{"schema_version":"1.0","name":"ESTM Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"9eacae27-0421-4cd5-8d09-d0d2c2a0e34f","symbol":"ESTM","name":"Estrima S.p.A.","exchange":"MIL","country":"IT","asset_type":"equity","currency":"EUR","sector":"Consumer Cyclical","industry":"Auto Manufacturers"},"summary":"Market Dynamics eased this week but remains positive. Underlying support has contracted 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, Range pressure and compression, Directional strength and control, Range position and boundary pressure, Acceleration, deceleration and rollover."},{"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":48,"displayedObservations":48,"assetType":"Equity","state":"Aligned downward","stateTone":"negative","summary":"Market Dynamics eased this week but remains positive. Underlying support has contracted 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 eased this week but remains positive. Underlying support has contracted 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":["2026-04-10","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":[-0.090971,-0.108559,-0.095832,-0.049921,-0.059399,0.079844,0.286625,0.477233,0.607934,0.684581,0.724233,0.68133,0.674726,0.709906,0.628,0.696274,0.700199,0.591891,0.601542,0.475593],"opens":[0.103,0.106,0.1045,0.1,0.093,0.106,0.107,0.115,0.1135,0.113,0.112,0.1065,0.1045,0.11,0.108,0.102,0.104,0.098,0.1095,0.1],"highs":[0.113,0.1165,0.1065,0.105,0.1095,0.11,0.11,0.115,0.115,0.1135,0.112,0.1065,0.1045,0.11,0.108,0.1045,0.105,0.1085,0.11,0.109],"lows":[0.0986,0.098,0.0984,0.1,0.0928,0.1025,0.105,0.103,0.11,0.113,0.11,0.1015,0.1,0.11,0.108,0.099,0.0982,0.0972,0.0908,0.0996],"closes":[0.113,0.1,0.1,0.103,0.105,0.1075,0.11,0.11,0.114,0.1135,0.112,0.1015,0.1035,0.11,0.108,0.104,0.1025,0.101,0.1035,0.103],"hoverRows":[[{"label":"Open","value":"0.10","className":"is-ohlc","compact":true},{"label":"High","value":"0.11","className":"is-ohlc","compact":true},{"label":"Low","value":"0.10","className":"is-ohlc","compact":true},{"label":"Close","value":"0.11","className":"is-ohlc","compact":true},{"label":"Market 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Dynamics","value":"0.60","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"0.10","className":"is-ohlc","compact":true},{"label":"High","value":"0.11","className":"is-ohlc","compact":true},{"label":"Low","value":"0.10","className":"is-ohlc","compact":true},{"label":"Close","value":"0.10","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.48","note":"Supportive but easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}]],"pressureRange":[-2.3,2.3],"priceRange":[0.09916,0.11484],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"latest":0.475593,"state":"Positive but weakening over four weeks","context":{"scenario":"positiveWeakening","latestDirection":"easing","fourWeekDirection":"weakening","now":{"label":"Easier this week","detail":"Market Dynamics eased this week but remains positive."},"fourWeek":{"label":"Weakened over four weeks","detail":"Underlying support has contracted 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":"Positive support is weakening","detail":"Market Dynamics remains above zero, but support has contracted across the recent completed path. Price confirmation now carries more weight.","tone":"caution"},"chartSummary":"Price is between the outer positioning zones. The Market Dynamics bars show whether underlying support is strengthening or weakening.","summary":"Market Dynamics remains above zero, but support has contracted across the recent completed path. Price confirmation now carries more weight.","annotations":[{"label":"Current tape relationship","value":"Positive support is weakening","detail":"Market Dynamics eased this week but remains positive.","tone":"caution"},{"label":"Price location","value":"Between zones","detail":"Price is travelling between the two major positioning zones.","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":"Weakening","detail":"Underlying support has contracted across the recent completed