{"schema_version":"1.0","name":"NK Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-14","ticker":{"uuid":"67d38f0d-9b2a-4ba9-9ca0-eb9b1ea418d6","symbol":"NK","name":"Imerys S.A.","exchange":"PAR","country":"FR","asset_type":"equity","currency":"EUR","sector":"Basic Materials","industry":"Specialty Chemicals"},"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, Drawdown and recovery pressure, Range position and boundary pressure, Strength versus the research benchmark, Acceleration, deceleration and rollover, Range pressure and compression."},{"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 upward","stateTone":"positive","summary":"Market Dynamics strengthened this week and remains positive. 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cautious, Market Dynamics positive","kind":"disagreement","expectedDirection":"higher","episodes":16,"completedEpisodes":15,"activeEpisodes":1,"medianExpectedMove":10.6,"averageExpectedMove":13.4,"averageWeeksToLargestMove":6.0,"horizons":[{"weeks":4,"sample":16,"expectedCount":6,"expectedPercent":37.5,"averageReturn":2.6,"medianReturn":-0.6,"confidenceLow":18.5,"confidenceHigh":61.4,"confidence":"Mixed historical record"},{"weeks":12,"sample":15,"expectedCount":9,"expectedPercent":60.0,"averageReturn":3.0,"medianReturn":9.3,"confidenceLow":35.7,"confidenceHigh":80.2,"confidence":"Mixed historical record"},{"weeks":26,"sample":14,"expectedCount":6,"expectedPercent":42.9,"averageReturn":-0.9,"medianReturn":-2.1,"confidenceLow":21.4,"confidenceHigh":67.4,"confidence":"Mixed historical record"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":-1.2,"sample":16},{"week":2,"averageReturn":1.8,"sample":16},{"week":3,"averageReturn":1.6,"sample":16},{"week":4,"averageReturn":2.6,"sample":16},{"week":5,"averageReturn":2.9,"sample":16},{"week":6,"averageReturn":3.1,"sample":16},{"week":7,"averageReturn":3.8,"sample":16},{"week":8,"averageReturn":4.0,"sample":15},{"week":9,"averageReturn":5.0,"sample":15},{"week":10,"averageReturn":3.4,"sample":15},{"week":11,"averageReturn":3.0,"sample":15},{"week":12,"averageReturn":3.0,"sample":15},{"week":13,"averageReturn":3.9,"sample":15},{"week":14,"averageReturn":2.9,"sample":15},{"week":15,"averageReturn":2.4,"sample":15},{"week":16,"averageReturn":1.7,"sample":15},{"week":17,"averageReturn":0.2,"sample":15},{"week":18,"averageReturn":-1.2,"sample":15},{"week":19,"averageReturn":-0.4,"sample":15},{"week":20,"averageReturn":-0.9,"sample":15},{"week":21,"averageReturn":-0.3,"sample":15},{"week":22,"averageReturn":-0.8,"sample":15},{"week":23,"averageReturn":-0.4,"sample":15},{"week":24,"averageReturn":-0.3,"sample":15},{"week":25,"averageReturn":0.4,"sample":15},{"week":26,"averageReturn":-0.9,"sample":14}]}},"pricePressureGap":{"label":"Price elevated relative to Market Dynamics","kind":"structuralDivergence","expectedDirection":"lower","episodes":0,"completedEpisodes":0,"activeEpisodes":0,"horizons":[{"weeks":4,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"},{"weeks":12,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"},{"weeks":26,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"}],"path":[{"week":0,"sample":0},{"week":1,"sample":0},{"week":2,"sample":0},{"week":3,"sample":0},{"week":4,"sample":0},{"week":5,"sample":0},{"week":6,"sample":0},{"week":7,"sample":0},{"week":8,"sample":0},{"week":9,"sample":0},{"week":10,"sample":0},{"week":11,"sample":0},{"week":12,"sample":0},{"week":13,"sample":0},{"week":14,"sample":0},{"week":15,"sample":0},{"week":16,"sample":0},{"week":17,"sample":0},{"week":18,"sample":0},{"week":19,"sample":0},{"week":20,"sample":0},{"week":21,"sample":0},{"week":22,"sample":0},{"week":23,"sample":0},{"week":24,"sample":0},{"week":25,"sample":0},{"week":26,"sample":0}]},"currentApplication":{"status":"Underlying