{"schema_version":"1.0","name":"SEM Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-14","ticker":{"uuid":"c94a5a2f-0457-484b-8782-9aac0956200e","symbol":"SEM","name":"Semapa - Sociedade de Investimento e Gestão, SGPS, S.A.","exchange":"LIS","country":"PT","asset_type":"equity","currency":"EUR","sector":"Basic Materials","industry":"Paper & Paper Products"},"summary":"Market Dynamics weakened this week and remains below zero. The broader path remains constructive, so one softer week does not by itself establish weakening confirmation. 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evidence"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":-2.4,"sample":4},{"week":2,"averageReturn":-5.2,"sample":4},{"week":3,"averageReturn":-5.2,"sample":4},{"week":4,"averageReturn":-8.1,"sample":4},{"week":5,"averageReturn":-7.9,"sample":4},{"week":6,"averageReturn":-9.1,"sample":4},{"week":7,"averageReturn":-9.7,"sample":4},{"week":8,"averageReturn":-11.4,"sample":4},{"week":9,"averageReturn":-11.9,"sample":4},{"week":10,"averageReturn":-10.5,"sample":3},{"week":11,"averageReturn":-10.4,"sample":3},{"week":12,"averageReturn":-10.7,"sample":3},{"week":13,"averageReturn":-9.2,"sample":2},{"week":14,"averageReturn":-8.3,"sample":2},{"week":15,"averageReturn":-7.4,"sample":1},{"week":16,"averageReturn":-4.0,"sample":1},{"week":17,"averageReturn":-8.8,"sample":1},{"week":18,"averageReturn":-13.2,"sample":1},{"week":19,"averageReturn":-14.4,"sample":1},{"week":20,"averageReturn":-15.0,"sample":1},{"week":21,"averageReturn":-16.7,"sample":1},{"week":22,"averageReturn":-17.9,"sample":1},{"week":23,"averageReturn":-17.3,"sample":1},{"week":24,"averageReturn":-17.5,"sample":1},{"week":25,"averageReturn":-16.5,"sample":1},{"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":"weakening","zone":"middle","zoneContext":"Market Dynamics remains below zero, but it has improved across the recent completed path. This is an early repair watch until price confirms it.","historical":{"label":"Broad directional cases","weeks":12,"sample":0},"nowContext":{"label":"Slightly easier this week","detail":"Market Dynamics weakened this week and remains below zero."},"fourWeekContext":{"label":"Strengthened over four weeks","detail":"The broader path remains constructive, so one softer week does not by itself establish weakening confirmation."},"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":"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 4 cases. Distinct visits lasted 9.8 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 10.3% across 19 completed cases, with the largest move arriving after 8.6 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":[{"date":"2025-01-31","price":14.485766}],"distribution_rollovers":[{"date":"2026-03-06","price":22.1},{"date":"2026-06-05","price":22.496218},{"date":"2026-06-19","price":22.15}],"price_pressure_gaps":[{"date":"2026-02-20","price":24.299999},{"date":"2026-05-08","price":23.031841},{"date":"2026-05-22","price":22.983149},{"date":"2026-06-12","price":23.324001}]}},"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":[13.7914,13.9264,13.7142,14.0614,13.9264,13.9457,14.0807,14.4472,14.2929,14.1386,13.9071,13.6178,13.7914,13.502,13.2899,13.2513,13.232,13.0584,13.502,13.8878,13.7335,14.0614,14.1,14.4858,15.2959,15.4116,15.1994,14.5051,14.6979,14.4665,14.7558,14.9487,14.4472,14.9255,15.1724,15.5794,16.5921,16.6268,17.3405,17.2826,16.9933,16.974,16.3,16.38,16.92,17.18,17.3,17.36,17.34,17.5,18.24,17.84,18.08,17.66,17.76,17.84,17.84,18.22,18.5,18.72,17.9,18.1,18.1,17.66,17.62,16.32,16.86,17.14,17.24,20.55,22.0,21.55,21.55,22.0,21.85,22.4,22.35,23.45,24.3,23.75,22.1,21.45,20.65,21.55,22.2,22.7,21.9119,21.6197,22.5936,23.0318,22.3988,22.9831,23.1292,22.4962,23.324,22.15,21.1,20.8,20.65,20.25,19.96,20.1,20.05,20.3],"consensus":[-18.2769,0.0,-27.3662,29.0299,-13.2837,0.0,19.4176,42.5599,0.0,-10.8565,-32.1911,-44.603,0.0,-48.9519,-49.0674,-33.9219,-32.4064,-41.1016,24.4436,44.4701,0.0,52.7213,33.5928,55.7482,76.62,51.6825,18.3828,-29.0514,9.1259,-22.8025,25.5219,29.6079,-35.3656,46.4931,38.831,54.4427,75.1937,43.3742,66.8145,30.4519,11.107,28.5453,-34.8139,8.7425,43.7416,35.4232,39.8759,28