{"schema_version":"1.0","name":"NETCD Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"3c55bf5a-7101-4793-8d83-2c3330cf87d4","symbol":"NETCD","name":"Netcad Yazilim Anonim Sirketi","exchange":"IST","country":"TR","asset_type":"equity","currency":"TRY","sector":"Technology","industry":"Software - Application"},"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, Drawdown and recovery pressure, Acceleration, deceleration and rollover, Range pressure and compression, Directional strength and control, 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":29,"displayedObservations":29,"assetType":"Equity","state":"Rotational","stateTone":"caution","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":["2026-08-21"],"values":[-0.071945],"opens":[129.0],"highs":[134.800003],"lows":[126.0],"closes":[129.600006],"hoverRows":[[{"label":"Open","value":"129.0","className":"is-ohlc","compact":true},{"label":"High","value":"134.8","className":"is-ohlc","compact":true},{"label":"Low","value":"126.0","className":"is-ohlc","compact":true},{"label":"Close","value":"129.6","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":[128.480006,130.720006],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"state":"Insufficient history","context":{"scenario":"developing","latestDirection":"steady","fourWeekDirection":"steady","now":{"label":"Little changed this week","detail":"Market Dynamics remains below zero and was little changed this week."},"fourWeek":{"label":"Broadly steady over four weeks","detail":"The broader path has not changed enough to establish a new direction."},"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":"Price is travelling between the lower accumulation area and the upper positioning zone. Market Dynamics history is not yet sufficient to confirm or challenge that progression.","tone":"neutral"},"chartSummary":"Price is between the outer positioning zones. The Market Dynamics bars show whether underlying support is strengthening or weakening.","summary":"Price is travelling between the lower accumulation area and the upper positioning zone. Market Dynamics history is not yet sufficient to confirm or challenge that progression.","annotations":[{"label":"Current tape relationship","value":"Zone progression","detail":"Market Dynamics remains below zero and was little changed this week.","tone":"neutral"},{"label":"Price location","value":"Between zones","detail":"Price is progressing between the lower and upper positioning zones while the Market Dynamics read develops.","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":"Unavailable","detail":"Too little usable Market Dynamics history is available for a directional confirmation read.","tone":"neutral"}],"relationshipEvidence":{"available":false,"observations":21,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["2026-02-06","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":[53.8216,86.5595,102.5174,89.8478,104.355,143.8145,148.9403,147.9732,138.1083,135.2069,139.7525,132.4989,130.7,155.4,173.5,157.3,158.5,183.6,161.1,160.5,158.0,156.4,146.9,140.9,139.3,127.0,148.0,128.7,129.6],"consensus":[100.0,100.0,21.4953,-40.5205,81.2557,81.0249,65.8391,43.7407,17.9717,10.9302,31.007,0.0,10.9795,74.2363,70.8284,11.3476,22.5648,40.2608,0.0,9.0521,17.2111,-15.2167,-15.3451,-36.3168,-32.472,-51.0403,36.1264,-57.6816,-22.3429],"supportDates":["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,89.8945,68.3852,33.0674,0.7064,13.1048,41.5373,0.0,17.1287,72.3429,64.2972,3.719,11.9807,34.2428,0.0,6.7891,23.2195,-11.9009,-8.9948,-38.9532,-31.2012,-47.9127,40.7871,-52.0064,-19.4401],"force":[100.0,100.0,21.4953,-40.5205,55.3596,55.938,32.9156,6.2349,35.109,22.4303,13.3665,0.0,7.7115,83.4933,72.5149,36.575,2.5895,24.7979,0.0,5.8315,15.941,-26.3205,-13.6633,-30.7689,-25.1793,-50.5402,81.1997,-87.5048,-4.0149],"direction":[null,null,null,null,99.753,88.8073,86.4459,82.7287,75.6183,32.2737,31.5729,0.0,17.3025,69.7879,77.088,62.7971,48.9289,58.1833,0.0,22.2696,11.2516,-11.0748,-23.804,-37.2666,-39.1335,-54.9718,1.3953,-42.8652,-38.7516],"intensity":[null,null,null,null,50.0,100.0,50.0,28.5714,12.5,55.5556,10.0,36.3636,25.0,76.9231,78.5714,60.0,25.0,76.4706,83.3333,10.5263,65.0,57.1429,54.5455,13.0435,4.1667,60.0,61.5385,59.2593,57.1429],"confirmation":[54.6667,54.6667,29.5452,35.6332,70.1513,93.0283,88.0263,58.35,11.8863,29.8996,77.2242,28.3446,49.8286,92.0666,90.816,10.9964,52.1066,80.5039,5.4603,26.3883,73.3773,73.2583,72.956,79.4121,78.1882,84.3653,58.4941,87.4535,51.9687],"persistence":[null,null,100.0,50.0,60.0,66.6667,71.4286,75.0,75.0,75.0,75.0,87.5,87.5,87.5,87.5,87.5,87.5,87.5,75.0,87.5,87.5,62.5,37.5,12.5,12.5,37.5,25.0,50.0,75.0],"assessmentRisk":[null,null,null,null,9.1719,9.3102,16.6315,28.0239,38.8803,28.6295,40.9886,38.1382,27.4318,5.5882,13.6311,40.4419,36.4813,27.3203,32.2944,6.7869,10.4007,40.5905,30.888,26.1656,27.527,22.9081,14.0684,7.1602,20.5464],"volumeParticipation":true,"latest":{"consensus":-22.3,"control":-19.4,"force":-4.0,"direction":-38.8,"confirmation":52.0,"persistence":75.0,"assessmentRisk":20.5,"intensity":57.1,"evidenceDepth":100},"analysis":{"status":"Completed