{"schema_version":"1.0","name":"GROW Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-14","ticker":{"uuid":"99d76c4a-7228-4786-aad4-aca7cb2956a4","symbol":"GROW","name":"Growens S.p.A.","exchange":"MIL","country":"IT","asset_type":"equity","currency":"EUR","sector":"Technology","industry":"Software - Application"},"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, Strength versus the research benchmark, Drawdown and recovery pressure, Range position and boundary pressure, Directional strength and control, 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":"2026-08-14","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. 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elevated relative to Market Dynamics","kind":"structuralDivergence","expectedDirection":"lower","episodes":2,"completedEpisodes":2,"activeEpisodes":0,"medianExpectedMove":14.9,"averageExpectedMove":14.9,"averageWeeksToLargestMove":7.5,"horizons":[{"weeks":4,"sample":2,"expectedCount":2,"expectedPercent":100.0,"averageReturn":-7.9,"medianReturn":-7.9,"confidenceLow":34.2,"confidenceHigh":100.0,"confidence":"Mixed historical record"},{"weeks":12,"sample":2,"expectedCount":2,"expectedPercent":100.0,"averageReturn":-10.5,"medianReturn":-10.5,"confidenceLow":34.2,"confidenceHigh":100.0,"confidence":"Mixed historical record"},{"weeks":26,"sample":2,"expectedCount":2,"expectedPercent":100.0,"averageReturn":-31.0,"medianReturn":-31.0,"confidenceLow":34.2,"confidenceHigh":100.0,"confidence":"Mixed historical record"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":-1.1,"sample":2},{"week":2,"averageReturn":-3.7,"sample":2},{"week":3,"averageReturn":-5.7,"sample":2},{"week":4,"averageReturn":-7.9,"sample":2},{"week":5,"averageReturn":-9.1,"sample":2},{"week":6,"averageReturn":-10.5,"sample":2},{"week":7,"averageReturn":-9.8,"sample":2},{"week":8,"averageReturn":-9.2,"sample":2},{"week":9,"averageReturn":-10.7,"sample":2},{"week":10,"averageReturn":-11.3,"sample":2},{"week":11,"averageReturn":-11.3,"sample":2},{"week":12,"averageReturn":-10.5,"sample":2},{"week":13,"averageReturn":-15.6,"sample":2},{"week":14,"averageReturn":-15.5,"sample":2},{"week":15,"averageReturn":-17.3,"sample":2},{"week":16,"averageReturn":-18.6,"sample":2},{"week":17,"averageReturn":-18.0,"sample":2},{"week":18,"averageReturn":-18.2,"sample":2},{"week":19,"averageReturn":-26.8,"sample":2},{"week":20,"averageReturn":-26.1,"sample":2},{"week":21,"averageReturn":-30.4,"sample":2},{"week":22,"averageReturn":-31.3,"sample":2},{"week":23,"averageReturn":-31.0,"sample":2},{"week":24,"averageReturn":-33.0,"sample":2},{"week":25,"averageReturn":-30.1,"sample":2},{"week":26,"averageReturn":-31.0,"sample":2}]},"currentApplication":{"status":"Countertrend 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":"accumulation","zoneContext":"Price is within accumulation conditions, but the completed tape has not yet confirmed a recovery. The zone is a watch area rather than a directional signal.","historical":{"label":"Broad directional