{"schema_version":"1.0","name":"MRCK Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-14","ticker":{"uuid":"5f7075d3-ca4c-4d8b-bcda-5bbfa5c47ff3","symbol":"MRCK","name":"Merck KGaA","exchange":"VIE","country":"AT","asset_type":"equity","currency":"EUR","sector":"Healthcare","industry":"Drug Manufacturers - Specialty & Generic"},"summary":"Market Dynamics eased this week but remains positive. The broader path has not changed enough to establish a new direction. 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cautious, Market Dynamics positive","kind":"disagreement","expectedDirection":"higher","episodes":18,"completedEpisodes":17,"activeEpisodes":1,"medianExpectedMove":6.7,"averageExpectedMove":8.5,"averageWeeksToLargestMove":7.0,"horizons":[{"weeks":4,"sample":17,"expectedCount":6,"expectedPercent":35.3,"averageReturn":-2.6,"medianReturn":-3.6,"confidenceLow":17.3,"confidenceHigh":58.7,"confidence":"Mixed historical record"},{"weeks":12,"sample":17,"expectedCount":10,"expectedPercent":58.8,"averageReturn":0.7,"medianReturn":1.6,"confidenceLow":36.0,"confidenceHigh":78.4,"confidence":"Mixed historical record"},{"weeks":26,"sample":16,"expectedCount":8,"expectedPercent":50.0,"averageReturn":-1.2,"medianReturn":0.3,"confidenceLow":28.0,"confidenceHigh":72.0,"confidence":"Mixed historical record"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":-0.8,"sample":18},{"week":2,"averageReturn":-0.3,"sample":18},{"week":3,"averageReturn":-1.3,"sample":18},{"week":4,"averageReturn":-2.6,"sample":17},{"week":5,"averageReturn":-1.9,"sample":17},{"week":6,"averageReturn":-2.1,"sample":17},{"week":7,"averageReturn":-1.5,"sample":17},{"week":8,"averageReturn":-1.7,"sample":17},{"week":9,"averageReturn":-0.0,"sample":17},{"week":10,"averageReturn":0.1,"sample":17},{"week":11,"averageReturn":-0.4,"sample":17},{"week":12,"averageReturn":0.7,"sample":17},{"week":13,"averageReturn":1.3,"sample":17},{"week":14,"averageReturn":0.5,"sample":17},{"week":15,"averageReturn":-0.5,"sample":17},{"week":16,"averageReturn":-0.1,"sample":17},{"week":17,"averageReturn":0.8,"sample":17},{"week":18,"averageReturn":0.0,"sample":17},{"week":19,"averageReturn":-0.5,"sample":17},{"week":20,"averageReturn":0.4,"sample":17},{"week":21,"averageReturn":0.2,"sample":17},{"week":22,"averageReturn":0.0,"sample":17},{"week":23,"averageReturn":-0.4,"sample":17},{"week":24,"averageReturn":-1.6,"sample":16},{"week":25,"averageReturn":-1.8,"sample":16},{"week":26,"averageReturn":-1.2,"sample":16}]}},"pricePressureGap":{"label":"Price elevated relative to Market Dynamics","kind":"structuralDivergence","expectedDirection":"lower","episodes":1,"completedEpisodes":1,"activeEpisodes":0,"medianExpectedMove":15.8,"averageExpectedMove":15.8,"averageWeeksToLargestMove":12.0,"horizons":[{"weeks":4,"sample":1,"expectedCount":1,"expectedPercent":100.0,"averageReturn":-8.3,"medianReturn":-8.3,"confidenceLow":20.7,"confidenceHigh":100.0,"confidence":"Mixed historical record"},{"weeks":12,"sample":1,"expectedCount":1,"expectedPercent":100.0,"averageReturn":-15.8,"medianReturn":-15.8,"confidenceLow":20.7,"confidenceHigh":100.0,"confidence":"Mixed