{"schema_version":"1.0","name":"ENC Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-14","ticker":{"uuid":"02cc7438-7ac0-48a0-8e9c-653141f4ff19","symbol":"ENC","name":"ENCE Energía y Celulosa, S.A.","exchange":"MCE","country":"ES","asset_type":"equity","currency":"EUR","sector":"Basic Materials","industry":"Paper & Paper Products"},"summary":"Market Dynamics strengthened this week and remains positive. Underlying support has strengthened across the recent completed path. 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record"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":2.5,"sample":16},{"week":2,"averageReturn":1.2,"sample":16},{"week":3,"averageReturn":1.9,"sample":16},{"week":4,"averageReturn":1.0,"sample":16},{"week":5,"averageReturn":3.4,"sample":16},{"week":6,"averageReturn":4.3,"sample":16},{"week":7,"averageReturn":4.4,"sample":16},{"week":8,"averageReturn":4.7,"sample":16},{"week":9,"averageReturn":4.0,"sample":15},{"week":10,"averageReturn":3.9,"sample":15},{"week":11,"averageReturn":5.4,"sample":15},{"week":12,"averageReturn":4.2,"sample":14},{"week":13,"averageReturn":2.6,"sample":14},{"week":14,"averageReturn":0.9,"sample":14},{"week":15,"averageReturn":2.8,"sample":14},{"week":16,"averageReturn":3.2,"sample":14},{"week":17,"averageReturn":5.3,"sample":14},{"week":18,"averageReturn":4.7,"sample":14},{"week":19,"averageReturn":5.5,"sample":14},{"week":20,"averageReturn":4.6,"sample":14},{"week":21,"averageReturn":3.3,"sample":14},{"week":22,"averageReturn":5.6,"sample":14},{"week":23,"averageReturn":6.7,"sample":13},{"week":24,"averageReturn":4.7,"sample":13},{"week":25,"averageReturn":5.9,"sample":13},{"week":26,"averageReturn":5.2,"sample":13}]}},"pricePressureGap":{"label":"Price elevated relative to Market Dynamics","kind":"structuralDivergence","expectedDirection":"lower","episodes":0,"completedEpisodes":0,"activeEpisodes":0,"horizons":[{"weeks":4,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"},{"weeks":12,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"},{"weeks":26,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"}],"path":[{"week":0,"sample":0},{"week":1,"sample":0},{"week":2,"sample":0},{"week":3,"sample":0},{"week":4,"sample":0},{"week":5,"sample":0},{"week":6,"sample":0},{"week":7,"sample":0},{"week":8,"sample":0},{"week":9,"sample":0},{"week":10,"sample":0},{"week":11,"sample":0},{"week":12,"sample":0},{"week":13,"sample":0},{"week":14,"sample":0},{"week":15,"sample":0},{"week":16,"sample":0},{"week":17,"sample":0},{"week":18,"sample":0},{"week":19,"sample":0},{"week":20,"sample":0},{"week":21,"sample":0},{"week":22,"sample":0},{"week":23,"sample":0},{"week":24,"sample":0},{"week":25,"sample":0},{"week":26,"sample":0}]},"currentApplication":{"status":"Underlying strength ahead of price","tone":"positive","headline":"Underlying strength is leading price","use":"A positive price response is needed before the early upside case is confirmed.","confirm":"Treat the gap as an early-upside opportunity watch. A continued positive price response would confirm that price is catching up with the stronger foundation.","invalidate":"Reassess