{"schema_version":"1.0","name":"BCHI Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"317822d3-d039-404c-9edd-b814c721f664","symbol":"BCHI","name":"Ninepoint Bce Highshares ETF","exchange":"TOR","country":"CA","asset_type":"etf","currency":"CAD","sector":null,"industry":null},"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, Activity pressure and cumulative balance, Range pressure and compression, Range position and boundary pressure, Directional strength and control, Drawdown and recovery pressure."},{"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":53,"displayedObservations":53,"assetType":"ETF","state":"Rotational","stateTone":"caution","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.","evidenceAlignment":{"status":"Repair in progress","headline":"Market Dynamics is improving while price remains rotational","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.","take":"Treat the repair as constructive context until price confirms it.","tone":"caution","conflict":true},"marketDynamics":{"available":true,"readAvailable":true,"dates":["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"],"values":[0.829825,1.117666,1.121302,1.137622,0.985436,0.607634,0.203098,-0.257541,-0.637203,-0.709706,-0.738454,-0.699892,-0.548811,-0.523963,-0.441199,-0.444259,-0.697637,-0.902786,-1.19099,-1.250331,-1.300592,-1.213713,-0.922081,-0.697951,-0.430757],"opens":[9.500737,9.287891,9.423338,9.500737,9.462038,9.032714,8.426624,8.700342,8.404535,8.425858,8.738651,8.680002,8.904822,8.95316,8.977865,8.735755,8.616457,7.899686,7.774083,7.901688,7.813346,7.744635,7.862861,8.111371,8.46],"highs":[9.568462,9.336264,9.616836,9.582973,9.462038,9.091369,8.798099,8.700342,8.494281,8.787525,8.807075,8.846174,9.110093,8.95316,9.00257,8.735755,8.616457,7.919436,7.832977,7.911504,7.960582,8.107818,8.34,8.44,8.5],"lows":[9.287889,9.229841,9.423338,9.36529,8.939846,8.485278,8.426624,8.534155,8.249912,8.425858,8.57248,8.631128,8.904822,8.95316,8.977865,8.735755,8.518875,7.870062,7.744635,7.882056,7.705372,7.703814,7.85292,8.111371,8.41],"closes":[9.287889,9.258865,9.481387,9.36529,9.071816,8.504828,8.798099,8.573258,8.494281,8.77775,8.57248,8.846174,9.032217,8.95316,9.00257,8.735755,8.54815,7.889812,7.774083,7.882056,7.744635,7.763457,8.270417,8.44,8.47],"hoverRows":[[{"label":"Open","value":"9.50","className":"is-ohlc","compact":true},{"label":"High","value":"9.57","className":"is-ohlc","compact":true},{"label":"Low","value":"9.29","className":"is-ohlc","compact":true},{"label":"Close","value":"9.29","className":"is-ohlc","compact":true},{"label":"Market 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repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"8.11","className":"is-ohlc","compact":true},{"label":"High","value":"8.44","className":"is-ohlc","compact":true},{"label":"Low","value":"8.11","className":"is-ohlc","compact":true},{"label":"Close","value":"8.44","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.70","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"8.46","className":"is-ohlc","compact":true},{"label":"High","value":"8.50","className":"is-ohlc","compact":true},{"label":"Low","value":"8.41","className":"is-ohlc","compact":true},{"label":"Close","value":"8.47","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.43","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}]],"pressureRange":[-2.3,2.3],"priceRange":[7.64043,9.585592],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"latest":-0.430757,"state":"Negative but repairing over four weeks","context":{"scenario":"negativeRepair","latestDirection":"strengthening","fourWeekDirection":"strengthening","now":{"label":"Stronger this week","detail":"Market Dynamics improved this week but remains below zero."