{"schema_version":"1.0","name":"HBOR3 Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-14","ticker":{"uuid":"07274c09-7708-4c1d-8680-fd8db00d9e94","symbol":"HBOR3","name":"Helbor Empreendimentos S.A.","exchange":"SAO","country":"BR","asset_type":"equity","currency":"BRL","sector":"Real Estate","industry":"Real Estate Services"},"summary":"Price structure and the underlying tape currently reinforce the same downside read.","sections":[{"name":"Executive technical read","description":"Completed-week price state, Market Dynamics alignment, current price and the principal technical KPIs."},{"name":"Market Dynamics","description":"The proprietary relationship between completed price, underlying support, positioning zones and confirmation."},{"name":"Ticker evidence record","description":"Current application, comparable historical conditions, zone outcomes and practical review conditions."},{"name":"Adaptive technical 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cautious, Market Dynamics positive","kind":"disagreement","expectedDirection":"higher","episodes":16,"completedEpisodes":16,"activeEpisodes":0,"medianExpectedMove":13.9,"averageExpectedMove":26.3,"averageWeeksToLargestMove":4.9,"horizons":[{"weeks":4,"sample":16,"expectedCount":7,"expectedPercent":43.8,"averageReturn":4.1,"medianReturn":-5.0,"confidenceLow":23.1,"confidenceHigh":66.8,"confidence":"Mixed historical record"},{"weeks":12,"sample":16,"expectedCount":6,"expectedPercent":37.5,"averageReturn":3.5,"medianReturn":-16.5,"confidenceLow":18.5,"confidenceHigh":61.4,"confidence":"Mixed historical record"},{"weeks":26,"sample":15,"expectedCount":3,"expectedPercent":20.0,"averageReturn":1.1,"medianReturn":-15.4,"confidenceLow":7.0,"confidenceHigh":45.2,"confidence":"Historically adverse"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":3.3,"sample":16},{"week":2,"averageReturn":4.3,"sample":16},{"week":3,"averageReturn":2.1,"sample":16},{"week":4,"averageReturn":4.1,"sample":16},{"week":5,"averageReturn":0.6,"sample":16},{"week":6,"averageReturn":-0.0,"sample":16},{"week":7,"averageReturn":0.7,"sample":16},{"week":8,"averageReturn":3.3,"sample":16},{"week":9,"averageReturn":3.6,"sample":16},{"week":10,"averageReturn":3.4,"sample":16},{"week":11,"averageReturn":5.1,"sample":16},{"week":12,"averageReturn":3.5,"sample":16},{"week":13,"averageReturn":4.0,"sample":16},{"week":14,"averageReturn":5.7,"sample":16},{"week":15,"averageReturn":6.9,"sample":16},{"week":16,"averageReturn":8.7,"sample":16},{"week":17,"averageReturn":8.6,"sample":16},{"week":18,"averageReturn":7.4,"sample":16},{"week":19,"averageReturn":4.8,"sample":16},{"week":20,"averageReturn":0.3,"sample":16},{"week":21,"averageReturn":4.5,"sample":16},{"week":22,"averageReturn":1.8,"sample":16},{"week":23,"averageReturn":4.6,"sample":15},{"week":24,"averageReturn":1.8,"sample":15},{"week":25,"averageReturn":4.1,"sample":15},{"week":26,"averageReturn":1.1,"sample":15}]}},"pricePressureGap":{"label":"Price elevated relative to Market Dynamics","kind":"structuralDivergence","expectedDirection":"lower","episodes":1,"completedEpisodes":1,"activeEpisodes":0,"medianExpectedMove":40.3,"averageExpectedMove":40.3,"averageWeeksToLargestMove":10.0,"horizons":[{"weeks":4,"sample":1,"expectedCount":1,"expectedPercent":100.0,"averageReturn":-27.9,"medianReturn":-27.9,"confidenceLow":20.7,"confidenceHigh":100.0,"confidence":"Mixed