{"schema_version":"1.0","name":"601111 Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-14","ticker":{"uuid":"78e06351-b457-470f-8ba2-3fec53ccf197","symbol":"601111","name":"Air China Limited","exchange":"SHH","country":"CN","asset_type":"equity","currency":"CNY","sector":"Industrials","industry":"Airlines"},"summary":"Market Dynamics weakened this week and remains below zero. 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, Range position and boundary pressure, Directional strength and control, Activity pressure and cumulative balance."},{"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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elevated relative to Market Dynamics","kind":"structuralDivergence","expectedDirection":"lower","episodes":1,"completedEpisodes":1,"activeEpisodes":0,"medianExpectedMove":27.9,"averageExpectedMove":27.9,"averageWeeksToLargestMove":10.0,"horizons":[{"weeks":4,"sample":1,"expectedCount":1,"expectedPercent":100.0,"averageReturn":-11.3,"medianReturn":-11.3,"confidenceLow":20.7,"confidenceHigh":100.0,"confidence":"Mixed historical record"},{"weeks":12,"sample":1,"expectedCount":1,"expectedPercent":100.0,"averageReturn":-27.6,"medianReturn":-27.6,"confidenceLow":20.7,"confidenceHigh":100.0,"confidence":"Mixed historical record"},{"weeks":26,"sample":1,"expectedCount":1,"expectedPercent":100.0,"averageReturn":-36.0,"medianReturn":-36.0,"confidenceLow":20.7,"confidenceHigh":100.0,"confidence":"Mixed historical record"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":-4.2,"sample":1},{"week":2,"averageReturn":-9.7,"sample":1},{"week":3,"averageReturn":-6.4,"sample":1},{"week":4,"averageReturn":-11.3,"sample":1},{"week":5,"averageReturn":-3.7,"sample":1},{"week":6,"averageReturn":-8.9,"sample":1},{"week":7,"averageReturn":-10.2,"sample":1},{"week":8,"averageReturn":-17.9,"sample":1},{"week":9,"averageReturn":-21.1,"sample":1},{"week":10,"averageReturn":-27.9,"sample":1},{"week":11,"averageReturn":-26.5,"sample":1},{"week":12,"averageReturn":-27.6,"sample":1},{"week":13,"averageReturn":-25.7,"sample":1},{"week":14,"averageReturn":-26.1,"sample":1},{"week":15,"averageReturn":-27.7,"sample":1},{"week":16,"averageReturn":-28.2,"sample":1},{"week":17,"averageReturn":-22.2,"sample":1},{"week":18,"averageReturn":-28.1,"sample":1},{"week":19,"averageReturn":-28.7,"sample":1},{"week":20,"averageReturn":-27.3,"sample":1},{"week":21,"averageReturn":-30.9,"sample":1},{"week":22,"averageReturn":-33.1,"sample":1},{"week":23,"averageReturn":-33.4,"sample":1},{"week":24,"averageReturn":-32.0,"sample":1},{"week":25,"averageReturn":-34.9,"sample":1},{"week":26,"averageReturn":-36.0,"sample":1}]},"currentApplication":{"status":"Countertrend conflict","tone":"caution","headline":"Market Dynamics is repairing against a downward price structure","use":"The downside structure remains in place, but improving Market Dynamics weakens that case. A positive price response is needed to confirm the repair.","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":"negative","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,"sample":0},"nowContext":{"label":"Easier this week","detail":"Market Dynamics weakened this week and remains below zero."},"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 in a downward structure","detail":"Improving Market Dynamics has not yet produced a positive price response."