{"schema_version":"1.0","name":"BMGU Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-14","ticker":{"uuid":"8b0f48b7-6769-42fe-887c-18a1b4d1e31c","symbol":"BMGU","name":"BHG Retail REIT","exchange":"SES","country":"SG","asset_type":"equity","currency":"SGD","sector":"Real Estate","industry":"Reit - Retail"},"summary":"Market Dynamics weakened this week and remains below zero. Underlying support has contracted across the recent completed path. The upward price structure is leading its underlying support.","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, Directional strength and control, Strength versus the research benchmark, 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 upward","stateTone":"positive","summary":"Market Dynamics weakened this week and remains below zero. 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record"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":1.5,"sample":26},{"week":2,"averageReturn":2.7,"sample":26},{"week":3,"averageReturn":0.5,"sample":26},{"week":4,"averageReturn":2.0,"sample":25},{"week":5,"averageReturn":0.7,"sample":25},{"week":6,"averageReturn":0.9,"sample":25},{"week":7,"averageReturn":1.3,"sample":25},{"week":8,"averageReturn":1.6,"sample":25},{"week":9,"averageReturn":0.9,"sample":25},{"week":10,"averageReturn":1.5,"sample":25},{"week":11,"averageReturn":2.4,"sample":25},{"week":12,"averageReturn":0.7,"sample":25},{"week":13,"averageReturn":1.9,"sample":25},{"week":14,"averageReturn":1.3,"sample":25},{"week":15,"averageReturn":2.0,"sample":25},{"week":16,"averageReturn":1.8,"sample":25},{"week":17,"averageReturn":2.6,"sample":25},{"week":18,"averageReturn":2.6,"sample":25},{"week":19,"averageReturn":1.3,"sample":25},{"week":20,"averageReturn":3.1,"sample":25},{"week":21,"averageReturn":2.3,"sample":25},{"week":22,"averageReturn":2.2,"sample":25},{"week":23,"averageReturn":2.1,"sample":25},{"week":24,"averageReturn":1.5,"sample":25},{"week":25,"averageReturn":0.6,"sample":25},{"week":26,"averageReturn":1.8,"sample":25}]}},"pricePressureGap":{"label":"Price elevated relative to Market Dynamics","kind":"structuralDivergence","expectedDirection":"lower","episodes":1,"completedEpisodes":1,"activeEpisodes":0,"medianExpectedMove":18.0,"averageExpectedMove":18.0,"averageWeeksToLargestMove":10.0,"horizons":[{"weeks":4,"sample":1,"expectedCount":1,"expectedPercent":100.0,"averageReturn":-9.0,"medianReturn":-9.0,"confidenceLow":20.7,"confidenceHigh":100.0,"confidence":"Mixed historical record"},{"weeks":12,"sample":1,"expectedCount":1,"expectedPercent":100.0,"averageReturn":-10.0,"medianReturn":-10.0,"confidenceLow":20.7,"confidenceHigh":100.0,"confidence":"Mixed historical record"},{"weeks":26,"sample":1,"expectedCount":1,"expectedPercent":100.0,"averageReturn":-11.5,"medianReturn":-11.5,"confidenceLow":20.7,"confidenceHigh":100.0,"confidence":"Mixed historical record"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":-2.0,"sample":1},{"week":2,"averageReturn":-2.0,"sample":1},{"week":3,"averageReturn":-2.0,"sample":1},{"week":4,"averageReturn":-9.0,"sample":1},{"week":5,"averageReturn":-8.0,"sample":1},{"week":6,"averageReturn":-2.0,"sample":1},{"week":7,"averageReturn":-12.0,"sample":1},{"week":8,"averageReturn":-8.0,"sample":1},{"week":9,"averageReturn":-10.0,"sample":1},{"week":10,"averageReturn":-18.0,"sample":1},{"week":11,"averageReturn":-10.0,"sample":1},{"week":12,"averageReturn":-10.0,"sample":1},{"week":13,"averageReturn":-10.0,"sample":1},{"week":14,"averageReturn":-7.0,"sample":1},{"week":15,"averageReturn":-7.0,"sample":1},{"week":16,"averageReturn":-14.0,"sample":1},{"week":17,"averageReturn":-10.0,"sample":1},{"week":18,"averageReturn":-10.0,"sample":1},{"week":19,"averageReturn":-10.0,"sample":1},{"week":20,"averageReturn":-10.0,"sample":1},{"week":21,"averageReturn":-10.0,"sample":1},{"week":22,"averageReturn":-8.0,"sample":1},{"week":23,"averageReturn":-9.5,"sample":1},{"week":24,"averageReturn":-7.5,"sample":1},{"week":25,"averageReturn":-5.5,"sample":1},{"week":26,"averageReturn":-11.5,"sample":1}]},"currentApplication":{"status":"Price