{"schema_version":"1.0","name":"TCEHYN Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-14","ticker":{"uuid":"b52355b8-845d-4545-96b1-451a9c11a062","symbol":"TCEHYN","name":"Tencent Holdings Limited","exchange":"MEX","country":"MX","asset_type":"equity","currency":"MXN","sector":"Communication Services","industry":"Internet Content & Information"},"summary":"Market Dynamics strengthened this week and remains positive. Underlying support has strengthened across the recent completed path. Price has not yet responded to the same extent.","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, Activity pressure and cumulative balance, Drawdown and recovery pressure, Range position and boundary pressure, Range pressure and compression."},{"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 strengthened this week and remains positive. 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cautious, Market Dynamics positive","kind":"disagreement","expectedDirection":"higher","episodes":16,"completedEpisodes":15,"activeEpisodes":1,"medianExpectedMove":3.4,"averageExpectedMove":7.9,"averageWeeksToLargestMove":5.6,"horizons":[{"weeks":4,"sample":15,"expectedCount":3,"expectedPercent":20.0,"averageReturn":-5.2,"medianReturn":-6.6,"confidenceLow":7.0,"confidenceHigh":45.2,"confidence":"Historically adverse"},{"weeks":12,"sample":15,"expectedCount":5,"expectedPercent":33.3,"averageReturn":-2.6,"medianReturn":-5.0,"confidenceLow":15.2,"confidenceHigh":58.3,"confidence":"Mixed historical record"},{"weeks":26,"sample":15,"expectedCount":7,"expectedPercent":46.7,"averageReturn":-1.5,"medianReturn":-3.0,"confidenceLow":24.8,"confidenceHigh":69.9,"confidence":"Mixed historical 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elevated relative to Market Dynamics","kind":"structuralDivergence","expectedDirection":"lower","episodes":0,"completedEpisodes":0,"activeEpisodes":0,"horizons":[{"weeks":4,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"},{"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,"sample":0},{"week":2,"sample":0},{"week":3,"sample":0},{"week":4,"sample":0},{"week":5,"sample":0},{"week":6,"sample":0},{"week":7,"sample":0},{"week":8,"sample":0},{"week":9,"sample":0},{"week":10,"sample":0},{"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 strength ahead of price","tone":"caution","headline":"Underlying strength is leading price","use":"A positive price response is needed before the early upside case is confirmed.","confirm":"Treat the gap as an early-upside opportunity watch. A continued positive price response would confirm that price is catching up with the stronger foundation.","invalidate":"Reassess the reading when either price structure or the Market Dynamics state changes materially.","level":"positive","direction":"strengthening","zone":"middle","zoneContext":"Market Dynamics has strengthened across the recent completed path and remains strongly positive, while price has not advanced as far through its range. The gap is an early-upside watch; a positive price response is needed for confirmation.","historical":{"label":"Broad directional cases","weeks":12,"direction":"higher","percent":33.3,"averageReturn":-2.6,"sample":15},"nowContext":{"label":"Slightly stronger this week","detail":"Market Dynamics strengthened this week and remains positive."},"fourWeekContext":{"label":"Strengthened over four weeks","detail":"Underlying support has strengthened across the recent completed path."},"priceContext":{"label":"Price is lagging the underlying strength","detail":"Market Dynamics has advanced further through its recent range than price. This is positive divergence and an early-upside watch, but price confirmation is still required."