}},"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":"Disagreement playbook","title":"Use unsupported price strength to tighten discipline","tone":"caution","finding":"Comparable disagreements produced an average pullback of 9.8% across 21 completed cases, with the largest move arriving after 7.0 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":[],"price_pressure_gaps":[{"date":"2026-01-02","price":9.37}]}},"smTape":{"available":true,"dates":["2024-08-16","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","2026-02-27","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":[7.18,6.97,6.98,6.75,6.43,6.3,7.4,7.88,7.09,6.98,7.07,7.37,7.72,7.67,8.01,8.28,8.47,8.61,7.97,8.11,7.69,7.43,7.71,7.56,7.48,7.14,7.1,6.86,7.24,7.45,7.35,7.25,7.3,7.2,7.33,7.4,7.2,7.07,7.3,7.61,7.85,8.02,7.93,7.78,7.69,7.95,7.59,7.49,7.4,7.63,7.21,7.29,7.37,7.4,7.55,7.41,7.81,7.84,7.78,7.91,7.86,8.46,8.37,7.86,8.3,8.76,8.45,8.03,8.29,8.37,8.97,8.72,9.37,8.98,8.46,8.77,8.31,9.02,8.54,8.41,7.69,7.39,6.76,6.89,6.78,6.96,6.92,6.77,6.73,7.29,6.74,6.68,6.81,6.47,6.27,6.24,6.37,6.1,6.0,5.84,5.96,6.25,6.07,5.91],"consensus":[-32.8,-45.9203,-15.8935,-55.1054,-65.4213,-50.3904,60.9903,72.891,-29.8217,0.0,0.0,31.6835,59.2772,27.4979,61.7651,61.8029,57.3133,41.8447,-25.0226,16.8801,-37.9813,-44.8405,11.0303,-27.6611,-25.2524,-46.8237,-30.1587,-54.0965,14.2193,19.9998,0.0,-17.0916,0.0,-18.1442,15.7982,11.7555,-28.4569,-29.8735,10.6198,42.8007,44.0745,42.4255,26.6332,0.0,0.0,33.2961,-33.8436,-29.5912,-27.0343,16.7108,-55.4746,0.0,0.0,-11.5961,24.8732,-15.2905,58.2526,23.2967,12.7365,41.9322,15.2508,69.9625,18.1858,-33.1493,50.9465,56.9359,0.0,-25.5676,23.8884,10.1187,61.8143,9.8198,68.1925,0.0,-41.0235,24.7722,-45.0014,45.6126,-27.0611,-22.2665,-59.438,-46.6244,-76.2678,-21.1809,-45.2789,-18.9697,-23.6269,-41.2175,-24.6216,29.4307,-52.2159,-25.4331,-9.8852,-44.4641,-29.7191,-40.8891,-30.0726,-44.9412,-22.9462,-40.1575,-17.1569,21.5869,-30.5566,-35.6001],"supportDates":["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","2026-02-27","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":[0.0,-8.4666,18.5561,-21.0601,54.897,15.9554,8.6668,44.1551,16.3868,64.1439,7.5798,-35.7503,49.0798,60.4416,0.0,-34.2123,27.6746,19.5622,63.1965,0.933,70.3643,0.0,-34.4056,23.885,-37.1757,45.0241,-31.7566,-21.0406,-55.6231,-35.7953,-78.1184,-8.674,-43.9389,-13.12,-30.4049,-48.3683,-26.3312,30.2064,-57.4657,-28.5637,-16.7598,-47.2491,-24.5639,-44.0686,-33.3691,-53.3044,-17.5689,-40.4528,-12.3454,24.2931,-41.0592,-50.7819],"force":[0.0,-4.0947,43.0932,-25.7454,88.8622,10.8657,4.5007,36.4234,3.2345,95.1291,15.6101,-76.1495,65.556,60.7903,0.0,-54.1106,33.0473,5.6954,74.8987,22.8946,77.3472,0.0,-84.0602,40.5652,-74.8909,79.907,-55.5586,-26.0617,-80.5896,-47.7333,-88.3185,-17.2878,-24.6748,-14.6143,-2.8419,-30.264,-3.9271,64.4708,-67.066,-11.318,-12.1471,-33.3618,-11.4887,-28.4183,-11.5186,-31.1393,-2.498,-26.4373,-12.4599,52.5317,-34.5395,-31.1472],"direction":[0.0,-20.531,19.0784,-1.229,40.2236,40.5662,29.6997,43.3266,22.5355,58.6362,54.447,-0.5376,42.6443,50.1761,0.0,-4.7,13.0192,2.4855,50.8887,43.3436,59.1712,0.0,-17.8462,14.5054,-32.5954,21.7891,-1.3394,-20.9567,-48.6895,-58.2086,-65.5451,-62.9521,-61.5274,-49.6438,-30.7272,-40.8691,-37.4494,3.5155,-35.609,-31.9373,-17.766,-49.2116,-48.6325,-46.163,-39.5581,-45.242,-43.6977,-49.62,-43.8106,3.6092,-15.7088,-21.4302],"intensity":[7.6923,17.3077,13