historical record"},{"weeks":26,"sample":1,"expectedCount":1,"expectedPercent":100.0,"averageReturn":-21.2,"medianReturn":-21.2,"confidenceLow":20.7,"confidenceHigh":100.0,"confidence":"Mixed historical record"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":2.5,"sample":1},{"week":2,"averageReturn":-2.2,"sample":1},{"week":3,"averageReturn":-2.4,"sample":1},{"week":4,"averageReturn":-8.3,"sample":1},{"week":5,"averageReturn":-6.8,"sample":1},{"week":6,"averageReturn":-10.1,"sample":1},{"week":7,"averageReturn":-8.8,"sample":1},{"week":8,"averageReturn":-4.0,"sample":1},{"week":9,"averageReturn":-9.5,"sample":1},{"week":10,"averageReturn":-10.2,"sample":1},{"week":11,"averageReturn":-12.5,"sample":1},{"week":12,"averageReturn":-15.8,"sample":1},{"week":13,"averageReturn":-17.7,"sample":1},{"week":14,"averageReturn":-17.6,"sample":1},{"week":15,"averageReturn":-18.6,"sample":1},{"week":16,"averageReturn":-17.8,"sample":1},{"week":17,"averageReturn":-19.6,"sample":1},{"week":18,"averageReturn":-18.7,"sample":1},{"week":19,"averageReturn":-18.4,"sample":1},{"week":20,"averageReturn":-17.2,"sample":1},{"week":21,"averageReturn":-17.2,"sample":1},{"week":22,"averageReturn":-15.8,"sample":1},{"week":23,"averageReturn":-14.4,"sample":1},{"week":24,"averageReturn":-18.6,"sample":1},{"week":25,"averageReturn":-21.0,"sample":1},{"week":26,"averageReturn":-21.2,"sample":1}]},"currentApplication":{"status":"Positive support; price rotational","tone":"caution","headline":"Market Dynamics is positive while price remains rotational","use":"Treat the improvement as context until price establishes a clear response.","confirm":"The underlying condition is constructive, but a positive price response is still required.","invalidate":"Reassess the reading when either price structure or the Market Dynamics state changes materially.","level":"positive","direction":"weakening","zone":"middle","zoneContext":"Price is between the accumulation and distribution zones. The Market Dynamics bars describe whether the current move is gaining or losing underlying support.","historical":{"label":"Broad directional cases","weeks":12,"direction":"higher","percent":58.8,"averageReturn":0.7,"sample":17},"nowContext":{"label":"Easier this week","detail":"Market Dynamics eased this week but remains positive."},"fourWeekContext":{"label":"Broadly steady over four weeks","detail":"The broader path has not changed enough to establish a new direction."},"priceContext":{"label":"Price has no clear direction","detail":"Price remains rotational while the Market Dynamics condition develops."}},"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, 58.8% of comparable cases moved higher after 12 weeks, with an average move of 0.7% across 17 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, 80.0% of completed 12-week outcomes were higher across 5 cases. Distinct visits lasted 2.8 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 8.5% across 17 completed cases, with the largest move arriving after 7.0 