{"schema_version":"1.0","name":"BMC Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"ac6b1548-908f-4873-84fe-4b35bc979945","symbol":"BMC","name":"BMC Minerals Limited","exchange":"ASX","country":"AU","asset_type":"equity","currency":"AUD","sector":"Basic Materials","industry":"Other Industrial Metals & Mining"},"summary":"Market Dynamics improved this week but remains below zero. Underlying support has contracted across the recent completed path. Price structure remains rotational.","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, Drawdown and recovery pressure, Range pressure and compression, Acceleration, deceleration and rollover, Directional strength and control."},{"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":37,"displayedObservations":37,"assetType":"Equity","state":"Rotational","stateTone":"caution","summary":"Market Dynamics improved this week but remains below zero. Underlying support has contracted across the recent completed path. Price structure remains rotational.","evidenceAlignment":{"status":"Negative pressure; price rotational","headline":"Market Dynamics is negative while price has no clear direction","summary":"Market Dynamics improved this week but remains below zero. Underlying support has contracted across the recent completed path. Price structure remains rotational.","take":"The underlying condition is weak, but a negative price response is still required.","tone":"caution","conflict":true},"marketDynamics":{"available":true,"readAvailable":true,"dates":["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":[0.043379,0.036797,0.016694,-0.125244,-0.271245,-0.408529,-0.550487,-0.545188,-0.526467],"opens":[2.8,2.73,2.93,2.6,2.75,2.8,2.65,2.6,2.95],"highs":[3.02,2.885,2.945,2.7,2.8,2.8,2.81,2.94,2.95],"lows":[2.74,2.7,2.8,2.6,2.54,2.42,2.47,2.6,2.51],"closes":[2.82,2.8,2.88,2.65,2.69,2.7,2.64,2.94,2.7],"hoverRows":[[{"label":"Open","value":"2.80","className":"is-ohlc","compact":true},{"label":"High","value":"3.02","className":"is-ohlc","compact":true},{"label":"Low","value":"2.74","className":"is-ohlc","compact":true},{"label":"Close","value":"2.82","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.04","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"2.73","className":"is-ohlc","compact":true},{"label":"High","value":"2.88","className":"is-ohlc","compact":true},{"label":"Low","value":"2.70","className":"is-ohlc","compact":true},{"label":"Close","value":"2.80","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.04","note":"Supportive but easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"2.93","className":"is-ohlc","compact":true},{"label":"High","value":"2.94","className":"is-ohlc","compact":true},{"label":"Low","value":"2.80","className":"is-ohlc","compact":true},{"label":"Close","value":"2.88","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.02","note":"Supportive but easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"2.60","className":"is-ohlc","compact":true},{"label":"High","value":"2.70","className":"is-ohlc","compact":true},{"label":"Low","value":"2.60","className":"is-ohlc","compact":true},{"label":"Close","value":"2.65","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.13","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"2.75","className":"is-ohlc","compact":true},{"label":"High","value":"2.80","className":"is-ohlc","compact":true},{"label":"Low","value":"2.54","className":"is-ohlc","compact":true},{"label":"Close","value":"2.69","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.27","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"2.80","className":"is-ohlc","compact":true},{"label":"High","value":"2.80","className":"is-ohlc","compact":true},{"label":"Low","value":"2.42","className":"is-ohlc","compact":true},{"label":"Close","value":"2.70","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.41","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"2.65","className":"is-ohlc","compact":true},{"label":"High","value":"2.81","className":"is-ohlc","compact":true},{"label":"Low","value":"2.47","className":"is-ohlc","compact":true},{"label":"Close","value":"2.64","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.55","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"2.60","className":"is-ohlc","compact":true},{"label":"High","value":"2.94","className":"is-ohlc","compact":true},{"label":"Low","value":"2.60","className":"is-ohlc","compact":true},{"label":"Close","value":"2.94","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.55","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"2.95","className":"is-ohlc","compact":true},{"label":"High","value":"2.95","className":"is-ohlc","compact":true},{"label":"Low","value":"2.51","className":"is-ohlc","compact":true},{"label":"Close","value":"2.70","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.53","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}]],"pressureRange":[-2.3,2.3],"priceRange":[2.622,2.958],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"latest":-0.526467,"state":"Negative