{"schema_version":"1.0","name":"VGP Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-14","ticker":{"uuid":"5265ca9c-bd57-4316-8c2d-2ba7aa512e04","symbol":"VGP","name":"VGP NV","exchange":"BRU","country":"BE","asset_type":"equity","currency":"EUR","sector":"Real Estate","industry":"Real Estate Services"},"summary":"Market Dynamics strengthened this week and remains positive. Underlying support has strengthened across the recent completed path. Price has not yet responded to the same extent.","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, Range position and boundary pressure, 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":"2026-08-14","observations":260,"displayedObservations":104,"assetType":"Equity","state":"Aligned downward","stateTone":"negative","summary":"Market Dynamics strengthened this week and remains positive. 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strength ahead of price","tone":"caution","headline":"Underlying strength is leading price","use":"A positive price response is needed before the early upside case is confirmed.","confirm":"Treat the gap as an early-upside opportunity watch. A continued positive price response would confirm that price is catching up with the stronger foundation.","invalidate":"Reassess the reading when either price structure or the Market Dynamics state changes materially.","level":"positive","direction":"strengthening","zone":"middle","zoneContext":"Market Dynamics has strengthened across the recent completed path and remains strongly positive, while price has not advanced as far through its range. The gap is an early-upside watch; a positive price response is needed for confirmation.","historical":{"label":"Broad directional cases","weeks":12,"direction":"higher","percent":56.2,"averageReturn":1.7,"sample":16},"nowContext":{"label":"Stronger this week","detail":"Market Dynamics strengthened this week and remains positive."},"fourWeekContext":{"label":"Strengthened over four weeks","detail":"Underlying support has strengthened across the recent completed path."},"priceContext":{"label":"Price is lagging the underlying strength","detail":"Market Dynamics has advanced further through its recent range than price. This is positive divergence and an early-upside watch, but price confirmation is still required."}},"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":"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, 56.2% of comparable cases moved higher after 12 weeks, with an average move of 1.7% across 16 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 3 cases. Distinct visits lasted 2.3 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 9.4% across 16 completed cases, with the largest move arriving after 6.0 weeks on average.","approach":"Define the price level that would confirm the repair. Until that response occurs, keep the idea at watchlist or starter-position size.","watch":"The early repair fails if Market Dynamics fades before price responds."}]},"summary":"This record compares the ticker's completed price path with its published Market Dynamics history."},"events":{"positioning_recoveries":[{"date":"2025-02-07","price":73.298592},{"date":"2025-04-18","price":69.046715}],"distribution_rollovers":[{"date":"2026-03-06","price":96.134369}],"price_pressure_gaps":[{"date":"2026-02-06","price":104.313965}]}},"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":[89.1969,85.8694,84.4829,87.8104,84.5753,87.6256,83.9283,83.3737,81.3402,74.5002,71.5424,74.038,73.5759,73.2986,73.0213,69.7862,69.4165,64.61,65.8116,66.6435,66.3662,69.7862,71.3575,76.3489,73.2986,73.5759,73.8532,74.5926,70.9878,76.2564,75.517,74.038,70.1559,65.7192,69.0467,72.5591,75.7018,75.1472,75.2397,75.2523,81.1224,78.9091,77.8506,82.2772,81.2186,83.7206,82.6621,88.051,88.8208,87.1849,90.553,88.4359,95.2683,93.8248,89.6869,89.8794,89.2058,87.7623,92.2851,94.306,98.3477,101.812,96.4231,100.2723,98.7326,96.2306,99.6949,97.7703,93.6324,94.5947,94.9796,93.6324,99.6949,101.0421,98.3477,99.5024,104.314,104.8914,103.1592,105.8537,96.1344,89.5907,83.4319,78.9091,83.6244,87.8585,91.804,87.2812,84.0093,81.0,80.0,80.3,83.8,78.7,81.8,81.9,84.3,87.4,81.4,80.3,84.4,84.4,82.0,79.8],"consensus":[-37.2995,-59.6493,-41.7594,0.0,-51.2676,16.7087,-48.2128,-25.5416,-48.5159,-76.4115,-66.7532,-13.8244,-35.7719,-19.7499,-13.1011,-53.9967,-36.3012,-75.6142,-16.8505,-21.7714,-25.6977,24.7937,19.8374,59.9393,0.0,16.3098,14.9142,0.0,-28.5687,49.6116,0.0,0.0,-40.2944,-50.4253,0.0,23.0241,43.3618,20.4217,23.7215,11.6539,62.3843,0.0,0.0,64.586,12.7513,