{"schema_version":"1.0","name":"NREN Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-14","ticker":{"uuid":"82c6edef-c72e-4583-979a-f295ed944c62","symbol":"NREN","name":"Novavest Real Estate AG","exchange":"EBS","country":"CH","asset_type":"equity","currency":"CHF","sector":"Real Estate","industry":"Real Estate - Diversified"},"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, Activity pressure and cumulative balance, Strength versus the research benchmark, Acceleration, deceleration and rollover, Range position and boundary pressure, 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 downward","stateTone":"negative","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.","evidenceAlignment":{"status":"Countertrend conflict","headline":"Improving Market Dynamics is challenging the downward price structure","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.","take":"This is an early challenge rather than a confirmed reversal. 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cautious, Market Dynamics positive","kind":"disagreement","expectedDirection":"higher","episodes":18,"completedEpisodes":18,"activeEpisodes":0,"medianExpectedMove":1.4,"averageExpectedMove":2.4,"averageWeeksToLargestMove":4.8,"horizons":[{"weeks":4,"sample":18,"expectedCount":9,"expectedPercent":50.0,"averageReturn":-0.5,"medianReturn":-0.2,"confidenceLow":29.0,"confidenceHigh":71.0,"confidence":"Mixed historical record"},{"weeks":12,"sample":18,"expectedCount":6,"expectedPercent":33.3,"averageReturn":-1.7,"medianReturn":-1.7,"confidenceLow":16.3,"confidenceHigh":56.3,"confidence":"Mixed historical record"},{"weeks":26,"sample":16,"expectedCount":8,"expectedPercent":50.0,"averageReturn":-1.0,"medianReturn":-1.0,"confidenceLow":28.0,"confidenceHigh":72.0,"confidence":"Mixed historical record"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":-0.2,"sample":18},{"week":2,"averageReturn":-0.3,"sample":18},{"week":3,"averageReturn":-0.6,"sample":18},{"week":4,"averageReturn":-0.5,"sample":18},{"week":5,"averageReturn":-0.9,"sample":18},{"week":6,"averageReturn":-0.9,"sample":18},{"week":7,"averageReturn":-1.1,"sample":18},{"week":8,"averageReturn":-0.6,"sample":18},{"week":9,"averageReturn":-1.1,"sample":18},{"week":10,"averageReturn":-1.2,"sample":18},{"week":11,"averageReturn":-1.0,"sample":18},{"week":12,"averageReturn":-1.7,"sample":18},{"week":13,"averageReturn":-1.6,"sample":18},{"week":14,"averageReturn":-1.7,"sample":18},{"week":15,"averageReturn":-1.3,"sample":17},{"week":16,"averageReturn":-0.6,"sample":17},{"week":17,"averageReturn":-0.4,"sample":17},{"week":18,"averageReturn":-0.0,"sample":17},{"week":19,"averageReturn":-0.5,"sample":17},{"week":20,"averageReturn":-0.4,"sample":17},{"week":21,"averageReturn":-1.1,"sample":16},{"week":22,"averageReturn":-0.5,"sample":16},{"week":23,"averageReturn":-0.0,"sample":16},{"week":24,"averageReturn":-0.2,"sample":16},{"week":25,"averageReturn":-0.5,"sample":16},{"week":26,"averageReturn":-1.0,"sample":16}]}},"pricePressureGap":{"label":"Price elevated relative to Market Dynamics","kind":"structuralDivergence","expectedDirection":"lower","episodes":1,"completedEpisodes":1,"activeEpisodes":0,"medianExpectedMove":5.9,"averageExpectedMove":5.9,"averageWeeksToLargestMove":8.0,"horizons":[{"weeks":4,"sample":1,"expectedCount":1,"expectedPercent":100.0,"averageReturn":-3.5,"medianReturn":-3.5,"confidenceLow":20.7,"confidenceHigh":100.0,"confidence":"Mixed historical