{"schema_version":"1.0","name":"BELL Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-14","ticker":{"uuid":"5390d3ca-a12b-4623-b95b-0720fb572bc3","symbol":"BELL","name":"Bell Food Group AG","exchange":"EBS","country":"CH","asset_type":"equity","currency":"CHF","sector":"Consumer Defensive","industry":"Packaged Foods"},"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, Activity pressure and cumulative balance, Strength versus the research benchmark, Acceleration, deceleration and rollover, Range position and boundary pressure, 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":"2026-08-14","observations":260,"displayedObservations":104,"assetType":"Equity","state":"Rotational","stateTone":"caution","summary":"Market Dynamics strengthened this week and remains positive. 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cautious, Market Dynamics positive","kind":"disagreement","expectedDirection":"higher","episodes":17,"completedEpisodes":16,"activeEpisodes":1,"medianExpectedMove":2.3,"averageExpectedMove":3.7,"averageWeeksToLargestMove":5.1,"horizons":[{"weeks":4,"sample":16,"expectedCount":8,"expectedPercent":50.0,"averageReturn":-0.2,"medianReturn":0.1,"confidenceLow":28.0,"confidenceHigh":72.0,"confidence":"Mixed historical record"},{"weeks":12,"sample":16,"expectedCount":4,"expectedPercent":25.0,"averageReturn":-2.5,"medianReturn":-3.7,"confidenceLow":10.2,"confidenceHigh":49.5,"confidence":"Historically adverse"},{"weeks":26,"sample":16,"expectedCount":8,"expectedPercent":50.0,"averageReturn":-0.9,"medianReturn":0.0,"confidenceLow":28.0,"confidenceHigh":72.0,"confidence":"Mixed historical 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record"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":-3.1,"sample":2},{"week":2,"averageReturn":-2.5,"sample":2},{"week":3,"averageReturn":-4.5,"sample":2},{"week":4,"averageReturn":-5.5,"sample":2},{"week":5,"averageReturn":-6.2,"sample":2},{"week":6,"averageReturn":-7.0,"sample":2},{"week":7,"averageReturn":-8.1,"sample":2},{"week":8,"averageReturn":-8.7,"sample":2},{"week":9,"averageReturn":-8.0,"sample":2},{"week":10,"averageReturn":-7.9,"sample":2},{"week":11,"averageReturn":-7.1,"sample":2},{"week":12,"averageReturn":-5.9,"sample":2},{"week":13,"averageReturn":-4.0,"sample":2},{"week":14,"averageReturn":-5.4,"sample":2},{"week":15,"averageReturn":-4.4,"sample":2},{"week":16,"averageReturn":-2.9,"sample":2},{"week":17,"averageReturn":-3.8,"sample":2},{"week":18,"averageReturn":-3.8,"sample":2},{"week":19,"averageReturn":-5.4,"sample":2},{"week":20,"averageReturn":-6.4,"sample":2},{"week":21,"averageReturn":-7.5,"sample":2},{"week":22,"averageReturn":-6.8,"sample":2},{"week":23,"averageReturn":-8.6,"sample":2},{"week":24,"averageReturn":-9.3,"sample":2},{"week":25,"averageReturn":-9.6,"sample":2},{"week":26,"averageReturn":-11.0,"sample":2}]},"currentApplication":{"status":"Underlying 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":25.0,"averageReturn":-2.5,"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, 25.0% of comparable cases moved higher after 12 weeks, with an average move of -2.5% across 16 cases.","watch":"Reassess the reading when either price structure or the Market Dynamics state changes materially."},{"eyebrow":"Zone positioning","title":"Use distribution to protect capital before considering the short case","tone":"negative","finding":"After distribution, 100.0% of completed 12-week outcomes were lower across 5 cases. Distinct visits lasted 1.4 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 improving Market Dynamics to prepare, not anticipate","tone":"recovery","finding":"Comparable disagreements produced an average recovery of 3.7% across 16 completed cases, with the largest move arriving after 5.1 