{"schema_version":"1.0","name":"EQU Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"117cb22e-d7ea-4b48-b958-a106694a564f","symbol":"EQU","name":"Equus Energy Limited","exchange":"ASX","country":"AU","asset_type":"equity","currency":"AUD","sector":"Utilities","industry":"Utilities - Regulated Gas"},"summary":"Market Dynamics improved this week but remains below zero. Underlying support has strengthened across the recent completed path. Price has not yet established a clear direction.","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, Drawdown and recovery pressure, Activity pressure and cumulative balance, Directional strength and control, 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":"2026-08-21","observations":36,"displayedObservations":36,"assetType":"Equity","state":"Rotational","stateTone":"caution","summary":"Market Dynamics improved this week but remains below zero. 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This is an early repair watch until price confirms it.","historical":{"label":"Broad directional cases","weeks":12,"sample":0},"nowContext":{"label":"Stronger this week","detail":"Market Dynamics improved this week but remains below zero."},"fourWeekContext":{"label":"Strengthened over four weeks","detail":"Underlying support has strengthened across the recent completed path."},"priceContext":{"label":"Price has no clear direction","detail":"Price remains rotational while the Market Dynamics condition develops."}},"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":"Disagreement playbook","title":"Use improving Market Dynamics to prepare, not anticipate","tone":"recovery","finding":"Comparable disagreements produced an average recovery of 9.5% across 3 completed cases, with the largest move arriving after 5.0 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":[],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["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","2026-08-21"],"close":[0.26,0.29,0.385,0.49,0.395,0.405,0.38,0.395,0.415,0.42,0.415,0.4,0.38,0.435,0.435,0.44,0.425,0.42,0.4,0.41,0.41,0.415,0.405,0.3625,0.365,0.33,0.32,0.33,0.31,0.33,0.335,0.32,0.305,0.3,0.315,0.33],"consensus":[27.2727,33.3333,82.6087,18.2286,35.8669,34.9562,0.0,23.4744,31.2294,26.0709,19.0688,0.0,-16.2592,43.3539,26.9383,21.8456,0.0,11.5887,-17.4719,0.0,0.0,0.0,0.0,-45.3612,-29.9401,-28.3428,-22.7796,-8.4188,-25.7425,-12.3794,0.0,-28.4428,-23.5704,-27.6824,0.0,-7.3586],"supportDates":["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","2026-08-21"],"control":[null,null,null,null,null,25.3819,0.0,41.3659,30.3006,26.0845,13.2023,0.0,-13.2719,43.9447,29.9452,14.5243,0.0,21.0782,-16.3833,0.0,0.0,0.0,0.0,-50.793,-31.6963,-16.257,-8.388,-6.0269,-13.1415,-13.9123,0.0,-30.8781,-20.884,-25.2028,0.0,-7.0365],"force":[27.2727,33.3333,82.6087,18.2286,33.2703,12.8697,0.0,21.9453,18.945,9.7291,0.3884,0.0,-27.4452,55.0634,12.4231,8.0165,0.0,9.2146,-23.2778,0.0,0.0,0.0,0.0,-47.3794,-19.7084,-14.9594,-2.3753,-15.6515,-8.7335,-8.2922,0.0,-21.2033,-15.1086,-11.321,0.0,-19.9666],"direction":[null,null,null,null,85.2506,61.6744,0.0,4.1191,41.0655,37.7282,39.6715,0.0,-11.6834,34.3148,33.8699,40.0906,0.0,2.4395,-14.5688,0.0,0.0,0.0,0.0,-37.7119,-35.2413,-51.7146,-53.8015,-42.1213,-52.2929,-25.393,0.0,-30.8307,-32.6846,-42.203,0.0,-1.2791],"intensity":[null,null,null,null,50.0,40.0,16.6667,14.2857,62.5,11.1111,10.0,45.4545,75.0,76.9231,78.5714,33.3333,18.75,52.9412,27.7778,42.1053,45.0,9.5238,54.5455,56.5217,12.5,88.0,30.7692,14.8148,35.7143,41.3793,10.0,38.7097,50.0,18.1818,97.0588,88.5714],"confirmation":[31.3939,33.3333,49.1014,28.4998,18.9633,78.6588,4.3999,52.5259,77.6332,75.8445,51.0146,5.1031,73.5894,82.2211,76.1321,74.6807,3.9466,48.8248,73.7845,23.9793,1.3138,47.3779,24.8677,82.4943,77.2422,76.846,52.2203,6.8053,75.9112,27.7437,27.0866,76.844,75.3256,76.3975,4.1961,25.6834],"persistence":[null,null,100.0,100.0,100.0,100.0,85.7143,87.5,87.5,87.5,87.5,75.0,50.0,50.0,62.5,62.5,50.0,50.0,25.0,25.0,37.5,25.0,12.5,12.5,25.0,50.0,50.0,62.5,75.0,87.5,87.5,87.5,87.5,87.5,75.0,62.5],"assessmentRisk":[null,null,null,null,28.7962,28.596,4.9872,56.9358,0.5864,0.0158,19.0572,6.2409,21.7967,7.1469,5.5263,25.2322,41.8093,37.3876,37.9258,43.3813,30.6395,16.2679,15.9885,26.0698,33.5146,35.7705,38.6088,44.1382,37.0374,6.1897,32.7199,11.4971,2.4529,33.3429,37.7764,20.7515],"volumeParticipation":true,"latest":{"consensus":-7.4,"control":-7.0,"force":-20.0,"direction":-1.3,"confirmation":25.7,"persistence":62.5,"assessmentRisk":20.8,"intensity":88.6,"evidenceDepth":100},"analysis":{"status":"Market