{"schema_version":"1.0","name":"HLMA Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-14","ticker":{"uuid":"87282075-80a4-4d98-bccb-853b1d119646","symbol":"HLMA","name":"Halma plc","exchange":"LSE","country":"GB","asset_type":"equity","currency":"GBP","sector":"Industrials","industry":"Conglomerates"},"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, Acceleration, deceleration and rollover, Strength versus the research benchmark, Range pressure and compression, 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. 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. Price must respond to the improvement before the downward technical state can be considered 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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, 50.0% of completed 12-week outcomes were higher across 2 cases. Distinct visits lasted 5.0 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 improving Market Dynamics to prepare, not anticipate","tone":"recovery","finding":"Comparable disagreements produced an average recovery of 11.0% across 18 completed cases, with the largest move arriving after 8.3 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 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432,15.3554,-17.056,42.3808,40.045,0.0,-0.919,0.0,50.2945,56.0318,64.8673,-41.191,21.037,-37.9466,0.0,19.1577,50.7798,63.1251,61.0322,62.651,60.2385,0.0,47.1177,50.6273,0.0,-53.6713,-52.8092,-56.5716,-47.9012,-59.8457,-56.6753,-58.5494,-62.8162,10.2238,-28.4234],"intensity":[30.7692,17.3077,32.6923,42.3077,55.7692,63.4615,82.6923,80.7692,67.3077,75.0,59.6154,82.6923,67.3077,98.0769,94.2308,59.6154,92.3077,63.4615,34.6154,30.7692,86.5385,55.7692,46.1538,53.8462,55.7692,98.0769,96.1538,92.3077,96.1538,88.4615,90.3846,50.0,76.9231,90.3846,100.0,88.4615,48.0769,75.0,23.0769,61.5385,76.9231,50.0,100.0,34.6154,30.7692,59.6154,96.1538,94.2308,84.6154,59.6154,78.8462,59.6154],"confirmation":[78.0254,78.3254,3.7988,81.324,86.6335,6.1603,89.464,52.68,29.9817,90.2915,29.9079,81.6433,75.5282,81.2611,50.2297,86.5535,34.3862,81.3373,48.3851,76.3833,86.7405,79.9388,4.6207,53.6144,24.9437,90.4636,84.9997,93.7449,38.1696,74.9697,87.1769,29.7549,80.5091,88.37,91.9188,32.307,86.9074,79.0755,7.3157,82.5413,82.0623,7.2217,89.3635,53.2795,77.8609,6.8477,82.4281,8.3411,81.2669,83.5013,34.4006,88.0305],"persistence":[75.0,75.0,62.5,62.5,62.5,62.5,62.5,87.5,87.5,87.5,100.0,75.0,50.0,50.0,50.0,50.0,25.0,25.0,25.0,25.0,50.0,50.0,37.5,12.5,25.0,25.0,25.0,50.0,25.0,25.0,12.5,25.0,37.5,37.5,37.5,37.5,62.5,62.5,75.0,87.5,87.5,75.0,50.0,25.0,0.0,25.0,37.5,62.5,87.5,100.0,75.0,75.0],"assessmentRisk":[3.1554,26.7937,28.3719,27.696,20.891,40.0145,16.7671,38.8111,33.7402,15.4271,22.3073,23.3299,29.6377,39.2547,0.2866,21.2866,51.232,1.4694,0.6347,33.1843,18.9418,20.0253,26.3907,30.6619,38.8958,10.1811,22.7319,10.4732,55.5891,10.5228,19.3317,51.7527,11.337,14.3197,13.0589,37.9672,19.6214,29.7089,10.083,7.3609,11.9019,22.7881,15.4566,35.6961,33.6457,43.4096,13.2993,32.0152,19.78,23.9046,15.5099,21.011],"volumeParticipation":true,"latest":{"consensus":-38.0,"control":-46.3,"force":-38.1,"direction":-28.4,"confirmation":88.0,"persistence":75.0,"assessmentRisk":21.0,"intensity":59.6,"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":"Downward follow-through","persistenceState":"Established","confirmationState":"Strong support","riskState":"Contained","intensityState":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"-38.0","detail":"Joint downward confirmation","tone":"negative"},{"label":"SM Control Gauge","value":"-46.3","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-38.1","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction 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