the reading when either price structure or the Market Dynamics state changes materially.","level":"positive","direction":"strengthening","zone":"middle","zoneContext":"Market Dynamics has strengthened across the recent completed path and remains strongly positive, while price has not advanced as far through its range. The gap is an early-upside watch; a positive price response is needed for confirmation.","historical":{"label":"Broad directional cases","weeks":12,"direction":"higher","percent":42.9,"averageReturn":4.2,"sample":14},"nowContext":{"label":"Stronger this week","detail":"Market Dynamics strengthened this week and remains positive."},"fourWeekContext":{"label":"Strengthened over four weeks","detail":"Underlying support has strengthened across the recent completed path."},"priceContext":{"label":"Price is lagging the underlying strength","detail":"Market Dynamics has advanced further through its recent range than price. This is positive divergence and an early-upside watch, but price confirmation is still required."}},"strategyApproach":{"headline":"Strategy observations from this ticker's own record","summary":"The current reading identifies the setup. The observations below show how this ticker's completed history can guide positioning, confirmation and risk control without treating any one reading as a forecast.","observations":[{"eyebrow":"Early repair watch","title":"Prepare the case before price confirms the recovery","tone":"recovery","approach":"Use the improvement to move the ticker onto a watchlist or define an entry trigger. Commitment should rise only after price responds; fading Market Dynamics cancels the early case.","finding":"In this ticker's completed record, 42.9% of comparable cases moved higher after 12 weeks, with an average move of 4.2% across 14 cases.","watch":"Reassess the reading when either price structure or the Market Dynamics state changes materially."},{"eyebrow":"Zone positioning","title":"Use accumulation to prepare the long case, then wait for confirmation","tone":"positive","finding":"After accumulation, 75.0% of completed 12-week outcomes were higher across 4 cases. Distinct visits lasted 1.8 weeks on average before leaving the zone.","approach":"Build the thesis and entry conditions while price is in accumulation. Increase exposure only when price responds; location alone is not the entry.","watch":"A failed price response or renewed weakness removes the reason to increase long exposure."},{"eyebrow":"Disagreement playbook","title":"Use improving Market Dynamics to prepare, not anticipate","tone":"recovery","finding":"Comparable disagreements produced an average recovery of 12.3% across 14 completed cases, with the largest move arriving after 5.9 weeks on average.","approach":"Define the price level that would confirm the repair. Until that response occurs, keep the idea at watchlist or starter-position size.","watch":"The early repair fails if Market Dynamics fades before price responds."}]},"summary":"This record compares the ticker's completed price path with its published Market Dynamics history."