tape 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":"Completed tape","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":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"-22.3","detail":"Completed tape has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-19.4","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-4.0","detail":"Commitment is limited","tone":"negative"},{"label":"SM Direction Gauge","value":"-38.8","detail":"Downward follow-through","tone":"negative"},{"label":"SM Confirmation Gauge","value":"52/100","detail":"Qualified support","tone":"neutral"}]},"kpis":[{"label":"Price structure","value":"Rotational","detail":"completed-week alignment","tone":"caution"},{"label":"Momentum","value":"64.6","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"13.6%","detail":"Elevated","tone":"caution"},{"label":"Trend quality","value":"30.6","detail":"Directional","tone":"positive"},{"label":"Range position","value":"43%","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":[53.8216,86.5595,102.5174,89.8478,104.355,143.8145,148.9403,147.9732,138.1083,135.2069,139.7525,132.4989,130.7,155.4,173.5,157.3,158.5,183.6,161.1,160.5,158.0,156.4,146.9,140.9,139.3,127.0,148.0,128.7,129.6],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,77.5558,89.6028,100.3915,109.0427,114.3274,118.1236,122.0562,123.9548,125.1812,130.6755,138.4618,141.8869,144.9075,151.9425,153.6075,154.8607,155.4315,155.6076,154.0244,151.6381,149.3948,145.323,145.8098,142.6989,140.3173],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,98.8889,103.0749,108.2916,111.9218,115.372,120.426,123.4389,126.1841,128.5409,130.6045,131.8116,132.4848,132.9896,132.5459,133.6907,133.321,133.0454],"stroke":"#07865c","width":1.8},{"label":"Upper envelope","values":[null,null,null,null,null,null,null,null,null,176.6451,177.7075,177.0034,176.0108,179.5665,186.6794,188.6881,190.4489,196.734,197.8312,198.6148,192.2972,189.8881,188.0057,181.8463,177.1227,178.0605,178.0206,178.4714,178.8601],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower envelope","values":[null,null,null,null,null,null,null,null,null,53.5838,57.001,60.2292,63.0809,64.6472,64.3867,66.3489,68.233,67.9767,69.9052,71.7848,88.5202,97.9133,104.234,115.4987,123.7167,121.0975,121.0434,118.6652,117.4257],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["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,-12.3585,0.0,0.0,0.0,-0.6493,-7.2727,-9.2208,-6.1688,-11.039,-12.2467,0.0,0.0,-9.3372,-8.6455,0.0,-12.2549,-12.5817,-13.9434,-14.8148,-19.9891,-23.2571,-24.1285,-30.8279,-19.39,-29.902,-29.4118],"stroke":"#c13f3f","width":1.9,"fill":"rgba(193,63,63,.10)"},{"label":"Recovery","values":[null,null,null,null,null,null,null,174.9326,156.6038,151.2129,159.6586,146.1815,142.8392,188.7315,222.3611,192.2617,194.4913,241.1268,199.3221,198.2073,193.5623,190.5895,172.9386,161.7907,158.8179,135.9646,70.9807,43.2423,44.244],"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],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["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":"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,22.1404,23.2422,25.2845,25.3041,25.1268,26.7038,25.8402,24.8212,23.5406,22.1413,20.0349,17.6776,15.5016,12.639,11.9273,9.6942,7.906],"stroke":"#1678a7","width":2.0},{"label":"Signal","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,23.7591,24.3481,24.6465,24.6814,24.4533,23.9909,23.1997,22.0953,20.7765,19.149,17.7047,16.1026,14.4633],"stroke":"#b87806","width":1.7},{"label":"Expansion","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,1.3676,2.3557,1.1937,0.1398,-0.9127,-1.8495,-3.1648,-4.4177,-5.2749,-6.5101,-5.7774,-6.4084,-6.5573],"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],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["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":"volatility","eyebrow":"Risk 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