{"schema_version":"1.0","name":"AZUL3 Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-14","ticker":{"uuid":"09c5c9a4-3291-42fc-a6ad-b274008393f9","symbol":"AZUL3","name":"AZUL        ON  ES  N2","exchange":"SAO","country":"BR","asset_type":"equity","currency":"BRL","sector":"Industrials","industry":"Airlines"},"summary":"The completed price path and its progression through the positioning zones can be described, but there is not enough usable Market Dynamics history to confirm or challenge the technical state.","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 evidence","description":"Six condition-selected views: Trend, acceptance and volatility envelope, Acceleration, deceleration and rollover, Drawdown and recovery pressure, Activity pressure and cumulative balance, Range position and boundary pressure, Range pressure and compression."},{"name":"SM Tape Intelligence","description":"Resolved consensus with Control, Force, Direction and Confirmation gauges against completed price."},{"name":"Research boundary","description":"Dated scope, interpretation limits, methodology version and source references."}],"research":{"available":true,"asOf":"2026-08-14","observations":31,"displayedObservations":31,"assetType":"Equity","state":"Aligned downward","stateTone":"negative","summary":"The completed price path and its progression through the positioning zones can be described, but there is not enough usable Market Dynamics history to confirm or challenge the technical state.","evidenceAlignment":{"status":"Evidence developing","headline":"Price structure is visible; Market Dynamics is not yet established","summary":"The completed price path and its progression through the positioning zones can be described, but there is not enough usable Market Dynamics history to confirm or challenge the technical state.","take":"Treat movement through the zones as price-location context only. Reaching the upper zone shows extension, but without an established Market Dynamics read it does not by itself establish active distribution, divergence or reversal risk.","tone":"neutral","conflict":false},"marketDynamics":{"available":true,"readAvailable":false,"dates":["2026-07-31","2026-08-07","2026-08-14"],"values":[-0.219978,-0.301876,-0.303211],"opens":[22.280001,22.59,21.629999],"highs":[22.67,22.799999,21.700001],"lows":[21.35,21.389999,20.0],"closes":[22.16,21.48,21.1],"hoverRows":[[{"label":"Open","value":"22.3","className":"is-ohlc","compact":true},{"label":"High","value":"22.7","className":"is-ohlc","compact":true},{"label":"Low","value":"21.4","className":"is-ohlc","compact":true},{"label":"Close","value":"22.2","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"22.6","className":"is-ohlc","compact":true},{"label":"High","value":"22.8","className":"is-ohlc","compact":true},{"label":"Low","value":"21.4","className":"is-ohlc","compact":true},{"label":"Close","value":"21.5","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"21.6","className":"is-ohlc","compact":true},{"label":"High","value":"21.7","className":"is-ohlc","compact":true},{"label":"Low","value":"20.0","className":"is-ohlc","compact":true},{"label":"Close","value":"21.1","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}]],"pressureRange":[-2.3,2.3],"priceRange":[21.0364,22.2236],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"state":"Insufficient history","context":{"scenario":"developing","latestDirection":"slight easing","fourWeekDirection":"weakening","now":{"label":"Slightly easier this week","detail":"Market Dynamics weakened this week and remains below zero."},"fourWeek":{"label":"Weakened over four weeks","detail":"Underlying support has contracted across the recent completed path."},"price":{"label":"Price and Market Dynamics are broadly aligned","detail":"The current price response is broadly consistent with the underlying Market Dynamics path."