record"},{"weeks":12,"sample":1,"expectedCount":1,"expectedPercent":100.0,"averageReturn":-4.9,"medianReturn":-4.9,"confidenceLow":20.7,"confidenceHigh":100.0,"confidence":"Mixed historical record"},{"weeks":26,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":0.0,"sample":1},{"week":2,"averageReturn":-0.7,"sample":1},{"week":3,"averageReturn":-3.5,"sample":1},{"week":4,"averageReturn":-3.5,"sample":1},{"week":5,"averageReturn":-2.8,"sample":1},{"week":6,"averageReturn":-4.0,"sample":1},{"week":7,"averageReturn":-3.2,"sample":1},{"week":8,"averageReturn":-5.9,"sample":1},{"week":9,"averageReturn":-4.0,"sample":1},{"week":10,"averageReturn":-3.2,"sample":1},{"week":11,"averageReturn":-3.7,"sample":1},{"week":12,"averageReturn":-4.9,"sample":1},{"week":13,"averageReturn":-5.9,"sample":1},{"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 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":"middle","zoneContext":"Market Dynamics remains below zero, but it has improved across the recent completed path. This is an early repair watch until price confirms it.","historical":{"label":"Broad directional cases","weeks":12,"sample":0},"nowContext":{"label":"Slightly 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":"Zone positioning","title":"Use accumulation to prepare the long case, then wait for confirmation","tone":"positive","finding":"After accumulation, 85.7% of completed 12-week outcomes were higher across 7 cases. Distinct visits lasted 4.3 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 2.4% across 18 completed cases, with the largest move arriving after 4.8 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":"2024-10-04","price":31.300406},{"date":"2024-10-18","price":31.393282}],"distribution_rollovers":[{"date":"2026-06-05","price":39.995625}],"price_pressure_gaps":[{"date":"2026-05-15","price":41.44125}]}},"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":[30.3716,30.3716,30.2787,30.2787,31.3004,31.2075,31.3004,31.0218,31.3933,31.6719,31.6719,31.4862,31.9506,32.1363,32.1363,32.415,32.6007,32.9722,32.9722,33.0651,32.6936,32.8794,32.5078,32.1363,33.0651,33.7153,34.0868,34.1797,33.7153,34.6441,34.2726,35.1085,34.8298,34.6441,34.5512,34.6441,34.6441,35.2013,35.2013,35.48,35.2942,35.6657,36.3334,37.3935,36.9116,37.3935,37.008,37.1044,37.2971,38.1645,38.1645,38.4536,38.0681,38.4536,38.0681,38.0681,36.6225,37.1044,37.5862,37.1044,37.1044,37.2971,38.3573,38.55,38.4536,38.2609,38.55,38.0681,38.3573,38.4536,38.3573,38.4536,38.1645,38.4536,38.8391,38.8391,39.4174,39.9956,40.4775,41.634,41.2485,40.7666,41.1521,40.9594,41.4412,41.9231,41.9231,41.9231,42.0195,41.5376,41.4412,41.4412,41.1521,39.9956,40.0,40.3,39.8,40.1,39.0,39.8,40.1,39.9,39.4,39.0],"consensus":[-12.3024,0.0,-9.7948,-11.6516,58.0704,25.9882,35.2214,0.0,35.6396,46.2178,27.4233,10.3362,48.9396,34.8109,35.5744,40.1598,36.8252,53.6888,35.0838,41.6666,0.0,24.3351,-14.4827,-27.1107,50.8151,61.9372,51.8506,36.8077,0.0,59.7188,0.0,61.8482,27.4221,14.0899,19.2517,18.3827,10.562,49.6217,34.245,48.8893,22.8113,46.2714,57.3935,72.8965,13.6701,56.9959,10.7533,25.4791,34.3588,62.2443,46.3813,56.0471,0.0,49.3608,0.0,13.9324,-63.3395,0.0,14.8939,-31.4101,0.0,11.5852,57.1569,41.8363,29.2173,15.024,34.2674,-17.4936,19.4469,18.5474,0.0,19.8808,-14.5882,23.7504,40.4071,30.5746,60.7684,61.5548,60.2989,68.4351,17.284,8.2964,42.7371,11.2581,44.5059,55.703,44.016,36.4977,33.2928,-15.1832,0.0,12.0477,-19.125,-65.0446,-22.3073,-14.8152,-39.679,0.0,-60.2663,11.3508,12.3618,-22.0502,-32.4874,-48.1136],"