{"schema_version":"1.0","name":"2691 Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"83243dbe-e365-4bf2-9171-c9638ca485fc","symbol":"2691","name":"NANHUA FUTURES","exchange":"HKG","country":"HK","asset_type":"equity","currency":"HKD","sector":"Financial Services","industry":"Capital Markets"},"summary":"The completed price path and its progression through the positioning zones can be described, but there is not enough usable Market Dynamics history to confirm or challenge the technical state.","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, Range pressure and compression, Directional strength and control, Range position and boundary pressure, 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":"2026-08-21","observations":35,"displayedObservations":35,"assetType":"Equity","state":"Rotational","stateTone":"caution","summary":"The completed price path and its progression through the positioning zones can be described, but there is not enough usable Market Dynamics history to confirm or challenge the technical state.","evidenceAlignment":{"status":"Evidence developing","headline":"Price structure is visible; Market Dynamics is not yet established","summary":"The completed price path and its progression through the positioning zones can be described, but there is not enough usable Market Dynamics history to confirm or challenge the technical state.","take":"Treat movement through the zones as price-location context only. Reaching the upper zone shows extension, but without an established Market Dynamics read it does not by itself establish active distribution, divergence or reversal risk.","tone":"neutral","conflict":false},"marketDynamics":{"available":true,"readAvailable":false,"dates":["2026-07-10","2026-07-17","2026-07-24","2026-07-31","2026-08-07","2026-08-14","2026-08-21"],"values":[-0.560077,-0.7457,-0.674457,-0.472362,-0.243276,-0.028855,0.128989],"opens":[6.12,6.4,6.64,6.82,7.07,6.78,6.375],"highs":[6.14,6.87,6.94,7.23,7.955,7.04,6.735],"lows":[5.9,6.28,6.3,6.37,6.72,6.31,6.28],"closes":[5.98,6.45,6.64,7.09,6.8,6.37,6.62],"hoverRows":[[{"label":"Open","value":"6.12","className":"is-ohlc","compact":true},{"label":"High","value":"6.14","className":"is-ohlc","compact":true},{"label":"Low","value":"5.90","className":"is-ohlc","compact":true},{"label":"Close","value":"5.98","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"6.40","className":"is-ohlc","compact":true},{"label":"High","value":"6.87","className":"is-ohlc","compact":true},{"label":"Low","value":"6.28","className":"is-ohlc","compact":true},{"label":"Close","value":"6.45","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"6.64","className":"is-ohlc","compact":true},{"label":"High","value":"6.94","className":"is-ohlc","compact":true},{"label":"Low","value":"6.30","className":"is-ohlc","compact":true},{"label":"Close","value":"6.64","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"6.82","className":"is-ohlc","compact":true},{"label":"High","value":"7.23","className":"is-ohlc","compact":true},{"label":"Low","value":"6.37","className":"is-ohlc","compact":true},{"label":"Close","value":"7.09","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"7.07","className":"is-ohlc","compact":true},{"label":"High","value":"7.96","className":"is-ohlc","compact":true},{"label":"Low","value":"6.72","className":"is-ohlc","compact":true},{"label":"Close","value":"6.80","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"6.78","className":"is-ohlc","compact":true},{"label":"High","value":"7.04","className":"is-ohlc","compact":true},{"label":"Low","value":"6.31","className":"is-ohlc","compact":true},{"label":"Close","value":"6.37","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"6.38","className":"is-ohlc","compact":true},{"label":"High","value":"6.74","className":"is-ohlc","compact":true},{"label":"Low","value":"6.28","className":"is-ohlc","compact":true},{"label":"Close","value":"6.62","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}]],"pressureRange":[-2.3,2.3],"priceRange":[5.9134,7.1566],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"state":"Insufficient history","context":{"scenario":"developing","latestDirection":"strengthening","fourWeekDirection":"strengthening","now":{"label":"Stronger this week","detail":"Market Dynamics strengthened this week and remains positive."},"fourWeek":{"label":"Strengthened over four weeks","detail":"Underlying support has strengthened across the recent completed path."