

Rotation Up16

Upward Expansion25

Deceleration50

Rotation Down66

Downward Expansion55

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

2023-10-06 to 2026-09-25 · 156 classified observations out of 156 shown.

Balance 19%Rotation Up 6%Upward Expansion 24%Deceleration 31%Rotation Down 3%Downward Expansion 17%

Recent Trend Architecture ledger

Regime	Recognized	Last observation	Tenure	Move inside regime
Rotation Down	2026-09-25	2026-09-25	New	+0.0%
Deceleration	2026-07-31	2026-09-18	Developing	-16.7%
Upward Expansion	2026-06-26	2026-07-24	Developing	-22.0%
Balance	2026-05-08	2026-06-19	Developing	+47.1%
Deceleration	2026-03-06	2026-05-01	Developing	-2.9%
Upward Expansion	2025-11-21	2026-02-27	Established	+11.8%
Deceleration	2025-10-03	2025-11-14	Developing	+20.0%
Upward Expansion	2025-08-01	2025-09-26	Developing	+0.0%
Balance	2025-03-07	2025-07-25	Established	+9.1%
Downward Expansion	2024-12-06	2025-02-28	Established	+29.4%
Rotation Down	2024-11-22	2024-11-29	New	-13.6%
Balance	2024-11-08	2024-11-15	New	+0.0%
Deceleration	2024-08-30	2024-11-01	Developing	+0.0%
Upward Expansion	2024-07-26	2024-08-23	Developing	-18.2%

Classic Stage Analysis comparison

Stage 1 · Basing42

Stage 2 · Advancing38

Stage 3 · Distribution74

Stage 4 · Declining62

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

Leadership versus ^J203.JO

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: 50/100
Current Relative Strength: 1.87
Relative Strength direction: Weakening
Price momentum: +2.9%
Excess performance vs benchmark: +3.8%
Real Estate regime cohort: 50th percentile2 in cohort

Test DLT trend persistence

Participation and structure

Is demand confirming the architecture?

Volume cannot overrule geometry

Relative volume0.06×

Latest completed volume relative to typical participation.

Up/down volume0.65×

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+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 DLT Volume & Price ↗

Decision architecture

References that would change the structural read

Evidence levels, not orders

Fast Activity ZAC 35.93falling

Slow Activity ZAC 38.59falling

Trend Reference ZAC 37.30-6.2% close margin

Current Fair Value ZAC 27.04+29.4% close margin

Structural low ZAC 30.00shock / repair context

What changes the read?

Complete bearish ordering below the Trend Line confirms Downward Expansion; a repaired fast/slow cross and upside acceptance cancel the failure.

Range context +11.0%

Annualized volatility +53.4%

From structural high -46.2%

From structural low +59.1%

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 ^J203.JO	Regime survived	Read
Near term	2	-3.9%-13.6% to +5.9%	+50.0%	+50.0%	-3.5%	+0.0%	Too little matched history
Intermediate	2	-12.0%-18.2% to -5.9%	+0.0%	+100.0%	-17.4%	+0.0%	Too little matched history
Extended	2	+27.1%-4.5% to +58.8%	+50.0%	+50.0%	+17.5%	+0.0%	Too little matched history
Full cycle	1	+29.4%+29.4% to +29.4%	+100.0%	+0.0%	+10.3%	+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.

DLT Stage Analysis

What the Activity Line geometry says now

The Activity Line structure is rotating downward.

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 Activity Line structure is rotating downward.

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 ↗

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

Similar Charts

RMI Reversal Map