{"schema_version":"1.0","name":"THS Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-14","ticker":{"uuid":"ae5b91cb-e218-4f91-926c-5cbbb78d3538","symbol":"THS","name":"Tharisa plc","exchange":"LSE","country":"GB","asset_type":"equity","currency":"GBP","sector":"Basic Materials","industry":"Other Precious Metals & Mining"},"summary":"Market Dynamics improved this week but remains below zero. Underlying support has strengthened across the recent completed path. 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record"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":-2.9,"sample":16},{"week":2,"averageReturn":-4.0,"sample":16},{"week":3,"averageReturn":-3.8,"sample":16},{"week":4,"averageReturn":-4.0,"sample":16},{"week":5,"averageReturn":-2.5,"sample":16},{"week":6,"averageReturn":-4.1,"sample":16},{"week":7,"averageReturn":-3.3,"sample":16},{"week":8,"averageReturn":-2.3,"sample":16},{"week":9,"averageReturn":0.8,"sample":16},{"week":10,"averageReturn":0.1,"sample":16},{"week":11,"averageReturn":-0.6,"sample":16},{"week":12,"averageReturn":0.4,"sample":16},{"week":13,"averageReturn":1.3,"sample":16},{"week":14,"averageReturn":3.3,"sample":15},{"week":15,"averageReturn":3.4,"sample":15},{"week":16,"averageReturn":2.8,"sample":15},{"week":17,"averageReturn":0.5,"sample":15},{"week":18,"averageReturn":-0.3,"sample":15},{"week":19,"averageReturn":2.0,"sample":15},{"week":20,"averageReturn":1.4,"sample":15},{"week":21,"averageReturn":0.3,"sample":15},{"week":22,"averageReturn":-0.8,"sample":15},{"week":23,"averageReturn":-0.8,"sample":15},{"week":24,"averageReturn":-0.8,"sample":15},{"week":25,"averageReturn":1.2,"sample":15},{"week":26,"averageReturn":0.3,"sample":15}]}},"pricePressureGap":{"label":"Price elevated relative to Market Dynamics","kind":"structuralDivergence","expectedDirection":"lower","episodes":4,"completedEpisodes":4,"activeEpisodes":0,"medianExpectedMove":11.1,"averageExpectedMove":12.3,"averageWeeksToLargestMove":4.5,"horizons":[{"weeks":4,"sample":3,"expectedCount":1,"expectedPercent":33.3,"averageReturn":-3.7,"medianReturn":2.9,"confidenceLow":6.1,"confidenceHigh":79.2,"confidence":"Mixed historical record"},{"weeks":12,"sample":2,"expectedCount":2,"expectedPercent":100.0,"averageReturn":-9.0,"medianReturn":-9.0,"confidenceLow":34.2,"confidenceHigh":100.0,"confidence":"Mixed historical record"},{"weeks":26,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":-3.0,"sample":4},{"week":2,"averageReturn":-4.6,"sample":4},{"week":3,"averageReturn":-3.6,"sample":4},{"week":4,"averageReturn":-3.7,"sample":3},{"week":5,"averageReturn":1.0,"sample":3},{"week":6,"averageReturn":1.1,"sample":3},{"week":7,"averageReturn":-0.9,"sample":2},{"week":8,"averageReturn":-2.9,"sample":2},{"week":9,"averageReturn":-3.0,"sample":2},{"week":10,"averageReturn":-6.2,"sample":2},{"week":11,"averageReturn":-8.1,"sample":2},{"week":12,"averageReturn":-9.0,"sample":2},{"week":13,"averageReturn":-7.2,"sample":2},{"week":14,"averageReturn":-6.2,"sample":1},{"week":15,"averageReturn":-4.9,"sample":1},{"week":16,"averageReturn":0.8,"sample":1},{"week":17,"averageReturn":-5.8,"sample":1},{"week":18,"averageReturn":-7.8,"sample":1},{"week":19,"averageReturn":-1.2,"sample":1},{"week":20,"averageReturn":3.7,"sample":1},{"week":21,"averageReturn":6.2,"sample":1},{"week":22,"averageReturn":7.4,"sample":1},{"week":23,"sample":0},{"week":24,"sample":0},{"week":25,"sample":0},{"week":26,"sample":0}]},"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":"strengthening","zone":"accumulation","zoneContext":"Price