{"schema_version":"1.0","name":"IG Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-14","ticker":{"uuid":"6a97da8e-adbd-4add-be25-f69302c794fc","symbol":"IG","name":"Italgas S.p.A.","exchange":"MIL","country":"IT","asset_type":"equity","currency":"EUR","sector":"Utilities","industry":"Utilities - Regulated Gas"},"summary":"Market Dynamics weakened this week and remains below zero. Underlying support has contracted across the recent completed path. Price has moved below the distribution zone after Market Dynamics weakened.","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, Acceleration, deceleration and rollover, Activity pressure and cumulative balance, Range pressure and compression, 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":"Aligned downward","stateTone":"negative","summary":"Market Dynamics weakened this week and remains below zero. 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warning","tone":"negative","headline":"Price has moved below distribution as Market Dynamics weakened","use":"The upward trend may still be visible, but this transition increases downside risk. Further price weakness would confirm the rollover.","confirm":"Further price weakness with weak Market Dynamics would confirm the rollover.","invalidate":"A recovery in both price and Market Dynamics would remove the rollover warning.","level":"negative","direction":"weakening","zone":"middle","zoneContext":"Price has moved down through distribution conditions as Market Dynamics contracted. The completed tape now carries a stronger continuation-risk warning.","historical":{"label":"Broad directional cases","weeks":12,"direction":"lower","percent":27.8,"averageReturn":3.5,"sample":18},"nowContext":{"label":"Easier this week","detail":"Market Dynamics weakened this week and remains below zero."},"fourWeekContext":{"label":"Weakened over four weeks","detail":"Underlying support has contracted across the recent completed path."},"priceContext":{"label":"Price has moved below distribution","detail":"Price left the upper zone as Market Dynamics weakened."}},"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":"Divergence control","title":"Do not chase price while the underlying evidence lags","tone":"caution","approach":"Use the gap to review position size, protect gains and wait for either Market Dynamics to catch up or price to correct. The disagreement is a warning condition, not an automatic exit.","finding":"In this ticker's completed record, 27.8% of comparable cases moved lower after 12 weeks, with an average move of 3.5% across 18 cases.","watch":"A recovery in both price and Market Dynamics would remove the rollover warning."},{"eyebrow":"Zone positioning","title":"Use distribution to protect capital before considering the short case","tone":"negative","finding":"After distribution, 75.0% of completed 12-week outcomes were lower across 4 cases. Distinct visits lasted 3.2 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 unsupported price strength to tighten discipline","tone":"caution","finding":"Comparable disagreements produced an average pullback of 4.3% across 18 completed cases, with the largest move arriving after 6.8 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":[{"date":"2024-09-13","price":4.77012}],"distribution_rollovers":[{"date":"2026-03-13","price":9.765015},{"date":"2026-05-15","price":9.698},{"date":"2026-07-10","price":9.922},{"date":"2026-07-31","price":8.946}],"price_pressure_gaps":[{"date":"2026-02-06","price":9.946912},{"date":"2026-04-10","price":10.104876},{"date":"2026-05-08","price":9.932551},{"date":"2026-05-22","price":10.135},{"date":"2026-07-17","price":10.13}]}},"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":[4.5795,4.6203,4.584,4.7701,4.9108,4.938,4.9017,5.2013,5.3465,5.2058,5.1332,5.0197,5.0787,5.1604,5.1514,5.0379,4.9244,4.8654,4.9017,4.929,4.9063,5.0833,5.0561,5.2285,5.2648,5.3874,5.3783,5.6188,5.5235,5.5598,5.7822,5.9956,6.0182,5.9592,6.2996,6.4131,6.4993,6.5629,6.6764,6.8451,6.4997,6.5339,6.668,6.7015,6.8547,6.7493,6.6249,6.8738,6.9169,6.9504,6.9935,7.2567,7.3716,7.3573,7.2998,7.3333,7.2376,7.3668,7.5152,7.8742,8.0753,8.3864,8.7024,8.8795,8.9513,9.1284,9.3103,8.889,8.7694,8.9273,9.0039,9.2576,9.8799,9.7363,9.4443,9.6789,9.9469,10.3969,10.483,10.4735,9.9756,9.765,9.3103,9.3629,9.9278,10.1049,9.9038,9.8655,9.8512,9.9326,9.698,10.135,10.065,10.34,10.65,10.685,10.465,10.245,9.922,10.13,10.055,8.946,8.922,8.6],"consensus":[41.4987,46.7894,12.6968,72.0345,75.9863,49.2632,26.6384,81.4685,80.702,0.0,16.9835,-19.1392,21.7177,36.6093,17.3091,-13.8976,-41.24,-34.3668,0.0,0.0,-16.577,50.1702,10.6671,58.8521,45.9288,55.8393,36.2286,74.2809,15.5125,34.9131,74.1515,78.7215,38.0437,34.699,77.7541,62.9621,51.9952,46.8119,67.1717,68.6658,0