}},"diagnosis":{"label":"Zone progression","detail":"Across the displayed history, price has moved from the upper positioning area into the lower accumulation zone. Market Dynamics history is not yet sufficient to classify the move.","tone":"neutral"},"chartSummary":"Price is in the accumulation zone. The Market Dynamics bars show whether underlying conditions are repairing or continuing to weaken.","summary":"Across the displayed history, price has moved from the upper positioning area into the lower accumulation zone. Market Dynamics history is not yet sufficient to classify the move.","annotations":[{"label":"Current tape relationship","value":"Zone progression","detail":"Market Dynamics weakened this week and remains below zero.","tone":"neutral"},{"label":"Price location","value":"Accumulation zone","detail":"Price is in the lower accumulation area. With limited Market Dynamics history, the zone describes location rather than a completed positioning signal.","tone":"caution"},{"label":"Latest positioning marker","value":"None in view","detail":"Entering the lower zone alone does not create a positioning confirmation.","tone":"neutral"},{"label":"Market Dynamics confirmation","value":"Unavailable","detail":"Too little usable Market Dynamics history is available for a directional confirmation read.","tone":"neutral"}],"relationshipEvidence":{"available":false,"observations":23,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["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":[16.51,11.37,10.89,7.1,249.0,260.0,235.0,216.0,177.7,155.0,235.0,219.6,29249854.0,32249838.0,28.14,31.85,39.0,40.55,23.3,21.1,21.4,21.25,23.89,24.0,23.09,23.5,21.7,21.4,22.16,21.48,21.1],"consensus":[-89.9263,-63.4179,-47.651,-52.758,76.5,50.3013,24.3802,18.8543,-14.3041,-10.5683,44.372,0.0,76.3443,76.9217,-47.4098,-14.9962,-27.1017,-40.0815,-34.3622,-34.3372,-32.4302,-30.1389,-8.2801,-23.4279,0.0,-23.5357,-27.3828,-19.5342,-10.8713,-22.6971,-8.0432],"supportDates":["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":[null,null,null,null,null,47.4547,7.2353,3.7575,-14.2261,-1.7295,49.5363,0.0,65.1162,76.3486,-58.7903,-7.476,-16.6342,-40.174,-47.1087,-47.0477,-43.7229,-39.882,-0.5968,-28.6261,0.0,-30.5435,-38.7077,-24.9049,-9.5816,-32.7821,-6.1799],"force":[-89.9263,-63.4179,-47.651,-52.758,48.7374,23.7913,6.0802,14.9072,-42.3317,-26.1295,51.1945,0.0,63.7954,49.7198,-33.7906,-11.5996,-4.2103,-17.1953,-11.0117,-11.6001,-10.482,-9.0995,-11.6,-4.4474,0.0,-6.7006,-11.6001,-4.8948,-2.6364,-10.1192,-3.4117],"direction":[null,null,null,null,96.3304,72.4902,65.7317,60.223,-5.6266,-9.5545,33.5968,0.0,98.14,97.0064,-44.1314,-42.5876,-55.4156,-56.3232,-36.4737,-36.0517,-35.2016,-34.032,-32.6252,-31.0446,0.0,-27.5518,-25.7135,-23.8529,-21.9936,-20.1555,-18.3548],"intensity":[null,null,null,null,100.0,80.0,50.0,71.4286,37.5,44.4444,50.0,36.3636,100.0,92.3077,100.0,6.6667,25.0,29.4118,33.3333,36.8421,5.0,4.7619,13.6364,8.6957,20.8333,8.0,11.5385,7.4074,7.1429,6.8966,16.6667],"confirmation":[51.4431,42.9604,37.915,39.5492,68.5442,83.3319,31.0984,8.4147,51.9663,49.3241,82.3283,5.628,92.2188,91.7947,82.5826,6.5774,53.4677,80.1272,78.09,78.1013,77.5367,76.8548,4.781,52.1726,4.687,52.2449,76.1089,51.0563,48.9826,74.7261,25.6476],"persistence":[null,null,100.0,100.0,60.0,33.3333,14.2857,0.0,0.0,0.0,25.0,37.5,37.5,37.5,12.5,12.5,12.5,12.5,37.5,50.0,75.0,100.0,100.0,100.0,87.5,87.5,87.5,87.5,87.5,87.5,87.5],"assessmentRisk":[null,null,null,null,10.5151,24.2662,37.0295,39.7217,27.0913,37.6881,22.186,0.7639,11.7559,11.5144,23.704,7.4973,35.6592,29.4766,17.1811,17.1686,16.215,15.0694,4.1401,11.714,3.0843,11.7679,13.6914,12.6369,3.2993,8.7033,2.3388],"volumeParticipation":true,"latest":{"consensus":-8.0,"control":-6.2,"force":-3.4,"direction":-18.4,"confirmation":25.6,"persistence":87.5,"assessmentRisk":2.3,"intensity":16.7,"evidenceDepth":100},"analysis":{"status":"Price structure has the available support","headline":"The gauges support the price-technical view","summary":"Market Dynamics does not provide a directional confirmation. The completed evidence supports the downward price structure.","take":"Current assessment: follow price structure with limited confirmation.","tone":"negative","supportedView":"Price structure","direction":"downward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Control support is limited","controlPath":"Control support is easing","forceState":"Commitment is limited","forcePath":"Broadly stable","directionState":"Downward follow-through","persistenceState":"Established","confirmationState":"Limited support","riskState":"Contained","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"-8.0","detail":"Price