{"schema_version":"1.0","name":"VANQ Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-14","ticker":{"uuid":"44bc7548-6705-4586-ae9f-338ba8ca017c","symbol":"VANQ","name":"Vanquis Banking Group plc","exchange":"LSE","country":"GB","asset_type":"equity","currency":"GBP","sector":"Financial Services","industry":"Banks - Regional"},"summary":"Market Dynamics weakened this week and remains below zero. Underlying support has contracted across the recent completed path. Price has moved below the distribution zone after Market Dynamics weakened.","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, Activity pressure and cumulative balance, Range position and boundary pressure, Acceleration, deceleration and rollover."},{"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":260,"displayedObservations":104,"assetType":"Equity","state":"Aligned downward","stateTone":"negative","summary":"Market Dynamics weakened this week and remains below zero. Underlying support has contracted across the recent completed path. Price has moved below the distribution zone after Market Dynamics weakened.","evidenceAlignment":{"status":"Downside evidence aligned","headline":"Price and Market Dynamics now support the same downside case","summary":"Market Dynamics weakened this week and remains below zero. Underlying support has contracted across the recent completed path. Price has moved below the distribution zone after Market Dynamics weakened.","take":"The downside is confirmed on the completed evidence. A recovery in both price and Market Dynamics would challenge 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The completed tape now carries a stronger continuation-risk warning.","tone":"negative"},"chartSummary":"Price is between the outer positioning zones. The Market Dynamics bars show whether underlying support is strengthening or weakening.","summary":"Price has moved down through distribution conditions as Market Dynamics contracted. 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elevated relative to Market Dynamics","kind":"structuralDivergence","expectedDirection":"lower","episodes":5,"completedEpisodes":4,"activeEpisodes":1,"medianExpectedMove":8.4,"averageExpectedMove":8.4,"averageWeeksToLargestMove":7.5,"horizons":[{"weeks":4,"sample":4,"expectedCount":3,"expectedPercent":75.0,"averageReturn":-2.4,"medianReturn":-2.6,"confidenceLow":30.1,"confidenceHigh":95.4,"confidence":"Mixed historical record"},{"weeks":12,"sample":4,"expectedCount":3,"expectedPercent":75.0,"averageReturn":-3.9,"medianReturn":-3.9,"confidenceLow":30.1,"confidenceHigh":95.4,"confidence":"Mixed historical record"},{"weeks":26,"sample":3,"expectedCount":3,"expectedPercent":100.0,"averageReturn":-15.3,"medianReturn":-8.4,"confidenceLow":43.9,"confidenceHigh":100.0,"confidence":"Mixed historical record"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":-6.5,"sample":5},{"week":2,"averageReturn":-6.5,"sample":5},{"week":3,"averageReturn":-8.8,"sample":5},{"week":4,"averageReturn":-2.4,"sample":4},{"week":5,"averageReturn":-4.8,"sample":4},{"week":6,"averageReturn":-5.8,"sample":4},{"week":7,"averageReturn":-5.6,"sample":4},{"week":8,"averageReturn":-4.8,"sample":4},{"week":9,"averageReturn":-0.8,"sample":4},{"week":10,"averageReturn":-1.5,"sample":4},{"week":11,"averageReturn":-4.0,"sample":4},{"week":12,"averageReturn":-3.9,"sample":4},{"week":13,"averageReturn":-4.6,"sample":4},{"week":14,"averageReturn":-3.7,"sample":4},{"week":15,"averageReturn":-2.9,"sample":4},{"week":16,"averageReturn":-11.1,"sample":4},{"week":17,"averageReturn":-11.1,"sample":4},{"week":18,"averageReturn":-12.2,"sample":4},{"week":19,"averageReturn":-4.5,"sample":3},{"week":20,"averageReturn":-0.8,"sample":3},{"week":21,"averageReturn":-0.3,"sample":3},{"week":22,"averageReturn":-3.4,"sample":3},{"week":23,"averageReturn":-5.8,"sample":3},{"week":24,"averageReturn":-6.3,"sample":3},{"week":25,"averageReturn":-4.6,"sample":3},{"week":26,"averageReturn":-15.3,"sample":3}]},"currentApplication":{"status":"Rollover