{"schema_version":"1.0","name":"VIS Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-14","ticker":{"uuid":"7727c71a-23fb-457f-aa68-1c93650cc5f1","symbol":"VIS","name":"Viscofan, S.A.","exchange":"MCE","country":"ES","asset_type":"equity","currency":"EUR","sector":"Consumer Cyclical","industry":"Packaging & Containers"},"summary":"Market Dynamics weakened this week and remains below zero. The broader path has not changed enough to establish a new direction. The downward price structure agrees with that pressure, but price has not declined 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, Strength versus the research benchmark, Activity pressure and cumulative balance, Acceleration, deceleration and rollover, Drawdown and recovery pressure, Directional strength and control."},{"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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cautious, Market Dynamics positive","kind":"disagreement","expectedDirection":"higher","episodes":20,"completedEpisodes":20,"activeEpisodes":0,"medianExpectedMove":6.1,"averageExpectedMove":7.5,"averageWeeksToLargestMove":8.4,"horizons":[{"weeks":4,"sample":20,"expectedCount":11,"expectedPercent":55.0,"averageReturn":2.2,"medianReturn":1.6,"confidenceLow":34.2,"confidenceHigh":74.2,"confidence":"Mixed historical record"},{"weeks":12,"sample":20,"expectedCount":13,"expectedPercent":65.0,"averageReturn":4.6,"medianReturn":4.1,"confidenceLow":43.3,"confidenceHigh":81.9,"confidence":"Mixed historical record"},{"weeks":26,"sample":18,"expectedCount":14,"expectedPercent":77.8,"averageReturn":6.4,"medianReturn":7.7,"confidenceLow":54.8,"confidenceHigh":91.0,"confidence":"Historically consistent"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":0.5,"sample":20},{"week":2,"averageReturn":1.3,"sample":20},{"week":3,"averageReturn":2.0,"sample":20},{"week":4,"averageReturn":2.2,"sample":20},{"week":5,"averageReturn":2.7,"sample":20},{"week":6,"averageReturn":2.8,"sample":20},{"week":7,"averageReturn":2.8,"sample":20},{"week":8,"averageReturn":3.2,"sample":20},{"week":9,"averageReturn":3.0,"sample":20},{"week":10,"averageReturn":4.0,"sample":20},{"week":11,"averageReturn":4.4,"sample":20},{"week":12,"averageReturn":4.6,"sample":20},{"week":13,"averageReturn":4.0,"sample":20},{"week":14,"averageReturn":4.6,"sample":20},{"week":15,"averageReturn":4.8,"sample":20},{"week":16,"averageReturn":5.1,"sample":20},{"week":17,"averageReturn":4.8,"sample":20},{"week":18,"averageReturn":4.7,"sample":19},{"week":19,"averageReturn":5.3,"sample":19},{"week":20,"averageReturn":5.3,"sample":19},{"week":21,"averageReturn":5.4,"sample":19},{"week":22,"averageReturn":5.6,"sample":18},{"week":23,"averageReturn":5.7,"sample":18},{"week":24,"averageReturn":6.3,"sample":18},{"week":25,"averageReturn":7.2,"sample":18},{"week":26,"averageReturn":6.4,"sample":18}]}},"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":"Downside evidence leads price","tone":"negative","headline":"Price is leading its underlying support","use":"Market Dynamics must catch up or price may correct toward the weaker underlying position.","confirm":"The downside remains supported. Further price weakness would confirm that price is catching up with the weaker underlying position.","invalidate":"Reassess the reading when either price structure or the Market Dynamics state changes materially.","level":"negative","direction":"weakening","zone":"middle","zoneContext":"Price has advanced further through its recent range than Market Dynamics. The gap is an early-downside risk watch; stronger underlying support or a price reset is needed to close it.","historical":{"label":"Broad directional cases","weeks":12,"direction":"lower","percent":54.2,"averageReturn":-0.3,"sample":24},"nowContext":{"label":"Slightly easier this week","detail":"Market Dynamics weakened this week and remains below zero."