.7688,21.2262,32.6538,67.2706,9.6575,47.8561,-8.1399,13.7368,11.1326,0.0,41.3761,52.6441,43.6903,-26.9656,17.3771,0.0,-39.1025,-18.0375,-69.7089,0.0,0.0,0.0,64.1798,79.1399,31.4992,41.8026,56.0165,26.0954,54.9694,29.2084,69.6673,72.4211,10.5028,-27.4635,-34.0677,-46.2602,12.9261,22.6411,30.2146,0.0,-19.2479,36.3445,28.3381,-11.533,36.8957,20.6832,-9.9702,42.5729,-20.1176,-52.3288,-34.393,-40.9187,-48.3386,-50.6937,-25.0663,-31.6034,-6.0095],"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":[54.2327,-15.6222,25.8085,12.5019,0.0,42.7935,59.7052,39.9228,-33.714,22.9984,0.0,-34.0761,-15.4703,-63.5888,0.0,0.0,0.0,50.1799,84.2051,30.0746,38.6258,55.9869,33.9681,58.3136,23.7609,75.3763,77.895,3.5689,-26.5346,-28.1965,-39.6666,25.8307,28.1829,29.752,0.0,-25.2493,44.5372,31.5114,-16.5388,34.5311,20.8324,-6.9753,49.6785,-11.9455,-58.8413,-29.072,-39.8263,-45.0372,-50.2611,-22.4938,-30.7098,-3.4892],"force":[39.0978,-35.0529,8.4524,1.3859,0.0,42.9707,50.4861,42.2035,-55.091,28.1139,0.0,-52.5374,-10.9149,-87.7993,0.0,0.0,0.0,92.5122,87.4769,14.927,13.3315,44.2096,7.9153,44.4393,0.6,67.7178,69.1021,37.5383,-77.5576,-52.0666,-56.8192,44.4392,30.3683,27.1964,0.0,-24.2539,47.0305,27.9759,-36.3381,48.1554,14.3584,-17.7622,46.6302,-27.9914,-44.6659,-16.2869,-20.8519,-38.6592,-42.9327,-3.1826,-14.2008,-18.7516],"direction":[46.8246,-19.635,3.7151,16.5296,0.0,38.6173,46.1157,49.0581,-0.8364,3.2837,0.0,-35.2505,-26.0589,-63.7815,0.0,0.0,0.0,59.9423,67.3961,66.2889,65.7697,64.4838,41.3915,58.6691,55.8687,64.5352,68.5358,60.8998,-7.2565,-27.9213,-46.2536,24.3313,10.7881,32.8992,0.0,-8.8135,19.3484,24.9703,-11.9058,31.5554,25.0304,-7.8271,31.5542,-23.8331,-50.3594,-53.4072,-56.5007,-59.0255,-56.7316,-48.1841,-45.0552,-26.5763],"intensity":[32.6923,55.7692,48.0769,55.7692,19.2308,51.9231,36.5385,80.7692,90.3846,78.8462,1.9231,53.8462,17.3077,98.0769,80.7692,40.3846,17.3077,100.0,98.0769,78.8462,21.1538,50.0,21.1538,65.3846,50.0,90.3846,84.6154,78.8462,96.1538,76.9231,90.3846,82.6923,94.2308,63.4615,86.5385,50.0,84.6154,84.6154,59.6154,57.6923,80.7692,73.0769,71.1538,88.4615,82.6923,44.2308,3.8462,51.9231,26.9231,26.9231,7.6923,19.2308],"confirmation":[82.9499,30.1664,49.3841,48.5779,25.2712,81.2674,84.6727,81.993,54.8951,51.1356,25.6295,80.9988,73.594,90.9514,33.7278,30.9693,4.3252,89.6143,93.5017,34.5377,80.5576,85.5659,54.216,85.2183,53.8911,90.1471,90.9902,10.8807,57.2105,79.5397,83.2255,32.7575,75.3962,77.5837,24.7641,74.2204,79.8311,77.0088,29.5768,80.1858,74.4236,26.1402,81.6387,74.8021,84.4124,78.535,80.4991,83.2237,83.992,53.2118,77.5963,13.2072],"persistence":[100.0,75.0,75.0,75.0,62.5,62.5,62.5,62.5,37.5,62.5,50.0,25.0,12.5,12.5,25.0,37.5,25.0,25.0,12.5,12.5,37.5,62.5,75.0,87.5,100.0,100.0,100.0,100.0,75.0,50.0,25.0,25.0,25.0,25.0,12.5,12.5,12.5,37.5,37.5,37.5,37.5,12.5,25.0,25.0,0.0,25.0,25.0,50.0,75.0,75.0,100.0,87.5],"assessmentRisk":[24.4991,24.4784,49.9751,5.5663,31.8473,27.2858,23.0776,27.9173,21.2558,23.8024,41.9063,30.2286,25.4186,15.0975,47.2059,38.9658,29.3479,17.8842,10.4229,34.2188,29.0603,15.973,20.0615,5.7509,17.6328,9.1578,13.2817,38.7826,2.9304,29.7913,26.8555,56.1536,4.8807,30.979,44.353,13.9233,3.6965,4.4872,32.7532,28.5357,19.5369,28.7738,23.1528,31.4531,23.4663,32.025,29.5034,25.5232,21.6328,29.1568,23.8269,7.4818],"volumeParticipation":true,"latest":{"consensus":-6.0,"control":-3.5,"force":-18.8,"direction":-26.6,"confirmation":13.2,"persistence":87.5,"assessmentRisk":7.5,"intensity":19.2,"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":"Control support is limited","controlPath":"Control support is easing","forceState":"Downward commitment","forcePath":"Commitment is easing","directionState":"Downward follow-through","persistenceState":"Established","confirmationState":"Limited support","riskState":"Contained","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"-6.0","detail":"Joint downward confirmation","tone":"negative"},{"label":"SM Control Gauge","value":"-3.5","detail":"Control support is limited","tone":"negative"},{"label":"SM Force Gauge","value":"-18.8","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-26.6","detail":"Downward 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