{"schema_version":"1.0","name":"BGIP4 Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-14","ticker":{"uuid":"57c4ba92-ffa0-4884-bb9f-7e8d840e5eea","symbol":"BGIP4","name":"Banco do Estado de Sergipe S.A.","exchange":"SAO","country":"BR","asset_type":"equity","currency":"BRL","sector":"Financial Services","industry":"Banks - Regional"},"summary":"Market Dynamics improved this week but remains below zero. Underlying support has strengthened across the recent completed path. 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consistent"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":-0.4,"sample":18},{"week":2,"averageReturn":0.7,"sample":18},{"week":3,"averageReturn":1.1,"sample":18},{"week":4,"averageReturn":1.1,"sample":18},{"week":5,"averageReturn":0.7,"sample":18},{"week":6,"averageReturn":0.6,"sample":18},{"week":7,"averageReturn":0.6,"sample":18},{"week":8,"averageReturn":4.2,"sample":18},{"week":9,"averageReturn":1.8,"sample":18},{"week":10,"averageReturn":2.7,"sample":18},{"week":11,"averageReturn":6.4,"sample":18},{"week":12,"averageReturn":3.9,"sample":18},{"week":13,"averageReturn":2.7,"sample":18},{"week":14,"averageReturn":3.1,"sample":18},{"week":15,"averageReturn":3.3,"sample":18},{"week":16,"averageReturn":5.0,"sample":18},{"week":17,"averageReturn":4.0,"sample":18},{"week":18,"averageReturn":4.4,"sample":18},{"week":19,"averageReturn":5.6,"sample":18},{"week":20,"averageReturn":6.3,"sample":18},{"week":21,"averageReturn":8.5,"sample":18},{"week":22,"averageReturn":10.4,"sample":17},{"week":23,"averageReturn":12.1,"sample":17},{"week":24,"averageReturn":12.3,"sample":17},{"week":25,"averageReturn":13.1,"sample":17},{"week":26,"averageReturn":15.8,"sample":17}]}},"pricePressureGap":{"label":"Price elevated relative to Market Dynamics","kind":"structuralDivergence","expectedDirection":"lower","episodes":2,"completedEpisodes":2,"activeEpisodes":0,"medianExpectedMove":17.5,"averageExpectedMove":17.5,"averageWeeksToLargestMove":9.5,"horizons":[{"weeks":4,"sample":2,"expectedCount":2,"expectedPercent":100.0,"averageReturn":-8.6,"medianReturn":-8.6,"confidenceLow":34.2,"confidenceHigh":100.0,"confidence":"Mixed historical record"},{"weeks":12,"sample":2,"expectedCount":2,"expectedPercent":100.0,"averageReturn":-14.3,"medianReturn":-14.3,"confidenceLow":34.2,"confidenceHigh":100.0,"confidence":"Mixed historical record"},{"weeks":26,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":-2.2,"sample":2},{"week":2,"averageReturn":-5.4,"sample":2},{"week":3,"averageReturn":-4.9,"sample":2},{"week":4,"averageReturn":-8.6,"sample":2},{"week":5,"averageReturn":-7.1,"sample":2},{"week":6,"averageReturn":-9.5,"sample":2},{"week":7,"averageReturn":-8.2,"sample":2},{"week":8,"averageReturn":-10.1,"sample":2},{"week":9,"averageReturn":-12.3,"sample":2},{"week":10,"averageReturn":-14.2,"sample":2},{"week":11,"averageReturn":-15.3,"sample":2},{"week":12,"averageReturn":-14.3,"sample":2},{"week":13,"averageReturn":-14.1,"sample":2},{"week":14,"averageReturn":-14.1,"sample":2},{"week":15,"averageReturn":-13.5,"sample":2},{"week":16,"averageReturn":-13.3,"sample":2},{"week":17,"averageReturn":-13.0,"sample":2},{"week":18,"averageReturn":-12.2,"sample":2},{"week":19,"averageReturn":-12.8,"sample":1},{"week":20,"averageReturn":-12.8,"sample":1},{"week":21,"averageReturn":-13.6,"sample":1},{"week":22,"averageReturn":-13.4,"sample":1},{"week":23,"averageReturn":-14.4,"sample":1},{"week":24,"sample":0},{"week":25,"sample":0},{"week":26,"sample":0}]},"currentApplication":{"status":"Countertrend conflict","tone":"caution","headline":"Market Dynamics is repairing against a downward price structure","use":"The downside structure remains in place, but improving Market Dynamics weakens that case. A positive price response is needed to confirm the