},"fourWeekContext":{"label":"Broadly steady over four weeks","detail":"The broader path has not changed enough to establish a new direction."},"priceContext":{"label":"Price is ahead of the underlying support","detail":"Price is extended relative to Market Dynamics. The gap is a downside-risk warning until support catches up or price resets."}},"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, 54.2% of comparable cases moved lower after 12 weeks, with an average move of -0.3% across 24 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 2 cases. Distinct visits lasted 1.5 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 5.4% across 24 completed cases, with the largest move arriving after 6.3 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":"2025-05-02","price":60.742134}],"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":[57.1162,56.4692,56.0071,56.6541,58.2252,59.1494,57.6707,54.9905,55.4526,57.8556,57.5783,56.3768,57.0238,58.1876,57.8091,58.3768,57.4307,56.3899,57.4307,57.6199,56.7684,57.0522,56.2007,57.8091,57.1468,56.7684,57.1468,57.6199,58.1876,57.9037,58.7552,60.8368,62.8236,61.7829,63.7698,62.8236,60.7421,60.4583,61.0428,62.0148,61.626,60.4596,59.5848,58.4183,58.8071,58.8071,58.0295,58.0295,57.3491,59.0987,58.5155,57.9323,58.5155,58.1267,59.0987,58.7099,57.3491,56.8631,55.9883,56.8631,52.1002,52.003,52.3918,51.8086,51.4198,52.3,53.6,52.8,52.4,53.4,53.3,53.8,54.9,55.5,56.0,56.4,55.7,57.3,58.1,59.3,59.5,58.5,57.4,58.3,58.8237,60.1804,56.3041,56.9825,58.1454,57.7577,56.3041,57.3701,57.5639,57.5,59.0,57.4,58.6,58.7,55.1,56.2,55.7,57.3,57.4,56.7],"consensus":[33.3483,0.0,0.0,0.0,53.1971,51.1669,0.0,-58.016,-11.1861,38.357,0.0,-17.8367,17.6669,35.6414,0.0,31.8255,-10.3808,-40.7618,18.1006,0.0,-31.9525,9.0035,-35.1571,29.7498,0.0,-19.1535,9.6281,12.7627,26.9189,0.0,40.2286,61.9884,64.2256,18.0828,66.6775,14.1858,-30.6318,-13.3251,11.0799,30.3952,0.0,-24.0115,-35.9733,-56.7723,-16.0264,-22.7774,-41.4939,-20.151,-41.9284,27.5888,-22.0371,-28.6213,10.8731,-25.4121,25.4668,0.0,-48.2757,-36.6506,-56.5525,0.0,-64.2447,-43.4465,-28.291,-52.3201,-48.9546,0.0,25.4348,-25.0806,-21.97,20.0862,-11.0094,22.1372,46.5621,39.1875,42.9445,38.8889,0.0,60.1214,52.4509,62.15,48.0431,10.203,-19.2865,26.9839,31.4776,55.9497,-45.2855,0.0,23.3131,-19.1076,-39.2036,20.1497,0.0,0.0,45.3019,-19.3026,31.3251,20.0737,-64.2379,0.0,-36.3527,20.21,16.9587,-15.9181],"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":[7.0271,-25.2374,28.8709,0.0,-46.5834,-35.6763,-55.876,0.0,-50.1896,-41.1604,-24.6123,-50.965,-58.1437,0.0,19.4059,-34.0408,-32.6559,17.1474,-13.878,23.6768,44.7498,35.3073,41.1804,33.6201,0.0,60.5656,50.34,59.747,41.8246,3.8312,-20.7428,33.5509,40.6833,58.8308,-40.954,0.0,33.3291,-16.4431,-41.2073,23.3119,0.0,0.0,53.1754,-26.8647,36.775,19.3412,-71.3077,0.0,-32.8822,27.3959,14.4083,-22.3447],"force":[29.8713,-24.884,40.4431,0.0,-66.9189,-31.3033,-61.0028,0.0,-87.6599,-18.601,-10.5281,-40.7949,-