41.4379,17.6839,69.4815,38.4732,8.2083,61.7067,0.0,74.1391,24.0811,-13.6185,16.4418,0.0,-23.8565,47.3005,43.3517,58.8439,59.3844,-13.9619,53.7386,0.0,-15.0435,40.1625,-13.5005,-41.4154,0.0,0.0,-27.4195,47.9412,39.3203,0.0,31.4942,57.781,31.9482,9.6868,47.3491,-53.3664,-62.3439,-75.0234,-70.8584,0.0,0.0,27.9841,-27.518,-39.0964,-58.3167,-41.2761,-28.8676,10.4979,-28.4348,11.2303,-20.0028,0.0,39.7847,-33.5695,-27.7614,28.8404,-8.1884,-25.7939,-31.2748],"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":[74.2125,17.7184,-16.9388,15.8249,0.0,-19.7817,46.3465,43.6716,59.6652,55.1748,-21.7815,49.6929,0.0,-8.3884,41.8272,-10.2193,-43.0765,0.0,0.0,-26.3212,45.6058,41.3874,0.0,30.56,62.9108,31.2509,2.4678,47.36,-48.9542,-63.2759,-77.0814,-71.6553,0.0,0.0,26.6863,-43.5437,-48.0695,-53.2797,-34.1422,-24.3893,10.7574,-24.5892,18.6095,-34.3771,0.0,44.5698,-46.5081,-31.7298,32.401,-6.931,-34.1147,-36.1695],"force":[91.3661,12.858,-51.6882,5.9818,0.0,-38.9355,67.8984,43.2617,62.1044,64.5048,-73.7557,66.3147,0.0,-38.6783,45.0101,-42.0274,-55.8601,0.0,0.0,-26.9197,68.2393,34.2868,0.0,34.9116,67.985,18.2157,13.4593,51.0551,-80.208,-67.2134,-85.0713,-70.882,0.0,0.0,54.17,-29.4087,-34.5212,-73.0738,-30.6577,-3.8828,51.8809,-16.7219,34.6072,-8.7467,0.0,36.9158,-34.3631,-23.624,55.4412,-14.5796,-39.5109,-37.1532],"direction":[61.7503,57.7379,-17.3686,24.6182,0.0,-17.7428,33.678,43.0505,55.5764,60.5378,-37.6846,49.3793,0.0,-5.7675,34.7973,-3.126,-29.1994,0.0,0.0,-29.0318,36.1115,40.5534,0.0,30.1209,44.6299,42.554,34.4701,44.6894,-39.2363,-57.8005,-65.4943,-69.9309,0.0,0.0,10.763,-7.8525,-32.1093,-53.5325,-57.0137,-51.832,19.3579,-41.196,13.901,-11.6149,0.0,36.3651,-18.2156,-26.1814,5.7706,-5.0602,-6.4864,-21.4822],"intensity":[94.2308,61.5385,67.3077,53.8462,7.6923,15.3846,76.9231,36.5385,80.7692,73.0769,92.3077,57.6923,38.4615,90.3846,48.0769,26.9231,63.4615,21.1538,15.3846,11.5385,96.1538,84.6154,36.5385,9.6154,75.0,36.5385,42.3077,75.0,100.0,98.0769,90.3846,94.2308,69.2308,88.4615,55.7692,67.3077,44.2308,36.5385,88.4615,3.8462,42.3077,90.3846,36.5385,19.2308,55.7692,34.6154,84.6154,11.5385,57.6923,61.5385,25.0,73.0769],"confirmation":[92.2484,32.0869,31.8395,50.2853,25.7145,76.1557,83.7784,81.8649,86.9169,87.2232,36.877,85.6413,5.6334,50.969,80.9744,51.2398,81.6678,3.2536,4.038,76.7758,83.9954,80.3976,5.0582,78.1965,86.7227,77.8155,5.3757,83.2645,85.9625,88.0842,92.2823,90.6633,35.7553,32.1595,77.7727,53.9525,80.2347,87.1878,80.9935,53.8778,31.4129,76.8008,29.8259,73.8388,24.1676,80.5707,78.5693,76.6971,55.3187,25.5009,53.8786,44.64],"persistence":[87.5,87.5,62.5,62.5,50.0,25.0,25.0,37.5,37.5,37.5,37.5,37.5,37.5,37.5,37.5,12.5,12.5,25.0,12.5,37.5,25.0,0.0,12.5,12.5,37.5,50.0,62.5,87.5,62.5,37.5,25.0,0.0,12.5,25.0,25.0,50.0,50.0,50.0,50.0,50.0,37.5,50.0,50.0,50.0,37.5,12.5,12.5,12.5,12.5,12.5,37.5,37.5],"assessmentRisk":[11.1977,36.7425,6.3465,13.0657,44.9114,36.2366,9.9324,22.5486,20.3335,20.2954,48.3664,19.8252,2.4537,39.7408,18.3616,27.2276,25.0319,22.8798,44.1893,30.1007,23.256,28.4594,39.5325,32.6532,16.912,27.4275,41.8488,25.2708,21.8711,18.7695,12.4763,14.5702,46.8811,19.9597,33.2496,60.8281,23.5605,16.3837,28.879,31.3511,7.5543,11.4789,15.9095,31.0489,5.2399,29.6402,10.9796,9.3392,12.8832,33.0817,22.4885,7.7357],"volumeParticipation":true,"latest":{"consensus":-31.3,"control":-36.2,"force":-37.2,"direction":-21.5,"confirmation":44.6,"persistence":37.5,"assessmentRisk":7.7,"intensity":73.1,"evidenceDepth":100},"analysis":{"status":"Price structure has stronger support","headline":"The gauges support the price-technical view","summary":"Price structure and Market Dynamics disagree. 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":"Broadly stable","forceState":"Downward commitment","forcePath":"Commitment is strengthening","directionState":"Downward follow-through","persistenceState":"Unsettled","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"-31.3","detail":"Price structure has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-36.2","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-37.2","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction 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leadership","title":"Strength versus the research benchmark","description":"Relative performance is separated from absolute price direction to reveal leadership and lagging pressure.","reason":"Selected because benchmark-relative leadership is strengthening, fading or diverging from price.","series":[{"label":"Relative 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