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":"2025-07-11","price":110.381279},{"date":"2025-08-15","price":109.940147},{"date":"2025-10-03","price":118.419701},{"date":"2025-11-14","price":115.233742},{"date":"2026-05-29","price":130.649994}],"distribution_rollovers":[{"date":"2024-09-06","price":161.758209}],"price_pressure_gaps":[{"date":"2024-08-23","price":165.415924}]}},"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":[165.4159,169.5068,161.7582,161.4694,151.7476,154.2502,148.6674,150.8331,158.8224,149.7743,148.6192,144.769,139.2824,136.1541,136.3466,134.5659,135.9616,133.0258,134.4215,135.0472,136.9723,137.0204,139.3306,141.6407,134.7103,130.7156,130.3787,131.1488,131.0525,129.2237,126.7691,125.7584,113.1008,110.935,112.2345,117.0473,122.3899,121.0665,112.2929,112.2438,114.0084,112.734,112.4889,107.8815,110.1362,109.0579,110.3813,108.7638,110.4793,105.1857,106.4601,109.9401,109.7441,106.6071,107.1463,104.7936,105.9209,104.3034,118.4197,116.4591,110.5283,112.685,111.5086,107.4404,115.2337,109.7441,113.3712,118.1256,115.5278,117.4884,118.2727,119.4,126.2131,127.2424,124.5956,123.0761,119.6941,125.4288,125.8209,126.066,108.0286,106.4111,102.2448,103.0291,107.0483,110.0872,116.018,109.45,110.5,112.85,116.75,128.85,130.65,138.0,133.6,132.9,145.0,145.55,140.15,135.6,139.9,143.8,144.5,136.35],"consensus":[61.1975,64.9739,-21.6438,0.0,-61.4263,0.0,-63.3899,0.0,45.1721,-54.6773,-22.731,-53.4818,-67.1936,-46.1718,-36.4909,-53.6628,-29.678,-43.8473,0.0,-15.6279,-9.0216,0.0,24.6808,21.9198,-44.0491,-43.7879,-35.8563,-27.3245,-24.1871,-32.7744,-44.6898,-26.2577,-70.8751,-42.7601,-38.3391,0.0,37.2945,-8.9764,-57.2048,-37.6347,-19.4851,-40.4132,-28.6417,-61.485,0.0,-33.7782,0.0,-28.2714,12.0646,-50.9431,0.0,21.171,-11.2208,-35.6467,0.0,-42.9953,-13.8426,-35.3614,70.5612,12.8445,-19.4468,34.213,-12.5531,-39.1685,42.6267,-34.9486,40.4092,52.0923,0.0,39.3345,36.9689,22.3824,74.3277,48.3279,14.5041,0.0,-31.5362,41.6559,29.1244,33.0999,-71.0963,-48.653,-67.0107,-25.5256,0.0,15.1976,43.7292,-34.7833,0.0,23.8607,33.7584,67.0373,54.034,49.3513,13.1273,37.9165,61.7158,37.0623,10.8635,0.0,42.9166,38.6272,28.8584,24.1389],"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":[-14.8245,-40.0019,0.0,-50.6619,-10.854,-33.9281,62.219,0.4765,-26.5916,31.6565,-4.2677,-42.8134,39.1625,-32.7866,37.5342,55.925,0.0,29.2524,37.7469,21.2175,72.7524,43.4346,15.2836,0.0,-22.2346,57.1248,34.7429,36.8694,-65.8672,-51.9852,-76.2048,-15.6226,0.0,13.2191,46.9783,-42.6501,0.0,18.415,28.4887,74.9443,54.3923,28.3344,7.7942,41.3789,65.5319,29.6331,8.0299,0.0,47.1511,52.6599,20.9174,36.7796],"force":[-14.7264,-63.0024,0.0,-40.5792,-0.9463,-48.636,99.08,28.139,-64.2016,35.805,-34.2961,-45.7398,53.793,-72.3985,70.8865,47.346,0.0,48.1696,27.8368,5.8406,93.4471,36.0536,39.3167,0.0,-75.3758,41.6377,13.4571,20.335,-99.1621,-25.0598,-53.2163,-13.9366,0.0,53.3226,56.4139,-65.1832,0.0,52.6653,60.4206,63.2244,40.2402,55.4294,25.3731,9.7108,43.0476,5.7069,26.1696,0.0,65.4664,22.6011,11.8121,48.4085],"direction":[-4.5983,-11.1294,0.0,-35.9594,-26.4698,-27.5176,59.7245,56.2535,-20.6863,35.9977,-6.4915,-30.3091,38.6099,-10.6696,21.9254,51.1023,0.0,44.5461,42.6026,35.5292,62.4714,62.6877,