structure has the available support","tone":"negative"},{"label":"SM Control Gauge","value":"-6.2","detail":"Control support is limited","tone":"negative"},{"label":"SM Force Gauge","value":"-3.4","detail":"Commitment is limited","tone":"negative"},{"label":"SM Direction Gauge","value":"-18.4","detail":"Downward follow-through","tone":"negative"},{"label":"SM Confirmation Gauge","value":"26/100","detail":"Limited support","tone":"caution"}]},"kpis":[{"label":"Price structure","value":"Aligned downward","detail":"completed-week alignment","tone":"negative"},{"label":"Momentum","value":"46.5","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"6862738.9%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"30.2","detail":"Directional","tone":"positive"},{"label":"Range position","value":"0%","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 downward.","series":[{"label":"Close","values":[16.51,11.37,10.89,7.1,249.0,260.0,235.0,216.0,177.7,155.0,235.0,219.6,29249854.0,32249838.0,28.14,31.85,39.0,40.55,23.3,21.1,21.4,21.25,23.89,24.0,23.09,23.5,21.7,21.4,22.16,21.48,21.1],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,56.1852,93.2424,119.0165,136.6499,144.1135,146.0929,162.2578,172.6837,5318296.5594,10214940.4577,8357683.6726,6838110.614,5594824.866,4577591.354,3745306.2533,3064345.3163,2507195.5133,2051345.6473,1678378.055,1373222.7723,1123550.1028,919272.5387,752136.0225,615387.9093,503503.2276,411961.0917,337062.9114],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,2166755.243,4395131.7435,4069568.5136,3768121.3533,3489004.142,3230562.3944,2991263.2022,2769689.7132,2564529.0974,2374565.5531,2198673.5781,2035810.6464,1885011.5681,1745382.8223,1616096.8133,1496387.5234,1385545.6446,1282914.225,1187885.1047],"stroke":"#07865c","width":1.8},{"label":"Upper envelope","values":[null,null,null,null,null,null,null,null,null,342.1627,350.0021,352.0384,17838426.5282,25943118.9946,25034561.1615,24210507.4848,23458928.8613,22770021.988,22135714.9475,21549299.2455,21549299.3272,21549299.4923,21549299.7095,21549299.9919,21549296.2168,21549292.2646,21549288.7001,21549285.4481,21549282.8488,21549280.6176,21549277.043],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower envelope","values":[null,null,null,null,null,null,null,null,null,-74.4487,-63.8984,-53.1767,-13338173.1174,-17157192.5418,-16834359.3869,-16522814.3398,-16223448.3719,-15936508.1313,-15661857.2623,-15399132.3345,-15399131.9272,-15399131.1043,-15399130.0215,-15399128.6139,-15399147.4298,-15399167.1276,-15399184.8931,-15399201.1011,-15399214.0558,-15399225.1766,-15399242.992],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["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"]},{"key":"impulse","eyebrow":"Price impulse","title":"Acceleration, deceleration and rollover","description":"The impulse path separates directional acceleration from a loss of momentum.","reason":"Selected because the latest impulse is unusually active or is approaching a change of direction.","series":[{"label":"Impulse","values":[null,null,null,null,null,null,null,null,null,null,null,null,2333358.4617,4374170.3143,3350614.4799,2510499.9258,1823681.4019,1264793.1504,812502.7665,448884.7372,158883.3453,-70136.3709,-248768.287,-385887.0923,-488918.8547,-564069.9879,-616521.0765,-650589.3769,-669866.8806,-677336.5817,-675470.0064],"stroke":"#1678a7","width":2.0},{"label":"Signal","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,2598953.588,2332121.5005,2028197.7537,1712335.1504,1401644.7894,1107288.5573,836077.1885,591684.3323,375563.6949,187636.9583,26805.3514,-108673.5943,-220912.2515,-312197.1176,-384851.6953],"stroke":"#b87806","width":1.7},{"label":"Expansion","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,-775272.1861,-1067328.3501,-1215694.9872,-1263450.4132,-1242761.4441,-1177424.9282,-1084845.4754,-977571.4246,-864482.5496,-751706.9463,-643326.4278,-541915.7826,-448954.6291,-365139.4641,-290618.3111],"stroke":"#07865c","width":1.0,"fill":"rgba(7,134,92,.12)"}],"guides":[{"label":"Neutral","values":[0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["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"]},{"key":"drawdown","eyebrow":"Path 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