{"schema_version":"1.0","name":"OFN Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-14","ticker":{"uuid":"a5c01860-36a5-40e4-b0ed-670c58773768","symbol":"OFN","name":"Orell Füssli AG","exchange":"EBS","country":"CH","asset_type":"equity","currency":"CHF","sector":"Industrials","industry":"Specialty Business Services"},"summary":"Market Dynamics improved this week but remains below zero. The broader path has not changed enough to establish a new direction. 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record"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":1.0,"sample":23},{"week":2,"averageReturn":0.7,"sample":23},{"week":3,"averageReturn":1.1,"sample":23},{"week":4,"averageReturn":0.6,"sample":23},{"week":5,"averageReturn":0.5,"sample":23},{"week":6,"averageReturn":1.2,"sample":23},{"week":7,"averageReturn":1.5,"sample":23},{"week":8,"averageReturn":1.8,"sample":23},{"week":9,"averageReturn":1.6,"sample":23},{"week":10,"averageReturn":2.9,"sample":22},{"week":11,"averageReturn":3.4,"sample":22},{"week":12,"averageReturn":3.7,"sample":21},{"week":13,"averageReturn":5.8,"sample":21},{"week":14,"averageReturn":5.7,"sample":21},{"week":15,"averageReturn":5.9,"sample":21},{"week":16,"averageReturn":6.6,"sample":21},{"week":17,"averageReturn":6.7,"sample":21},{"week":18,"averageReturn":7.1,"sample":21},{"week":19,"averageReturn":6.8,"sample":21},{"week":20,"averageReturn":7.4,"sample":21},{"week":21,"averageReturn":8.2,"sample":21},{"week":22,"averageReturn":7.7,"sample":21},{"week":23,"averageReturn":8.8,"sample":21},{"week":24,"averageReturn":9.0,"sample":21},{"week":25,"averageReturn":10.0,"sample":21},{"week":26,"averageReturn":11.0,"sample":21}]}},"pricePressureGap":{"label":"Price elevated relative to Market Dynamics","kind":"structuralDivergence","expectedDirection":"lower","episodes":2,"completedEpisodes":0,"activeEpisodes":2,"horizons":[{"weeks":4,"sample":2,"expectedCount":2,"expectedPercent":100.0,"averageReturn":-6.0,"medianReturn":-6.0,"confidenceLow":34.2,"confidenceHigh":100.0,"confidence":"Mixed historical record"},{"weeks":12,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"},{"weeks":26,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":-2.2,"sample":2},{"week":2,"averageReturn":-4.9,"sample":2},{"week":3,"averageReturn":-3.2,"sample":2},{"week":4,"averageReturn":-6.0,"sample":2},{"week":5,"averageReturn":-7.1,"sample":2},{"week":6,"averageReturn":-6.9,"sample":2},{"week":7,"averageReturn":-9.8,"sample":2},{"week":8,"averageReturn":-11.3,"sample":1},{"week":9,"averageReturn":-11.6,"sample":1},{"week":10,"averageReturn":-13.2,"sample":1},{"week":11,"sample":0},{"week":12,"sample":0},{"week":13,"sample":0},{"week":14,"sample":0},{"week":15,"sample":0},{"week":16,"sample":0},{"week":17,"sample":0},{"week":18,"sample":0},{"week":19,"sample":0},{"week":20,"sample":0},{"week":21,"sample":0},{"week":22,"sample":0},{"week":23,"sample":0},{"week":24,"sample":0},{"week":25,"sample":0},{"week":26,"sample":0}]},"currentApplication":{"status":"Underlying support lags price","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":"This is a downside risk watch, not a completed reversal. Stronger Market Dynamics or weaker price is needed to close the gap.","invalidate":"Reassess the reading when either price structure or the Market Dynamics state changes materially.","level":"negative","direction":"strengthening","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":45.8,"averageReturn":2.3,"sample":24},"nowContext":{"label":"Slightly stronger this week","detail":"Market Dynamics improved this week but remains below zero."