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":[0.0,58.3148,0.0,25.0781,-56.7155,0.0,29.8048,-23.1878,0.0,13.6978,56.8784,46.3813,29.1784,11.5519,43.6504,-14.9465,20.0993,21.432,0.0,22.5622,-6.566,23.8748,43.8411,39.46,58.3341,60.378,54.4305,60.8823,4.9285,3.2609,43.8316,22.4141,51.4922,59.8806,51.9526,38.3309,34.6152,-15.6428,0.0,26.3084,-11.5653,-68.6576,-6.61,-1.5952,-32.9596,0.0,-63.335,19.6415,13.3744,-22.1598,-42.5593,-37.1289],"force":[0.0,46.1279,0.0,1.0427,-92.6686,0.0,24.7667,-42.9899,0.0,29.1929,85.8506,31.5357,13.3312,1.6995,31.7547,-35.8222,32.7936,16.0392,0.0,16.6184,-37.7013,45.8281,49.9654,21.5107,82.0226,71.6487,70.7485,85.6429,23.5956,26.8537,32.9727,14.2232,42.7964,50.6595,23.3894,15.4418,16.1847,-46.8142,0.0,10.7981,-26.7946,-70.2991,-1.8729,-9.6748,-25.7244,0.0,-51.1898,69.6461,38.7449,-17.4352,-29.7932,-58.9481],"direction":[0.0,41.4368,0.0,10.4015,-49.9605,0.0,9.1993,-32.5357,0.0,3.4061,36.9798,43.9996,40.6089,30.9375,25.3389,-7.3127,9.1681,17.0422,0.0,19.1466,-7.2469,7.8384,29.6551,26.8941,48.3688,55.6899,59.5419,64.7756,60.6043,46.6119,48.4607,16.7093,37.7428,54.531,49.6789,49.4426,44.0017,-7.9355,0.0,3.3577,-22.2863,-57.1623,-57.5188,-47.4165,-57.3259,0.0,-63.2423,39.7639,7.6404,-25.2215,-22.9012,-52.9285],"intensity":[51.9231,51.9231,51.9231,30.7692,100.0,59.6154,75.0,76.9231,55.7692,13.4615,94.2308,23.0769,9.6154,42.3077,25.0,53.8462,48.0769,40.3846,25.0,7.6923,78.8462,59.6154,36.5385,44.2308,80.7692,78.8462,82.6923,100.0,94.2308,71.1538,51.9231,65.3846,59.6154,88.4615,1.9231,3.8462,7.6923,55.7692,23.0769,57.6923,13.4615,92.3077,26.9231,75.0,75.0,84.6154,92.3077,84.6154,57.6923,44.2308,73.0769,71.1538],"confirmation":[10.9587,83.5605,5.1014,49.229,89.2634,30.2566,29.4689,78.5294,1.8902,50.2717,87.1689,81.0044,76.866,50.0468,78.746,51.5287,74.6198,73.8148,24.5619,74.2216,28.1615,53.6044,81.1692,77.3722,88.1307,88.0231,87.7035,90.5387,9.507,8.1842,81.3616,28.357,82.0833,85.6076,81.3356,79.0096,78.1122,52.8419,24.6918,49.6495,74.4689,88.9194,29.7068,6.2599,80.3744,30.0884,86.9618,36.4322,51.7077,74.9138,78.1604,91.8939],"persistence":[87.5,87.5,75.0,75.0,50.0,37.5,37.5,12.5,12.5,12.5,25.0,25.0,50.0,62.5,62.5,62.5,75.0,75.0,62.5,62.5,37.5,37.5,37.5,62.5,62.5,62.5,75.0,75.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,75.0,62.5,62.5,37.5,12.5,12.5,37.5,62.5,50.0,62.5,62.5,37.5,37.5,37.5,37.5],"assessmentRisk":[45.5003,3.2449,10.9498,40.8746,17.7934,48.5934,42.4053,31.1469,35.6635,10.7151,14.6888,28.352,34.4134,39.0708,0.9113,25.3662,17.9098,13.0586,26.1727,28.6131,17.2777,11.8752,22.9698,30.3648,19.6,19.2175,19.8478,15.7824,41.3484,42.9343,24.1148,50.9389,2.1712,21.6837,25.1224,30.4925,26.6732,26.328,37.3849,45.8401,39.9826,17.3975,38.7444,42.2009,29.9825,10.912,18.6847,42.6525,19.0652,6.8281,47.8776,21.0453],"volumeParticipation":true,"latest":{"consensus":-48.1,"control":-37.1,"force":-58.9,"direction":-52.9,"confirmation":91.9,"persistence":37.5,"assessmentRisk":21.0,"intensity":71.2,"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 easing","directionState":"Downward follow-through","persistenceState":"Unsettled","confirmationState":"Strong support","riskState":"Contained","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"-48.1","detail":"Joint downward confirmation","tone":"negative"},{"label":"SM Control Gauge","value":"-37.1","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-58.9","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-52.9","detail":"Downward 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