{"schema_version":"1.0","name":"DRN Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"487e66af-ca54-47dd-b58c-352b38aaa832","symbol":"DRN","name":"HANETF II ICAV DRONE UCITS ETF","exchange":"LSE","country":"GB","asset_type":"etf","currency":"GBP","sector":null,"industry":null},"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, Completed returns and cumulative progression, Range expansion and closing direction, Drawdown and recovery pressure, Activity pressure and cumulative balance, 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":"2026-08-21","observations":24,"displayedObservations":24,"assetType":"ETF","state":"Aligned downward","stateTone":"negative","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":["2026-03-13","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":[0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0],"opens":[8.1996,6.316,5.423,5.171,5.441,5.187,5.462,5.219,4.9925,4.743,4.799,4.942,6.011,5.22135,4.9135,4.227,4.895,4.587,4.1705,4.205,4.4015,4.313,4.904,5.055],"highs":[8.1996,6.654,5.96006,5.47484,5.55851,5.774,5.692,5.24,4.9925,4.9585,4.8405,6.453,6.035,5.303,5.029,4.3045,4.9185,4.587,4.2205,4.538,4.4305,4.8355,5.075,5.117],"lows":[8.1226,5.70837,5.12728,4.8525,5.1045,5.10095,5.182,4.8245,4.698,4.59,4.47601,4.8655,5.52693,4.8825,4.9045,4.16082,4.805,4.4,4.081,4.1415,3.983,4.219,4.8435,4.499],"closes":[8.1226,5.6755,5.136,5.4125,5.1045,5.5025,5.2445,4.989,4.698,4.829,4.8055,5.966,5.665,5.00575,4.98975,4.3045,4.87925,4.44375,4.16525,4.4035,4.095,4.771,5.04275,4.59675],"hoverRows":[[{"label":"Open","value":"8.20","className":"is-ohlc","compact":true},{"label":"High","value":"8.20","className":"is-ohlc","compact":true},{"label":"Low","value":"8.12","className":"is-ohlc","compact":true},{"label":"Close","value":"8.12","className":"is-ohlc","compact":true},{"label":"Market 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history","context":{"scenario":"developing","latestDirection":"steady","fourWeekDirection":"steady","now":{"label":"Little changed this week","detail":"Market Dynamics remains positive 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 positive 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":24,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[{"date":"2026-05-29","price":5.966}],"reversal_dangers":[{"date":"2026-06-05","price":5.665}]}},"smTape":{"available":true,"dates":["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":[8.1226,5.6755,5.136,5.4125,5.1045,5.5025,5.2445,4.989,4.698,4.829,4.8055,5.966,5.665,5.0057,4.9897,4.3045,4.8792,4.4437,4.1653,4.4035,4.095,4.771,5.0427,4.5968],"consensus":[-100.0,-100.0,-97.9058,79.9659,-78.8922,-20.0551,-53.1609,-70.9852,-80.1773,-28.0834,-35.2108,56.8147,-11.63,-43.9326,-15.4909,-44.9905,-9.5277,-52.8936,-43.8713,0.0,-57.7826,38.9811,47.2828,-34.9208],"supportDates":["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,-5.845,-73.3268,-61.8091,-82.4635,-18.8408,-18.6456,42.6411,-28.0026,-58.9447,-18.6829,-30.0153,-1.7214,-60.3886,-39.539,0.0,-58.2088,33.6633,38.3778,-40.7533],"force":[-100.0,-100.0,-97.9058,79.9659,-49.3448,-25.5075,-26.869,-74.2546,-76.9391,-29.6081,-6.1039,92.069,-29.8015,-36.686,-9.3087,-23.7255,-18.6367,-45.1393,-34.4519,0.0,-64.1161,86.8488,75.5702,-72.174],"direction":[null,null,null,null,-99.9974,-68.8401,-48.8942,-79.1369,-79.8775,-79.8545,-74.9331,47.8315,-20.0613,-31.952,-29.5569,-77.2943,-42.5014,-49.8666,-55.5506,0.0,-52.7715,10.8673,37.2547,-1.6457],"intensity":[null,null,null,null,25.0,40.0,16.6667,57.1429,25.0,11.1111,10.0,90.9091,75.0,84.6154,28.5714,86.6667,62.5,47.0588,38.8889,36.8421,35.0,76.1905,63.6364,52.1739],"confirmation":[54.6667,54.6667,53.9965,48.2558,69.2281,10.6872,83.9029,90.9547,93.5232,36.3524,55.9661,87.4711,30.9723,81.6088,28.8052,81.9771,6.705,84.5754,81.8178,6.9511,86.677,82.0138,84.1283,55.0],"persistence":[null,null,100.0,50.0,60.0,66.6667,71.4286,75.0,75.0,75.0,75.0,75.0,75.0,75.0,75.0,75.0,75.0,75.0,75.0,87.5,87.5,62.5,37.5,37.5],"assessmentRisk":[null,null,null,null,10.2833,1.6544,32.3298,12.9822,17.1153,20.5373,8.502,12.6881,47.5154,33.0666,26.9549,27.4218,41.3147,14.0883,24.8728,10.963,17.175,8.2348,22.8902,34.5715],"volumeParticipation":true,"latest":{"consensus":-34.9,"control":-40.8,"force":-72.2,"direction":-1.6,"confirmation":55.0,"persistence":37.5,"assessmentRisk":34.6,"intensity":52.2,"evidenceDepth":92},"analysis":{"status":"Price structure has the available support","headline":"The gauges support the price-technical view","summary":"Market Dynamics does not provide a directional confirmation. The completed evidence supports the downward price structure.","take":"Current assessment: follow price structure with limited confirmation.","tone":"negative","supportedView":"Price structure","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":"Follow-through is limited","persistenceState":"Unsettled","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"-34.9","detail":"Price structure has the available support","tone":"negative"},{"label":"SM Control Gauge","value":"-40.8","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-72.2","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-1.6","detail":"Follow-through is limited","tone":"negative"},{"label":"SM Confirmation Gauge","value":"55/100","detail":"Qualified support","tone":"neutral"}]},"kpis":[{"label":"Price structure","value":"Aligned downward","detail":"completed-week alignment","tone":"negative"},{"label":"Momentum","value":"18.3","detail":"Stretched negative","tone":"negative"},{"label":"Risk pressure","value":"10.6%","detail":"Normal","tone":"neutral"},{"label":"Trend quality","value":"-","detail":"Developing","tone":"neutral"},{"label":"Range position","value":"15%","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 its trend references are aligned downward.","series":[{"label":"Close","values":[8.1226,5.6755,5.136,5.4125,5.1045,5.5025,5.2445,4.989,4.698,4.829,4.8055,5.966,5.665,5.0057,4.9897,4.3045,4.8792,4.4437,4.1653,4.4035,4.095,4.771,5.0427,4.5968],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,6.5635,6.3706,6.1658,5.9519,5.7239,5.5612,5.4238,5.5224,5.5483,5.4497,5.366,5.173,5.1196,4.9967,4.8456,4.7652,4.6433,4.6665,4.7349,4.7098],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,6.3949,6.292,6.1955,6.0554,5.9683,5.8554,5.7302,5.6319,5.5181,5.4627,5.4316,5.3698],"stroke":"#07865c","width":1.8},{"label":"Upper envelope","values":[null,null,null,null,null,null,null,null,null,7.328,7.222,7.2181,7.1686,7.0912,7.0209,6.9899,6.9282,6.8841,6.8579,6.8136,5.9814,5.885,5.877,5.8175],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower 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Market Dynamics construction and private inputs are not disclosed. Historical research is not a forecast or instruction to trade."}