is within accumulation conditions while Market Dynamics is improving. A green marker is required before the recovery is treated as confirmed.","historical":{"label":"Broad directional cases","weeks":12,"sample":0},"nowContext":{"label":"Stronger this week","detail":"Market Dynamics improved this week but remains below zero."},"fourWeekContext":{"label":"Strengthened over four weeks","detail":"Underlying support has strengthened across the recent completed path."},"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":"Disagreement playbook","title":"Use unsupported price strength to tighten discipline","tone":"caution","finding":"Comparable disagreements produced an average pullback of 12.9% across 20 completed cases, with the largest move arriving after 7.2 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":[],"distribution_rollovers":[{"date":"2026-03-13","price":110.0},{"date":"2026-06-05","price":1.254645}],"price_pressure_gaps":[{"date":"2025-12-26","price":121.489746},{"date":"2026-02-27","price":135.0},{"date":"2026-04-17","price":122.480446},{"date":"2026-05-08","price":119.980843}]}},"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":[79.9511,79.4514,71.956,71.956,75.9535,77.9523,75.9535,67.1589,66.959,67.9584,69.4575,71.4563,67.9584,65.9597,68.9578,70.9566,68.9578,63.5611,65.46,67.9584,64.9603,60.9627,58.9639,59.4636,59.5636,59.4636,59.9633,55.9879,55.488,63.4863,62.9864,64.4861,53.4884,50.989,54.9881,55.9879,55.9879,56.9877,61.4867,65.9857,70.9847,76.5834,82.993,78.9933,83.9929,85.9927,87.9926,94.992,93.4921,86.9927,87.3926,87.9926,89.9924,90.9923,91.9922,93.9921,91.4923,100.9915,97.7917,102.4913,99.9916,98.9916,98.3917,95.9919,96.9918,94.992,98.9916,91.5923,92.9921,106.991,121.4897,122.4897,122.9896,122.9896,128.9891,137.4884,134.9886,130.489,132.9888,135.0,120.0,110.0,105.0,108.0,114.0,115.4816,122.4804,114.4817,111.9821,119.9808,125.9799,128.9794,130.4792,1.2546,1.165,1.15,1.13,1.165,1.145,1.14,1.13,1.13,1.175,1.16],"consensus":[-11.8262,-16.3817,-64.078,-32.9413,12.6538,15.243,-16.0028,-71.1134,-39.2306,-17.6226,-14.3043,0.0,-37.5446,-41.2716,12.3363,18.4912,-29.2228,-53.8896,-8.0457,0.0,-41.2901,-30.4832,-49.1915,-23.3754,-26.6587,-21.8713,-9.9723,-58.4271,-32.8338,49.325,0.0,31.3355,-58.4364,-48.5059,0.0,-9.0372,0.0,12.2191,50.4067,58.4714,71.9433,76.5623,73.8122,8.8926,71.9011,53.524,54.9618,75.9568,22.1841,-11.6273,27.3492,15.9289,24.9677,34.002,26.7693,49.7275,0.0,70.0898,0.0,55.4532,15.7799,9.2486,13.352,-15.2746,0.0,-16.2202,37.1362,-51.0369,0.0,66.5296,76.5473,41.9867,36.2981,30.2901,68.0553,63.3535,30.1556,8.923,32.1979,26.7007,-50.8322,-59.663,-44.576,-10.9676,0.0,0.0,35.9338,-22.1828,-20.9418,26.8579,30.3996,30.2754,31.55,-61.3308,-46.9696,-53.1949,-58.9414,-37.2505,-32.6174,-38.351,-43.8171,-31.8475,-24.8704,-35.5224],"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":[35.3069,36.526,21.7125,56.1812,0.0,70.4683,0.0,50.3213,9.5235,15.0216,16.3443,-9.963,0.0,-11.3457,38.8832,-45.877,0.0,62.7115,77.7647,38.056,28.7753,20.7833,69.1196,54.6745,26.4271,2.4231,33.3761,34.6081,-44.0477,-57