warning","tone":"negative","headline":"Price has moved below distribution as Market Dynamics weakened","use":"The upward trend may still be visible, but this transition increases downside risk. Further price weakness would confirm the rollover.","confirm":"Further price weakness with weak Market Dynamics would confirm the rollover.","invalidate":"A recovery in both price and Market Dynamics would remove the rollover warning.","level":"negative","direction":"weakening","zone":"middle","zoneContext":"Price has moved down through distribution conditions as Market Dynamics contracted. The completed tape now carries a stronger continuation-risk warning.","historical":{"label":"Broad directional cases","weeks":12,"direction":"lower","percent":65.0,"averageReturn":-7.3,"sample":20},"nowContext":{"label":"Easier this week","detail":"Market Dynamics weakened this week and remains below zero."},"fourWeekContext":{"label":"Weakened over four weeks","detail":"Underlying support has contracted across the recent completed path."},"priceContext":{"label":"Price has moved below distribution","detail":"Price left the upper zone as Market Dynamics weakened."}},"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":"Divergence control","title":"Do not chase price while the underlying evidence lags","tone":"caution","approach":"Use the gap to review position size, protect gains and wait for either Market Dynamics to catch up or price to correct. The disagreement is a warning condition, not an automatic exit.","finding":"In this ticker's completed record, 65.0% of comparable cases moved lower after 12 weeks, with an average move of -7.3% across 20 cases.","watch":"A recovery in both price and Market Dynamics would remove the rollover warning."},{"eyebrow":"Zone positioning","title":"Use distribution to protect capital before considering the short case","tone":"negative","finding":"After distribution, 87.5% of completed 12-week outcomes were lower across 8 cases. Distinct visits lasted 2.8 weeks on average before leaving the zone.","approach":"Review long exposure and define the evidence that would confirm a rollover. Short exposure should begin only after price weakens and the loss limit is known.","watch":"A sustained repair in price and Market Dynamics invalidates the downside setup."},{"eyebrow":"Disagreement playbook","title":"Use unsupported price strength to tighten discipline","tone":"caution","finding":"Comparable disagreements produced an average pullback of 16.6% across 20 completed cases, with the largest move arriving after 7.3 weeks on average.","approach":"Avoid adding simply because price is rising. Let improving Market Dynamics confirm the move, or let price reset before reassessing it.","watch":"The warning ends when Market Dynamics catches up or price gives way."}]},"summary":"This record compares the ticker's completed price path with its published Market Dynamics history."