},"events":{"positioning_recoveries":[{"date":"2026-02-20","price":2.43},{"date":"2026-04-03","price":2.31},{"date":"2026-04-17","price":2.382},{"date":"2026-07-03","price":2.368}],"distribution_rollovers":[{"date":"2025-02-28","price":3.35}],"price_pressure_gaps":[]}},"smTape":{"available":true,"dates":["2024-08-23","2024-08-30","2024-09-06","2024-09-13","2024-09-20","2024-09-27","2024-10-04","2024-10-11","2024-10-18","2024-10-25","2024-11-01","2024-11-08","2024-11-15","2024-11-22","2024-11-29","2024-12-06","2024-12-13","2024-12-20","2024-12-27","2025-01-03","2025-01-10","2025-01-17","2025-01-24","2025-01-31","2025-02-07","2025-02-14","2025-02-21","2025-02-28","2025-03-07","2025-03-14","2025-03-21","2025-03-28","2025-04-04","2025-04-11","2025-04-18","2025-04-25","2025-05-02","2025-05-09","2025-05-16","2025-05-23","2025-05-30","2025-06-06","2025-06-13","2025-06-20","2025-06-27","2025-07-04","2025-07-11","2025-07-18","2025-07-25","2025-08-01","2025-08-08","2025-08-15","2025-08-22","2025-08-29","2025-09-05","2025-09-12","2025-09-19","2025-09-26","2025-10-03","2025-10-10","2025-10-17","2025-10-24","2025-10-31","2025-11-07","2025-11-14","2025-11-21","2025-11-28","2025-12-05","2025-12-12","2025-12-19","2025-12-26","2026-01-02","2026-01-09","2026-01-16","2026-01-23","2026-01-30","2026-02-06","2026-02-13","2026-02-20","2026-02-27","2026-03-06","2026-03-13","2026-03-20","2026-03-27","2026-04-03","2026-04-10","2026-04-17","2026-04-24","2026-05-01","2026-05-08","2026-05-15","2026-05-22","2026-05-29","2026-06-05","2026-06-12","2026-06-19","2026-06-26","2026-07-03","2026-07-10","2026-07-17","2026-07-24","2026-07-31","2026-08-07","2026-08-14"],"close":[3.1021,3.0744,2.8826,2.9242,2.8945,2.9538,2.9736,2.9854,2.8095,2.8154,2.8787,2.816,2.84,2.86,2.762,2.772,3.01,2.98,3.07,3.19,3.098,3.368,3.418,3.488,3.51,3.552,3.502,3.35,3.312,3.246,3.3,3.206,2.91,2.916,2.926,2.984,2.808,2.844,2.922,2.86,2.89,2.952,2.858,2.886,2.934,2.872,2.91,2.854,2.862,2.724,2.938,2.854,2.864,2.814,2.816,2.814,2.768,2.872,2.774,2.782,2.724,2.728,2.65,2.542,2.41,2.226,2.38,2.354,2.32,2.324,2.358,2.468,2.34,2.292,2.252,2.226,2.294,2.592,2.43,2.51,2.334,2.336,2.204,2.282,2.31,2.282,2.382,2.352,2.446,2.418,2.384,2.478,2.43,2.5,2.434,2.362,2.298,2.368,2.424,2.394,2.564,2.568,2.594,2.582],"consensus":[13.2676,-8.1338,-60.7392,-11.8081,-39.5844,0.0,0.0,0.0,-61.4583,-28.9508,0.0,-46.5222,0.0,-9.9904,-50.5358,-12.8442,60.4817,10.7995,52.9146,62.3927,0.0,77.5975,57.8638,65.4635,53.5268,53.0851,22.9704,-26.7596,-19.22,-28.2613,0.0,-38.0093,-69.7089,-25.9093,-33.6508,-14.0669,-65.1434,-16.4424,0.0,-43.9217,-8.5369,15.1366,-42.0735,0.0,15.9961,-33.8837,14.2425,-32.8467,-12.3398,-62.5982,43.7072,-27.9426,0.0,-22.1224,-8.5904,-19.5124,-39.3883,33.6747,-39.7391,0.0,-38.0412,-21.3467,-49.3105,-63.2434,-70.7743,-81.8025,0.0,-38.2254,-47.2748,-10.4557,0.0,36.1528,-45.5247,-38.9726,-35.268,-45.3809,0.0,67.7084,-17.0277,42.7138,-35.0924,-12.0488,-59.5632,0.0,0.0,-25.2962,40.1301,0.0,41.4495,0.0,-10.7933,44.8904,-8.8682,29.0293,0.0,-29.0416,-33.6021,0.0,23.7711,0.0,55.4185,27.9153,30.6618,19.1139],"supportDates":["2025-08-22","2025-08-29","2025-09-05","2025-09-12","2025-09-19","2025-09-