{"schema_version":"1.0","name":"MLHK Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-14","ticker":{"uuid":"71868c2f-1f2d-4125-9300-d7e7d038a2be","symbol":"MLHK","name":"H&K AG","exchange":"PAR","country":"FR","asset_type":"equity","currency":"EUR","sector":"Industrials","industry":"Aerospace & Defense"},"summary":"Market Dynamics eased this week but remains positive. The broader path remains constructive, so one softer week does not by itself establish weakening confirmation. Price structure remains downward.","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, Drawdown and recovery pressure, Activity pressure and cumulative balance, Acceleration, deceleration and rollover, Range position and boundary 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 eased this week but remains positive. 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record"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":0.3,"sample":26},{"week":2,"averageReturn":1.0,"sample":26},{"week":3,"averageReturn":3.4,"sample":26},{"week":4,"averageReturn":7.8,"sample":26},{"week":5,"averageReturn":2.5,"sample":26},{"week":6,"averageReturn":1.2,"sample":26},{"week":7,"averageReturn":1.1,"sample":26},{"week":8,"averageReturn":7.3,"sample":25},{"week":9,"averageReturn":3.6,"sample":25},{"week":10,"averageReturn":2.5,"sample":25},{"week":11,"averageReturn":2.7,"sample":25},{"week":12,"averageReturn":-1.2,"sample":25},{"week":13,"averageReturn":-2.1,"sample":25},{"week":14,"averageReturn":-3.0,"sample":24},{"week":15,"averageReturn":-3.8,"sample":24},{"week":16,"averageReturn":4.6,"sample":24},{"week":17,"averageReturn":-5.2,"sample":24},{"week":18,"averageReturn":-6.1,"sample":24},{"week":19,"averageReturn":-6.3,"sample":24},{"week":20,"averageReturn":-3.5,"sample":24},{"week":21,"averageReturn":-5.6,"sample":24},{"week":22,"averageReturn":-8.8,"sample":23},{"week":23,"averageReturn":-10.3,"sample":23},{"week":24,"averageReturn":-9.8,"sample":23},{"week":25,"averageReturn":-11.2,"sample":23},{"week":26,"averageReturn":-12.0,"sample":22}]}},"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":"Countertrend conflict","tone":"caution","headline":"Market Dynamics is positive while price remains rotational","use":"Treat the improvement as context until price establishes a clear response.","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":"positive","direction":"weakening","zone":"accumulation","zoneContext":"Price is within accumulation conditions, but the completed tape has not yet confirmed a recovery. The zone is a watch area rather than a directional signal.","historical":{"label":"Broad directional cases","weeks":12,"direction":"higher","percent":32.0,"averageReturn":-1.2,"sample":25},"nowContext":{"label":"Easier this week","detail":"Market Dynamics eased this week but remains positive."},"fourWeekContext":{"label":"Strengthened over four weeks","detail":"The broader path remains constructive, so one softer week does not by itself establish weakening confirmation."},"priceContext":{"label":"Price remains downward while Market Dynamics is positive","detail":"The positive Market Dynamics reading has not yet reversed the downward price structure."}},"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, 32.0% of comparable cases moved higher after 12 weeks, with an average move of -1.2% across 25 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, 0.0% of completed 12-week outcomes were higher across 1 cases.","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 26.4% across 25 completed cases, with the largest move arriving after 3.9 