ahead of underlying support","tone":"caution","headline":"Price is leading its underlying support","use":"Market Dynamics must catch up or price may correct toward the weaker underlying position.","confirm":"Treat the gap as an early-downside risk watch. Stronger Market Dynamics would confirm the price move; a weaker price response would confirm that the gap is closing through correction.","invalidate":"Reassess the reading when either price structure or the Market Dynamics state changes materially.","level":"negative","direction":"weakening","zone":"middle","zoneContext":"Price has advanced further through its recent range than Market Dynamics. The gap is an early-downside risk watch; stronger underlying support or a price reset is needed to close it.","historical":{"label":"Broad directional cases","weeks":12,"direction":"lower","percent":62.1,"averageReturn":-2.8,"sample":29},"nowContext":{"label":"Easier this week","detail":"Market Dynamics weakened this week and remains below zero."},"fourWeekContext":{"label":"Weakened over four weeks","detail":"Underlying support has contracted across the recent completed path."},"priceContext":{"label":"Price is ahead of the underlying support","detail":"Price is extended relative to Market Dynamics. The gap is a downside-risk warning until support catches up or price resets."}},"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":"Divergence control","title":"Do not chase price while the underlying evidence lags","tone":"caution","approach":"Use the gap to review position size, protect gains and wait for either Market Dynamics to catch up or price to correct. The disagreement is a warning condition, not an automatic exit.","finding":"In this ticker's completed record, 62.1% of comparable cases moved lower after 12 weeks, with an average move of -2.8% across 29 cases.","watch":"Reassess the reading when either price structure or the Market Dynamics state changes materially."},{"eyebrow":"Zone positioning","title":"Use distribution to protect capital before considering the short case","tone":"negative","finding":"After distribution, 75.0% of completed 12-week outcomes were lower across 4 cases. Distinct visits lasted 1.5 weeks on average before leaving the zone.","approach":"Review long exposure and define the evidence that would confirm a rollover. Short exposure should begin only after price weakens and the loss limit is known.","watch":"A sustained repair in price and Market Dynamics invalidates the downside setup."},{"eyebrow":"Disagreement playbook","title":"Use unsupported price strength to tighten discipline","tone":"caution","finding":"Comparable disagreements produced an average pullback of 7.7% across 29 completed cases, with the largest move arriving after 6.5 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":"2024-09-27","price":0.493986}]}},"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":[0.4693,0.4693,0.4298,0.4693,0.4298,0.494,0.4841,0.4841,0.4841,0.4495,0.4545,0.4841,0.4347,0.4545,0.4446,0.4051,0.4446,0.4446,0.4446,0.4594,0.4594,0.4248,0.4446,0.4446,0.4446,0.4446,0.4446,0.4545,0.4471,0.457,0.4669,0.4371,0.4371,0.4769,0.4222,0.4222,0.4272,0.3875,0.457,0.3875,0.4371,0.4371,0.457,0.4322,0.4371,0.4272,0.4272,0.4123,0.4421,0.4421,0.4222,0.4421,0.4293,0.4293,0.4393,0.4393,0.4393,0.4243,0.4343,0.4343,0.4343,0.4143,0.4343,0.4393,0.4393,0.4393,0.4393,0.4393,0.4393,0.4393,0.4343,0.4343,0.4792,0.4493,0.4842,0.4792,0.4243,0.4393,0.4393,0.4443,0.4443,0.445,0.46,0.46,0.445,0.445,0.445,0.445,0.445,0.45,0.45,0.45,0.45,0.455,0.45,0.45,0.46,0.46,0.45,0.46,0.44,0.445,0.445,0.465],"consensus":[29.0683,11.9268,-42.0338,37.0187,-41.5958,41.5808,16.8375,13.6375,18.3078,-41.6717,-10.3868,34.8015,-45.0377,15.6389,-26.2477,-60.1633,0.0,0.0,0.0,34.0283,8.1412,-28.991,13.5439,0.0,0.0,0.0,0.0,30.383,0.0,22.8924,32.8438,-21.2036,0.0,45.6262,-45.6257,-11.4003,0.0,-55.2417,47.4007,-46.8332,15.0948,9.1481,27.9043,0.0,11.5601,-20.2303,0.0,-9.9163,21.9671,12.49,-18.5099,28.9399,0.0,0.0,20.1141,0.0,12.5684,-8.8359,14.7548,0.0,8.5516,-28.87,23.7433,18.5581,0.0,8.7796