historical record"},{"weeks":12,"sample":1,"expectedCount":1,"expectedPercent":100.0,"averageReturn":-33.6,"medianReturn":-33.6,"confidenceLow":20.7,"confidenceHigh":100.0,"confidence":"Mixed historical record"},{"weeks":26,"sample":1,"expectedCount":1,"expectedPercent":100.0,"averageReturn":-41.5,"medianReturn":-41.5,"confidenceLow":20.7,"confidenceHigh":100.0,"confidence":"Mixed historical record"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":2.7,"sample":1},{"week":2,"averageReturn":-35.8,"sample":1},{"week":3,"averageReturn":-29.6,"sample":1},{"week":4,"averageReturn":-27.9,"sample":1},{"week":5,"averageReturn":-34.1,"sample":1},{"week":6,"averageReturn":-34.8,"sample":1},{"week":7,"averageReturn":-40.2,"sample":1},{"week":8,"averageReturn":-39.5,"sample":1},{"week":9,"averageReturn":-37.8,"sample":1},{"week":10,"averageReturn":-40.3,"sample":1},{"week":11,"averageReturn":-39.8,"sample":1},{"week":12,"averageReturn":-33.6,"sample":1},{"week":13,"averageReturn":-31.6,"sample":1},{"week":14,"averageReturn":-31.6,"sample":1},{"week":15,"averageReturn":-27.1,"sample":1},{"week":16,"averageReturn":-18.1,"sample":1},{"week":17,"averageReturn":-24.4,"sample":1},{"week":18,"averageReturn":-28.1,"sample":1},{"week":19,"averageReturn":-33.3,"sample":1},{"week":20,"averageReturn":-33.8,"sample":1},{"week":21,"averageReturn":-43.5,"sample":1},{"week":22,"averageReturn":-39.5,"sample":1},{"week":23,"averageReturn":-38.8,"sample":1},{"week":24,"averageReturn":-41.3,"sample":1},{"week":25,"averageReturn":-43.0,"sample":1},{"week":26,"averageReturn":-41.5,"sample":1}]},"currentApplication":{"status":"Evidence aligned downward","tone":"negative","headline":"Price and Market Dynamics remain aligned downward","use":"The downside remains supported until Market Dynamics repairs or price structure changes.","confirm":"The downside state remains confirmed until Market Dynamics repairs or price structure changes.","invalidate":"Reassess the reading when either price structure or the Market Dynamics state changes materially.","level":"negative","direction":"weakening","zone":"middle","zoneContext":"Price is between the accumulation and distribution zones. The Market Dynamics bars describe whether the current move is gaining or losing underlying support.","historical":{"label":"Broad directional cases","weeks":12,"direction":"lower","percent":61.1,"averageReturn":-6.6,"sample":18},"nowContext":{"label":"Easier this week","detail":"Market Dynamics weakened this week and remains below zero."},"fourWeekContext":{"label":"Weakened over four weeks","detail":"Underlying support has contracted across the recent completed path."},"priceContext":{"label":"Price structure is downward","detail":"Price is responding in the same broad direction as Market Dynamics."