{"schema_version":"1.0","name":"REFEX Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-14","ticker":{"uuid":"82ef4d35-353f-4818-90c9-6024d4eb5eca","symbol":"REFEX","name":"Refex Industries Limited","exchange":"NSI","country":"IN","asset_type":"equity","currency":"INR","sector":"Energy","industry":"Thermal Coal"},"summary":"Market Dynamics eased this week but remains positive. Underlying support has contracted across the recent completed path. Price has not yet established a clear direction.","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, Drawdown and recovery pressure, Activity pressure and cumulative balance, Directional strength and control, Strength versus the research benchmark, 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":"Rotational","stateTone":"caution","summary":"Market Dynamics eased this week but remains positive. 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elevated relative to Market Dynamics","kind":"structuralDivergence","expectedDirection":"lower","episodes":2,"completedEpisodes":2,"activeEpisodes":0,"medianExpectedMove":20.4,"averageExpectedMove":20.4,"averageWeeksToLargestMove":11.5,"horizons":[{"weeks":4,"sample":2,"expectedCount":1,"expectedPercent":50.0,"averageReturn":-3.0,"medianReturn":-3.0,"confidenceLow":9.5,"confidenceHigh":90.5,"confidence":"Mixed historical record"},{"weeks":12,"sample":2,"expectedCount":2,"expectedPercent":100.0,"averageReturn":-19.5,"medianReturn":-19.5,"confidenceLow":34.2,"confidenceHigh":100.0,"confidence":"Mixed historical record"},{"weeks":26,"sample":2,"expectedCount":2,"expectedPercent":100.0,"averageReturn":-18.3,"medianReturn":-18.3,"confidenceLow":34.2,"confidenceHigh":100.0,"confidence":"Mixed historical record"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":-5.7,"sample":2},{"week":2,"averageReturn":-10.7,"sample":2},{"week":3,"averageReturn":-5.9,"sample":2},{"week":4,"averageReturn":-3.0,"sample":2},{"week":5,"averageReturn":-6.5,"sample":2},{"week":6,"averageReturn":-9.3,"sample":2},{"week":7,"averageReturn":-11.4,"sample":2},{"week":8,"averageReturn":-10.7,"sample":2},{"week":9,"averageReturn":-13.5,"sample":2},{"week":10,"averageReturn":-18.1,"sample":2},{"week":11,"averageReturn":-17.7,"sample":2},{"week":12,"averageReturn":-19.5,"sample":2},{"week":13,"averageReturn":-19.1,"sample":2},{"week":14,"averageReturn":-27.8,"sample":2},{"week":15,"averageReturn":-25.4,"sample":2},{"week":16,"averageReturn":-28.2,"sample":2},{"week":17,"averageReturn":-22.9,"sample":2},{"week":18,"averageReturn":-26.7,"sample":2},{"week":19,"averageReturn":-22.6,"sample":2},{"week":20,"averageReturn":-23.3,"sample":2},{"week":21,"averageReturn":-25.0,"sample":2},{"week":22,"averageReturn":-26.6,"sample":2},{"week":23,"averageReturn":-18.0,"sample":2},{"week":24,"averageReturn":-20.5,"sample":2},{"week":25,"averageReturn":-20.3,"sample":2},{"week":26,"averageReturn":-18.3,"sample":2}]},"currentApplication":{"status":"Support weakening","tone":"caution","headline":"Positive Market Dynamics has weakened over four weeks","use":"Use the weaker four-week path as caution until price and Market Dynamics establish clearer agreement.","confirm":"Treat the weaker support as caution until price and Market Dynamics establish clearer agreement.","invalidate":"Reassess the reading when either price structure or the Market Dynamics state changes materially.","level":"positive","direction":"weakening","zone":"middle","zoneContext":"Market Dynamics remains above zero, but support has contracted across the recent completed path. Price confirmation now carries more weight.","historical":{"label":"Broad directional cases","weeks":12,"sample":0},"nowContext":{"label":"Easier this week","detail":"Market Dynamics eased this week but remains positive."