}},"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":"Early repair watch","title":"Prepare the case before price confirms the recovery","tone":"recovery","approach":"Use the improvement to move the ticker onto a watchlist or define an entry trigger. Commitment should rise only after price responds; fading Market Dynamics cancels the early case.","finding":"In this ticker's completed record, 33.3% of comparable cases moved higher after 12 weeks, with an average move of -2.6% across 15 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, 66.7% of completed 12-week outcomes were higher across 3 cases. Distinct visits lasted 5.7 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 improving Market Dynamics to prepare, not anticipate","tone":"recovery","finding":"Comparable disagreements produced an average recovery of 7.9% across 15 completed cases, with the largest move arriving after 5.6 weeks on average.","approach":"Define the price level that would confirm the repair. Until that response occurs, keep the idea at watchlist or starter-position size.","watch":"The early repair fails if Market Dynamics fades before price responds."}]},"summary":"This record compares the ticker's completed price path with its published Market Dynamics history."},"events":{"positioning_recoveries":[],"distribution_rollovers":[{"date":"2025-10-10","price":1565.966187}],"price_pressure_gaps":[]}},"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":[915.9871,946.9528,936.9638,939.2314,933.9671,1048.8901,1138.7407,1103.7794,1038.8512,1043.8956,1072.8136,1103.7794,1053.8346,1024.0875,1037.4327,1046.6725,1066.8203,1071.8547,1088.7959,1093.7904,996.3981,1012.8799,1028.8622,1097.4064,1130.7495,1228.6414,1326.533,1248.6193,1408.4224,1333.5253,1316.5441,1318.5419,1288.3153,1155.7219,1168.7075,1177.6976,1247.6202,1242.6259,1284.5793,1199.2084,1241.1807,1249.1754,1238.1826,1220.1945,1235.1846,1187.2163,1199.2084,1234.1853,1300.1417,1249.1754,1341.1146,1408.0704,1427.7574,1419.0632,1453.7502,1598.9445,1538.984,1531.9886,1678.8917,1565.9662,1477.0249,1509.0039,1512.0018,1485.0197,1504.0072,1459.0369,1445.046,1423.0906,1394.5793,1422.0613,1422.0613,1379.0896,1499.0105,1389.083,1299.1423,1327.1239,1231.3871,1169.2281,1163.2321,1134.7509,1174.2249,1254.1721,1142.3558,1161.2334,1161.2356,1161.2356,1153.7406,1079.2896,1052.3074,1034.3192,1025.3251,980.0,947.4,1022.25,1005.0,980.0,965.0,1000.0,1036.9,1040.0,970.0,1037.0,1045.0,969.17],"consensus":[56.9238,61.1853,14.919,46.3,22.4127,72.2759,77.8046,0.0,0.0,11.6923,30.3789,48.422,0.0,-19.8235,0.0,10.0282,14.7804,28.6922,40.8725,27.0808,-52.846,0.0,0.0,44.1489,58.8324,70.7361,82.4936,12.3666,84.8576,11.3778,0.0,34.9256,0.0,-49.3243,-25.97,-8.1095,27.6174,0.0,39.396,-33.1834,23.347,18.4679,0.0,-13.4412,19.7309,-47.1107,0.0,22.7923,53.0725,-19.3823,55.3497,59.246,55.9919,30.3677,66.0407,85.5361,11.1366,27.9334,78.8267,-16.2565,-24.5441,25.4636,-10.4735,0.0,12.7373,-43.6685,-16.1545,-40.3889,-48.1052,0.0,0.0,-35.131,57.704,-53.8435,-65.4978,-13.7117,-71.0176,-75.2556,-43.908,-58.4532,0.0,27.7066,-63.1441,0.0,-22.9326,-28.4399,-19.1135,-64.0901,-58.6026,-57.4893,-50.8163,-65.1147,-65.1463,-9.1604,-28.8469,-30.0636,-25.4917,-9.5787,0.0,12.0336,-49.6561,36.2125,0.0,-53.795],"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":[58.9512,25.6015,70.0462,89.9664,2.23,19.2226,78.0557,-21.6654,-15.4757,40.3345,-5.4383,0.0,9.1208,-39.7214,-7.0524,-45.0579,-53.4308,0.0,0.0,-33.8031,55.2022,-51.4713,-73.0256,-14.091,-66.9251,-73.7572,-38.0689,-54.6712,0.0,28.6118,-68.1017,0.0,-24.4872,-23.2752,-22.711,-75.3687,-68.0867,-63.3518,-51.9645,-59.6237,-62.1583,-8.25,-31.8274,-37.6862,-35.6442,-6.8697,0.0,2.7244,-54.9355,39.145,0.0,-48.1806],"force":[44.6852