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":"2026-07-17","price":182.0},{"date":"2026-08-07","price":182.0}],"distribution_rollovers":[{"date":"2025-01-24","price":239.376587},{"date":"2025-05-30","price":252.793167}],"price_pressure_gaps":[{"date":"2025-01-17","price":259.559326},{"date":"2025-05-02","price":261.476898}]}},"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":[246.4171,244.5396,248.7639,250.172,248.7639,250.172,249.7026,248.2945,250.6414,248.2945,248.7639,248.2945,248.7639,249.2333,248.7639,248.7639,249.2333,250.172,247.3558,249.7026,252.0495,259.5593,239.3766,249.7026,238.4379,239.8459,236.091,235.1523,225.2956,231.8667,237.9685,238.9072,242.6621,246.5216,251.3459,253.758,261.4769,265.8188,258.0999,259.0648,252.7932,252.7932,249.4162,253.758,243.627,241.2149,241.2149,241.2149,243.627,248.9337,239.2851,236.3906,240.25,243.1446,242.1797,240.25,234.9433,232.5311,231.5663,232.5311,231.0838,229.6366,222.4001,217.5758,212.7515,220.9528,221.4352,214.1988,214.1988,212.2691,212.2691,215.6461,211.7867,213.2339,212.7515,214.1988,210.8218,209.3745,205.0326,208.4096,202.138,200.6908,198.2786,196.3489,195.384,193.9367,192.2,192.8,186.8,181.4,181.4,178.2,176.0,172.2,185.2,176.6,180.6,183.6,177.6,182.0,178.6,181.0,182.0,205.0],"consensus":[40.0604,0.0,34.1632,23.2615,8.4057,20.4913,0.0,0.0,27.117,0.0,0.0,9.6141,0.0,0.0,0.0,0.0,9.6356,15.6809,-10.351,18.7052,21.7383,49.8303,-53.1239,29.8435,-51.3527,-21.1979,-32.8374,-32.8116,-64.9868,0.0,18.9599,0.0,32.3798,40.1331,48.1034,41.9315,62.8454,58.1161,0.0,31.4272,-21.1041,-8.9664,-26.0315,22.3779,-47.7285,-31.2672,-19.457,-23.5622,0.0,27.0988,-39.9414,-38.8701,0.0,0.0,0.0,-18.2766,-44.2602,-43.233,-40.9058,-26.3061,-29.0896,-21.5416,-62.1848,-53.4294,-56.6081,0.0,-9.9942,-50.789,-21.3211,-42.7257,-28.5874,0.0,-32.1766,0.0,-14.0587,0.0,-34.8061,-23.4593,-48.4219,0.0,-56.632,-30.0451,-45.872,-35.6403,-32.3902,-36.1122,-38.1559,-15.995,-58.4821,-60.6329,-32.5326,-54.9157,-54.1745,-58.2708,19.7477,-35.8077,0.0,17.1686,-34.6686,25.7023,-30.7701,0.0,8.1584,75.9991],"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":[0.0,0.0,0.0,-24.2352,-46.3346,-43.8963,-41.8436,-25.6656,-28.0768,-18.3641,-66.1295,-48.5463,-51.7764,0.0,-8.2403,-48.1388,-26.3959,-43.7423,-27.2601,0.0,-27.3902,0.0,-17.6827,0.0,-34.9838,-19.9005,-43.2506,0.0,-54.8085,-26.6644,-50.8348,-32.6975,-32.8282,-36.7955,-39.9824,-12.407,-66.2578,-64.8523,-27.1874,-56.5787,-60.0544,-67.4834,23.4175,-41.2779,0.0,12.5707,-36.3062,22.6597,-34.6334,0.0,0.3369,68.1694],"force":[0.0,0.0,0.0,-28.0738,-52.5001,-38.9885,-33.5032,-10.6946,-25.2399,-11.6081,-69.8458,-56.7281,-59.7157,0.0,-7.1815,-72.1695,-6.4931,-39.3225,-12.065,0.0,-44.4432,0.0,-6.1654,0.0,-54.9291,-24.0924,-68.3397,0.0,-78.6739,-16.3443,-40.5752,-21.5568,-15.2874,-23.6057,-26.4583,-6.9515,-55.892,-57.4877,-7.7125,-46.0628,-38.7957,-41.4439,40.7183,-29.2376,0.0,25.6965,-30.058,52.4607,-41.1055,0.0,12.0927,99.6744],"direction":[0.0,0.0,0.0,-4.4688,-36.0038,-45.5067,-45.1215,-38.189,-32.9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Dynamics has stronger support","headline":"The gauges support the upward view","summary":"The completed evidence gives the upward view the clearer support.","take":"Current assessment: upward pressure has the stronger support.","tone":"positive","supportedView":"Market Dynamics","direction":"upward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Buyer control supports the view","controlPath":"Control support is strengthening","forceState":"Upward commitment","forcePath":"Commitment is strengthening","directionState":"Upward follow-through","persistenceState":"Unsettled","confirmationState":"Strong support","riskState":"Contained","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"+76.0","detail":"Market Dynamics has stronger support","tone":"positive"},{"label":"SM Control Gauge","value":"+68.2","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+99.7","detail":"Upward 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