{"schema_version":"1.0","name":"UCB Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-14","ticker":{"uuid":"b564e58a-3f24-4f77-9f7d-0fd1d3a104d9","symbol":"UCB","name":"UCB SA","exchange":"BRU","country":"BE","asset_type":"equity","currency":"EUR","sector":"Healthcare","industry":"Biotechnology"},"summary":"Market Dynamics weakened this week and remains below zero. Underlying support has contracted across the recent completed path. Price has moved below the distribution zone after Market Dynamics weakened.","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, Range position and boundary pressure, Acceleration, deceleration and rollover, Drawdown and recovery 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 weakened this week and remains below zero. 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A recovery in both price and Market Dynamics would challenge 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elevated relative to Market Dynamics","kind":"structuralDivergence","expectedDirection":"lower","episodes":5,"completedEpisodes":3,"activeEpisodes":2,"medianExpectedMove":5.4,"averageExpectedMove":5.3,"averageWeeksToLargestMove":7.0,"horizons":[{"weeks":4,"sample":4,"expectedCount":1,"expectedPercent":25.0,"averageReturn":2.6,"medianReturn":2.8,"confidenceLow":4.6,"confidenceHigh":69.9,"confidence":"Mixed historical record"},{"weeks":12,"sample":3,"expectedCount":0,"expectedPercent":0.0,"averageReturn":3.7,"medianReturn":3.8,"confidenceLow":0.0,"confidenceHigh":56.1,"confidence":"Mixed historical record"},{"weeks":26,"sample":2,"expectedCount":1,"expectedPercent":50.0,"averageReturn":-0.1,"medianReturn":-0.1,"confidenceLow":9.5,"confidenceHigh":90.5,"confidence":"Mixed historical 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warning","tone":"negative","headline":"Price has moved below distribution as Market Dynamics weakened","use":"The upward trend may still be visible, but this transition increases downside risk. Further price weakness would confirm the rollover.","confirm":"Further price weakness with weak Market Dynamics would confirm the rollover.","invalidate":"A recovery in both price and Market Dynamics would remove the rollover warning.","level":"negative","direction":"weakening","zone":"middle","zoneContext":"Price has moved down through distribution conditions as Market Dynamics contracted. The completed tape now carries a stronger continuation-risk warning.","historical":{"label":"Broad directional cases","weeks":12,"direction":"lower","percent":50.0,"averageReturn":0.8,"sample":14},"nowContext":{"label":"Easier this week","detail":"Market Dynamics weakened this week and remains below zero."},"fourWeekContext":{"label":"Weakened over four weeks","detail":"Underlying support has contracted across the recent completed path."},"priceContext":{"label":"Price has moved below distribution","detail":"Price left the upper zone as Market Dynamics weakened."}},"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, 50.0% of comparable cases moved lower after 12 weeks, with an average move of 0.8% across 14 cases.","watch":"A recovery in both price and Market Dynamics would remove the rollover warning."},{"eyebrow":"Zone positioning","title":"Use distribution to protect capital before considering the short case","tone":"negative","finding":"After distribution, 33.3% of completed 12-week outcomes were lower across 3 cases. Distinct visits lasted 5.2 weeks on average before leaving the zone.","approach":"Review long exposure and define the evidence that would confirm a rollover. Short exposure should begin only after price weakens and the loss limit is known.","watch":"A sustained repair in price and Market Dynamics invalidates the downside setup."