Week Ending: 28 August 2026

Brazil BR Sector

Energy

For the week ending 28 August 2026, Energy declined 0.39% with 11 advancing, 18 declining, and 2 unchanged constituents. The index is equal weighted and built from country-listed equities.

Current architecture Unresolved

The Activity Lines, Trend Line and price acceptance remain genuinely mixed.

58 technical evidence

Index2796.63 1 week-0.39% Breadth35% Members31

Industry

Country 🇧🇷 Brazil · BR

Universe country-listed

Price basis Adjusted weekly close

Trend architecture

Index, activity fan and structural anchors

Rolling 156-week evidence. Trend Signal points mark weeks when price, trend and the activity fan confirmed together.

Index Value Trend Line Fair Value Activity Lines Constructive architecture Transitional architecture Defensive architecture

Current architecture Unresolved 10 completed weeks in this state

Trend acceptance 1.3% Index versus Trend Line

Persistence 100% Positive across every horizon

Participation 35% 11 advancing, 18 declining

Investor positioning lens

Is the evidence ready for capital?

A rules-based technical classification using trend, breadth, persistence, relative strength and path quality.

Current posture Hold and wait for confirmation

The evidence is balanced enough to avoid a defensive call, but not aligned enough for aggressive positioning.

58 technical evidence
out of 100

Evidence balance

Five-pillar map

Wait

Trend

Breadth

Persistence

Relative

Risk quality

What supports the view

Constituent trends show positive multi-horizon persistence.

What restrains conviction

Index trend architecture has not delivered a durable upward expansion.
Breadth remains too narrow or inconsistent for a high-conviction position.
The group is not yet delivering dependable relative outperformance.
Positive contribution is concentrated in a small leadership cohort.

Independent sentiment overlay Sentiment held separate

Qualified news coverage is too thin to alter the technical positioning view.

Evidence that would change the view

A completed weekly reclaim of 2,761.65, the higher of Trend Line and Fair Value, would improve the structural case.
Breadth holding above 55% for several completed weeks would show that repair is spreading.
Positive 13 and 26-week relative performance would confirm that capital is rotating into the group.

This is a weekly research classification, not personal investment advice. Sentiment is reported as an independent confirmation layer and does not alter the technical score.

Trend state and durability

Architecture, persistence and constituent regimes

The index path is tested against the underlying security-level trend evidence.

Index architecture Unresolved

The Activity Lines, Trend Line and price acceptance remain genuinely mixed.

State age10 weeks

Trend gateMixed

Fan width1.90%

Fast versus slow change2.70 pts

Above 50% Below 17%

Six completed weeks of price acceptance relative to the full Activity Line fan.

Index persistence

Positive across every horizon

100% agreement

The 13, 26, 39 and 52-week trends all point upward, giving the advance broad horizon agreement.

13-week

2.3%

26-week

2.9%

39-week

24.6%

52-week

24.0%

Regime age31 weeks 52-week flips1 52-week boundary2254.94

Constituent trend persistence

Is the index move broadly durable?

100% coverage

77%positive

Coherent positive58%

Coherent negative16%

Average horizon agreement92%

Positive horizon share73%

Weakening positives5

Repairing negatives0

31 constituents measured as of 28 Aug 2026. Median trend age is 32 weeks.

Custom stage map

Where constituents sit in the cycle

97% coverage

77%Stage 2

Stage 1 · Basing3%1 securities

Stage 2 · Advancing77%23 securities

Stage 3 · Distribution3%1 securities

Stage 4 · Declining17%5 securities

Re-acceleration watch3 Transition watch1 Relative strength leaders63% Fair Value repairs0

Measured as of 28 Aug 2026. Stages summarize price, Activity Line architecture, Fair Value position and relative evidence.

Architecture breadth

How market energy is distributed

76/100 mean confidence

Upward expansion

30% 9

Rotation up

13% 4

Deceleration

7% 2

Balance

27% 8

Rotation down

0% 0

Downward expansion

23% 7

Unresolved

0% 0

Architecture breadth shows the distribution of expanding, rotating, balancing and contracting securities. It is diagnostic context and is not added as a second vote in the positioning score.

Capital rotation

Performance relative to BR Market Structure

Weakening

Relative index 13-week relative trend Starting level

Rotation dashboard Weakening

A rising relative line means this group is compounding faster than BR Market Structure. A falling line means capital has done better in the parent benchmark.

Relative index96.2

13-week trend94.5

4-week trend change-1.06%

Weekly peer rank11 of 11

1 week

-1.5 pts relative

4 weeks

-0.6 pts relative

13 weeks

0.2 pts relative

26 weeks

6.1 pts relative

52 weeks

21.1 pts relative

Market internals

Participation, dispersion and path risk

Equal-weight index evidence with constituent-level breadth and dispersion.

Breadth

Participation quality

Narrow

35% advanced

Advancing: 11
Declining: 18
Unchanged: 2

4-week average 54%

13-week average 51%

Risk and persistence

Path quality

52-week lens

Annualised weekly volatility18.7%

Drawdown from 52-week high-8.9%

Positive weeks, last 1362%

Current directional run1 week

Turnover versus 13-week norm224%

Breadth impulse-17.2 pts

Cross-section

Return distribution

31 measured

Q1 -3.6% Median -0.5% Q3 1.3%

Average winner5.2%

Average loser-3.6%

Dispersion6.7 pts

Top-five upside share88%

Top-five capital share62%

Capital data coverage100%

Dispersion describes how far constituent outcomes are spreading apart. Capital concentration is contextual only; the index itself is equal weighted.