repair.","confirm":"This is an early challenge rather than a confirmed reversal. Price must respond to the improvement before the downward technical state can be considered resolved.","invalidate":"Reassess the reading when either price structure or the Market Dynamics state changes materially.","level":"negative","direction":"strengthening","zone":"middle","zoneContext":"Market Dynamics remains below zero, but it has improved across the recent completed path. This is an early repair watch until price confirms it.","historical":{"label":"Broad directional cases","weeks":12,"sample":0},"nowContext":{"label":"Stronger this week","detail":"Market Dynamics improved this week but remains below zero."},"fourWeekContext":{"label":"Strengthened over four weeks","detail":"Underlying support has strengthened across the recent completed path."},"priceContext":{"label":"Price remains in a downward structure","detail":"Improving Market Dynamics has not yet produced a positive price response."}},"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":"Zone positioning","title":"Use accumulation to prepare the long case, then wait for confirmation","tone":"positive","finding":"After accumulation, 66.7% of completed 12-week outcomes were higher across 6 cases. Distinct visits lasted 5.2 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 unsupported price strength to tighten discipline","tone":"caution","finding":"Comparable disagreements produced an average pullback of 5.7% across 25 completed cases, with the largest move arriving after 4.4 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":[],"distribution_rollovers":[{"date":"2026-03-20","price":33.880451},{"date":"2026-05-08","price":34.389999}],"price_pressure_gaps":[{"date":"2026-03-06","price":37.841137},{"date":"2026-04-10","price":37.460678}]}},"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":[18.632,18.7934,20.9539,20.3148,20.2177,20.2258,19.8213,19.0122,19.2307,19.2954,18.9394,18.9151,18.81,19.8213,19.0122,19.4815,19.4976,19.4167,19.6999,18.7614,18.9394,19.886,21.4312,22.5582,21.1317,21.4286,21.3936,21.8302,21.5071,21.6556,22.6511,23.3147,23.3584,23.5179,24.3756,25.1971,25.811,26.1812,25.9103,26.9847,27.084,26.1812,24.502,24.3936,25.0256,25.6846,26.1812,26.5965,25.2784,24.9714,25.2332,25.1069,25.17,25.6124,26.136,25.468,25.7208,26.1812,23.9242,24.3575,24.3846,24.4117,25.4409,26.452,26.6055,29.2975,30.3628,30.3438,29.7065,31.9609,32.0179,33.0928,32.9121,34.9001,34.456,33.8902,34.6316,33.4512,34.0268,35.0218,37.8411,36.7095,33.8805,34.7975,34.4365,37.4607,36.95,37.35,36.8,34.39,32.5,31.22,31.8,30.91,31.69,32.14,32.56,32.75,33.74,33.0,33.01,32.71,32.77,32.4],"consensus":[-23.3481,13.8898,74.4062,-11.7743,20.6061,25.0647,-8.1283,-36.0623,0.0,0.0,-30.6195,-16.9183,-22.8821,17.1904,-30.4377,22.1504,10.3519,0.0,24.8598,-48.3141,-13.2198,35.7212,69.1366,65.9633,-10.162,37.2944,8.4156,19.6018,0.0,14.7123,66.1215,59.3306,43.8928,40.246,61.9656,51.2416,44.2512,54.1339,16.2905,63.7591,33.4348,0.0,-46.8291,-25.9149,9.1635,19.9093,33.9013,41.3288,-20.3679,-23.0544,0.0,-22.1103,-11.2605,14.736,35.9511,-9.4869,15.519,29.1115,-60.3314,-19.7423,-25.8496,-28.7408,37.2666,45.5461,33.2724,74.2928,70.0556,36.1908,14.7952,73.4166,37.5626,55.5707,37.3007,71.0011,14.8111,0.0,45.1318,-16.6123,10.4273,46.8028,70.8936,8.4709,-35.4474,19.0156,-9.7838,60.7702,0.0,29.4611,21.3591,-46.5062,-59.0645,-57.5983,-28.1841,-29.1882,-28.27,0.0,-14.0111,-9.9007,10.3286,-18.102,-8.2684,-14.696,0.0,-16.9111],"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":[-14.4827,15.4901,40.5786,-3.3653,15.8222,34.4158,-51.3122,-19.2338,-24.1913,-27.1156,42.4808,42.4315,32.3669,72.9891,74.7428,29.0508,3.0026,75.8831,32.6821,53.9576,33.1605,66.7678,4.1641,0.0,44.2888,-11.773,8.5956,50.99,68.6138,7.163,-39.5056,22.9865,-0.4588,63.5859,0.0,26.4185,20.