{"schema_version":"1.0","name":"STH Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"2834c56f-c5d4-4740-8ec7-199d3e48c8b9","symbol":"STH","name":"STEPCHANGE FPO [STH]","exchange":"ASX","country":"AU","asset_type":"equity","currency":"AUD","sector":"Technology","industry":"Software - Application"},"summary":"Market Dynamics strengthened this week and remains positive. Underlying support has strengthened across the recent completed path. Price structure remains downward.","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, Strength versus the research benchmark, Drawdown and recovery pressure, Acceleration, deceleration and rollover, Range pressure and compression, Activity pressure and cumulative balance."},{"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":59,"displayedObservations":59,"assetType":"Equity","state":"Aligned downward","stateTone":"negative","summary":"Market Dynamics strengthened this week and remains positive. 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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, 100.0% of comparable cases moved higher after 12 weeks, with an average move of 3.6% across 1 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, 100.0% of completed 12-week outcomes were higher across 1 cases. Distinct visits lasted 1.0 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 7.1% across 1 completed cases, with the largest move arriving after 11.0 weeks on average.","approach":"Define the price level that would confirm the repair. 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The completed evidence gives the downward price structure stronger support.","take":"Current assessment: price structure remains primary, but the disagreement lowers confirmation.","tone":"negative","supportedView":"Price structure","direction":"downward","disagreement":true},"support":{"window":"Latest 12 months","controlState":"Seller control supports the view","controlPath":"Control support is strengthening","forceState":"Downward commitment","forcePath":"Commitment is strengthening","directionState":"Follow-through is limited","persistenceState":"Unsettled","confirmationState":"Limited support","riskState":"Present","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"-28.8","detail":"Price structure has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-36.3","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-70.9","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction 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trend references are aligned downward.","series":[{"label":"Close","values":[0.18,0.165,0.18,0.145,0.16,0.16,0.15,0.145,0.15,0.14,0.1575,0.15,0.135,0.14,0.13,0.16,0.15,0.14,0.175,0.15,0.135,0.16,0.15,0.14,0.145,0.14,0.145,0.14,0.14,0.125,0.11,0.12,0.12,0.16,0.12,0.12,0.12,0.115,0.13,0.115,0.125,0.15,0.155,0.14,0.15,0.14,0.13,0.135,0.13,0.135,0.1275,0.115,0.12,0.12,0.12,0.13,0.15,0.145,0.13],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,0.1697,0.1679,0.1647,0.1611,0.1591,0.1556,0.1559,0.1549,0.1513,0.1492,0.1457,0.1483,0.1486,0.1471,0.1521,0.1517,0.1487,0.1508,0.1506,0.1487,0.148,0.1466,0.1463,0.1451,0.1442,0.1407,0.1351,0.1324,0.1301,0.1356,0.1327,0.1304,0.1285,0.1261,0.1268,0.1246,0.1247,0.1293,0.134,0.1351,0.1378,0.1382,0.1367,0.1364,0.1352,0.1352,0.1338,0.1304,0.1285,0.1269,0.1257,0.1265,0.1307,0.1333,0.1327],"stroke":"#176fa3","width":1.7},{"label":"Slow 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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 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