},"price":{"label":"Price and Market Dynamics are broadly aligned","detail":"The current price response is broadly consistent with the underlying Market Dynamics path."}},"diagnosis":{"label":"Zone progression","detail":"Price is travelling between the lower accumulation area and the upper positioning zone. Market Dynamics history is not yet sufficient to confirm or challenge that progression.","tone":"neutral"},"chartSummary":"Price is between the outer positioning zones. The Market Dynamics bars show whether underlying support is strengthening or weakening.","summary":"Price is travelling between the lower accumulation area and the upper positioning zone. Market Dynamics history is not yet sufficient to confirm or challenge that progression.","annotations":[{"label":"Current tape relationship","value":"Zone progression","detail":"Market Dynamics strengthened this week and remains positive.","tone":"neutral"},{"label":"Price location","value":"Between zones","detail":"Price is progressing between the lower and upper positioning zones while the Market Dynamics read develops.","tone":"neutral"},{"label":"Latest positioning marker","value":"None in view","detail":"Entering the lower zone alone does not create a positioning confirmation.","tone":"neutral"},{"label":"Market Dynamics confirmation","value":"Unavailable","detail":"Too little usable Market Dynamics history is available for a directional confirmation read.","tone":"neutral"}],"relationshipEvidence":{"available":false,"observations":7,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["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","2026-08-21"],"close":[6.4224,6.9196,7.7164,8.3702,7.1307,7.873,7.7573,7.2601,6.9468,7.9548,8.1046,7.7232,7.8117,7.3963,7.2192,7.839,7.7028,7.0694,6.9059,6.7629,6.8651,6.7221,6.4837,5.9865,5.8571,6.14,6.02,6.18,5.98,6.45,6.64,7.09,6.8,6.37,6.62],"consensus":[0.0,46.5347,47.4862,56.9359,0.0,33.4873,0.0,-23.1667,-19.2124,41.9143,26.8703,0.0,14.0327,-25.7022,-25.2153,28.1628,0.0,-33.1053,-24.5488,-27.0319,-15.2853,-22.5497,-26.9131,-50.2834,-37.8312,-13.476,-35.4059,-15.2718,-22.1855,9.6003,15.54,40.356,0.0,-27.4286,15.1277],"supportDates":["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","2026-08-21"],"control":[null,null,null,null,null,32.1334,0.0,-21.5128,-25.8198,47.1715,24.2249,0.0,4.879,-27.6343,-22.8887,30.1249,0.0,-34.8757,-29.5628,-23.6756,-10.5439,-23.4742,-25.294,-53.6535,-38.19,-10.3446,-41.9171,-24.722,-30.712,7.3899,11.8673,38.4601,0.0,-31.7378,19.159],"force":[0.0,46.5347,47.4862,56.9359,0.0,24.4564,0.0,-35.6051,-18.9812,56.0652,23.4954,0.0,7.4864,-37.255,-26.9724,41.0983,0.0,-49.3686,-18.2199,-19.3755,-4.1178,-18.2986,-24.3276,-52.6428,-22.34,-11.7145,-25.9403,-2.7954,-12.2501,19.8416,16.5606,47.6294,0.0,-46.2576,26.0737],"direction":[null,null,null,null,0.0,41.4853,0.0,-16.1724,-11.8263,25.7983,32.3042,0.0,29.1699,-15.2421,-26.6191,16.6808,0.0,-19.4652,-23.3392,-36.3366,-28.6809,-24.5297,-30.6104,-44.7465,-48.4864,-35.0479,-34.7256,-13.3834,-19.5378,4.8111,19.0082,37.3273,0.0,-9.0545,2.7018],"intensity":[null,null,null,null,100.0,20.0,16.6667,28.5714,87.5,88.8889,20.0,18.1818,8.3333,46.1538,7.1429,53.3333,6.25,58.8235,77.7778,10.5263,95.0,85.7143,31.8182,43.4783,41.6667,36.0,7.6923,7.4074,17.8571,65.5172,13.3333,41.9355,65.625,81.8182,20.5882],"confirmation":[2.0097,37.5578,37.8622,40.8861,9.5299,78.4613,3.3235,75.8176,74.0402,81.7637,76.536,28.6755,27.0971,76.5473,76.1579,77.3764,24.0481,79.0623,75.5863,76.468,49.9565,75.0723,76.5581,84.1112,79.6284,28.7581,78.9422,49.6961,74.6667,26.0846,73.0599,81.1645,30.1656,77.2853,50.4464],"persistence":[null,null,66.6667,75.0,60.0,66.6667,57.1429,37.5,25.0,25.0,25.0,12.5,25.0,0.0,12.5,12.5,25.0,0.0,25.0,37.5,62.5,62.5,62.5,87.5,100.0,100.0,100.0,100.0,100.0,75.0,50.0,25.0,12.5,12.5,12.5],"assessmentRisk":[null,null,null,null,33.0723,25.4696,0.0764,34.1651,3.5569,15.2106,10.3391,31.6993,36.9124,22.8729,32.1023,4.5235,9.0012,12.6461,18.3392,35.739,40.4612,22.7633,31.0078,24.2614,30.9718,40.9007,27.8801,35.4212,35.164,34.9619,41.5564,29.686,52.0363,0.9001,10.7577],"volumeParticipation":true,"latest":{"consensus":15.1,"control":19.2,"force":26.1,"direction":2.7,"confirmation":50.4,"persistence":12.5,"assessmentRisk":10.8,"intensity":20.6,"evidenceDepth":100},"analysis":{"status":"Completed tape 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":"Completed tape","direction":"upward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Buyer control supports