},"fourWeekContext":{"label":"Broadly steady over four weeks","detail":"The broader path has not changed enough to establish a new direction."},"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, 45.8% of comparable cases moved lower after 12 weeks, with an average move of 2.3% across 24 cases.","watch":"Reassess the reading when either price structure or the Market Dynamics state changes materially."},{"eyebrow":"Zone positioning","title":"Use accumulation to prepare the long case, then wait for confirmation","tone":"positive","finding":"After accumulation, 100.0% of completed 12-week outcomes were higher across 1 cases. Distinct visits lasted 77.0 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 2.7% across 24 completed cases, with the largest move arriving after 5.9 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":"2025-02-14","price":75.38488}],"distribution_rollovers":[{"date":"2026-06-19","price":147.5},{"date":"2026-07-10","price":148.0}],"price_pressure_gaps":[{"date":"2026-06-05","price":159.0},{"date":"2026-06-26","price":152.0}]}},"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":[70.2114,72.0591,70.9505,70.5809,71.5048,71.1352,71.1352,70.2114,71.1352,70.9505,71.1352,70.9505,70.7657,70.9505,70.9505,70.9505,70.9505,70.3962,70.5809,71.8743,70.9505,71.1352,71.1352,71.5048,73.5372,75.3849,74.6458,75.7544,75.7544,80.5584,84.808,87.5795,80.7431,84.9928,87.7643,87.21,91.4596,93.7692,96.506,93.6108,92.0667,95.927,93.6108,93.8038,92.4528,94.1899,93.4178,93.8038,101.3313,101.3313,102.2964,102.2964,108.0867,107.1217,107.6042,110.9819,111.947,105.1916,112.4295,110.4994,110.9819,110.9819,109.5343,110.0169,110.9819,110.4994,110.9819,110.9819,110.9819,111.4645,110.9819,115.3247,115.8072,114.3596,114.3596,115.8072,117.7374,121.1151,127.388,126.4229,128.353,125.9404,127.388,136.556,137.5211,151.5145,157.7874,161.1651,159.2349,158.7524,162.6127,162.5,150.5,159.0,154.0,147.5,152.0,150.0,148.0,149.0,142.5,141.0,140.5,138.0],"consensus":[-18.0831,35.2094,-20.2094,0.0,29.4504,0.0,9.0012,-25.7246,15.3215,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,-29.6168,-12.9986,40.4739,-23.3594,9.6712,0.0,21.3605,62.9993,63.2059,15.4424,49.643,21.2933,78.6125,86.2628,85.2318,-9.0401,68.3982,70.2798,19.6727,71.9592,69.9648,69.6338,11.0543,11.9662,64.4629,0.0,23.2793,0.0,31.0933,0.0,19.7916,70.8888,32.7832,50.5105,32.2196,79.1169,22.0911,40.3084,65.0407,46.3666,-31.652,64.3938,0.0,16.7289,25.7045,-14.7646,0.0,17.2768,0.0,23.1326,0.0,0.0,15.2821,0.0,56.0125,32.023,0.0,11.2129,21.3508,24.1939,48.9995,70.0487,28.927,60.9615,19.1162,25.2778,65.6307,46.6664,82.3652,71.3004,67.2881,28.9162,34.6279,49.5651,26.8747,-37.1783,37.6035,0.0,-41.4104,17.6023,0.0,-24.4649,0.0,-49.4425,-39.6849,-37.0487,-54.3566],"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":[83.534,13.6795,36.7428,70.9387,49.5526,-32.0066,65.4736,0.0,21.2235,23.0312,-12.8553,0.0,20.8586,0.0,29.4394,0.0,0.0,17.3237,0.0,65.0604,30.8137,0.0,4.2287,22.54,19.8607,45.2279,68.4861,22.2929,67.1418,14.1457,20.1905,56.8258,48.2154,84.1988,72.3132,69.4238,19.5735,29.6849,45.0338,27.2101,-32.5961,47.8285,0.0,-43.9908,24.0909,0.0,-22.3516,0.0,-43.2843,-36.4696,-36.2014,-52.2674],"force":[95.0118,15.9038,24.8115,60.981,27.5803,-81.7384,81.7623,0.0,1.1445,8.341,-40.8287,0.0,13.4851,0.0,20.0682,0.0,0.0,15.2442,0.0,63.0932,20.1534,0.0,1.0923,18.1773,16.2433,51.3058,84.4111,3.9738,50.2837,16.7308,23.7921,87.4472,26.4139,97.5275,67.7528