and weakening","context":{"scenario":"negativeWeakening","latestDirection":"slight strengthening","fourWeekDirection":"weakening","now":{"label":"Slightly stronger this week","detail":"Market Dynamics improved this week but remains below zero."},"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":"Negative and weakening","detail":"Price is between the accumulation and distribution zones. The Market Dynamics bars describe whether the current move is gaining or losing underlying support.","tone":"negative"},"chartSummary":"Price is between the outer positioning zones. The Market Dynamics bars show whether underlying support is strengthening or weakening.","summary":"Price is between the accumulation and distribution zones. The Market Dynamics bars describe whether the current move is gaining or losing underlying support.","annotations":[{"label":"Current tape relationship","value":"Negative and weakening","detail":"Market Dynamics improved this week but remains below zero.","tone":"negative"},{"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":25,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["2025-12-12","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":[2.5,2.3,2.46,2.6,2.57,3.3,3.19,3.19,2.67,2.73,2.61,2.75,2.71,2.33,2.3,2.2,2.36,2.5,2.7,2.82,3.02,2.98,3.68,3.2,3.16,2.91,2.85,2.81,2.82,2.8,2.88,2.65,2.69,2.7,2.64,2.94,2.7],"consensus":[0.0,-71.4286,10.3448,13.3846,0.0,61.0469,23.5126,26.2802,-29.2967,-9.7575,-28.9938,0.0,0.0,-52.8116,-26.1516,-28.981,-9.5477,0.0,27.137,25.686,41.2234,13.335,68.0345,-11.9825,15.5447,-22.3537,-14.6152,-24.4684,-12.9204,0.0,0.0,-23.6676,-8.3559,0.0,-18.8525,46.9671,-29.6388],"supportDates":["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,61.0747,7.8449,14.7542,-35.6412,-0.0278,-23.5416,0.0,0.0,-43.9442,-20.6788,-19.1444,-1.7911,0.0,22.6487,19.1701,37.9096,2.9581,62.2089,-18.9052,14.4497,-28.279,-7.9758,-24.2649,-9.2776,0.0,0.0,-24.9809,-7.3396,0.0,-13.6935,43.9026,-26.2058],"force":[0.0,-71.4286,10.3448,13.3846,0.0,49.6431,4.2684,2.5618,-56.8685,-5.1619,-30.7228,0.0,0.0,-73.6605,-10.5486,-11.455,-5.4736,0.0,38.43,23.991,43.0771,5.5246,88.7733,-70.301,2.2667,-42.0244,-14.0333,-30.2486,-10.4062,0.0,0.0,-18.4521,-7.2931,0.0,-16.3882,85.07,-63.707],"direction":[null,null,null,null,0.0,69.1609,61.2622,56.3944,-2.3516,-24.1598,-33.9899,0.0,0.0,-48.0537,-43.5511,-52.7415,-29.142,0.0,24.2001,34.3434,43.6864,38.6654,59.8789,-37.5853,26.2805,-1.5315,-22.6187,-20.5722,-18.8795,0.0,0.0,-25.8921,-20.6952,0.0,-26.5087,23.253,-9.2279],"intensity":[null,null,null,null,100.0,100.0,83.3333,14.2857,87.5,22.2222,30.0,36.3636,66.6667,76.9231,35.7143,46.6667,75.0,52.9412,55.5556,36.8421,60.0,71.4286,100.0,82.6087,79.1667,60.0,69.2308,48.1481,57.1429,13.7931,6.6667,61.2903,9.375,18.1818,2.9412,77.1429,61.1111],"confirmation":[0.0,45.5238,25.977,26.9497,3.8267,87.187,30.4934,53.1958,55.4519,25.7973,77.4138,3.8873,0.0477,85.6702,75.9764,76.8897,26.55,24.8141,77.0964,76.2671,81.2985,27.6958,90.4919,36.1911,49.9197,52.9957,50.0936,76.0092,72.1134,24.4417,1.2663,75.3947,26.435,25.1763,74.0363,84.2374,78.575],"persistence":[null,null,0.0,25.0,20.0,33.3333,42.8571,50.0,37.5,37.5,12.5,0.0,0.0,25.0,50.0,75.0,75.0,62.5,37.5,25.0,12.5,12.5,37.5,37.5,62.5,50.0,25.0,0.0,25.0,37.5,50.0,50.0,75.0,62.5,62.5,37.5,37.5],"assessmentRisk":[null,null,null,null,19.618,19.3077,37.4391,35.3239,29.145,42.4785,33.374,45.2942,7.0306,17.7078,26.8203,33.5584,37.5308,23.7374,34.5337,36.9115,29.1717,43.0951,15.9538,49.8389,15.4504,0.744,42.4982,32.6998,36.5115,16.9032,3.8543,15.2424,18.7882,15.0415,27.3544,22.8029,18.3305],"volumeParticipation":true,"latest":{"consensus":-29.6,"control":-26.2,"force":-63.7,"direction":-9.2,"confirmation":78.6,"persistence":37.5,"assessmentRisk":18.3,"intensity":61.1,"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":"Follow-through