}},"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":"Capital protection","title":"Treat agreement on the downside as a defensive condition","tone":"negative","approach":"Reduce the burden of proof for risk control and raise it for new long exposure. A short position still needs a defined entry, exit and maximum loss.","finding":"In this ticker's completed record, 61.1% of comparable cases moved lower after 12 weeks, with an average move of -6.6% across 18 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, 50.0% of completed 12-week outcomes were higher across 2 cases. Distinct visits lasted 9.5 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 26.3% across 16 completed cases, with the largest move arriving after 4.9 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":"2025-03-28","price":1.716295},{"date":"2025-04-18","price":1.876608}],"distribution_rollovers":[{"date":"2025-11-14","price":2.578444}],"price_pressure_gaps":[{"date":"2025-10-31","price":4.016423}]}},"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":[2.0369,1.9521,1.8955,1.886,1.7823,1.7917,1.8012,1.754,1.7823,1.7069,1.6974,1.7163,1.6974,1.6597,1.5088,1.4428,1.4051,1.3485,1.3014,1.2919,1.2731,1.2919,1.4145,1.5088,1.3862,1.4994,1.5277,1.3768,1.4334,1.6126,1.6031,1.7163,1.6974,1.6031,1.8766,2.1223,2.1818,2.39,2.3801,2.4396,2.5289,2.757,2.7669,2.7371,2.4694,2.271,2.1818,2.2016,2.8065,2.8363,2.8065,2.8561,3.0247,3.2528,3.6297,3.5206,3.7586,3.4908,3.6792,3.0346,3.2131,3.5404,4.0164,4.1255,2.5784,2.8264,2.8958,2.6479,2.6181,2.3999,2.4297,2.4991,2.3986,2.4186,2.6685,2.7484,2.7484,2.9283,3.2881,3.0383,2.8883,2.6785,2.6585,2.2687,2.4286,2.4586,2.3586,2.2887,2.35,2.3,2.23,2.24,2.54,2.17,2.28,2.21,2.2,2.36,2.02,1.98,1.86,1.87,1.92,1.9],"consensus":[-10.6072,-39.3675,-46.0618,-24.2589,-54.2045,-25.5449,-24.3325,-41.4633,-13.9312,-53.0483,-34.4618,-19.7162,-33.7671,-33.4915,-60.3533,-59.3374,-53.0588,-48.727,-52.5499,-43.3917,-43.9849,-18.797,24.9441,39.2452,-27.2751,36.843,17.7855,-44.412,12.5388,55.7886,13.1268,60.206,19.0638,-12.0832,72.1218,80.0719,50.666,75.8279,31.8433,46.4668,57.2419,71.8209,34.3902,20.0833,-23.5009,-41.419,-28.1366,-16.7015,65.9784,41.8528,26.6092,37.9962,52.8408,52.8769,73.8408,24.0999,66.123,8.4803,43.7103,-50.2215,9.7507,43.7227,62.424,44.0317,-66.6129,0.0,-22.7222,-56.2785,-26.4688,-53.1568,-30.0361,-15.9864,-40.2164,-21.4766,22.3255,11.9186,8.6054,33.9949,57.2438,0.0,-9.107,-35.8247,-21.9946,-62.2123,-8.4953,-12.8513,-38.7444,-28.2375,0.0,-24.8824,-27.0663,-14.1904,40.1484,-42.2464,0.0,-20.8137,-14.623,19.5358,-47.1036,-41.2731,-52.3376,-30.5616,-16.6606,-17.5711],"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":[58.4074,50.2612,79.4121,14.8643,72.9601,2.6309,40.9913,-43.7064,21.8311,51.205,60.9166,41.1469,-58.6328,0.0,-15.4573,-56.7302,-32.3871,-55.4054,-24.3198,-10.1914,-42.6623,-25.7237,24.7353,9.7262,3.7389,31.559,56.5505,0.0,-15.6214,-34.1828,-15.7028,-53.6162,-0.1901,-7.42,-42.1135,-36.0902,0.0,-24.7075,-27.4992,-14.3329,43.4755,-53.8799,0.0,-26.8817,-5.0665,19.1408,-55.098,-45.9938,-55.2059,-26.2487,-15.6684,-15.3923],"force":[53.3757,53.4136,78.5621,11.9059,58.745,34.2956,54.2942,-93.3788,24.9629,57.263,83.055,30.1063,-98.1403,0.0,-1.946,-57.1802,-7.3605,-46.457,-5.1751,-8.5785,-28.7749,-1.8534,48.9292,18.6716,8.9587,40.608,67.79,0.0,-27.581,-52.9152,-16.8092,-90.9502,-22.2982,-3.281,-33.8122,-18.9783,0.0,-16.8717,-18.9996,-1.1694,64.0734,-38.8336,0.0,-12.2318,-2.5771,27.764,-40.6191,-31.8061,-50.515,-9.5626,-3.9228,-3.056],"direction