strength ahead of price","tone":"positive","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":60.0,"averageReturn":3.0,"sample":15},"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, 60.0% of comparable cases moved higher after 12 weeks, with an average move of 3.0% across 15 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 6 cases. Distinct visits lasted 2.1 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 13.4% across 15 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":"2025-11-14","price":22.721811},{"date":"2026-06-12","price":22.299999},{"date":"2026-07-17","price":22.120001}],"distribution_rollovers":[],"price_pressure_gaps":[]}},"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":[28.6162,27.8801,26.8496,26.6839,28.1746,29.0763,26.96,26.7575,27.0152,27.4937,27.3648,28.9291,28.3218,27.4937,26.0398,25.819,26.1503,24.7885,25.6902,25.1933,24.9173,25.5614,24.2548,24.5676,25.2117,26.5183,28.5242,28.6714,30.1805,29.5548,29.4996,28.8003,25.1749,24.8069,26.4447,26.6839,27.5857,27.8985,27.9537,27.5714,28.4023,27.8999,27.7453,25.9485,27.5135,27.1657,25.9678,25.137,25.3302,21.0215,21.7751,21.4273,21.8137,21.0988,20.6158,21.4466,21.8524,21.3114,21.5239,20.8476,20.4805,21.5432,20.6544,20.268,22.7218,21.7364,22.8184,23.1855,23.2435,22.3161,22.4706,23.1662,24.3062,24.3834,25.2143,25.3495,26.3349,25.3495,22.8377,23.6686,21.0795,20.7897,19.9782,20.4033,19.5145,20.8283,22.0649,21.1954,21.4852,21.8524,21.0795,22.02,22.94,22.1,22.3,22.36,22.04,21.66,21.14,22.12,21.76,23.66,24.42,23.98],"consensus":[0.0,-27.6899,-46.7044,-33.5434,16.407,31.5786,-45.736,-22.0355,-13.1068,0.0,0.0,43.5515,0.0,-19.5444,-49.8064,-20.8819,-18.9002,-56.5552,0.0,-37.658,-32.5802,13.4854,-51.9748,0.0,14.799,39.833,60.4583,40.2808,57.2608,21.4447,16.8446,0.0,-60.2253,-30.3334,0.0,0.0,30.6421,27.4469,12.4871,0.0,28.8342,0.0,-9.2922,-50.89,24.9382,-15.0711,-50.7064,-46.0558,-19.7255,-77.1769,-13.4308,-46.2504,-18.4536,-51.3542,-46.9735,0.0,-9.3776,-34.2153,0.0,-43.6685,-40.6347,21.1444,-40.3555,-34.2747,60.0237,-18.3959,50.9658,38.9176,24.029,-16.2483,12.8838,35.1589,58.823,34.3666,59.9172,35.6362,60.9761,0.0,-55.9521,8.9651,-70.6966,-40.3896,-61.8156,-20.5278,-53.9189,13.1149,37.1238,-27.1699,14.7979,13.812,-32.9889,31.8771,45.5546,0.0,20.5843,0.0,-13.5545,0.0,-23.1,27.0131,-14.7215,56.2647,55.3311,21.5348],"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":[-2.1921,-64.242,-41.9407,0.0,-12.7587,-45.1474,0.0,-49.2288,-40.7153,24.2443,-39.372,-38.2735,53.8663,-23.7759,47.2045,35.2023,23.0102,-29.1186,19.574,44.6194,60.6585,27.9957,57.5351,27.5686,52.7223,0.0,-50.381,15.8831,-70.5187,-37.3436,-65.1081,-12.2177,-55.5586,18.2428,36.9351,-41.2251,9.7182,10.7756,-35.6257,34.0442,50.2408,0.0,18.4994,0.0,-13.5769,0.0,-20.413,35.8353,-16.4558,46.3409,58.1365,14.8328],"force":[-15.5306,-42.5479,-41.7085,0.0,-19.7794,-25.5415,0.0,-41.7704,-32.1538,56.3544,-49.8962,-28.146,95.8003,-44.343,68.3392,31.1158,8.2323,-41.8665,10.9619,33.4461,64.6807,13.4791,61.0111,13.2965,70.645,0.0,-94.4889,35.4609,-95.0681,-24.3736,-60.9322,-13.7924,-51.3333,55.0568,64.2862,-35.9081,29.2868,19.8521,-43.0319,49.4634,49.4025,0.0,18.7716,0.0,-20.6791,0.0,-15.7614,45.2852,-23.7739,81.4322,47.7564,7.6106],"direction":[-61.3127,-42.9154,-56.4858,0.0,-26.3399,-27.9169,0.0,-38.6697,-46.6002,7.5484,-34.6647,-34.0823,41.5061,-6.2864,42.8547,48.7363,36.4766,-16.7594,6