{"schema_version":"1.0","name":"2656 Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"95441a94-db9a-4aaf-89f0-05eb235f25a0","symbol":"2656","name":"160 Health International Limited","exchange":"HKG","country":"HK","asset_type":"equity","currency":"HKD","sector":"Healthcare","industry":"Medical Distribution"},"summary":"Market Dynamics improved this week but remains below zero. Underlying support has strengthened across the recent completed path. 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, Drawdown and recovery pressure, Activity pressure and cumulative balance, Range position and boundary pressure, Directional strength and control, 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":"2026-08-21","observations":49,"displayedObservations":49,"assetType":"Equity","state":"Aligned downward","stateTone":"negative","summary":"Market Dynamics improved this week but remains below zero. Underlying support has strengthened across the recent completed path. Price structure remains downward.","evidenceAlignment":{"status":"Countertrend conflict","headline":"Improving Market Dynamics is challenging the downward price structure","summary":"Market Dynamics improved this week but remains below zero. Underlying support has strengthened across the recent completed path. 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 resolved.","tone":"caution","conflict":true},"marketDynamics":{"available":true,"readAvailable":true,"dates":["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"],"values":[0.046069,-0.110798,-0.275761,-0.376356,-0.471793,-0.428156,-0.454865,-0.619401,-0.774882,-0.975539,-1.103373,-1.16357,-1.204377,-1.257334,-1.2929,-1.276341,-1.126937,-0.926393,-0.645841,-0.432232,-0.308972],"opens":[101.199997,102.199997,49.279999,32.02,30.360001,18.75,23.42,19.16,16.959999,14.28,13.48,13.01,10.36,10.08,10.13,11.18,9.4,10.98,10.22,11.17,11.0],"highs":[108.900002,103.0,50.25,34.139999,31.76,24.540001,24.299999,19.83,17.299999,16.799999,13.52,13.5,10.36,10.94,10.83,11.19,11.11,10.98,11.82,11.26,11.38],"lows":[87.0,48.880001,31.459999,27.0,18.58,15.12,18.879999,15.86,15.33,14.12,12.79,11.35,9.55,10.01,9.73,9.3,9.3,9.5,9.92,10.4,9.45],"closes":[100.0,49.259998,32.02,29.48,18.639999,23.139999,19.5,16.299999,15.88,14.36,13.16,11.86,9.77,10.14,10.17,9.37,10.42,10.11,10.86,10.5,10.0],"hoverRows":[[{"label":"Open","value":"101.2","className":"is-ohlc","compact":true},{"label":"High","value":"108.9","className":"is-ohlc","compact":true},{"label":"Low","value":"87.0","className":"is-ohlc","compact":true},{"label":"Close","value":"100.0","className":"is-ohlc","compact":true},{"label":"Market 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watch","detail":"Price is within accumulation conditions while Market Dynamics is improving. A green marker is required before the recovery is treated as confirmed.","tone":"caution"},"chartSummary":"Price is in the accumulation zone. The Market Dynamics bars show whether underlying conditions are repairing or continuing to weaken.","summary":"Price is within accumulation conditions while Market Dynamics is improving. A green marker is required before the recovery is treated as confirmed.","annotations":[{"label":"Current tape relationship","value":"Accumulation repair watch","detail":"Market Dynamics improved this week but remains below zero.","tone":"caution"},{"label":"Price location","value":"Accumulation zone","detail":"Price is being tested for a confirmed recovery through the lower zone.","tone":"caution"},{"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":"Repairing","detail":"Underlying support has strengthened across the recent completed