26","2025-10-03","2025-10-10","2025-10-17","2025-10-24","2025-10-31","2025-11-07","2025-11-14","2025-11-21","2025-11-28","2025-12-05","2025-12-12","2025-12-19","2025-12-26","2026-01-02","2026-01-09","2026-01-16","2026-01-23","2026-01-30","2026-02-06","2026-02-13","2026-02-20","2026-02-27","2026-03-06","2026-03-13","2026-03-20","2026-03-27","2026-04-03","2026-04-10","2026-04-17","2026-04-24","2026-05-01","2026-05-08","2026-05-15","2026-05-22","2026-05-29","2026-06-05","2026-06-12","2026-06-19","2026-06-26","2026-07-03","2026-07-10","2026-07-17","2026-07-24","2026-07-31","2026-08-07","2026-08-14"],"control":[0.0,-37.7096,-1.2725,-24.6368,-42.7143,35.5251,-42.0724,0.0,-44.3333,-16.2435,-48.0751,-67.5476,-73.825,-85.7959,0.0,-32.6071,-52.9244,-14.5659,0.0,30.4281,-52.9845,-45.5403,-33.7393,-48.9791,0.0,59.6908,-30.9973,35.3379,-44.2141,-3.9615,-62.3458,0.0,0.0,-30.9084,35.5148,0.0,39.5036,0.0,-18.361,41.036,-11.7734,27.9127,0.0,-34.1203,-36.5979,0.0,29.1504,0.0,42.2119,21.322,22.7678,7.9881],"force":[0.0,-24.2907,-1.9891,-13.414,-42.5991,55.2683,-59.4701,0.0,-39.3197,-7.0275,-55.4397,-63.5586,-74.8365,-91.0992,0.0,-16.6932,-28.0069,-17.7786,0.0,81.9018,-63.8532,-33.9922,-22.7568,-30.1889,0.0,97.0352,-56.7869,52.4446,-61.2268,-2.0533,-75.4074,0.0,0.0,-25.3172,64.3111,0.0,49.8959,0.0,-25.1838,57.6699,-33.2974,19.2086,0.0,-31.3552,-26.0158,0.0,35.2501,0.0,82.7509,9.0815,16.4798,2.7678],"direction":[0.0,-2.7596,-27.4192,-18.0119,-33.2938,16.1358,-22.9789,0.0,-29.937,-37.407,-46.3443,-58.0991,-64.3862,-70.598,0.0,-60.0264,-54.5808,-25.9256,0.0,10.0175,-23.9075,-35.0241,-45.9518,-52.1202,0.0,55.9236,-27.337,44.1927,-6.0002,-28.431,-45.0658,0.0,0.0,-18.8671,28.1324,0.0,37.6401,0.0,-8.1344,40.1672,-11.9013,37.3202,0.0,-21.5847,-35.5971,0.0,9.4241,0.0,50.9888,48.9032,49.8133,47.4588],"intensity":[40.3846,11.5385,13.4615,11.5385,7.6923,59.6154,55.7692,36.5385,17.3077,23.0769,46.1538,65.3846,80.7692,90.3846,82.6923,38.4615,3.8462,32.6923,5.7692,73.0769,75.0,65.3846,61.5385,1.9231,36.5385,100.0,90.3846,44.2308,90.3846,42.3077,75.0,44.2308,69.2308,3.8462,63.4615,57.6923,59.6154,26.9231,9.6154,61.5385,19.2308,51.9231,51.9231,38.4615,44.2308,50.0,25.0,5.7692,98.0769,82.6923,30.7692,5.7692],"confirmation":[48.7198,52.2411,25.9393,73.98,80.6514,79.4058,81.2823,25.6804,80.1163,51.8057,83.985,88.1819,90.7251,94.3993,36.8955,79.6615,82.4546,28.8821,6.4888,81.0504,83.0128,80.2194,78.9278,82.0041,31.6125,90.6826,34.9463,82.0774,57.2204,26.3409,87.5007,30.4086,2.4021,76.0099,81.6489,28.2448,81.5509,5.223,28.1791,82.8131,28.7437,77.0071,25.3645,77.2864,78.4758,27.6145,75.8746,48.5852,86.7682,76.4594,77.4998,36.8762],"persistence":[37.5,37.5,62.5,62.5,62.5,37.5,62.5,50.0,62.5,62.5,62.5,62.5,62.5,87.5,75.0,87.5,87.5,87.5,75.0,50.0,50.0,50.0,62.5,62.5,50.0,25.0,37.5,37.5,37.5,37.5,37.5,25.0,25.0,50.0,25.0,37.5,12.5,0.0,0.0,12.5,0.0,25.0,12.5,0.0,25.0,25.0,0.0,12.5,12.5,12.5,25.0,50.0],"assessmentRisk":[2.3012,49.8555,40.3759,13.0335,21.6464,12.6164,2.3073,14.597,4.2272,35.7645,20.7348,18.3582,14.6094,9.0987,48.9905,29.4451,14.7973,45.2424,9.7667,24.6677,33.3456,2.9139,23.2314,26.807,26.5541,15.5002,54.0239,28.041,33.4179,42.5285,17.4983,47.3884,9.2089,8.4841,24.7974,29.7316,19.3289,37.2527,6.4985,22.7338,5.1484,27.1721,27.527,32.9059,31.6293,49.177,19.3261,25.8178,22.2007,35.6424,33.8001,39.9483],"volumeParticipation":true,"latest":{"consensus":19.1,"control":8.0,"force":2.8,"direction":47.5,"confirmation":36.9,"persistence":50.0,"assessmentRisk":39.9,"intensity":5.8,"evidenceDepth":100},"analysis":{"status":"Joint