cases","weeks":12,"sample":0},"nowContext":{"label":"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 4 cases. Distinct visits lasted 1.0 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 15.5% across 17 completed cases, with the largest move arriving after 9.0 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":[{"date":"2026-01-02","price":2.78}],"distribution_rollovers":[{"date":"2024-09-20","price":5.214165}],"price_pressure_gaps":[{"date":"2024-08-23","price":5.871037},{"date":"2024-10-18","price":5.594364}]}},"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":[5.871,5.8388,5.6306,5.4314,5.2142,5.1598,5.015,5.3047,5.5944,5.5038,5.4133,5.3771,5.3409,5.2504,5.2323,5.0331,4.834,4.7434,4.7615,4.7978,4.9245,4.4447,4.4719,4.4538,4.499,4.6529,4.6167,3.6209,3.5757,3.5485,3.4218,3.4761,3.2136,3.3856,3.3222,3.63,3.31,3.4,3.52,3.65,3.64,3.34,3.24,3.2,3.08,3.11,3.1,3.08,3.1,3.18,3.21,3.14,3.58,3.48,3.4,3.21,3.0,3.06,3.07,2.76,2.85,2.66,2.62,2.26,2.44,2.22,2.8,2.62,2.7,2.84,2.82,2.78,2.83,2.86,2.8,2.77,2.61,2.6,2.58,2.57,2.36,2.46,2.45,2.42,2.48,2.18,2.16,2.16,2.15,2.35,2.13,2.16,2.13,2.13,2.05,2.02,1.95,1.9,1.96,1.895,1.875,1.83,1.83,1.9],"consensus":[0.0,0.0,-44.7669,-47.3264,-58.0139,-41.9224,-51.0241,8.4152,40.1212,0.0,0.0,0.0,-16.4176,-38.2258,-25.3771,-47.6433,-59.1943,-45.2873,-24.6056,-15.3419,10.5739,-72.2609,-43.6124,-46.3604,-29.3295,16.74,-8.8444,-68.954,-44.6677,-35.6118,-61.3087,-31.0513,-63.1817,-19.4038,-38.4076,20.6024,-51.7177,0.0,15.3326,15.2476,0.0,-45.6855,-37.1072,-32.0969,-40.352,-22.4294,-28.3095,-27.3101,0.0,13.294,15.127,-11.4718,64.1157,0.0,0.0,-29.5655,-60.2415,-15.5877,-16.5741,-62.083,-10.5262,-59.2609,-41.3477,-72.7901,-12.8946,-64.2101,46.0418,-17.9864,19.3083,29.873,10.5574,0.0,14.1226,14.2621,0.0,0.0,-37.9815,-23.1651,-24.9341,-19.4445,-53.1838,0.0,-22.7574,-18.7285,9.4728,-59.6771,-30.1227,-32.576,-40.5639,35.4354,-50.7247,0.0,-25.0148,-21.4306,-33.3481,-15.808,-21.62,-22.3739,-14.0419,-46.5566,-38.7318,-43.4263,-27.9564,-12.978],"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":[55.2398,0.0,0.0,-39.6309,-59.9461,-13.5188,-11.1144,-57.8042,-7.4956,-59.8758,-39.3023,-71.9141,-7.9988,-67.9019,43.4026,-28.4092,18.4496,23.3863,12.8196,0.0,9.2551,12.2196,0.0,0.0,-40.1122,-21.6512,-26.5755,-17.2269,-56.7561,0.0,-23.4708,-15.1009,6.4933,-54.3067,-25.7413,-32.9432,-46.0945,29.4691,-56.622,0.0,-31.6191,-17.9965,-40.5605,-5.8549,-11.6546,-10.4275,-10.9762,-52.9712,-48.5318,-52.5321,-27.2553,-18.0441],"force":[93.8753,0.0,0.0,-53.8582,-86.7419,-7.9317,-4.4168,-85.2898,-20.6022,-68.286,-27.8248,-89.9282,-36.0508,-65.6352,93.2937,-33.4133,30.2443,35.7976,3.025,0.0,10.1569,13.3802,0.0,0.0,-48.2476,-16.5934,-15.5112,-9.367,-57.7709,0.0,-15.2816,-9.2321,29.0021,-85.662,-12.0861,-13.6291,-22.8894,82.6021,-72.4592,0.0,-16.3478,-7.4615,-21.9376,-1.0907,-4.1917,-3.565,-9.3924,-42.9377,-24.599,-34.5502,-8.6151,-44.1754],"direction":[53.0026,0.0,0.0,-0.7103,-41.6501,-34.7519,-31.4976,-50.3967,-36.2244,-52.1116,-53.3445,-61.5498,-53.4508,-58.9729,15.3067,-4.9446,12.4782,33.0544,13.3524,0.0,22.518,17.2263,0.0,0.0,-28.2134,-29.5895,-29.