path.","tone":"positive"}],"relationshipEvidence":{"available":false,"observations":21,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["2025-09-19","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","2026-08-21"],"close":[28.38,28.6,35.7,38.96,38.82,40.2,40.3,46.6,49.22,54.3,58.6,55.5,52.9,52.35,52.2,58.65,66.5,80.15,82.25,84.3,89.4,60.85,61.0,67.4,70.15,136.4,90.9,100.7,100.0,49.26,32.02,29.48,18.64,23.14,19.5,16.3,15.88,14.36,13.16,11.86,9.77,10.14,10.17,9.37,10.42,10.11,10.86,10.5,10.0],"consensus":[-28.2675,15.9999,100.0,13.7835,53.0598,44.8254,30.5338,74.4708,57.2321,75.8975,73.9341,18.2117,15.8002,17.7134,0.0,64.4726,75.7518,80.3439,58.1205,50.9984,72.7147,-54.9201,-25.1548,22.9881,0.0,76.8412,-16.0367,58.8758,26.6617,-67.9329,-74.1817,-47.8472,-74.0408,-19.1516,-53.4862,-53.3384,-37.3818,-46.949,-34.1016,-41.0681,-40.6481,-37.1773,-29.5362,-39.7721,-13.8943,-23.3606,-13.4514,-24.7722,-22.9011],"supportDates":["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","2026-08-21"],"control":[null,null,null,null,null,41.9591,24.7082,76.1685,53.1905,77.6483,76.5994,1.5002,7.3313,25.3339,0.0,70.638,83.5739,84.9337,60.058,46.3821,77.9373,-48.0777,-22.7902,36.0416,0.0,67.8665,-29.7633,56.9391,20.2151,-59.8332,-75.39,-44.0321,-72.9519,-8.7671,-55.8166,-55.2653,-42.4521,-50.9418,-32.6057,-44.9187,-44.8523,-43.9592,-32.1423,-50.8886,-15.9375,-29.4596,-18.0227,-38.5585,-31.5516],"force":[-28.2675,15.9999,100.0,13.7835,9.7363,22.313,6.5972,77.4011,40.164,69.6897,61.0294,30.0086,24.3276,6.6576,0.0,61.192,81.8323,86.689,35.8282,28.6808,62.7574,-96.0175,-14.3445,52.851,0.0,98.0125,-78.0312,71.9719,8.1307,-99.3995,-88.2972,-29.7737,-83.1495,-27.9961,-40.7187,-39.1042,-10.9113,-26.3683,-8.6284,-21.1739,-16.5532,-10.8031,-5.0773,-19.4269,-12.6095,-5.1366,-6.7049,-10.4239,-10.7222],"direction":[null,null,null,null,84.0052,64.1815,54.2893,70.4375,74.0426,78.3308,80.1056,71.7537,54.1416,26.4119,0.0,59.7698,62.469,70.5662,71.8293,72.2153,73.8584,-33.3847,-35.5787,13.2608,0.0,71.9758,-43.9326,51.7348,47.2657,-54.7137,-62.7183,-65.1169,-68.7791,-64.6966,-59.9426,-61.3035,-50.4948,-57.0862,-54.0064,-50.8778,-53.0538,-48.2654,-44.0285,-41.5999,-30.4906,-29.4074,-22.6244,-19.2652,-21.7142],"intensity":[null,null,null,null,25.0,20.0,16.6667,71.4286,62.5,55.5556,50.0,45.4545,58.3333,38.4615,21.4286,86.6667,100.0,100.0,94.4444,57.8947,55.0,100.0,100.0,65.2174,83.3333,100.0,96.1538,96.2963,67.8571,93.1034,93.3333,77.4194,71.875,57.5758,23.5294,28.5714,11.1111,5.4054,26.3158,5.1282,27.5,2.439,2.381,6.9767,9.0909,4.4444,10.8696,6.383,14.5833],"confirmation":[31.7123,27.7866,54.6667,27.0774,60.332,81.7017,54.4634,91.8941,85.8557,92.0713,91.225,11.0147,9.152,51.563,3.6165,88.4373,92.3067,93.8335,85.8897,83.7097,90.8857,86.9312,75.7561,33.563,49.3047,93.3712,38.8509,87.2689,76.0652,90.8209,92.1499,82.8184,91.9873,33.489,84.691,84.6051,79.0782,82.3356,78.159,80.4768,80.209,78.9896,53.9998,79.9376,28.964,52.1604,50.3842,75.2797,82.8254],"persistence":[null,null,33.3333,50.0,60.0,66.6667,71.4286,75.0,100.0,100.0,100.0,100.0,100.0,100.0,87.5,87.5,87.5,87.5,87.5,87.5,87.5,62.5,50.0,50.0,37.5,37.5,12.5,12.5,12.5,12.5,12.5,12.5,25.0,50.0,50.0,75.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0],"assessmentRisk":[null,null,null,null,23.3937,27.5716,32.0551,12.3313,21.3473,12.0493,13.0329,40.6484,33.2015,36.6039,47.9029,6.4926,12.0868,9.8276,20.9396,24.4998,13.6397,20.8016,36.2997,58.6506,52.2159,11.5329,50.3213,14.6172,28.8983,15.8358,11.4533,25.4745,12.6881,27.1209,5.1131,4.0454,13.5766,7.6726,0.1905,5.4971,0.7045,3.6233,11.0062,12.2119,16.5521,10.9163,29.9692,50.426,10.9615],"volumeParticipation":true,"latest":{"consensus":-22.9,"control":-31.6,"force":-10.7,"direction":-21.7,"confirmation":82.8,"persistence":100.0,"assessmentRisk":11.0,"intensity":14.6,"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":"Commitment is limited","forcePath":"Broadly stable","directionState":"Downward follow-through","persistenceState":"Established","confirmationState":"Strong