Dynamics has stronger support","headline":"The gauges support the downward view","summary":"The completed evidence gives the downward view the clearer support.","take":"Current assessment: downward pressure has the stronger support.","tone":"negative","supportedView":"Market Dynamics","direction":"downward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Control support is limited","controlPath":"Control support is easing","forceState":"Downward commitment","forcePath":"Broadly stable","directionState":"Follow-through is limited","persistenceState":"Developing","confirmationState":"Limited support","riskState":"Contained","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"-7.4","detail":"Market Dynamics has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-7.0","detail":"Control support is limited","tone":"negative"},{"label":"SM Force Gauge","value":"-20.0","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-1.3","detail":"Follow-through is limited","tone":"negative"},{"label":"SM Confirmation Gauge","value":"26/100","detail":"Limited support","tone":"caution"}]},"kpis":[{"label":"Price structure","value":"Rotational","detail":"completed-week alignment","tone":"caution"},{"label":"Momentum","value":"53.0","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"15.6%","detail":"Elevated","tone":"caution"},{"label":"Trend quality","value":"25.8","detail":"Directional","tone":"positive"},{"label":"Range position","value":"28%","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 is rotating through its trend references.","series":[{"label":"Close","values":[0.26,0.29,0.385,0.49,0.395,0.405,0.38,0.395,0.415,0.42,0.415,0.4,0.38,0.435,0.435,0.44,0.425,0.42,0.4,0.41,0.41,0.415,0.405,0.3625,0.365,0.33,0.32,0.33,0.31,0.33,0.335,0.32,0.305,0.3,0.315,0.33],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,0.337,0.3493,0.3549,0.3622,0.3718,0.3806,0.3868,0.3892,0.3875,0.3962,0.4032,0.4099,0.4127,0.414,0.4114,0.4112,0.411,0.4117,0.4105,0.4018,0.3951,0.3832,0.3717,0.3642,0.3543,0.3499,0.3472,0.3422,0.3355,0.329,0.3265,0.3271],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,0.344,0.3508,0.357,0.3632,0.3677,0.3716,0.3737,0.3764,0.3789,0.3816,0.3833,0.3818,0.3805,0.3768,0.3726,0.3694,0.365,0.3624,0.3604,0.3574,0.3535,0.3496,0.347,0.3457],"stroke":"#07865c","width":1.8},{"label":"Upper envelope","values":[null,null,null,null,null,null,null,null,null,0.5074,0.5059,0.5022,0.4972,0.4995,0.5011,0.503,0.5024,0.5012,0.4985,0.4966,0.4799,0.4623,0.4617,0.4464,0.449,0.4568,0.4643,0.4679,0.4714,0.47,0.4679,0.4677,0.4696,0.4641,0.4556,0.4439],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower envelope","values":[null,null,null,null,null,null,null,null,null,0.2596,0.2668,0.2728,0.2766,0.2812,0.2856,0.2895,0.2935,0.2972,0.2999,0.3029,0.3346,0.3647,0.3673,0.3698,0.3642,0.3489,0.3355,0.3254,0.3114,0.3038,0.2979,0.29,0.2806,0.2727,0.2691,0.2698],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["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","2026-08-21"]},{"key":"drawdown","eyebrow":"Path risk","title":"Drawdown and recovery pressure","description":"Capital impairment and recovery are shown together so return is not separated from path difficulty.","reason":"Selected because the current recovery or drawdown path is central to the