path.","tone":"negative"}],"relationshipEvidence":{"available":false,"observations":20,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["2025-09-26","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":[0.211,0.206,0.206,0.1995,0.2,0.241,0.21,0.202,0.19,0.19,0.159,0.119,0.154,0.1465,0.1215,0.13,0.1355,0.1315,0.1355,0.117,0.108,0.1135,0.12,0.1085,0.1,0.0978,0.099,0.1045,0.113,0.1,0.1,0.103,0.105,0.1075,0.11,0.11,0.114,0.1135,0.112,0.1015,0.1035,0.11,0.108,0.104,0.1025,0.101,0.1035,0.103],"consensus":[39.3939,-27.2727,17.2414,-9.1579,-28.8917,57.5218,-25.827,-22.7416,-37.822,-25.1822,-75.2915,-79.6643,0.0,-42.1861,-74.0186,-11.4876,-21.5312,-33.8715,0.0,-59.8557,-54.9785,-17.7451,-11.1641,-39.0699,-39.1933,-32.5729,-20.7811,-10.0527,21.0429,-35.4947,-21.5603,0.0,0.0,9.2416,22.2136,0.0,24.4275,22.8001,15.1578,-41.5339,0.0,10.1357,0.0,0.0,-12.4718,-20.6645,0.0,-5.7231],"supportDates":["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,51.2093,-39.5743,-29.4115,-35.8754,-11.7709,-65.2858,-72.6226,0.0,-34.7184,-77.0676,-20.5968,-19.4434,-36.5322,0.0,-61.2797,-57.7429,-15.04,-6.6878,-44.9243,-45.1654,-33.5454,-12.9845,-10.2569,22.6527,-44.7714,-32.2399,0.0,0.0,5.4895,23.6226,0.0,24.3138,27.3788,19.6148,-55.1242,0.0,14.0373,0.0,0.0,-13.7532,-15.7768,0.0,-7.3283],"force":[39.3939,-27.2727,17.2414,-9.1579,-0.3714,49.9897,-42.1075,-23.9328,-31.8053,-3.6864,-93.2385,-89.2811,0.0,-21.9838,-71.3759,-30.6789,-6.1785,-16.6936,0.0,-78.8885,-52.0858,-16.3082,-16.1136,-31.7506,-27.6082,-12.9127,-1.0318,-11.4455,38.7699,-44.0855,-9.8596,0.0,0.0,16.3888,26.652,0.0,21.6818,15.3348,9.6712,-43.6481,0.0,12.3464,0.0,0.0,-12.4956,-22.0617,0.0,-3.6312],"direction":[null,null,null,null,-49.2633,70.1161,-1.513,-14.268,-44.3444,-55.8634,-73.9071,-80.8427,0.0,-65.1508,-72.4216,-31.1959,-43.71,-43.1005,0.0,-44.6335,-53.8853,-45.1604,-35.7641,-37.6072,-40.6431,-45.5045,-45.2721,-25.1751,6.5411,-18.7566,-17.7128,0.0,0.0,8.4247,17.433,0.0,26.5188,22.8996,13.9831,-24.4919,0.0,4.0978,0.0,0.0,-10.9904,-25.2523,0.0,-5.3827],"intensity":[null,null,null,null,75.0,100.0,83.3333,85.7143,62.5,44.4444,80.0,100.0,75.0,69.2308,50.0,40.0,43.75,29.4118,61.1111,52.6316,50.0,19.0476,45.4545,47.8261,54.1667,4.0,11.5385,37.037,42.8571,55.1724,50.0,3.2258,34.375,51.5152,2.9412,22.8571,36.1111,10.8108,13.1579,61.5385,2.5,58.5366,4.7619,51.1628,2.2727,20.0,36.9565,53.1915],"confirmation":[35.2727,31.3939,28.1839,25.5972,30.6082,86.2736,54.2074,75.212,79.9494,52.9409,92.7927,93.8929,38.9827,80.9977,91.5589,31.4636,52.7287,78.2748,27.8764,87.7122,85.4628,30.8276,6.247,80.1901,80.0978,77.8093,51.6574,27.6669,52.5828,79.4788,74.38,2.9392,4.0827,48.5656,75.2221,24.6561,75.7349,74.9987,72.6154,81.1482,25.3632,48.5847,24.5799,0.9507,71.9722,74.7297,3.1371,1.2551],"persistence":[null,null,33.3333,0.0,20.0,0.0,14.2857,25.0,50.0,50.0,75.0,75.0,62.5,87.5,87.5,87.5,87.5,87.5,75.0,75.0,87.5,87.5,87.5,87.5,87.5,87.5,100.0,100.0,75.0,75.0,75.0,62.5,50.0,25.0,0.0,12.5,12.5,37.5,62.5,50.0,50.0,50.0,37.5,37.5,12.5,12.5,25.0,12.5],"assessmentRisk":[null,null,null,null,35.4802,19.3541,22.2157,17.6307,5.307,37.0799,11.8909,10.1351,47.9713,26.9402,9.353,27.8335,22.1928,11.4109,34.7571,0.283,17.5827,28.2601,27.9911,2.7867,5.5699,29.6711,38.1497,17.8807,35.6262,30.5792,16.7032,6.7058,41.4932,35.9076,34.4882,37.904,34.1936,30.8396,12.0712,24.3636,44.2401,33.8898,35.6701,28.6273,5.8513,38.5364,39.989,9.5507],"volumeParticipation":true,"latest":{"consensus":-5.7,"control":-7.3,"force":-3.6,"direction":-5.4,"confirmation":1.3,"persistence":12.5,"assessmentRisk":9.6,"intensity":53.2,"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 downward price structure stronger support.","take":"Current assessment: price structure remains primary, but the disagreement lowers confirmation.","tone":"negative","supportedView":"Price structure","direction":"downward","disagreement":true},"support":{"window":"Latest 12 months","controlState":"Control support is limited","controlPath":"Broadly stable","forceState":"Commitment is limited","forcePath":"Broadly stable","directionState":"Follow-through is limited","persistenceState":"Unsettled","confirmationState":"Limited support","riskState":"Contained","intensityState":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"-5.7","detail":"Price structure has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-7.3","detail":"Control support is limited","tone":"negative"},{"label":"SM Force Gauge","value":"-3.6","detail":"Commitment is limited","tone":"negative"},{"label":"SM Direction Gauge","value":"-5.4","detail":"Follow-through is limited","tone":"negative"},{"label":"SM Confirmation Gauge","value":"1/100","detail":"Limited support","tone":"caution"}]},"kpis":[{"label":"Price structure","value":"Aligned downward","detail":"completed-week alignment","tone":"negative"},{"label":"Momentum","value":"39.1","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"10.8%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"33.1","detail":"Directional","tone":"positive"},{"label":"Range position","value":"35%","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 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Market Dynamics construction and private inputs are not disclosed. Historical research is not a forecast or instruction to trade."}