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":[],"distribution_rollovers":[{"date":"2025-05-16","price":130.932236}],"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":[108.8831,109.882,109.882,108.8831,106.8852,107.8842,119.9379,117.939,118.9384,116.9395,107.9441,109.9431,111.9421,109.9431,110.9426,114.9405,109.9431,115.94,113.941,119.9379,113.941,110.9426,113.941,113.941,117.939,118.9384,109.9431,115.94,115.94,122.9364,154.9198,171.911,154.9198,132.9312,141.9265,149.9224,159.9172,159.9172,130.9322,133.9307,124.9353,122.9364,115.94,124.9353,113.941,112.9416,105.0,93.0,80.5,72.5,75.0,68.0,55.0,65.0,55.0,49.6,56.5,50.0,48.0,47.2,46.0,47.0,46.0,46.0,46.0,46.0,46.0,46.0,45.2,45.8,44.0,44.0,44.0,41.8,41.2,37.0,33.6,31.0,37.4,37.2,34.8,34.6,34.8,34.8,33.6,34.4,37.4,35.6,36.7,35.0,34.6,32.0,35.9,33.428,32.929,32.7295,25.9441,24.9462,32.5,35.0,30.0,35.0,34.1,31.5],"consensus":[0.0,-8.3014,-15.3014,0.0,-16.3935,0.0,62.8608,20.9544,30.3007,13.7811,-44.0127,-11.6348,0.0,-20.0074,13.0655,38.6786,-32.0177,45.9267,12.8999,46.6555,0.0,-22.5066,18.3263,0.0,34.8778,31.9354,-49.0547,21.7234,0.0,56.0583,85.5915,87.3291,0.0,-27.9192,9.1111,26.2175,60.2825,24.2283,-56.3974,-12.6103,-53.2287,-33.5743,-56.0078,12.9338,-47.5622,-15.9655,-58.0269,-74.0488,-74.0488,-70.8797,-20.6299,-72.2327,-76.9084,0.0,-76.1941,-64.0406,-20.3462,-56.8423,-52.0165,-42.7847,-47.6384,-26.9065,-32.781,-11.543,-15.0571,-8.0276,-15.2367,-22.5396,-25.2222,0.0,-35.7341,0.0,-22.9486,-40.1135,-36.3259,-64.1775,-63.3938,-37.5521,0.0,-13.629,-33.8821,-10.8018,-11.1624,-11.1527,-24.6587,0.0,33.0177,-19.1712,26.0894,-22.16,-9.8795,-48.3744,37.5604,-11.2734,-16.8464,-9.3138,-58.9706,-40.4798,18.0237,49.7135,-39.0237,59.9997,0.0,-33.1591],"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":[-82.6495,0.0,-76.9189,-64.9298,-28.3368,-59.4714,-61.3115,-55.4161,-56.1971,-30.1177,-41.4789,-6.375,-17.1265,-3.4484,-20.8305,-35.6167,-37.4977,0.0,-52.1689,0.0,-35.4711,-48.0592,-50.1816,-71.228,-74.0727,-23.1045,0.0,-20.7672,-49.5753,-25.0245,-8.3519,-10.2619,-32.4699,0.0,24.8624,-28.2621,24.8549,-31.6464,-6.6828,-59.2099,38.7737,-5.7436,-20.1974,-18.5535,-54.9639,-40.4416,23.569,51.0673,-51.7237,50.4455,0.0,-38.0393],"force":[-72.9182,0.0,-87.4871,-58.6573,-19.427,-48.3524,-36.686,-20.0103,-24.9844,-2.1048,-12.1368,-10.2129,-4.9714,-10.3015,-1.2889,-8.5245,-13.6947,0.0,-28.4023,0.0,-13.8651,-42.6615,-28.1559,-83.1931,-66.7429,-40.7204,0.0,-6.2056,-36.5275,-3.4672,-3.2007,-2.3358,-17.472,0.0,56.6272,-38.6218,31.0865,-39.8152,-6.8839,-53.8888,77.8001,-14.3291,-8.9121,-0.4347,-73.4841,-19.1225,29.1884,64.5451,-76.7471,95.6765,0.0,-45.7492],"direction":[-73.1974,0.0,-67.2992,-66.8696,-39.6234,-59.9018,-52.3438,-44.6163,-54.0385,-40.9521,-37.5864,-32.9893,-26.9982,-26.3531,-20.6478,-17.6051,-19.4271,0.0,-22.1885,0.0,-15.1253,-29.2128,-26.3266,-42.5371,-48.797,-51.8004,0.0,-10.7734,-14.0575,-4.7394,-24.6339,-21.8053,-20.8648,0.0,25.4742,-5.1117,23.9309,-1.2925,-15.6727,-32.0522,7.4311,-15.4106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structure has stronger support","headline":"The gauges support the price-technical view","summary":"Price structure and Market Dynamics disagree. The completed evidence gives the downward price structure stronger support.","take":"Current assessment: price structure remains primary, but the disagreement lowers confirmation.","tone":"negative","supportedView":"Price structure","direction":"downward","disagreement":true},"support":{"window":"Latest 12 months","controlState":"Seller control supports the view","controlPath":"Control support is easing","forceState":"Downward commitment","forcePath":"Commitment is easing","directionState":"Downward follow-through","persistenceState":"Unsettled","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"-33.2","detail":"Price structure has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-38.0","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-45.7","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction 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