6233,-39.9986,-55.741,-57.9074,-20.932,-15.4335,-32.9434,0.0,-25.6509,-22.6593,0.0382,-31.5751,-14.885,-17.2836,0.0,-13.7643],"force":[-9.9935,16.9078,42.8362,-36.0927,22.4313,34.3636,-91.9726,-1.7225,-14.2246,-19.9308,50.5003,57.002,21.963,94.4416,68.3299,7.3628,19.341,79.6493,11.9735,42.258,6.0155,82.8918,32.802,0.0,34.5242,-64.0897,4.6688,44.6568,89.661,29.7124,-75.4652,27.5681,-16.364,88.9061,0.0,15.7511,3.9189,-72.923,-71.9954,-53.3175,-1.7046,-9.841,-4.656,0.0,-0.9806,-7.1133,10.4101,-24.8916,-8.1928,-14.7942,0.0,-16.7921],"direction":[-8.483,12.3228,25.7447,-2.5212,10.2351,19.298,-48.0382,-35.6555,-36.0483,-36.8912,21.8549,40.9229,42.3855,61.3906,65.9315,64.9423,59.5187,66.1458,61.4182,66.9232,64.3791,67.3458,60.9884,0.0,53.6721,-11.7696,23.3036,43.5503,60.0939,53.6119,-2.2253,8.3686,-15.7409,37.4552,0.0,42.7313,34.6573,-35.0744,-53.6264,-60.3028,-55.386,-58.7272,-39.7962,0.0,-10.016,-2.6897,22.031,-2.1455,-0.7606,-11.6686,0.0,-20.5926],"intensity":[26.9231,36.5385,40.3846,100.0,94.2308,34.6154,98.0769,88.4615,1.9231,3.8462,69.2308,86.5385,38.4615,100.0,96.1538,69.2308,42.3077,92.3077,59.6154,69.2308,48.0769,94.2308,76.9231,92.3077,38.4615,67.3077,65.3846,71.1538,100.0,78.8462,96.1538,48.0769,28.8462,98.0769,92.3077,32.6923,59.6154,88.4615,75.0,59.6154,21.1538,88.4615,59.6154,13.4615,13.4615,48.0769,40.3846,30.7692,5.7692,40.3846,46.1538,25.0],"confirmation":[71.5156,72.7702,79.6437,27.1445,73.1721,77.3949,88.4078,51.3719,75.9429,76.9533,80.2492,82.9714,78.3163,92.4076,90.2938,56.1446,8.732,91.6457,79.3145,85.4015,56.3792,91.1472,10.4485,9.0446,82.1317,32.0141,49.2339,82.8477,91.2927,9.652,57.8342,74.2851,48.8068,88.261,7.8023,77.0561,51.6479,83.7862,87.3454,86.2963,53.6557,76.9602,53.5889,26.7791,49.2424,26.1293,48.7978,51.5853,47.8761,72.6663,24.9788,81.4559],"persistence":[12.5,12.5,12.5,37.5,12.5,12.5,0.0,0.0,0.0,25.0,25.0,0.0,0.0,0.0,25.0,50.0,75.0,100.0,100.0,100.0,100.0,100.0,100.0,87.5,87.5,62.5,62.5,62.5,62.5,62.5,37.5,50.0,25.0,50.0,37.5,37.5,37.5,12.5,12.5,12.5,12.5,37.5,50.0,62.5,87.5,87.5,62.5,62.5,62.5,62.5,50.0,62.5],"assessmentRisk":[1.9276,28.0313,24.8395,33.2824,30.1224,24.4056,19.4304,34.2746,33.8538,34.9378,29.5065,26.6739,32.9655,12.844,14.9616,31.8311,42.2883,12.158,25.2904,21.9714,31.2389,14.2441,41.7578,28.4639,23.5403,33.9069,25.5601,17.3683,14.1251,45.2804,12.5561,17.3158,44.3162,8.5564,44.4446,31.7853,34.9126,24.2396,19.8957,21.1129,35.6065,34.4996,10.372,33.3078,32.9393,49.0952,42.998,43.0718,24.847,5.3865,37.6,27.8028],"volumeParticipation":true,"latest":{"consensus":-16.9,"control":-13.8,"force":-16.8,"direction":-20.6,"confirmation":81.5,"persistence":62.5,"assessmentRisk":27.8,"intensity":25.0,"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 easing","forceState":"Downward commitment","forcePath":"Broadly stable","directionState":"Downward follow-through","persistenceState":"Developing","confirmationState":"Strong support","riskState":"Contained","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"-16.9","detail":"Joint downward confirmation","tone":"negative"},{"label":"SM Control Gauge","value":"-13.8","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-16.8","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-20.6","detail":"Downward follow-through","tone":"negative"},{"label":"SM Confirmation Gauge","value":"81/100","detail":"Strong support","tone":"positive"}]},"kpis":[{"label":"Price structure","value":"Aligned downward","detail":"completed-week alignment","tone":"negative"},{"label":"Momentum","value":"47.9","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"5.1%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"17.1","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"23%","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 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