52.0566,0.0,-10.8525,23.9902,33.8941,37.9098,-57.0253,-61.697,-66.3563,-65.0307,0.0,9.7735,30.9555,-4.0785,0.0,9.5096,20.7363,60.7241,63.4772,69.0292,64.5379,54.1063,70.6889,67.9495,58.9083,0.0,21.97,34.0369,50.1097,7.6432],"intensity":[44.2308,50.0,15.3846,32.6923,9.6154,21.1538,100.0,94.2308,86.5385,59.6154,13.4615,57.6923,92.3077,75.0,46.1538,67.3077,40.3846,30.7692,9.6154,38.4615,82.6923,76.9231,40.3846,19.2308,69.2308,78.8462,48.0769,9.6154,100.0,98.0769,53.8462,53.8462,61.5385,38.4615,78.8462,82.6923,75.0,46.1538,86.5385,94.2308,90.3846,90.3846,53.8462,46.1538,94.2308,11.5385,65.3846,51.9231,61.5385,86.5385,21.1538,78.8462],"confirmation":[48.9759,80.1743,47.9459,81.568,49.4155,79.7421,91.5758,9.0527,34.5578,79.0356,27.4726,80.6786,82.0336,80.3578,81.9036,84.4665,5.0529,81.0099,79.5399,52.0093,92.3916,83.1654,34.0434,6.8142,79.5694,81.0936,76.7567,78.1455,91.6858,82.7991,88.8829,32.7563,8.3862,30.807,82.3304,57.2706,26.2767,76.5963,79.6955,89.2152,84.865,84.2979,10.4219,79.2209,87.122,56.3509,32.5982,31.8832,82.356,79.6584,76.8362,55.2353],"persistence":[25.0,25.0,25.0,25.0,50.0,50.0,37.5,37.5,37.5,12.5,25.0,25.0,0.0,0.0,0.0,0.0,12.5,12.5,37.5,62.5,62.5,87.5,87.5,75.0,62.5,62.5,62.5,62.5,37.5,12.5,12.5,25.0,12.5,12.5,12.5,37.5,25.0,0.0,25.0,50.0,62.5,62.5,62.5,87.5,100.0,100.0,100.0,87.5,87.5,87.5,87.5,62.5],"assessmentRisk":[8.7137,43.2054,15.7118,26.6374,39.3431,20.6734,14.0699,42.9991,46.834,29.8668,39.015,28.2332,15.0143,7.5624,3.4475,21.9959,2.3253,24.7408,17.3839,4.4823,12.1774,25.2503,38.9027,33.427,30.8736,43.9069,3.922,20.8419,12.7403,25.5409,16.467,37.2038,6.8653,21.2398,27.2147,56.636,21.9479,9.2455,10.7955,16.1241,22.6923,25.3223,43.3361,16.2815,18.7161,25.9874,35.2696,22.7138,58.0393,34.7808,18.54,18.1402],"volumeParticipation":true,"latest":{"consensus":24.1,"control":36.8,"force":48.4,"direction":7.6,"confirmation":55.2,"persistence":62.5,"assessmentRisk":18.1,"intensity":78.8,"evidenceDepth":100},"analysis":{"status":"Market 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":"Follow-through is limited","persistenceState":"Developing","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"+24.1","detail":"Market Dynamics has stronger support","tone":"positive"},{"label":"SM Control Gauge","value":"+36.8","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+48.4","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+7.6","detail":"Follow-through is limited","tone":"positive"},{"label":"SM Confirmation Gauge","value":"55/100","detail":"Qualified support","tone":"neutral"}]},"kpis":[{"label":"Price structure","value":"Rotational","detail":"completed-week alignment","tone":"caution"},{"label":"Momentum","value":"56.1","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"4.7%","detail":"Normal","tone":"neutral"},{"label":"Trend quality","value":"23.9","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"77%","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 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Market Dynamics construction and private inputs are not disclosed. Historical research is not a forecast or instruction to trade."}