tape.","series":[{"label":"Drawdown","values":[0.0,0.0,0.0,0.0,-19.3878,-17.3469,-22.449,-19.3878,-15.3061,-14.2857,-15.3061,-18.3673,-22.449,-11.2245,-11.2245,-10.2041,-13.2653,-14.2857,-18.3673,-16.3265,-16.3265,-15.3061,-17.3469,-26.0204,-25.5102,-32.6531,-34.6939,-32.6531,-36.7347,-32.6531,-31.6327,-34.6939,-37.7551,-38.7755,-35.7143,-32.6531],"stroke":"#c13f3f","width":1.9,"fill":"rgba(193,63,63,.10)"},{"label":"Recovery","values":[null,null,null,null,null,null,null,51.9231,59.6154,61.5385,59.6154,53.8462,46.1538,67.3077,67.3077,69.2308,63.4615,61.5385,53.8462,57.6923,57.6923,59.6154,55.7692,39.4231,40.3846,26.9231,10.3448,3.125,0.0,6.4516,8.0645,3.2258,0.0,0.0,5.0,10.0],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Prior high","values":[0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["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","2026-08-21"]},{"key":"participation","eyebrow":"Participation","title":"Activity pressure and cumulative balance","description":"Observed activity is compared with its normal backdrop while cumulative balance tracks directional participation.","reason":"Selected because participation is confirming or diverging from the latest price path.","series":[{"label":"Activity versus norm","values":[null,null,null,null,null,null,null,108.2672,62.1829,64.9438,60.9396,89.4976,67.2966,76.0031,153.9884,118.3773,60.5936,46.5764,27.6848,112.1785,92.7869,121.2531,354.4178,39.0454,73.9619,4.361,15.544,6.1191,2.0637,2.2449,1.3303,30.3137,73.5481,9.6948,113.7921,60.5487],"stroke":"#1678a7","width":1.8},{"label":"Cumulative balance","values":[null,null,null,null,null,null,null,135.0,135.0,135.0,131.6029,126.661,123.0436,127.0549,127.0549,133.634,130.3473,127.8979,126.4983,132.2063,132.2063,135.0,117.3686,115.5417,119.0082,118.8138,118.1392,118.3864,118.3065,118.3896,118.4368,117.4145,114.9666,114.6603,118.0036,119.6494],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Typical activity","values":[100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["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","2026-08-21"]},{"key":"directional","eyebrow":"Trend quality","title":"Directional strength and control","description":"Directional pressure shows which side controls the tape while strength remains direction-neutral.","reason":"Selected because directional control or trend strength is materially changing.","series":[{"label":"Trend strength","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,37.8701,35.2543,32.9394,31.2323,29.6471,27.5362,26.46,25.4606,25.6349,25.7967],"stroke":"#10243b","width":2.0},{"label":"Positive direction","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,22.5113,21.6555,23.9844,22.3899,21.2489,20.842,23.4621,22.6112,21.492,19.5392,18.4556,18.8449,17.8716,17.2712,18.3207,17.6477,21.3798,21.0376,19.6805,18.1806,17.2847,30.7064,28.7832],"stroke":"#07865c","width":1.6},{"label":"Negative direction","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,7.0878,6.8183,6.4238,7.6587,10.0996,9.6298,8.9568,9.2364,8.7792,12.8276,12.1162,11.5418,16.1104,18.2567,17.8688,18.6818,17.8351,17.5496,19.643,23.3603,22.2091,17.3097,16.2255],"stroke":"#c13f3f","width":1.6}],"guides":[],"dates":["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","2026-08-21"]},{"key":"range","eyebrow":"Acceptance map","title":"Range position and boundary pressure","description":"Price location inside its observed range shows whether the tape is pressing an outer boundary or rotating through value.","reason":"Selected because price is testing an observed boundary or moving rapidly through its recent range.","series":[{"label":"Range position","values":[null,null,null,null,null,null,null,52.3077,58.4615,60.0,58.4615,53.8462,47.6923,64.6154,64.6154,66.1538,61.5385,60.0,53.8462,56.9231,56.9231,58.4615,55.3846,42.3077,43.0769,32.3077,17.8571,18.5185,2.0408,13.5135,17.1429,8.5714,15.6627,13.253,20.4819,27.7108],"stroke":"#10243b","width":2.0},{"label":"From high","values":[null,null,null,null,null,null,null,-28.1818,-24.5455,-23.6364,-24.5455,-27.2727,-30.9091,-20.9091,-20.9091,-20.0,-22.7273,-23.6364,-27.2727,-25.4545,-25.4545,-24.5455,-26.3636,-34.0909,-33.6364,-40.0,-41.8182,-40.0,-43.6364,-32.6531,-30.2083,-33.3333,-36.4583,-37.5,-34.375,-31.25],"stroke":"#c13f3f","width":1.5},{"label":"From 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