.5935,-36.4442,-5.3701,0.0,0.0,34.5159,-31.961,-22.7246,30.6542,31.3757,27.16,29.3259,-56.3383,-39.4365,-49.8866,-60.3541,-37.7506,-29.6111,-41.2162,-52.5778,-31.3789,-20.1967,-42.0331],"force":[13.992,19.4823,13.5811,43.1117,0.0,88.2571,0.0,67.2307,16.3479,10.7285,0.1052,-28.7746,0.0,-24.2817,66.493,-83.9328,0.0,97.6519,94.9135,18.5711,11.1122,4.1882,80.9967,75.4473,3.0549,25.7066,17.1201,11.1724,-93.9623,-74.7222,-40.808,-18.6062,0.0,0.0,49.7472,-34.403,-17.2296,40.6449,37.767,22.57,19.9069,-47.2117,-10.5818,-16.3121,-22.0831,-0.0184,-4.0155,-2.3508,-8.6086,-2.28,-8.2573,-3.9182],"direction":[20.9912,41.4888,41.9688,47.0773,0.0,56.6805,0.0,52.9059,45.8786,16.9202,19.3943,-11.7022,0.0,-16.0328,14.1705,-33.437,0.0,48.6627,62.0375,63.2044,62.8854,59.7994,57.595,64.6339,58.1384,46.6254,41.6213,28.7552,-27.7787,-51.2717,-56.561,-50.7633,0.0,0.0,27.6875,-2.2791,-21.5558,12.6713,24.0216,39.3397,42.4083,-77.1217,-81.5702,-83.3208,-83.6544,-63.2995,-62.2195,-60.7911,-58.9539,-56.7599,-53.8746,-50.6561],"intensity":[25.0,11.5385,59.6154,25.0,32.6923,90.3846,76.9231,61.5385,42.3077,21.1538,23.0769,28.8462,5.7692,46.1538,55.7692,82.6923,42.3077,100.0,100.0,96.1538,36.5385,38.4615,69.2308,100.0,73.0769,75.0,26.9231,46.1538,96.1538,96.1538,90.3846,75.0,84.6154,51.9231,69.2308,75.0,55.7692,73.0769,76.9231,32.6923,23.0769,100.0,1.9231,1.9231,3.8462,3.8462,3.8462,1.9231,1.9231,7.6923,13.4615,13.4615],"confirmation":[75.4976,78.3997,76.2413,83.6128,5.54,90.9766,10.7279,86.1822,30.32,27.2182,49.1567,73.3802,24.3514,73.5104,80.7517,85.413,4.6445,90.2961,93.0363,80.782,78.9625,54.3756,90.1559,88.7739,54.6795,7.9739,77.8259,75.9505,85.6841,87.5827,82.2734,7.9722,29.8277,24.3953,79.9414,52.6553,74.5611,76.9568,77.9375,77.5008,77.775,87.2716,82.0361,83.9487,85.7164,56.114,55.5569,56.4649,80.815,54.978,31.4484,63.6381],"persistence":[75.0,75.0,75.0,75.0,62.5,87.5,75.0,75.0,75.0,75.0,75.0,50.0,50.0,25.0,37.5,12.5,0.0,0.0,0.0,25.0,37.5,62.5,62.5,87.5,100.0,100.0,100.0,100.0,75.0,50.0,25.0,0.0,12.5,25.0,25.0,50.0,50.0,25.0,0.0,25.0,37.5,25.0,0.0,0.0,0.0,25.0,50.0,75.0,100.0,100.0,100.0,100.0],"assessmentRisk":[48.1047,22.0352,29.2401,22.5002,20.8003,14.4501,44.7737,20.7427,40.9763,28.8169,2.4626,40.3148,37.6841,33.1449,10.183,13.8577,35.5746,15.4922,11.6571,29.0031,31.8465,34.4181,8.5726,17.6049,33.0118,36.7792,12.0962,32.2412,22.847,19.5331,27.6617,44.5009,38.6232,32.6642,31.4759,48.1192,5.2009,15.6828,8.0887,33.3423,33.7434,19.2194,26.4324,23.3319,20.4653,18.4973,16.2801,19.1612,21.9086,15.8737,12.4784,17.7902],"volumeParticipation":true,"latest":{"consensus":-35.5,"control":-42.0,"force":-3.9,"direction":-50.7,"confirmation":63.6,"persistence":100.0,"assessmentRisk":17.8,"intensity":13.5,"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":"Broadly stable","forceState":"Commitment is limited","forcePath":"Broadly stable","directionState":"Downward follow-through","persistenceState":"Established","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"-35.5","detail":"Joint downward confirmation","tone":"negative"},{"label":"SM Control Gauge","value":"-42.0","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-3.9","detail":"Commitment is limited","tone":"negative"},{"label":"SM Direction Gauge","value":"-50.7","detail":"Downward 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