},"fourWeek":{"label":"Strengthened over four weeks","detail":"Underlying support has strengthened 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":"Underlying pressure is repairing","detail":"Market Dynamics remains below zero, but it has improved across the recent completed path. This is an early repair watch until price confirms it.","tone":"caution"},"chartSummary":"Price is between the outer positioning zones. The Market Dynamics bars show whether underlying support is strengthening or weakening.","summary":"Market Dynamics remains below zero, but it has improved across the recent completed path. This is an early repair watch until price confirms it.","annotations":[{"label":"Current tape relationship","value":"Underlying pressure is repairing","detail":"Market Dynamics improved this week but remains below zero.","tone":"caution"},{"label":"Price location","value":"Between zones","detail":"Price is travelling between the two major positioning zones.","tone":"neutral"},{"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":"Repairing","detail":"Underlying support has strengthened across the recent completed path.","tone":"positive"}],"relationshipEvidence":{"available":false,"observations":25,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[{"date":"2026-05-29","price":9.032217}],"reversal_dangers":[{"date":"2026-06-05","price":8.95316}]}},"smTape":{"available":true,"dates":["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","2026-08-21"],"close":[9.0697,8.766,8.6663,8.5937,8.2311,8.2855,8.4322,8.6613,8.7988,8.6338,8.2658,8.3862,8.3121,8.4789,8.5353,8.4885,8.526,8.3198,8.2261,8.6209,8.6588,8.8009,9.0188,9.1821,8.9619,9.2012,9.1629,9.4814,9.2879,9.2589,9.4814,9.3653,9.0718,8.5048,8.7981,8.5733,8.4943,8.7777,8.5725,8.8462,9.0322,8.9532,9.0026,8.7358,8.5481,7.8898,7.7741,7.8821,7.7446,7.7635,8.2704,8.44,8.47],"consensus":[0.0,-75.0009,60.0035,28.9987,-81.5262,-35.6095,-16.2238,38.0171,61.1344,-35.2917,-83.6572,0.0,-55.2908,15.2749,27.4055,0.0,23.5805,-51.4476,-35.0523,55.667,36.5435,54.9143,67.9568,67.1119,0.0,68.8862,22.8748,74.0607,0.0,16.3599,47.9858,0.0,-37.5568,-69.8165,0.0,-55.9669,-26.8349,28.106,-51.7952,34.449,44.9399,0.0,34.5613,-28.9353,-48.808,-59.4063,-52.313,-45.1419,-67.7583,-36.6185,41.9893,49.4189,-26.86],"supportDates":["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","2026-08-21"],"control":[null,null,null,null,-15.84,-13.0038,34.7483,46.5014,-48.2011,-84.0926,0.0,-43.4232,24.8796,21.9206,0.0,16.8305,-44.9329,-28.186,53.307,38.1797,53.5614,76.634,75.7311,0.0,75.0628,13.4752,81.9226,0.0,11.707,42.0422,0.0,-36.6719,-69.1407,0.0,-57.8962,-11.0221,29.2519,-54.9545,37.0034,37.6906,0.0,39.8289,-32.4257,-50.8104,-62.3023,-52.1132,-48.4332,-62.4276,-40.0526,36.8922,42.4969,-24.2404],"force":[-75.0009,60.0035,28.9987,-55.6629,-13.1019,-31.7169,95.3625,94.4259,-71.8176,-96.6503,0.0,-54.5072,68.151,45.0799,0.0,43.2582,-82.7199,-28.6107,92.4166,35.5086,57.3265,58.9915,51.159,0.0,65.7359,5.4261,70.9737,0.0,11.532,39.0635,0.0,-68.3529,-88.1112,0.0,-52.6925,-9.1962,66.7651,-58.0035,60.8366,69.2856,0.0,28.5213,-27.9645,-43.4156,-43.0949,-26.4679,-6.4072,-72.8158,-4.4349,92.9671,86.0975,-18.5891],"direction":[null,null,null,-100.0,-92.9973,-83.8701,0.7918,54.0781,-5.5518,-73.8789,0.0,-69.4135,33.4705,21.0494,0.0,17.2392,-36.5558,-47.5008,32.1145,35.4129,54.7375,64.4439,68.6564,0.0,64.0775,53.8323,67.2807,0.0,41.6002,61.1516,0.0,-16.5709,-57.5213,0.0,-56.1008,-57.5059,0.8173,-43.7501,12.6816,35.8351,0.0,32.8555,-25.6397,-50.3713,-67.7476,-71.0022,-69.0482,-70.2379,-55.6821,11.4019,31.1307,-35.7616],"intensity":[null,null,null,100.0,40.0,50.0,57.1429,50.0,100.0,90.0,45.4545,41.6667,38.4615,64.2857,6.6667,18.75,58.8235,100.0,94.7368,20.0,47.619,59.0909,39.1304,62.5,68.0,46.1538,74.0741,50.0,65.5172,73.3333,6.4516,100.0,100.0,70.5882,54.2857,69.4444,70.2703,42.1053,61.5385,62.5,21.9512,4.7619,60.4651,45.4545,100.0,10.8696,19.1489,33.3333,22.449,96.0,60.7843,76.9231],"confirmation":[46.667,41.8678,31.9462,70.2394,35.6735,36.383,59.2963,88.8006,58.7275,95.1597,13.3142,85.85,36.1601,77.392,0.9091,76.2483,85.5156,79.1251,86.9694,79.6375,85.6667,89.3407,88.8583,35.0987,89.8535,53.0916,91.4856,35.4096,29.5828,83.1741,31.5835,80.9702,90.9091,35.1369,85.7802,76.2906,55.6623,84.7155,79.789,83.2332,25.6015,78.7953,77.1765,83.4237,86.4688,83.9556,58.5481,89.918,56.0181,83.0679,85.0373,76.3831],"persistence":[null,0.0,25.0,0.0,16.6667,28.5714,12.5,0.0,0.0,25.0,37.5,37.5,12.5,12.5,0.0,0.0,0.0,0.0,12.