},{"eyebrow":"Disagreement playbook","title":"Use unsupported price strength to tighten discipline","tone":"caution","finding":"Comparable disagreements produced an average pullback of 8.6% across 14 completed cases, with the largest move arriving after 7.6 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":"2025-12-12","price":233.824295},{"date":"2026-04-24","price":237.501083},{"date":"2026-07-10","price":237.100006},{"date":"2026-07-31","price":222.899994}],"price_pressure_gaps":[{"date":"2025-12-05","price":245.947784},{"date":"2026-01-09","price":253.201996},{"date":"2026-03-13","price":248.034607},{"date":"2026-05-29","price":251.699997},{"date":"2026-07-24","price":246.0}]}},"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":[158.4318,161.1388,157.8904,160.4005,160.1544,158.8256,163.7965,168.423,170.687,175.9533,177.5775,181.5149,164.6333,177.1838,182.4501,182.4008,177.8236,183.6805,189.6358,187.864,192.0475,179.6447,185.1078,185.2555,186.289,177.6267,178.9556,178.7095,185.5508,177.0361,175.9533,161.7786,148.293,131.4113,134.1675,148.7611,168.1388,153.382,157.5556,153.8788,158.8972,161.7293,162.4249,156.5122,169.1326,167.8407,169.8779,173.7534,177.0327,183.6907,183.3429,191.2927,196.0626,198.5966,205.6024,206.0993,202.025,195.6651,250.4196,254.3945,247.0409,241.6747,221.1046,225.2782,225.477,231.5387,238.9917,245.9478,233.8243,239.6873,234.023,232.7312,253.202,263.9343,255.7857,253.7982,260.3568,277.7471,274.3684,250.7177,249.4258,248.0346,245.0534,250.4196,262.8412,273.2753,262.2449,237.5011,229.75,234.1,237.0,242.0,251.7,261.0,274.9,249.7,258.5,259.5,237.1,239.3,246.0,222.9,223.1,212.3],"consensus":[63.4062,51.2313,12.3468,47.6225,23.4335,0.0,54.6648,54.6914,42.1617,60.4928,50.11,57.6295,-44.9536,54.5517,55.597,20.7346,0.0,51.7602,56.5503,25.6302,48.7122,-38.3617,27.5988,0.0,8.683,-40.4577,0.0,-14.0271,25.7964,-31.372,-20.9365,-70.377,-76.4468,-76.7489,-44.1329,0.0,50.5873,-35.8601,18.5136,-19.0521,12.1131,19.8322,0.0,-19.0312,46.9747,16.8978,26.0238,43.5952,35.8013,38.963,25.5109,53.5427,48.563,40.1948,61.1765,29.4758,10.774,-8.0626,85.0284,50.6065,17.1775,16.1381,-34.7548,15.1852,0.0,26.63,48.0444,41.143,-14.8128,39.5447,-13.5999,-16.2171,57.3899,58.6373,15.6713,19.0369,35.1214,66.6759,16.0997,-39.3885,-10.1358,-18.0438,-29.1773,13.2612,39.8556,51.4152,0.0,-58.7952,-45.6734,-16.785,-19.2339,11.7916,38.3374,33.9777,55.5845,-15.8523,24.3823,0.0,-54.7026,0.0,0.0,-63.003,-35.8917,-61.6739],"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":[47.9706,35.7941,64.2753,18.5117,3.5443,-10.1335,88.6975,44.7965,2.1598,0.8308,-27.8658,24.8445,0.0,38.3513,48.4988,36.2166,-24.037,46.2941,-16.8964,-14.6173,57.5608,63.607,9.6816,12.1945,36.9527,75.9119,5.1103,-38.568,-3.1259,-8.7743,-22.2966,18.2087,42.6118,53.1359,0.0,-56.4994,-39.1011,-5.842,-11.1586,15.6914,36.0275,34.3179,64.8685,-24.5516,29.4791,0.0,-59.8615,0.0,0.0,-53.1224,-37.2982,-64.7968],"force":[33.6945,20.2115,51.9332,2.6208,29.3442,-39.4733,97.4374,27.9087,32.876,28.1767,-88.5263,22.0009,0.0,30.8949,51.2549,38.0152,-51.8753,42.6279,-28.3443,-24.549,71.3718,57.1716,16.4362,0.4632,30.4084,72.1898,15.4663,-84.065,-8.3323,-16.7386,-32.8945,31.8411,51.4509,59.4623,0.0,-87.0309,-44.4669,-11.2501,-0.0276,34.206,64.156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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":"Control support is strengthening","forceState":"Downward commitment","forcePath":"Commitment is strengthening","directionState":"Downward follow-through","persistenceState":"Unsettled","confirmationState":"Strong support","riskState":"Contained","intensityState":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"-61.7","detail":"Joint downward confirmation","tone":"negative"},{"label":"SM Control Gauge","value":"-64.8","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-60.3","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction 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