},"fourWeekContext":{"label":"Weakened over four weeks","detail":"Underlying support has contracted across the recent completed path."},"priceContext":{"label":"Price has no clear direction","detail":"Price remains rotational while the Market Dynamics condition develops."}},"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, 66.7% of completed 12-week outcomes were higher across 3 cases. Distinct visits lasted 14.0 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 17.4% across 15 completed cases, with the largest move arriving after 6.1 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":"2024-10-11","price":492.995636},{"date":"2024-11-15","price":492.496307},{"date":"2024-12-13","price":518.911194}],"price_pressure_gaps":[{"date":"2024-11-08","price":521.707581},{"date":"2024-12-06","price":550.918762}]}},"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":[300.5011,309.639,409.3067,469.9762,419.1936,572.9894,542.9294,492.9956,483.5082,462.1366,491.4976,521.7076,492.4963,469.7765,518.2122,550.9188,518.9112,488.2519,489.3006,487.5529,482.3098,483.2586,459.9395,469.5768,443.5113,391.8799,420.9413,390.981,423.388,381.4437,376.9996,378.198,401.9165,405.312,454.3969,446.2077,401.8167,381.0942,423.9872,404.8127,453.548,497.7893,473.6214,451.7004,454.297,438.5679,441.7636,436.5206,405.362,417.0964,414.35,358.0248,378.85,366.5,363.35,351.9,347.65,372.8,365.4,357.05,347.15,363.6,368.2,356.55,353.5,325.0,346.3,331.75,254.9,276.25,262.7,262.3,236.7,239.1,222.75,225.2,227.85,232.36,239.71,220.69,218.39,198.03,200.53,196.78,204.05,226.17,244.76,247.71,263.86,263.0,277.8,279.05,328.3,312.5,311.0,335.8266,347.8382,357.2581,343.6515,305.8224,316.0,302.8,292.9,297.25],"consensus":[73.5439,50.4251,87.0149,89.6193,0.0,89.2331,22.5485,0.0,30.153,0.0,36.2877,47.6571,0.0,0.0,52.0267,42.6194,0.0,-14.0735,0.0,0.0,-13.6654,0.0,-27.877,0.0,-40.9822,-64.6608,0.0,-49.9202,11.6446,-52.6083,-27.6633,-25.0531,0.0,11.2613,55.7802,0.0,-38.0219,-37.6848,25.1795,-29.1495,52.1896,61.5879,0.0,0.0,0.0,-23.3236,-9.6988,-15.8141,-48.271,0.0,-19.5897,-63.6329,0.0,-39.1506,-36.9507,-29.0412,-36.4776,16.3036,-13.8824,-25.576,-30.0856,0.0,0.0,-23.8044,-15.4713,-53.6825,11.7961,-41.2112,-77.2998,0.0,-57.392,-34.0894,-63.964,-29.1655,-58.9987,-29.2233,-19.783,-22.3821,0.0,-42.6653,-14.418,-53.2341,-26.4034,-31.6835,0.0,31.4024,39.8922,22.7643,45.3292,25.9761,45.9563,32.5934,72.3882,24.47,42.8005,64.4258,41.4675,36.1627,18.9716,-37.0052,11.8406,-30.8517,-33.8977,6.8216],"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,-39.3712,-38.9803,-30.5205,-39.1579,11.9027,-15.4617,-34.0649,-39.32,0.0,0.0,-29.1147,-23.8478,-57.6859,12.8817,-38.3304,-77.4925,0.0,-58.269,-30.0062,-68.8842,-25.9061,-58.2168,-25.9041,-19.5251,-27.8752,0.0,-52.8549,-11.3185,-59.4875,-23.9447,-32.4319,0.0,28.4134,35.9295,13.3297,40.0146,18.8972,33.0389,28.2462,67.1845,13.3628,45.5718,64.305,40.8216,25.9824,5.16,-36.9978,21.0341,-22.801,-34.2783,6.2907],"force":[0.0,-30.1901,-21.5821,-18.9857,-21.6106,60.9453,-9.4142,-24.0629,-24.6374,0.0,0.0,-31.0553,-10.0485,-60.2806,58.8823,-57.1701,-98.4495,0.0,-57.1112,-12.561,-77.5372,-1.2734,-65.9245,-2.8239,-4.3753,-1.7267,0.0,-44.764,-3.5141,-51.5052,-4.0054,-18.8127,0.0,57.9642,49.7864,13.0093,44.9444,7.3188,59.1191,15.7069,89.0627,8.1508,19.999,63.6642,17.3554,9.4436,14.4164,-76.2375,15.5427,-57.988,-37.5925,2.0536],"direction":[0.0,-45.2988,-45.6087,-34.533,-44.0339,10.5536,-15.269,-16.9552,-23.4235,0.0,0.0,-12.5562,-9.7715,-44.3943,23.0776,-33.1044,-61.