5,37.5,37.5,37.5,50.0,37.5,62.5,87.5,87.5,75.0,75.0,75.0,62.5,50.0,25.0,12.5,12.5,25.0,25.0,50.0,37.5,12.5,0.0,12.5,12.5,12.5,12.5,12.5,37.5,62.5,75.0,75.0,50.0,25.0],"assessmentRisk":[null,null,null,9.2367,31.9989,34.9273,3.0468,19.0743,64.9317,8.6323,39.6577,21.6301,40.1486,31.0358,24.7164,29.2092,11.5472,30.0841,1.7412,12.5184,21.9911,16.0007,16.3875,47.3007,14.6264,22.9054,9.1678,44.9716,5.9951,22.8142,23.8517,21.7545,14.8545,52.6962,21.8013,35.5755,24.9064,9.5255,21.1344,25.9981,26.0312,29.3814,6.0571,23.3967,20.2215,23.8349,27.3276,15.9808,5.3677,26.3776,23.5788,36.1646],"volumeParticipation":true,"latest":{"consensus":-26.9,"control":-24.2,"force":-18.6,"direction":-35.8,"confirmation":76.4,"persistence":25.0,"assessmentRisk":36.2,"intensity":76.9,"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":"Seller control supports the view","controlPath":"Control support is easing","forceState":"Downward commitment","forcePath":"Commitment is easing","directionState":"Downward follow-through","persistenceState":"Unsettled","confirmationState":"Strong support","riskState":"Contained","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"-26.9","detail":"Market Dynamics has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-24.2","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-18.6","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-35.8","detail":"Downward follow-through","tone":"negative"},{"label":"SM Confirmation Gauge","value":"76/100","detail":"Strong support","tone":"positive"}]},"kpis":[{"label":"Price structure","value":"Rotational","detail":"completed-week alignment","tone":"caution"},{"label":"Momentum","value":"47.9","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"3.3%","detail":"Elevated","tone":"caution"},{"label":"Trend quality","value":"22.9","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"40%","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":[9.0697,8.766,8.6663,8.5937,8.2311,8.2855,8.4322,8.6613,8.7988,8.6338,8.2658,8.3862,8.3121,8.4789,8.5353,8.4885,8.526,8.3198,8.2261,8.6209,8.6588,8.8009,9.0188,9.1821,8.9619,9.2012,9.1629,9.4814,9.2879,9.2589,9.4814,9.3653,9.0718,8.5048,8.7981,8.5733,8.4943,8.7777,8.5725,8.8462,9.0322,8.9532,9.0026,8.7358,8.5481,7.8898,7.7741,7.8821,7.7446,7.7635,8.2704,8.44,8.47],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,8.7671,8.6795,8.6345,8.6394,8.6684,8.6621,8.59,8.553,8.5092,8.5037,8.5094,8.5056,8.5093,8.4749,8.4297,8.4644,8.4998,8.5545,8.6389,8.7377,8.7784,8.8553,8.9112,9.0149,9.0645,9.0999,9.1692,9.2049,9.1807,9.0578,9.0106,8.9311,8.8517,8.8382,8.7899,8.8001,8.8423,8.8625,8.888,8.8603,8.8035,8.6374,8.4804,8.3716,8.2576,8.1678,8.1864,8.2325,8.2757],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,8.7163,8.6987,8.6866,8.672,8.6611,8.6359,8.6055,8.6067,8.6105,8.6246,8.6538,8.6929,8.7129,8.749,8.7797,8.8317,8.8655,8.8946,8.9381,8.9697,8.9773,8.9423,8.9316,8.9051,8.8746,8.8675,8.8456,8.8456,8.8595,8.8664,8.8765,8.8661,8.8425,8.7719,8.698,8.6376,8.5714,8.5116,8.4937,8.4897,8.4883],"stroke":"#07865c","width":1.8},{"label":"Upper envelope","values":[null,null,null,null,null,null,null,null,null,9.0864,9.0752,9.0501,9.0309,9.0097,8.9934,8.9765,8.9628,8.9505,8.9444,8.9418,8.8452,8.8527,8.9317,9.0524,9.0989,9.1922,9.2671,9.4056,9.4744,9.5389,9.6256,9.6822,9.6828,9.6813,9.6775,9.6729,9.6748,9.649,9.6092,9.6038,9.6058,9.6074,9.6065,9.5887,9.5962,9.6709,9.7295,9.6844,9.6669,9.6264,9.4892,9.3633,9.2908],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower envelope","values":[null,null,null,null,null,null,null,null,null,8.1413,8.0892,8.0816,8.0618,8.0733,8.0888,8.0991,8.1115,8.0996,8.0742,8.0881,8.1435,8.1396,8.0957,8.0339,8.0605,8.0588,8.0569,8.0004,7.9806,7.9786,8.0134,8.0547,8.13,8.1341,8.1643,8.1773,8.1723,8.2438,8.3182,8.3462,8.3816,8.3952,8.3944,8.3676,8.3188,8.1129,7.9154,7.8006,7.6638,7.5547,7.5708,7.6042,7.6165],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["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","2026-08-21"]},{"key":"participation","eyebrow":"Participation","title":"Activity 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