,0.0,0.0,10.9881,0.0,0.0,0.0,60.1792,-15.6845,60.6523,20.3819,-51.7664,16.3383,-13.1458,0.0,14.6088,0.0,29.2257,9.6551,-12.4513,0.0,0.0,0.0,0.0,19.6159,0.0,0.0,9.7415,9.177,0.0,13.9254,17.5477,21.9124,-8.3099,37.6471,-36.7782,0.0,0.0,44.8783],"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":[0.0,0.0,21.7957,0.0,17.1418,-9.0878,25.9926,0.0,14.1151,-39.4998,23.8854,28.8341,0.0,4.0605,0.0,0.0,16.5825,0.0,0.0,0.0,51.2655,-24.2937,54.6715,13.994,-43.8395,22.6325,-6.3611,0.0,16.7946,0.0,23.4459,7.9115,-8.2564,0.0,0.0,0.0,0.0,23.9752,0.0,0.0,11.9952,9.8932,0.0,19.8022,18.3711,30.2061,-11.1808,38.6983,-25.2364,0.0,0.0,43.2235],"force":[0.0,0.0,31.0973,0.0,13.3791,-11.3176,18.7846,0.0,13.236,-30.9314,53.9709,17.5651,0.0,5.8529,0.0,0.0,11.6,0.0,0.0,0.0,93.1937,-42.5789,88.8392,3.241,-87.7466,46.0665,-8.7897,0.0,21.4803,0.0,54.7383,3.7548,-32.6195,0.0,0.0,0.0,0.0,33.7251,0.0,0.0,13.2689,6.9437,0.0,23.4138,14.641,18.8184,-11.8271,62.8287,-68.1497,0.0,0.0,80.3258],"direction":[0.0,0.0,10.347,0.0,6.7625,-6.7754,0.9667,0.0,1.1527,-15.2493,1.9897,7.5235,0.0,16.2635,0.0,0.0,4.1574,0.0,0.0,0.0,46.7846,-13.365,47.354,39.9258,-35.1255,12.0895,-24.0113,0.0,7.2024,0.0,17.608,15.8624,-2.8396,0.0,0.0,0.0,0.0,4.5557,0.0,0.0,4.6463,9.9535,0.0,0.4315,18.6829,14.644,-2.5166,18.4589,-27.5606,0.0,0.0,21.45],"intensity":[17.3077,11.5385,19.2308,88.4615,88.4615,26.9231,53.8462,44.2308,17.3077,46.1538,40.3846,59.6154,9.6154,7.6923,9.6154,11.5385,48.0769,50.0,75.0,69.2308,86.5385,88.4615,67.3077,61.5385,82.6923,73.0769,26.9231,96.1538,90.3846,57.6923,26.9231,96.1538,88.4615,28.8462,73.0769,9.6154,11.5385,69.2308,71.1538,13.4615,59.6154,67.3077,17.3077,69.2308,76.9231,23.0769,25.0,26.9231,82.6923,75.0,13.4615,46.1538],"confirmation":[1.6398,1.9413,74.7456,47.6251,49.3102,48.2326,50.2127,47.8097,48.3737,77.1393,53.8502,51.0851,1.4064,25.4589,1.3568,0.8604,48.7829,0.7176,0.6144,0.9326,88.3993,31.2253,88.3589,51.4305,85.7826,31.2841,49.5106,28.7053,50.1842,24.9474,78.2178,25.6031,49.9963,47.7516,24.3595,24.4154,0.5073,51.974,0.8839,0.8948,48.5238,48.191,1.0074,49.9891,73.5141,74.7913,48.0559,80.7985,80.901,28.7986,26.3306,44.64],"persistence":[0.0,12.5,25.0,37.5,37.5,12.5,37.5,25.0,37.5,25.0,25.0,37.5,25.0,50.0,37.5,37.5,37.5,50.0,37.5,25.0,37.5,12.5,25.0,37.5,12.5,25.0,12.5,12.5,12.5,25.0,25.0,25.0,25.0,12.5,25.0,25.0,12.5,25.0,12.5,0.0,25.0,37.5,37.5,50.0,62.5,62.5,50.0,62.5,37.5,25.0,25.0,25.0],"assessmentRisk":[26.541,34.6103,29.4543,12.7479,25.5776,12.9303,24.6913,20.7842,22.4701,20.6078,11.8717,10.8364,19.9372,45.013,21.3048,1.4982,5.494,1.2481,25.4364,26.0094,19.5159,34.2709,19.2859,39.1952,23.1898,27.9193,41.1506,48.3031,26.8313,8.4058,20.027,23.7313,7.6479,2.5621,29.6349,33.0565,0.8809,20.2316,32.1405,32.1323,29.1242,28.9741,1.2488,6.9627,38.5808,33.6843,4.155,29.0156,31.0552,50.6881,30.0875,1.8238],"volumeParticipation":true,"latest":{"consensus":44.9,"control":43.2,"force":80.3,"direction":21.5,"confirmation":44.6,"persistence":25.0,"assessmentRisk":1.8,"intensity":46.2,"evidenceDepth":100},"analysis":{"status":"Price structure has stronger support","headline":"The gauges support the price-technical view","summary":"Price structure and Market Dynamics disagree. The completed evidence gives the upward price structure stronger support.","take":"Current assessment: price structure remains primary, but the disagreement lowers confirmation.","tone":"positive","supportedView":"Price structure","direction":"upward","disagreement":true},"support":{"window":"Latest 12 months","controlState":"Buyer control supports the view","controlPath":"Broadly stable","forceState":"Upward commitment","forcePath":"Commitment is strengthening","directionState":"Upward follow-through","persistenceState":"Unsettled","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"+44.9","detail":"Price structure has stronger support","tone":"positive"},{"label":"SM Control Gauge","value":"+43.2","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+80.3","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction 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