":[46.0968,55.4829,64.1012,60.3734,63.5791,45.7194,39.2577,-26.8406,14.9213,25.4998,49.4102,57.2752,-53.2134,0.0,-45.8651,-55.1181,-33.3537,-55.3726,-54.3269,-40.1555,-45.5936,-30.6393,0.5687,9.6007,13.9148,32.0551,50.5031,0.0,-11.5337,-25.4937,-32.8891,-51.5095,-40.4166,-30.5816,-38.417,-25.8766,0.0,-30.8042,-32.3335,-24.9989,19.2567,-31.3886,0.0,-20.0087,-34.1489,14.1098,-42.5989,-42.6402,-50.3614,-50.49,-32.4969,-30.4292],"intensity":[71.1538,98.0769,92.3077,76.9231,75.0,76.9231,86.5385,100.0,96.1538,84.6154,98.0769,90.3846,100.0,98.0769,67.3077,55.7692,44.2308,50.0,46.1538,9.6154,11.5385,1.9231,55.7692,44.2308,9.6154,32.6923,80.7692,53.8462,44.2308,38.4615,48.0769,80.7692,84.6154,1.9231,13.4615,17.3077,23.0769,21.1538,19.2308,1.9231,67.3077,73.0769,19.2308,9.6154,7.6923,32.6923,73.0769,13.4615,30.7692,34.6154,30.7692,30.7692],"confirmation":[84.8405,84.9768,91.688,31.962,88.8303,8.8156,82.3513,85.4854,29.2496,82.2899,88.6274,81.7097,90.3986,8.7791,52.082,86.0297,53.1308,84.7717,54.2743,28.952,80.4833,51.5431,53.2515,72.0532,48.172,79.117,86.65,32.3978,28.5052,80.0098,74.9761,88.9148,6.7099,27.0701,80.1965,76.6341,5.6506,75.7209,76.4088,49.6535,81.5259,81.2376,3.5191,74.3064,27.1245,74.5082,82.7537,80.8469,84.6488,77.2055,50.8894,58.5469],"persistence":[25.0,50.0,75.0,100.0,100.0,100.0,100.0,75.0,75.0,75.0,75.0,75.0,50.0,37.5,12.5,12.5,12.5,37.5,62.5,87.5,87.5,100.0,75.0,50.0,25.0,0.0,25.0,37.5,37.5,37.5,12.5,12.5,37.5,62.5,87.5,100.0,87.5,87.5,87.5,87.5,62.5,62.5,50.0,50.0,62.5,37.5,37.5,37.5,62.5,62.5,75.0,75.0],"assessmentRisk":[12.8278,21.6438,13.0146,37.6499,16.7595,34.3637,10.7299,21.3281,52.4355,12.6261,10.0379,27.9362,8.5229,39.9443,37.2769,21.5483,17.0959,7.7869,21.3566,6.4352,1.4851,12.7201,12.4095,19.5769,28.7944,32.9013,21.3284,49.7592,38.3879,26.1905,38.9448,18.8466,44.6318,33.2402,25.5125,19.3025,19.0408,21.5677,17.0285,9.7906,21.1522,9.4013,11.8385,2.2608,41.5947,32.7655,21.6022,22.7601,21.8173,34.3688,17.5015,12.6539],"volumeParticipation":true,"latest":{"consensus":-17.6,"control":-15.4,"force":-3.1,"direction":-30.4,"confirmation":58.5,"persistence":75.0,"assessmentRisk":12.7,"intensity":30.8,"evidenceDepth":100},"analysis":{"status":"Joint downward confirmation","headline":"The gauges support the downward market view","summary":"Price structure and Market Dynamics agree. Control, force and direction support the same downward assessment.","take":"Current assessment: downward pressure has broad support.","tone":"negative","supportedView":"Price structure and Market Dynamics","direction":"downward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Seller control supports the view","controlPath":"Control support is easing","forceState":"Commitment is limited","forcePath":"Commitment is easing","directionState":"Downward follow-through","persistenceState":"Established","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"-17.6","detail":"Joint downward confirmation","tone":"negative"},{"label":"SM Control Gauge","value":"-15.4","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-3.1","detail":"Commitment is limited","tone":"negative"},{"label":"SM Direction Gauge","value":"-30.4","detail":"Downward 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