.4615,11.5385,69.2308,63.4615,26.9231,9.6154,5.7692,96.1538,96.1538,92.3077,88.4615,92.3077,53.8462,86.5385,40.3846,1.9231,98.0769,48.0769,100.0,71.1538,90.3846,50.0,82.6923,100.0,84.6154,98.0769,100.0,86.5385,92.3077,63.4615,44.2308,19.2308,11.5385,17.3077,51.9231,82.6923,80.7692,32.6923,21.1538,69.2308,42.3077,61.5385,26.9231,34.6154,26.9231,21.1538,7.6923,40.3846,26.9231,32.6923],"confirmation":[4.2644,48.8632,76.611,50.457,87.6248,75.188,49.9058,81.2165,49.8301,91.2437,8.2813,57.3267,84.7766,86.2835,31.4003,55.2558,75.8657,25.6259,88.1583,7.1649,90.0675,10.4047,82.5399,76.4219,83.4306,83.6502,54.7898,75.2596,87.7229,83.1186,92.7447,32.1508,81.8817,30.9203,52.1572,80.7468,52.5555,55.8072,85.0817,75.6607,27.6451,81.8477,77.0331,80.656,77.0075,81.8331,52.1349,80.4278,29.9857,53.913,77.7395,87.025],"persistence":[25.0,50.0,25.0,25.0,0.0,0.0,25.0,37.5,50.0,75.0,75.0,75.0,75.0,75.0,62.5,37.5,37.5,37.5,37.5,62.5,62.5,50.0,37.5,62.5,37.5,37.5,12.5,12.5,37.5,50.0,50.0,75.0,75.0,100.0,100.0,100.0,100.0,75.0,75.0,75.0,75.0,75.0,75.0,75.0,75.0,100.0,100.0,100.0,100.0,75.0,75.0,75.0],"assessmentRisk":[7.956,35.2678,34.5123,34.7012,18.8521,36.3808,33.1989,28.4972,5.2729,14.4637,40.1959,6.8386,20.65,10.1449,14.6915,35.9627,13.4168,46.6985,13.9085,42.8083,15.4637,44.1957,21.4092,6.5491,26.8482,18.3439,22.2945,22.3073,13.5,26.5898,11.7953,39.2897,25.6175,29.9784,30.8465,5.5222,5.5105,19.1879,2.2116,0.3853,16.3879,27.3055,30.9131,26.3958,31.804,21.8185,27.759,25.7058,37.2907,13.8948,30.7625,36.6324],"volumeParticipation":true,"latest":{"consensus":-35.6,"control":-50.8,"force":-31.1,"direction":-21.4,"confirmation":87.0,"persistence":75.0,"assessmentRisk":36.6,"intensity":32.7,"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":"Broadly stable","directionState":"Downward follow-through","persistenceState":"Established","confirmationState":"Strong support","riskState":"Contained","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"-35.6","detail":"Joint downward confirmation","tone":"negative"},{"label":"SM Control Gauge","value":"-50.8","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-31.1","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-21.4","detail":"Downward follow-through","tone":"negative"},{"label":"SM Confirmation Gauge","value":"87/100","detail":"Strong support","tone":"positive"}]},"kpis":[{"label":"Price structure","value":"Aligned downward","detail":"completed-week alignment","tone":"negative"},{"label":"Momentum","value":"36.6","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"6.9%","detail":"Elevated","tone":"caution"},{"label":"Trend quality","value":"22.1","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"5%","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 downward.","series":[{"label":"Close","values":[7.18,6.97,6.98,6.75,6.43,6.3,7.4,7.88,7.09,6.98,7.07,7.37,7.72,7.67,8.01,8.28,8.47,8.61,7.97,8.11,7.69,7.43,7.71,7.56,7.48,7.14,7.1,6.86,7.24,7.45,7.35,7.25,7.3,7.2,7.33,7.4,7.2,7.07,7.3,7.61,7.85,8.02,7.93,7.78,7.69,7.95,7.59,7.49,7.4,7.63,7.21,7.29,7.37,7.4,7.55,7.41,7.81,7.84,7.78,7.91,7.86,8.46,8.37,7.86,8.3,8.76,8.45,8.03,8.29,8.37,8.97,8.72,9.37,8.98,8.46,8.77,8.31,9.02,8.54,8.41,7.69,7.39,6.76,6.89,6.78,6.96,6.92,6.77,6.73,7.29,6.74,6.68,6.81,6.47,6.27,6.24,6.37,6.1,6.0,5.84,5.96,6.25,6.07,5.91],"stroke":"#10243b","width":2.1},{"label":"Fast 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