789,-29.1773,-45.8248,0.0,-27.2819,-29.6576,1.0716,-47.2542,-48.0132,-45.6898,-46.8677,8.5634,-28.4602,0.0,-23.6577,-35.3332,-33.2557,-39.2534,-45.4579,-49.4618,-34.2842,-41.8106,-37.6266,-39.3598,-42.5729,-15.0957],"intensity":[92.3077,71.1538,46.1538,55.7692,71.1538,15.3846,48.0769,90.3846,51.9231,59.6154,34.6154,92.3077,53.8462,63.4615,96.1538,84.6154,48.0769,67.3077,36.5385,5.7692,15.3846,38.4615,26.9231,7.6923,59.6154,1.9231,42.3077,7.6923,75.0,65.3846,76.9231,25.0,23.0769,82.6923,92.3077,25.0,17.3077,69.2308,76.9231,76.9231,32.6923,28.8462,36.5385,28.8462,38.4615,11.5385,42.3077,19.2308,1.9231,13.4615,5.7692,32.6923],"confirmation":[89.5592,7.6342,28.1136,55.3813,88.0894,51.3282,50.3497,88.639,6.861,87.2292,80.8503,91.8285,10.4,88.5344,84.2137,52.4552,74.525,77.8388,48.4477,25.1608,72.4725,72.5681,48.7366,48.2069,80.4345,75.2356,75.6667,73.9489,85.1042,8.0508,75.0437,73.759,26.5671,87.9704,77.1563,77.8413,80.3575,80.8677,84.8044,4.8461,75.64,51.8177,78.2137,27.5946,51.8724,52.1018,28.4963,82.6901,79.8141,81.4872,76.3673,38.9136],"persistence":[12.5,0.0,12.5,12.5,0.0,25.0,50.0,50.0,75.0,87.5,100.0,100.0,100.0,100.0,75.0,75.0,50.0,25.0,0.0,12.5,37.5,62.5,50.0,62.5,37.5,12.5,12.5,25.0,50.0,62.5,75.0,87.5,62.5,62.5,62.5,62.5,62.5,50.0,50.0,37.5,62.5,62.5,62.5,62.5,62.5,87.5,87.5,100.0,100.0,100.0,100.0,75.0],"assessmentRisk":[17.7155,44.5419,42.4053,37.1104,19.8209,41.7823,40.3686,18.3927,29.2415,19.1459,28.6715,12.9957,41.6645,17.5601,8.817,54.1656,29.9811,34.4963,1.106,26.9896,19.0393,2.665,1.7878,1.0018,21.3861,32.2089,29.5562,39.4582,23.0654,47.052,35.2113,38.5741,40.3035,19.6404,34.5504,32.9938,29.5218,26.8308,14.0593,0.3395,4.9561,36.6961,12.9735,33.71,34.7266,37.0636,31.0611,20.7141,14.5712,10.6505,34.2601,1.0826],"volumeParticipation":true,"latest":{"consensus":-13.0,"control":-18.0,"force":-44.2,"direction":-15.1,"confirmation":38.9,"persistence":75.0,"assessmentRisk":1.1,"intensity":32.7,"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 easing","forceState":"Downward commitment","forcePath":"Broadly stable","directionState":"Downward follow-through","persistenceState":"Established","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"-13.0","detail":"Joint downward confirmation","tone":"negative"},{"label":"SM Control Gauge","value":"-18.0","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-44.2","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-15.1","detail":"Downward follow-through","tone":"negative"},{"label":"SM Confirmation Gauge","value":"39/100","detail":"Qualified support","tone":"neutral"}]},"kpis":[{"label":"Price structure","value":"Aligned downward","detail":"completed-week alignment","tone":"negative"},{"label":"Momentum","value":"34.9","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"7.7%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"28.3","detail":"Directional","tone":"positive"},{"label":"Range position","value":"12%","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 and its trend references are aligned 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