.6105,25.5702,52.5412,56.5673,61.8582,60.8132,63.5026,0.0,-34.7928,17.8667,-53.4917,-55.3107,-58.6837,-54.5395,-53.8918,22.7039,17.9377,-4.8653,10.254,12.968,-22.8019,16.8388,37.4505,0.0,24.2617,0.0,-8.44,0.0,-31.4128,3.879,-6.2734,49.6293,57.5354,50.0125],"intensity":[5.7692,23.0769,44.2308,32.6923,51.9231,30.7692,1.9231,21.1538,17.3077,51.9231,40.3846,11.5385,88.4615,50.0,57.6923,15.3846,15.3846,50.0,38.4615,25.0,63.4615,61.5385,40.3846,78.8462,71.1538,53.8462,90.3846,71.1538,92.3077,71.1538,36.5385,28.8462,44.2308,75.0,78.8462,42.3077,86.5385,86.5385,28.8462,50.0,75.0,36.5385,1.9231,9.6154,7.6923,23.0769,15.3846,57.6923,15.3846,92.3077,92.3077,7.6923],"confirmation":[8.4304,83.9686,82.9477,32.1309,28.947,78.518,27.2022,81.8314,80.7434,54.7357,81.2195,78.7202,88.3918,53.2699,84.8958,80.2725,75.2234,32.0261,49.2956,79.0545,86.9739,78.4578,87.2431,78.8457,87.9328,35.1438,87.164,30.0491,91.3684,80.483,87.7039,31.2586,85.1503,32.907,80.7103,54.0798,73.2543,72.6502,78.8223,78.7036,82.6233,3.2155,74.5635,26.3301,72.5542,24.2492,75.2093,54.4,50.2937,86.9229,85.4323,61.062],"persistence":[100.0,100.0,100.0,87.5,87.5,87.5,75.0,75.0,75.0,50.0,50.0,62.5,37.5,37.5,25.0,0.0,25.0,0.0,25.0,50.0,50.0,75.0,75.0,75.0,75.0,87.5,62.5,62.5,37.5,12.5,12.5,37.5,62.5,50.0,25.0,50.0,25.0,0.0,0.0,25.0,50.0,37.5,37.5,50.0,25.0,12.5,12.5,12.5,12.5,0.0,0.0,12.5],"assessmentRisk":[40.1,28.5152,11.1267,0.5408,6.0975,25.4663,33.6039,0.3528,19.6672,1.7456,23.6972,20.181,19.2882,19.2891,23.419,30.3316,13.4452,34.9676,23.9328,18.5797,10.517,31.5131,19.7447,31.4751,18.5814,45.5942,21.1922,51.3803,14.6361,29.7559,18.2725,39.3039,16.3476,4.9543,27.8494,41.7062,38.5072,27.5288,17.219,16.5143,21.011,15.8124,34.8467,20.7793,34.0728,24.7925,35.187,31.1183,14.0234,21.2484,22.3064,38.413],"volumeParticipation":true,"latest":{"consensus":21.5,"control":14.8,"force":7.6,"direction":50.0,"confirmation":61.1,"persistence":12.5,"assessmentRisk":38.4,"intensity":7.7,"evidenceDepth":100},"analysis":{"status":"Joint upward confirmation","headline":"The gauges support the upward market view","summary":"Price structure and Market Dynamics agree. Control, force and direction support the same upward assessment.","take":"Current assessment: upward pressure has broad support.","tone":"positive","supportedView":"Price structure and Market Dynamics","direction":"upward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Buyer control supports the view","controlPath":"Control support is easing","forceState":"Commitment is limited","forcePath":"Commitment is easing","directionState":"Upward follow-through","persistenceState":"Unsettled","confirmationState":"Qualified support","riskState":"Present","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"+21.5","detail":"Joint upward confirmation","tone":"positive"},{"label":"SM Control Gauge","value":"+14.8","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+7.6","detail":"Commitment is limited","tone":"positive"},{"label":"SM Direction Gauge","value":"+50.0","detail":"Upward follow-through","tone":"positive"},{"label":"SM Confirmation Gauge","value":"61/100","detail":"Qualified support","tone":"neutral"}]},"kpis":[{"label":"Price structure","value":"Aligned upward","detail":"completed-week alignment","tone":"positive"},{"label":"Momentum","value":"57.8","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"5.6%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"18.0","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"76%","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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