support","riskState":"Contained","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"-22.9","detail":"Joint downward confirmation","tone":"negative"},{"label":"SM Control Gauge","value":"-31.6","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-10.7","detail":"Commitment is limited","tone":"negative"},{"label":"SM Direction Gauge","value":"-21.7","detail":"Downward 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downward.","series":[{"label":"Close","values":[28.38,28.6,35.7,38.96,38.82,40.2,40.3,46.6,49.22,54.3,58.6,55.5,52.9,52.35,52.2,58.65,66.5,80.15,82.25,84.3,89.4,60.85,61.0,67.4,70.15,136.4,90.9,100.7,100.0,49.26,32.02,29.48,18.64,23.14,19.5,16.3,15.88,14.36,13.16,11.86,9.77,10.14,10.17,9.37,10.42,10.11,10.86,10.5,10.0],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,32.7649,34.1167,35.241,37.3063,39.4724,42.1683,45.1559,47.0366,48.1027,48.8749,49.4795,51.1469,53.9383,58.7041,62.9852,66.8606,70.9587,69.1207,67.6442,67.5998,68.0635,80.4883,82.3813,85.712,88.3098,81.2099,72.2662,64.4869,56.1511,50.1491,44.5765,39.4353,35.1526,31.3721,28.0608,25.1152,22.3252,20.1097,18.3025,16.6784,15.5405,14.5531,13.8817,13.2668,12.6728],"stroke":"#176fa3","width":1.7},{"label":"Slow 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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,-0.3593,0.0,0.0,0.0,0.0,0.0,0.0,-5.2901,-9.727,-10.6655,-10.9215,0.0,0.0,0.0,0.0,0.0,0.0,-31.9351,-31.7673,-24.6085,-21.5324,0.0,-33.3578,-26.173,-26.6862,-63.8856,-76.5249,-78.3871,-86.3343,-83.0352,-85.7038,-88.0499,-88.3578,-89.4721,-90.3519,-91.305,-92.8372,-92.566,-92.544,-93.1305,-92.3607,-92.588,-92.0381,-92.3021,-92.6686],"stroke":"#c13f3f","width":1.9,"fill":"rgba(193,63,63,.10)"},{"label":"Recovery","values":[null,null,null,null,null,null,null,64.2001,73.432,91.3319,106.4834,95.5603,86.3989,84.4609,83.9324,106.6596,134.32,182.4172,189.8168,197.0402,215.0106,114.4116,114.9401,137.4912,147.1811,380.6202,217.8322,182.0728,157.5992,26.8933,0.0,0.0,0.0,24.1416,4.6137,0.0,0.0,0.0,0.0,0.0,0.0,3.7871,4.0942,0.0,11.206,7.8975,15.9018,12.0598,6.7236],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Prior 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balance","description":"Observed activity is compared with its normal backdrop while cumulative balance tracks directional participation.","reason":"Selected because participation is confirming or diverging from the latest price path.","series":[{"label":"Activity versus norm","values":[null,null,null,null,null,null,null,88.0647,70.0254,80.5048,67.7245,73.5373,73.4729,91.4283,36.7698,54.5714,83.4192,88.3057,69.7459,68.8841,88.4582,179.4758,24.0517,138.1198,140.1423,322.8951,264.8224,152.2231,114.9491,135.1618,332.7487,588.2897,779.8749,933.9994,722.5046,187.4744,77.9898,117.4263,13.9342,65.9355,8.603,13.5222,14.6986,17.8501,46.705,24.7128,35.2997,19.2948,27.7439],"stroke":"#1678a7","width":1.8},{"label":"Cumulative 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map","title":"Range position and boundary pressure","description":"Price location inside its observed range shows whether the tape is pressing an outer boundary or rotating through value.","reason":"Selected because price is testing an observed boundary or moving rapidly through its recent range.","series":[{"label":"Range position","values":[null,null,null,null,null,null,null,100.0,94.0032,99.2977,99.5417,82.9721,75.6544,74.1064,73.6842,91.8379,100.0,95.9242,97.4017,94.6411,99.4508,52.1173,52.3418,61.9183,66.0332,94.5196,48.6848,55.547,53.1676,10.5263,0.4412,1.8874,0.0429,5.5974,3.057,0.8236,0.5304,0.1663,0.2541,0.3468,0.1478,0.3964,0.4165,0.0469,0.7512,0.5433,1.0463,0.8048,0.4695],"stroke":"#10243b","width":2.0},{"label":"From 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Market Dynamics construction and private inputs are not disclosed. Historical research is not a forecast or instruction to trade."}