,55.2595,14.3936,2.3471,43.5633,2.751,-91.0071,31.2266,0.0,-50.8157,23.0594,0.0,-22.09,0.0,-61.4155,-29.056,-19.9252,-53.986],"direction":[62.7151,58.8436,55.4525,61.2001,56.1443,-4.5292,50.7538,0.0,22.724,41.1622,-1.6705,0.0,15.8918,0.0,18.1138,0.0,0.0,12.976,0.0,40.6146,41.8833,0.0,27.9841,22.2583,34.8251,51.6626,61.5757,60.0092,61.5254,50.4019,32.1529,60.1101,59.3622,69.4395,72.6769,73.439,70.5293,63.3348,59.0308,47.6525,-3.966,30.4728,0.0,-31.7433,6.2889,0.0,-28.5763,0.0,-47.9284,-50.9516,-50.2481,-57.009],"intensity":[94.2308,78.8462,86.5385,94.2308,65.3846,96.1538,98.0769,90.3846,44.2308,30.7692,48.0769,50.0,40.3846,38.4615,25.0,63.4615,9.6154,36.5385,7.6923,76.9231,50.0,34.6154,9.6154,44.2308,59.6154,76.9231,90.3846,61.5385,38.4615,46.1538,100.0,98.0769,98.0769,100.0,100.0,53.8462,48.0769,48.0769,86.5385,1.9231,94.2308,86.5385,84.6154,76.9231,61.5385,48.0769,36.5385,53.8462,78.8462,92.3077,7.6923,40.3846],"confirmation":[93.7345,32.0989,80.4807,88.5994,82.2162,57.9493,89.1189,8.1708,50.1432,75.737,51.2378,2.4539,73.3584,2.6542,75.2129,24.9757,24.443,72.858,1.3064,86.0019,77.904,5.0236,26.2192,74.7174,75.5658,83.8076,90.8771,54.5361,87.0881,31.3364,76.1211,89.8009,82.2924,94.791,90.6926,89.1331,33.8129,55.5058,83.747,53.6121,58.9407,79.683,25.6922,81.4986,51.0335,4.0905,75.7886,24.5471,84.2803,80.4242,79.3466,85.4146],"persistence":[87.5,87.5,100.0,100.0,100.0,75.0,75.0,62.5,62.5,62.5,37.5,25.0,25.0,37.5,37.5,37.5,25.0,25.0,37.5,50.0,50.0,50.0,50.0,62.5,75.0,75.0,87.5,87.5,87.5,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,75.0,75.0,62.5,37.5,37.5,25.0,0.0,12.5,12.5,37.5,50.0,50.0],"assessmentRisk":[9.62,37.425,27.9998,17.3626,22.1689,10.4864,10.95,4.0684,20.9192,34.2005,27.4657,8.6165,8.6384,9.6735,10.836,12.2944,0.0449,8.6475,0.8119,21.7697,33.9349,45.8022,43.6695,6.9362,32.3003,25.4834,14.9753,35.5311,19.5143,38.8356,12.6389,17.0432,26.4366,8.8165,14.3497,16.3551,35.5361,28.6923,14.4824,0.8497,26.3521,16.8114,42.2125,28.0886,2.5116,42.4654,27.9554,14.2187,22.8117,27.1831,26.2812,21.6719],"volumeParticipation":true,"latest":{"consensus":-54.4,"control":-52.3,"force":-54.0,"direction":-57.0,"confirmation":85.4,"persistence":50.0,"assessmentRisk":21.7,"intensity":40.4,"evidenceDepth":100},"analysis":{"status":"Market Dynamics has stronger support","headline":"The gauges support the downward view","summary":"The completed evidence gives the downward view the clearer support.","take":"Current assessment: downward pressure has the stronger support.","tone":"negative","supportedView":"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":"Developing","confirmationState":"Strong support","riskState":"Contained","intensityState":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"-54.4","detail":"Market Dynamics has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-52.3","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-54.0","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-57.0","detail":"Downward follow-through","tone":"negative"},{"label":"SM Confirmation Gauge","value":"85/100","detail":"Strong support","tone":"positive"}]},"kpis":[{"label":"Price structure","value":"Rotational","detail":"completed-week alignment","tone":"caution"},{"label":"Momentum","value":"45.9","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"5.2%","detail":"Elevated","tone":"caution"},{"label":"Trend quality","value":"38.9","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 is rotating through its trend 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