.0,16.387,46.8668,26.7026,56.7771,0.0,0.0,54.5308,33.2309,29.0199,24.0052,65.2295,53.8804,29.8703,27.6058,33.6664,0.0,36.315,52.6978,73.3491,65.2159,77.4064,73.3343,67.3687,54.6886,61.1527,68.3177,-9.0585,0.0,37.2539,32.2961,62.0155,70.7395,32.3944,0.0,52.9784,54.5731,76.1696,47.7235,24.8486,-22.7121,-20.6725,-58.0075,-16.3519,38.1272,35.3542,0.0,0.0,0.0,9.661,-31.3205,43.0339,0.0,46.8683,40.08,30.7474,20.2026,-8.4285,-44.4003,0.0,-18.3754,-74.8346,-43.5778,-73.867],"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":[57.1816,23.6565,25.9182,40.9315,0.0,46.1634,59.649,80.2175,68.5493,83.2256,68.9814,66.6166,52.7388,58.4455,73.2979,-12.9865,0.0,49.5484,55.4343,73.5897,66.2759,35.3228,0.0,57.9809,66.2164,79.6276,46.3185,12.7324,-24.4256,-11.3074,-47.4707,-4.102,49.6221,39.9811,0.0,0.0,0.0,18.3411,-30.9764,45.9028,0.0,57.1339,39.3134,27.5958,18.5582,-8.1707,-49.3664,0.0,-10.3232,-67.3533,-39.5969,-76.5293],"force":[43.4317,3.9401,0.3133,17.2874,0.0,32.8436,50.5585,81.2351,61.6753,80.4242,82.9452,61.1477,32.7713,49.5614,54.7932,-72.9193,0.0,38.9683,16.2153,54.8927,88.1966,10.461,0.0,48.4976,54.8883,91.338,30.0436,4.3168,-78.6851,-39.2939,-88.5842,-4.0392,61.1927,35.3873,0.0,0.0,0.0,14.2174,-44.3643,62.6459,0.0,44.1927,26.3949,9.8915,0.8768,-18.6865,-41.3756,0.0,-17.8429,-98.1394,-17.6439,-73.5909],"direction":[57.571,55.4934,49.0291,37.0628,0.0,27.5391,46.2818,59.8667,63.9352,68.6004,71.4442,72.6718,72.5722,72.526,72.2864,-41.0456,0.0,21.9784,17.3385,53.8756,63.3714,59.6587,0.0,50.462,41.0414,61.383,61.9576,59.5281,-19.227,-18.0743,-48.209,-44.9168,8.5149,30.0428,0.0,0.0,0.0,3.5137,-22.3967,25.7465,0.0,37.0474,50.7311,49.2464,35.8861,-1.3961,-40.8852,0.0,-27.9582,-66.7383,-66.6518,-71.0216],"intensity":[65.3846,21.1538,50.0,7.6923,44.2308,57.6923,42.3077,98.0769,98.0769,92.3077,100.0,80.7692,63.4615,76.9231,55.7692,98.0769,98.0769,38.4615,7.6923,78.8462,100.0,98.0769,78.8462,57.6923,75.0,94.2308,61.5385,80.7692,98.0769,96.1538,90.3846,90.3846,92.3077,80.7692,42.3077,1.9231,42.3077,7.6923,48.0769,80.7692,88.4615,63.4615,94.2308,3.8462,65.3846,40.3846,63.4615,38.4615,7.6923,98.0769,96.1538,65.3846],"confirmation":[84.873,54.1963,53.3611,78.1634,5.166,79.3649,84.6922,91.6074,88.7104,92.7734,91.8262,89.3798,84.8621,87.2568,89.3736,36.2082,6.1119,79.7862,77.4921,87.4515,91.2367,33.9139,33.1976,84.7403,85.2956,92.7839,82.7541,53.5016,35.716,75.3254,87.6548,28.3262,80.7285,79.2439,28.5935,25.7287,24.165,49.181,78.4253,82.3248,4.4353,82.7599,80.4202,77.2516,51.2343,48.347,82.0402,30.3861,73.9866,92.7713,81.2152,99.5885],"persistence":[75.0,87.5,100.0,100.0,87.5,87.5,87.5,87.5,87.5,87.5,87.5,87.5,100.0,100.0,100.0,75.0,62.5,62.5,62.5,62.5,62.5,62.5,50.0,75.0,87.5,87.5,87.5,87.5,62.5,37.5,25.0,0.0,0.0,0.0,12.5,25.0,12.5,12.5,12.5,37.5,25.0,25.0,37.5,50.0,62.5,37.5,37.5,25.0,12.5,12.5,37.5,62.5],"assessmentRisk":[22.7636,34.9947,35.677,12.3401,39.1916,14.1661,21.3383,13.3051,17.3919,11.2968,13.3328,16.3156,22.6554,19.4215,15.8313,6.9704,35.1258,57.1684,61.8687,16.5433,14.6231,33.6675,45.8851,19.8506,14.7457,11.0425,26.0806,37.2401,16.2847,38.2786,20.92,41.713,25.8102,21.9545,48.7279,45.2607,13.5548,31.3078,16.7236,14.5612,30.9385,21.7516,29.8658,33.8168,36.2384,16.667,27.6353,52.7583,38.1288,12.4812,27.7323,13.0358],"volumeParticipation":true,"latest":{"consensus":-73.9,"control":-76.5,"force":-73.6,"direction":-71.0,"confirmation":99.6,"persistence":62.5,"assessmentRisk":13.0,"intensity":65.4,"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 strengthening","forceState":"Downward commitment","forcePath":"Commitment is strengthening","directionState":"Downward follow-through","persistenceState":"Developing","confirmationState":"Strong support","riskState":"Contained","intensityState":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"-73.9","detail":"Joint downward confirmation","tone":"negative"},{"label":"SM Control Gauge","value":"-76.5","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-73.6","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-71.0","detail":"Downward follow-through","tone":"negative"},{"label":"SM Confirmation Gauge","value":"100/100","detail":"Strong support","tone":"positive"}]},"kpis":[{"label":"Price structure","value":"Aligned downward","detail":"completed-week alignment","tone":"negative"},{"label":"Momentum","value":"34.4","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"5.2%","detail":"Elevated","tone":"caution"},{"label":"Trend quality","value":"31.3","detail":"Directional","tone":"positive"},{"label":"Range position","value":"0%","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 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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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