upward confirmation","headline":"The gauges support the upward market view","summary":"Price structure and Market Dynamics agree. Control, force and direction support the same upward assessment.","take":"Current assessment: upward pressure has broad support.","tone":"positive","supportedView":"Price structure and Market Dynamics","direction":"upward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Control support is limited","controlPath":"Broadly stable","forceState":"Commitment is limited","forcePath":"Broadly stable","directionState":"Upward follow-through","persistenceState":"Developing","confirmationState":"Limited support","riskState":"Present","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"+19.1","detail":"Joint upward confirmation","tone":"positive"},{"label":"SM Control Gauge","value":"+8.0","detail":"Control support is limited","tone":"positive"},{"label":"SM Force Gauge","value":"+2.8","detail":"Commitment is limited","tone":"positive"},{"label":"SM Direction Gauge","value":"+47.5","detail":"Upward follow-through","tone":"positive"},{"label":"SM Confirmation Gauge","value":"37/100","detail":"Limited support","tone":"caution"}]},"kpis":[{"label":"Price structure","value":"Aligned upward","detail":"completed-week alignment","tone":"positive"},{"label":"Momentum","value":"57.8","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"4.9%","detail":"Normal","tone":"neutral"},{"label":"Trend quality","value":"19.4","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"73%","detail":"location inside observed range","tone":"neutral"},{"label":"Adaptive set","value":"6 views","detail":"selected for the current tape","tone":"neutral"}],"charts":[{"key":"price","eyebrow":"Price architecture","title":"Trend, acceptance and volatility envelope","description":"Price is shown against fast and slow trend references with its current volatility envelope.","reason":"Selected as the anchor because price and its trend references are aligned upward.","series":[{"label":"Close","values":[3.1021,3.0744,2.8826,2.9242,2.8945,2.9538,2.9736,2.9854,2.8095,2.8154,2.8787,2.816,2.84,2.86,2.762,2.772,3.01,2.98,3.07,3.19,3.098,3.368,3.418,3.488,3.51,3.552,3.502,3.35,3.312,3.246,3.3,3.206,2.91,2.916,2.926,2.984,2.808,2.844,2.922,2.86,2.89,2.952,2.858,2.886,2.934,2.872,2.91,2.854,2.862,2.724,2.938,2.854,2.864,2.814,2.816,2.814,2.768,2.872,2.774,2.782,2.724,2.728,2.65,2.542,2.41,2.226,2.38,2.354,2.32,2.324,2.358,2.468,2.34,2.292,2.252,2.226,2.294,2.592,2.43,2.51,2.334,2.336,2.204,2.282,2.31,2.282,2.382,2.352,2.446,2.418,2.384,2.478,2.43,2.5,2.434,2.362,2.298,2.368,2.424,2.394,2.564,2.568,2.594,2.582],"stroke":"#10243b","width":2.1},{"label":"Fast 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