the view","controlPath":"Broadly stable","forceState":"Upward commitment","forcePath":"Broadly stable","directionState":"Follow-through is limited","persistenceState":"Unsettled","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"+15.1","detail":"Completed tape has stronger support","tone":"positive"},{"label":"SM Control Gauge","value":"+19.2","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+26.1","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+2.7","detail":"Follow-through is limited","tone":"positive"},{"label":"SM Confirmation Gauge","value":"50/100","detail":"Qualified support","tone":"neutral"}]},"kpis":[{"label":"Price structure","value":"Rotational","detail":"completed-week alignment","tone":"caution"},{"label":"Momentum","value":"55.3","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"11.9%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"26.8","detail":"Directional","tone":"positive"},{"label":"Range position","value":"29%","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 is rotating through its trend references.","series":[{"label":"Close","values":[6.4224,6.9196,7.7164,8.3702,7.1307,7.873,7.7573,7.2601,6.9468,7.9548,8.1046,7.7232,7.8117,7.3963,7.2192,7.839,7.7028,7.0694,6.9059,6.7629,6.8651,6.7221,6.4837,5.9865,5.8571,6.14,6.02,6.18,5.98,6.45,6.64,7.09,6.8,6.37,6.62],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,7.0479,7.198,7.2997,7.2925,7.2296,7.3615,7.4966,7.5378,7.5876,7.5528,7.4922,7.5552,7.5821,7.4888,7.3829,7.2701,7.1965,7.1102,6.9963,6.8127,6.639,6.5482,6.4522,6.4027,6.3259,6.3484,6.4014,6.5266,6.5763,6.5388,6.5536],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,7.168,7.1849,7.1874,7.2357,7.2703,7.2554,7.2295,7.195,7.1705,7.1373,7.0889,7.0072,6.922,6.8641,6.8016,6.7555,6.6981,6.6797,6.6768,6.7074,6.7142,6.6887,6.6837],"stroke":"#07865c","width":1.8},{"label":"Upper envelope","values":[null,null,null,null,null,null,null,null,null,8.5616,8.6369,8.6145,8.606,8.5596,8.5158,8.5177,8.5019,8.473,8.4539,8.4435,8.391,8.4081,8.4274,8.3783,8.4761,8.4332,8.3967,8.3883,8.4068,8.268,8.0757,7.98,7.8304,7.7413,7.68],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower envelope","values":[null,null,null,null,null,null,null,null,null,6.3087,6.3551,6.4154,6.4696,6.4957,6.4984,6.538,6.5743,6.5511,6.5065,6.4451,6.5419,6.5051,6.3625,6.1732,5.9481,5.8177,5.6804,5.5808,5.4656,5.4539,5.4998,5.5321,5.5806,5.5671,5.5685],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["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","2026-08-21"]},{"key":"drawdown","eyebrow":"Path risk","title":"Drawdown and recovery pressure","description":"Capital impairment and recovery are shown together so return is not separated from path difficulty.","reason":"Selected because the current recovery or drawdown path is central to the tape.","series":[{"label":"Drawdown","values":[0.0,0.0,0.0,0.0,-14.8088,-5.9398,-7.323,-13.2628,-17.0057,-4.9634,-3.1733,-7.7299,-6.6721,-11.6355,-13.751,-6.3466,-7.974,-15.5411,-17.4939,-19.2026,-17.9821,-19.6908,-22.5386,-28.4784,-30.0244,-26.6447,-28.0783,-26.1668,-28.5562,-22.9411,-20.6711,-15.2949,-18.7596,-23.8968,-20.9101],"stroke":"#c13f3f","width":1.9,"fill":"rgba(193,63,63,.10)"},{"label":"Recovery","values":[null,null,null,null,null,null,null,13.0435,8.1654,23.86,26.193,20.2545,21.6331,15.1644,12.4072,22.0573,19.9364,10.0742,7.5292,5.3022,6.8929,4.666,0.9544,0.0,0.0,4.8299,2.7811,5.5128,2.0981,10.1226,13.3665,21.0495,16.0982,8.7567,13.025],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Prior high","values":[0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["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","2026-08-21"]},{"key":"volatility","eyebrow":"Risk geometry","title":"Range pressure and compression","description":"Movement pressure and envelope width show whether risk is expanding, settling or compressed.","reason":"Selected because current variability is unusually compressed or expanded versus this ticker's own tape.","series":[{"label":"Range pressure","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,15.4188,15.3357,13.9833,14.0351,15.3357,14.9577,14.5858,14.9368,14.867,15.0929,15.9995,15.6168,14.6742,14.3604,13.4055,13.1987,12.3485,11.8268,11.1514,12.0938,12.8066,11.9337],"stroke":"#c13f3f","width":1.9},{"label":"Envelope 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Market Dynamics construction and private inputs are not disclosed. Historical research is not a forecast or instruction to trade."}