Momentum cycle

30-week persistence

Positive readings show expansion. Negative readings show contraction.

Breadth cycle

Net participation

Advancers less decliners as a percentage of measured constituents.

Industry map

Where sector leadership is forming

Performance, breadth and trend acceptance across every qualified industry.

2/5 positive

Above Trend Line2/540% of industries

Constructive breadth2/5At least half advancing

Median industry-0.49%2.81 pts dispersion

#1 Repairing

News and narrative

Does company news confirm the market tape?

Open Sentiment Intelligence

Sentiment evidence is still developing

Qualified company-level news coverage is not yet broad enough to influence the group view.

0 qualified records across 31 measured constituents.

Leadership tape

Leaders, laggards and contribution shape

Latest completed week, ranked on uncapped constituent returns.

Leading edge

1 OSXB3OSX Brasil S.A.

29.47% 2 T1EC34TechnipFMC plc

8.50% 3 SLBG34SLB N.V.

6.47% 4 CSAN3Cosan S.A.

3.57% 5 W1MB34The Williams Companies, Inc.

2.55%

Weakest edge

31 AZTE3Azevedo & Travassos Energia S.A.

-9.66% 30 BRAV3Brava Energia S.A.

-9.57% 29 LUPA3Lupatech S.A.

-6.35% 28 B1PP34BP p.l.c.

-4.87% 27 HALI34Halliburton Company

-4.59%

Constituent ledger

Sector constituents

All 31 measured constituents, ranked by latest weekly return.

Rank Ticker Company Exchange Market cap Close Index contribution Return

1 OSXB3 OSX Brasil S.A. SAO 4.25M 1.23 0.81 pts

29.47%

2 T1EC34 TechnipFMC plc SAO 136.15B 389.99 0.27 pts

8.50%

3 SLBG34 SLB N.V. SAO 414.82B 147.42 0.21 pts

6.47%

4 CSAN3 Cosan S.A. SAO 15.34B 3.77 0.12 pts

3.57%

5 W1MB34 The Williams Companies, Inc. SAO 431.91B 382.66 0.08 pts

2.55%

6 VLOE34 Valero Energy Corporation SAO 361.90B 114.51 0.07 pts

2.06%

7 GPRK34 GeoPark Limited SAO 3.61B 51.10 0.06 pts

1.77%

8 PETR4 Petróleo Brasileiro S.A. - Petrobras SAO 577.15B 43.55 0.04 pts

1.39%

9 RECV3 Petroreconcavo S.A. SAO 3.30B 10.63 0.04 pts

1.14%

10 PETR3 Petróleo Brasileiro S.A. - Petrobras SAO 609.12B 48.25 0.02 pts

0.54%

11 UGPA3 Ultrapar Participações S.A. SAO 27.25B 33.63 0.00 pts

0.14%

12 N1OV34 NOV Inc. SAO 36.91B 109.56 0.00 pts

0.00%

13 RPMG3 Refinaria de Petróleos de Manguinhos S.A. SAO 108.29M 0.85 0.00 pts

0.00%

14 KMIC34 Kinder Morgan, Inc. SAO 346.00B 54.00 -0.01 pts

-0.25%

15 CHVX34 Chevron Corporation SAO 1.86T 104.90 -0.01 pts

-0.46%

16 A1PA34 APA Corporation SAO 67.69B 219.00 -0.02 pts

-0.54%

17 RIGG34 Transocean Ltd. SAO 34.76B 30.31 -0.04 pts

-1.30%

18 Y2PF34 YPF Sociedad Anónima SAO 116.63B 263.38 -0.04 pts

-1.36%

19 COPH34 ConocoPhillips SAO 709.34B 56.55 -0.07 pts

-2.25%

20 D1VN34 Devon Energy Corporation SAO 257.55B 246.00 -0.09 pts

-2.76%

21 OXYP34 Occidental Petroleum Corporation SAO 293.14B 51.10 -0.09 pts

-2.89%

22 E1QN34 Equinor ASA SAO 469.53B 107.03 -0.11 pts

-3.28%

23 EXXO34 Exxon Mobil Corporation SAO 3.09T 102.06 -0.11 pts

-3.45%

24 PRIO3 Prio S.A. SAO 50.81B 60.54 -0.12 pts

-3.68%

25 O1KE34 ONEOK, Inc. SAO 284.72B 237.39 -0.12 pts

-3.75%

26 E1CO34 Ecopetrol S.A. SAO 165.12B 43.04 -0.13 pts

-4.14%

27 HALI34 Halliburton Company SAO 165.56B 175.34 -0.15 pts

-4.59%

28 B1PP34 BP p.l.c. SAO 833.53B 54.70 -0.16 pts

-4.87%

29 LUPA3 Lupatech S.A. SAO 35.49M 3.69 -0.20 pts

-6.35%

30 BRAV3 Brava Energia S.A. SAO 9.58B 17.00 -0.31 pts

-9.57%

31 AZTE3 Azevedo & Travassos Energia S.A. SAO 71.82M 1.31 -0.31 pts

-9.66%

The index uses capped equal-weight weekly constituent returns. The ledger shows uncapped security returns so outliers remain visible for research.