,2.7718,65.7952,98.5295,40.1762,2.0034,94.6219,-69.7869,-65.7873,24.3046,-23.88,0.0,19.3635,-77.673,-10.201,-36.4257,-36.5559,0.0,0.0,-24.3467,95.6639,-84.6709,-60.6688,-34.8953,-84.8989,-85.4733,-18.2125,-46.9116,0.0,67.1866,-80.8236,0.0,-1.8293,-9.1614,-3.0579,-55.1441,-39.441,-41.0679,-34.2693,-77.3527,-70.8551,-23.4665,-11.7077,-12.252,-4.8296,-13.286,0.0,13.1181,-79.9909,53.4097,0.0,-87.3276],"direction":[60.6861,59.4859,61.6382,71.1919,63.0647,59.2722,68.4256,-28.1613,-5.4485,9.296,-6.6521,0.0,12.1375,-23.8905,-30.8095,-37.8838,-50.2682,0.0,0.0,-44.3517,33.449,-34.5349,-60.3438,-47.9975,-65.7796,-69.6696,-68.9351,-71.0194,0.0,1.5279,-44.8502,0.0,-36.2297,-48.1127,-26.4703,-57.5902,-61.4505,-62.5187,-61.3235,-62.6487,-64.4834,-33.5058,-37.6829,-34.0746,-28.6473,-29.0067,0.0,21.898,-21.9546,20.5774,0.0,-36.2597],"intensity":[71.1538,9.6154,30.7692,94.2308,57.6923,51.9231,96.1538,88.4615,100.0,51.9231,40.3846,50.0,44.2308,30.7692,55.7692,46.1538,19.2308,28.8462,67.3077,67.3077,90.3846,84.6154,73.0769,11.5385,80.7692,76.9231,44.2308,13.4615,25.0,90.3846,86.5385,26.9231,19.2308,1.9231,9.6154,73.0769,65.3846,9.6154,7.6923,71.1538,32.6923,75.0,34.6154,13.4615,7.6923,25.0,38.4615,23.0769,69.2308,61.5385,51.9231,84.6154],"confirmation":[85.5277,54.705,89.0645,95.7,11.2502,53.9198,93.7177,35.4255,54.5826,75.8864,26.5035,48.3899,72.333,83.0704,50.46,80.7325,82.9605,30.526,27.464,78.9335,87.6603,86.2056,88.6974,33.0116,91.211,92.416,81.3564,86.4109,13.8701,55.7148,88.6694,6.2369,52.0049,76.5919,50.9055,88.0643,86.0243,85.8068,83.7394,89.2933,89.0663,29.6237,76.6633,76.9614,52.7063,5.244,50.2367,49.359,84.734,80.0674,26.4765,44.64],"persistence":[37.5,62.5,75.0,75.0,75.0,100.0,100.0,75.0,50.0,50.0,25.0,12.5,12.5,12.5,37.5,37.5,37.5,50.0,37.5,50.0,50.0,50.0,50.0,50.0,50.0,62.5,75.0,75.0,87.5,62.5,62.5,50.0,50.0,50.0,50.0,50.0,62.5,87.5,87.5,100.0,100.0,100.0,100.0,100.0,100.0,100.0,87.5,62.5,62.5,37.5,25.0,25.0],"assessmentRisk":[21.7904,34.7887,16.5277,7.1552,42.447,34.0866,10.5132,12.7495,20.0998,26.8245,43.4621,35.6968,11.2251,7.4131,27.6606,13.9308,23.2623,28.3061,16.3148,21.9075,19.8544,1.4542,16.1788,29.8561,14.4788,12.3113,27.0322,20.6216,35.8742,28.823,17.2761,18.6666,2.4758,31.4517,19.7576,13.4658,19.2015,20.7863,24.2438,16.0939,16.3543,7.1861,7.6761,15.0318,37.5241,23.3785,30.7854,40.1119,31.5853,17.5761,9.8696,18.7264],"volumeParticipation":true,"latest":{"consensus":-53.8,"control":-48.2,"force":-87.3,"direction":-36.3,"confirmation":44.6,"persistence":25.0,"assessmentRisk":18.7,"intensity":84.6,"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":"Seller control supports the view","controlPath":"Control support is strengthening","forceState":"Downward commitment","forcePath":"Commitment is strengthening","directionState":"Downward follow-through","persistenceState":"Unsettled","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"-53.8","detail":"Price structure has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-48.2","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-87.3","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-36.3","detail":"Downward follow-through","tone":"negative"},{"label":"SM Confirmation Gauge","value":"45/100","detail":"Qualified support","tone":"neutral"}]},"kpis":[{"label":"Price structure","value":"Aligned downward","detail":"completed-week alignment","tone":"negative"},{"label":"Momentum","value":"39.0","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"6.4%","detail":"Elevated","tone":"caution"},{"label":"Trend quality","value":"20.5","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"8%","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 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