9726,0.0,-56.5904,-54.1335,-48.6458,-52.8134,-54.9451,-51.8734,-37.3336,-30.8582,0.0,-29.5209,-30.7689,-47.3222,-45.2119,-40.0216,0.0,15.8457,37.3536,40.5146,51.6777,47.3929,51.317,49.6233,66.425,60.4644,55.92,65.1078,59.4286,66.8823,58.605,-8.9907,1.3106,-20.6694,-30.8235,13.7678],"intensity":[59.6154,9.6154,17.3077,38.4615,7.6923,80.7692,69.2308,7.6923,17.3077,23.0769,5.7692,15.3846,32.6923,51.9231,40.3846,28.8462,100.0,75.0,82.6923,17.3077,50.0,19.2308,28.8462,50.0,5.7692,40.3846,9.6154,48.0769,46.1538,48.0769,3.8462,1.9231,19.2308,59.6154,59.6154,61.5385,36.5385,1.9231,82.6923,51.9231,96.1538,76.9231,9.6154,80.7692,84.6154,48.0769,30.7692,86.5385,65.3846,51.9231,80.7692,5.7692],"confirmation":[7.8701,80.2517,79.3249,76.9642,79.1789,31.5628,72.2821,76.0089,77.3206,5.1416,48.2165,75.7575,72.6579,85.3185,32.7831,81.7179,93.3776,11.524,86.3435,78.3147,88.8072,53.8659,87.1026,53.9308,51.865,51.7824,26.8685,81.5616,50.1975,84.8869,53.1373,77.7351,5.2993,78.9038,81.1274,75.131,82.5746,53.185,83.304,77.9815,91.7517,31.411,80.959,88.5949,80.5446,78.9129,8.3393,81.0374,49.3747,78.8222,78.9541,25.0253],"persistence":[75.0,75.0,75.0,75.0,75.0,62.5,62.5,62.5,75.0,62.5,50.0,50.0,50.0,75.0,50.0,50.0,50.0,50.0,62.5,62.5,62.5,62.5,87.5,87.5,87.5,100.0,87.5,87.5,87.5,87.5,87.5,87.5,75.0,50.0,37.5,12.5,12.5,37.5,62.5,87.5,100.0,100.0,100.0,100.0,100.0,100.0,100.0,75.0,75.0,50.0,25.0,12.5],"assessmentRisk":[35.2919,28.9232,31.0182,1.1306,28.393,6.7769,11.978,25.3095,13.8019,24.1365,4.048,10.6204,31.1341,22.8974,51.3653,26.0203,11.3154,46.001,21.1979,32.6106,0.8544,30.4636,16.9653,31.0074,7.5294,2.1842,31.1957,11.6822,12.1907,22.8824,36.7226,33.0335,40.6297,33.5795,29.968,38.6029,27.33,36.7722,26.4901,33.0189,13.7732,37.4586,27.2658,17.7087,21.9993,31.6307,38.6933,26.5655,51.7437,34.069,32.2821,16.2831],"volumeParticipation":true,"latest":{"consensus":6.8,"control":6.3,"force":2.1,"direction":13.8,"confirmation":25.0,"persistence":12.5,"assessmentRisk":16.3,"intensity":5.8,"evidenceDepth":100},"analysis":{"status":"Market Dynamics has stronger support","headline":"The gauges support the upward view","summary":"The completed evidence gives the upward view the clearer support.","take":"Current assessment: upward pressure has the stronger support.","tone":"positive","supportedView":"Market Dynamics","direction":"upward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Control support is limited","controlPath":"Control support is easing","forceState":"Commitment is limited","forcePath":"Commitment is easing","directionState":"Upward follow-through","persistenceState":"Unsettled","confirmationState":"Limited support","riskState":"Contained","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"+6.8","detail":"Market Dynamics has stronger support","tone":"positive"},{"label":"SM Control Gauge","value":"+6.3","detail":"Control support is limited","tone":"positive"},{"label":"SM Force Gauge","value":"+2.1","detail":"Commitment is limited","tone":"positive"},{"label":"SM Direction Gauge","value":"+13.8","detail":"Upward follow-through","tone":"positive"},{"label":"SM Confirmation Gauge","value":"25/100","detail":"Limited support","tone":"caution"}]},"kpis":[{"label":"Price structure","value":"Rotational","detail":"completed-week alignment","tone":"caution"},{"label":"Momentum","value":"50.4","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"10.0%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"30.5","detail":"Directional","tone":"positive"},{"label":"Range position","value":"61%","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 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