},"events":{"positioning_recoveries":[{"date":"2024-09-20","price":60.099998},{"date":"2025-02-07","price":61.099998},{"date":"2025-03-21","price":58.900002}],"distribution_rollovers":[{"date":"2025-10-17","price":109.0},{"date":"2026-01-09","price":115.0},{"date":"2026-03-06","price":112.800003},{"date":"2026-07-31","price":77.9}],"price_pressure_gaps":[{"date":"2025-09-26","price":119.400002},{"date":"2025-12-19","price":119.400002},{"date":"2026-01-30","price":119.0},{"date":"2026-04-10","price":119.0},{"date":"2026-07-24","price":119.8}]}},"smTape":{"available":true,"dates":["2024-08-23","2024-08-30","2024-09-06","2024-09-13","2024-09-20","2024-09-27","2024-10-04","2024-10-11","2024-10-18","2024-10-25","2024-11-01","2024-11-08","2024-11-15","2024-11-22","2024-11-29","2024-12-06","2024-12-13","2024-12-20","2024-12-27","2025-01-03","2025-01-10","2025-01-17","2025-01-24","2025-01-31","2025-02-07","2025-02-14","2025-02-21","2025-02-28","2025-03-07","2025-03-14","2025-03-21","2025-03-28","2025-04-04","2025-04-11","2025-04-18","2025-04-25","2025-05-02","2025-05-09","2025-05-16","2025-05-23","2025-05-30","2025-06-06","2025-06-13","2025-06-20","2025-06-27","2025-07-04","2025-07-11","2025-07-18","2025-07-25","2025-08-01","2025-08-08","2025-08-15","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"],"close":[60.6,57.0,53.8,52.7,60.1,60.4,61.3,57.3,57.1,53.4,44.0,39.4,38.55,39.65,45.8,49.35,47.55,47.3,45.0,46.75,45.0,47.9,49.05,52.3,61.1,60.6,56.4,53.0,52.9,52.0,58.9,59.2,56.8,55.3,61.0,60.1,64.6,71.0,83.5,84.0,87.9,96.8,86.0,90.8,99.3,99.0,103.6,102.0,101.8,96.2,118.4,113.6,114.8,114.0,112.4,106.4,111.6,119.4,124.0,121.2,109.0,113.6,114.0,111.2,112.4,111.2,113.0,115.2,111.4,119.4,120.0,118.6,115.0,118.0,117.2,119.0,119.2,124.8,129.8,119.4,112.8,110.0,109.4,109.4,118.2,119.0,116.4,111.4,110.2,114.2,109.8,109.0,109.0,108.4,112.2,116.0,117.0,117.2,115.4,116.8,119.8,77.9,81.5,79.9],"consensus":[16.5397,-8.3404,-21.0444,-21.6177,44.0342,23.2372,31.702,-10.4208,0.0,-36.4897,-68.7254,-62.8198,-42.1601,-31.6421,21.5806,32.2839,0.0,0.0,-26.4015,0.0,-28.1995,25.4187,15.9236,46.0886,68.0098,21.0259,0.0,-14.8927,0.0,-10.3274,48.6809,19.109,0.0,0.0,38.8487,15.1091,51.483,66.4245,78.861,44.4831,60.0894,77.3896,-9.3793,56.8488,67.7778,28.9527,55.2171,32.4096,31.3144,-8.2986,71.8887,15.1528,34.4384,25.6125,0.0,-21.4966,28.347,56.3374,51.2943,8.789,-39.4075,13.9832,0.0,-24.5609,0.0,-16.9154,0.0,22.9095,-29.595,45.8597,21.9635,8.958,-15.1158,23.7585,0.0,15.7993,11.6037,41.5812,49.4173,-34.5761,-39.2676,-35.0149,-31.5001,-16.4102,34.3816,12.5267,0.0,-26.6092,-25.3363,0.0,-35.5469,-17.3701,-16.4233,-23.0526,20.7458,19.3367,31.3032,15.786,0.0,16.4636,34.3073,-74.6914,-28.2365,-50.8292],"supportDates":["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"],"control":[28.4294,17.5035,0.0,-20.5523,40.1951,63.9735,55.3977,3.5354,-40.3028,26.8053,0.0,-13.4002,0.0,-16.996,0.0,21.3858,-26.1901,51.4879,21.9015,7.5545,-19.7735,31.166,0.0,18.4402,9.9183,40.0304,51.8297,-35.3969,-31.0631,-30.5783,-26.2597,-5.3735,39.5984,7.0839,0.0,-33.0172,-20.6954,0.0,-34.5066,-16.2066,-18.9901,-22.3771,27.6517,15.295,33.3766,8.3788,0.0,17.3655,34.2694,-65.576,-27.0678,-45.5492],"force":[15.5329,0.2586,0.0,-47.7042,30.0139,65.3085,44.5615,25.0599,-73.7205,21.1779,0.0,-46.0065,0.0,-22.2388,0.0,37.9263,-60.9491,57.1369,10.31,2.7987,-35.7346,39.664,0.0,20.7889,6.4337,52.8728,48.3793,-81.2798,-60.6385,-27.7002,-18.3504,-1.2706,52.6113,7.8577,0.0,-34.787,-21.708,0.0,-45.2809,-10.3153,-7.2682,-14.1201,34.1468,15.7942,28.7543,5.2723,0.0,18.3701,43.1786,-99.9724,-24.6728,-34.3202],"direction":[54.8097,52.99,0.0,-3.8561,13.6158,41.2024,51.4139,47.052,-13.875,5.8097,0.0,-21.9976,0.0,-13.021,0.0,13.9245,-11.0906,31.3724,30.3582,18.9595,-4.9351,3.9318,0.0,9.2172,17.2228,35.2883,47.4016,-0.2783,-33.3791,-45.31,-46.8817,-41.6526,15.3984,22.082,0.0,-13.4444,-33.2319,0