34.404,0.0,76.2506,-27.728,-15.0209,47.8706,-8.0242,30.6418,58.23,36.2776,33.6899,26.3749,0.0,67.0629,46.3705,63.1897,37.9964,27.328,-55.1966,33.6605,32.5716,60.7316,-82.5454,0.0,34.9414,-31.2351,-65.7011,40.9315,0.0,0.0,41.2407,-27.8586,31.5963,12.0825,-69.4257,0.0,-31.2538,53.0472,18.8599,-22.6714],"direction":[1.6984,-25.989,10.8791,0.0,-36.8931,-41.5835,-54.1468,0.0,-63.5824,-63.8059,-60.2232,-62.101,-48.8461,0.0,3.972,-12.9493,-14.721,3.5989,-9.8631,14.303,40.2991,45.7005,51.571,53.849,0.0,54.6555,59.2066,64.1535,62.3261,44.2928,-8.028,14.7099,20.1753,49.2412,-23.6216,0.0,3.5603,-13.4903,-17.9868,1.6918,0.0,0.0,39.2046,-4.5488,24.903,26.6189,-52.4526,0.0,-43.9611,11.4576,18.5155,-3.7496],"intensity":[17.3077,7.6923,53.8462,13.4615,75.0,50.0,50.0,51.9231,100.0,98.0769,9.6154,23.0769,7.6923,59.6154,73.0769,69.2308,57.6923,65.3846,38.4615,19.2308,69.2308,65.3846,38.4615,40.3846,46.1538,82.6923,82.6923,69.2308,25.0,73.0769,61.5385,67.3077,28.8462,92.3077,96.1538,90.3846,65.3846,36.5385,88.4615,59.6154,34.6154,13.4615,82.6923,84.6154,69.2308,3.8462,94.2308,61.5385,69.2308,88.4615,90.3846,28.8462],"confirmation":[26.7837,76.1184,76.5539,48.9764,84.0422,79.5801,86.2427,31.1331,89.4861,81.1805,32.8388,84.4118,83.082,9.4211,55.9604,75.9699,74.6558,52.6525,71.3883,75.3196,83.2831,80.5104,81.4871,80.1434,6.178,87.4436,84.6312,87.9563,83.1624,8.0482,31.6232,76.7383,77.9659,86.0057,83.6929,3.2268,52.9953,74.5246,81.3222,52.3664,1.185,24.7091,82.2529,51.6557,77.9493,74.1912,88.6065,31.984,79.5304,32.4694,73.5236,58.535],"persistence":[50.0,50.0,25.0,12.5,12.5,37.5,37.5,25.0,50.0,50.0,75.0,87.5,87.5,75.0,50.0,62.5,62.5,37.5,37.5,12.5,12.5,25.0,25.0,50.0,62.5,62.5,87.5,87.5,87.5,87.5,62.5,62.5,75.0,75.0,50.0,37.5,37.5,12.5,12.5,12.5,0.0,12.5,12.5,0.0,0.0,25.0,25.0,12.5,0.0,12.5,12.5,12.5],"assessmentRisk":[39.7045,29.558,18.3096,41.6588,20.7329,27.6948,21.6753,47.551,17.7849,28.1203,35.283,23.769,1.8491,8.842,20.7553,42.3071,40.5015,21.6329,4.5471,18.4507,23.3643,30.2149,28.4978,30.5151,38.3637,19.2312,23.4707,18.8946,25.9779,41.6114,25.4604,55.7207,49.9285,20.3213,9.9802,35.3393,33.6271,37.2015,19.6018,3.1025,19.9674,5.9776,25.0872,10.67,14.4944,23.5026,16.8776,36.8398,30.2773,47.7201,37.6785,25.2741],"volumeParticipation":true,"latest":{"consensus":-15.9,"control":-22.3,"force":-22.7,"direction":-3.7,"confirmation":58.5,"persistence":12.5,"assessmentRisk":25.3,"intensity":28.8,"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":"Follow-through is limited","persistenceState":"Unsettled","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"-15.9","detail":"Joint downward confirmation","tone":"negative"},{"label":"SM Control Gauge","value":"-22.3","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-22.7","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-3.7","detail":"Follow-through is limited","tone":"negative"},{"label":"SM Confirmation Gauge","value":"59/100","detail":"Qualified support","tone":"neutral"}]},"kpis":[{"label":"Price structure","value":"Aligned downward","detail":"completed-week alignment","tone":"negative"},{"label":"Momentum","value":"48.6","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"3.5%","detail":"Normal","tone":"neutral"},{"label":"Trend quality","value":"16.6","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"40%","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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