is limited","persistenceState":"Unsettled","confirmationState":"Strong support","riskState":"Contained","intensityState":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"-29.6","detail":"Market Dynamics has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-26.2","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-63.7","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-9.2","detail":"Follow-through is limited","tone":"negative"},{"label":"SM Confirmation Gauge","value":"79/100","detail":"Strong support","tone":"positive"}]},"kpis":[{"label":"Price structure","value":"Rotational","detail":"completed-week alignment","tone":"caution"},{"label":"Momentum","value":"43.8","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"14.0%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"22.6","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"38%","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 references.","series":[{"label":"Close","values":[2.5,2.3,2.46,2.6,2.57,3.3,3.19,3.19,2.67,2.73,2.61,2.75,2.71,2.33,2.3,2.2,2.36,2.5,2.7,2.82,3.02,2.98,3.68,3.2,3.16,2.91,2.85,2.81,2.82,2.8,2.88,2.65,2.69,2.7,2.64,2.94,2.7],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,2.5028,2.6478,2.7463,2.827,2.7985,2.786,2.754,2.7533,2.7454,2.6699,2.6026,2.5294,2.4986,2.4989,2.5354,2.5872,2.6659,2.723,2.897,2.9521,2.9899,2.9754,2.9526,2.9266,2.9073,2.8878,2.8863,2.8434,2.8155,2.7945,2.7664,2.798,2.7802],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,2.6628,2.6382,2.6131,2.5825,2.566,2.5611,2.5714,2.5898,2.6217,2.6482,2.7247,2.7599,2.7895,2.7984,2.8023,2.8028,2.8041,2.8038,2.8094,2.7976,2.7897,2.783,2.7724,2.7848,2.7786],"stroke":"#07865c","width":1.8},{"label":"Upper envelope","values":[null,null,null,null,null,null,null,null,null,3.4145,3.376,3.3498,3.3238,3.311,3.2979,3.2919,3.2705,3.2482,3.2364,3.2363,3.2808,3.3053,3.4905,3.5407,3.5795,3.5291,3.4905,3.4468,3.4533,3.4566,3.4671,3.4647,3.4642,3.4519,3.4323,3.4011,3.3748],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower envelope","values":[null,null,null,null,null,null,null,null,null,2.0875,2.1004,2.1285,2.15,2.1047,2.0635,2.0093,1.9965,2.004,2.0236,2.0427,2.0502,2.0937,2.0305,2.0403,2.0605,2.0719,2.0765,2.0822,2.0907,2.0944,2.1109,2.1033,2.1018,2.1511,2.2047,2.3099,2.3702],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["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"]},{"key":"participation","eyebrow":"Participation","title":"Activity pressure and cumulative 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,66.106,67.2866,44.1611,44.3369,39.7432,69.9214,151.0632,29.287,18.688,13.5194,8.7426,97.7984,79.6412,105.303,71.0556,1118.9952,176.4619,6.4767,27.3489,1.1944,3.5283,10.7897,4.589,7.0164,1.5192,76.6969,71.9068,24.4238,55.1642,486.1308],"stroke":"#1678a7","width":1.8},{"label":"Cumulative balance","values":[null,null,null,null,null,null,null,95.9795,77.0856,88.7615,77.6572,87.0941,70.8975,65.0,65.0,65.0,66.2807,67.0667,75.8482,82.9236,90.8486,85.8953,135.0,128.4883,128.2559,127.315,127.2748,127.1595,127.5032,127.3595,127.5758,127.5297,129.8815,132.0247,131.2966,132.9756,113.5232],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Typical activity","values":[100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["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"]},{"key":"drawdown","eyebrow":"Path 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,-8.0,-1.6,0.0,-1.1538,0.0,-3.3333,-3.3333,-19.0909,-17.2727,-20.9091,-16.6667,-17.8788,-29.3939,-30.303,-33.3333,-28.4848,-24.2424,-18.1818,-14.5455,-8.4848,-9.697,0.0,-13.0435,-14.1304,-20.9239,-22.5543,-23.6413,-23.3696,-23.913,-21.7391,-27.9891,-26.9022,-26.6304,-28.2609,-20.1087,-26.6304],"stroke":"#c13f3f","width":1.9,"fill":"rgba(193,63,63,.10)"},{"label":"Recovery","values":[null,null,null,null,null,null,null,38.6957,16.087,18.6957,13.4783,19.5652,17.8261,1.3043,0.0,0.0,7.2727,13.6364,22.7273,28.1818,37.2727,35.4545,67.2727,45.4545,43.6364,32.2727,29.5455,27.7273,28.1818,27.2727,30.9091,20.4545,22.2727,22.7273,20.0,33.6364,22.7273],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Prior 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Market Dynamics construction and private inputs are not disclosed. Historical research is not a forecast or instruction to trade."}