.0,-29.783,-23.7391,-20.0292,-30.2051,3.2811,26.486,30.7542,31.7613,0.0,14.071,28.014,-67.051,-67.3645,-68.6556],"intensity":[46.1538,1.9231,9.6154,65.3846,53.8462,73.0769,76.9231,44.2308,98.0769,69.2308,25.0,42.3077,26.9231,5.7692,50.0,23.0769,34.6154,73.0769,42.3077,5.7692,28.8462,23.0769,61.5385,30.7692,13.4615,69.2308,50.0,86.5385,98.0769,25.0,48.0769,36.5385,78.8462,69.2308,55.7692,48.0769,40.3846,55.7692,44.2308,57.6923,9.6154,11.5385,32.6923,75.0,23.0769,30.7692,38.4615,40.3846,25.0,100.0,98.0769,11.5385],"confirmation":[78.5357,52.8802,5.1286,53.0253,76.9413,86.185,84.1465,8.0691,81.6425,51.0712,48.0722,76.6831,25.0885,73.5739,24.6368,75.8119,78.4778,82.933,74.6741,25.7934,51.7806,53.3079,1.2599,73.1676,48.9146,81.6738,83.7451,57.8085,81.3419,79.0494,77.7591,27.8183,79.4782,26.6159,25.3339,76.6665,76.0678,4.4929,79.6875,73.3612,50.2707,75.1149,52.2752,74.1414,77.9077,50.1773,24.9596,73.3127,79.2493,92.8106,35.3712,91.8427],"persistence":[75.0,75.0,62.5,37.5,37.5,62.5,62.5,62.5,37.5,37.5,37.5,37.5,25.0,0.0,12.5,12.5,12.5,12.5,0.0,25.0,12.5,37.5,37.5,37.5,62.5,62.5,62.5,37.5,37.5,12.5,0.0,25.0,25.0,25.0,37.5,37.5,37.5,25.0,25.0,25.0,50.0,75.0,62.5,37.5,12.5,0.0,12.5,37.5,62.5,62.5,37.5,12.5],"assessmentRisk":[29.2312,36.1002,31.6464,27.3144,34.9878,3.6785,20.5306,43.9463,4.1577,37.5702,39.105,35.5938,25.7107,13.5372,11.3504,21.2017,4.829,22.9578,33.9508,26.9424,40.0806,32.2237,35.2783,1.4464,38.7466,27.7458,25.2393,21.6426,23.4736,32.2646,34.2429,40.8929,22.6368,41.3469,45.117,32.2545,33.4775,38.1908,25.8387,15.3095,6.9599,35.1377,19.1942,38.219,33.1175,41.9316,37.1999,5.9444,23.8051,12.5389,35.5924,24.4137],"volumeParticipation":true,"latest":{"consensus":-50.8,"control":-45.5,"force":-34.3,"direction":-68.7,"confirmation":91.8,"persistence":12.5,"assessmentRisk":24.4,"intensity":11.5,"evidenceDepth":100},"analysis":{"status":"Joint downward confirmation","headline":"The gauges support the downward market view","summary":"Price structure and Market Dynamics agree. Control, force and direction support the same downward assessment.","take":"Current assessment: downward pressure has broad support.","tone":"negative","supportedView":"Price structure and Market Dynamics","direction":"downward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Seller control supports the view","controlPath":"Control support is strengthening","forceState":"Downward commitment","forcePath":"Commitment is strengthening","directionState":"Downward follow-through","persistenceState":"Unsettled","confirmationState":"Strong support","riskState":"Contained","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"-50.8","detail":"Joint downward confirmation","tone":"negative"},{"label":"SM Control Gauge","value":"-45.5","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-34.3","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-68.7","detail":"Downward follow-through","tone":"negative"},{"label":"SM Confirmation Gauge","value":"92/100","detail":"Strong support","tone":"positive"}]},"kpis":[{"label":"Price structure","value":"Aligned downward","detail":"completed-week alignment","tone":"negative"},{"label":"Momentum","value":"29.1","detail":"Stretched negative","tone":"negative"},{"label":"Risk pressure","value":"11.9%","detail":"Elevated","tone":"caution"},{"label":"Trend quality","value":"22.2","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"5%","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 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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 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