{"schema_version":"1.0","name":"NCYT Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-14","ticker":{"uuid":"c97b08b1-ca86-4f3d-bea3-30fcab9ca943","symbol":"NCYT","name":"Novacyt S.A.","exchange":"LSE","country":"GB","asset_type":"equity","currency":"GBP","sector":"Healthcare","industry":"Medical Devices"},"summary":"The technical trend and the underlying tape are moving in opposite directions. Price is holding its upward structure without confirmation from Market Dynamics.","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, Drawdown and recovery pressure, Strength versus the research benchmark, Directional strength and control, Acceleration, deceleration and rollover, Activity pressure and cumulative balance."},{"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 upward","stateTone":"positive","summary":"The technical trend and the underlying tape are moving in opposite directions. 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adverse"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":-1.3,"sample":16},{"week":2,"averageReturn":-8.7,"sample":16},{"week":3,"averageReturn":-7.8,"sample":16},{"week":4,"averageReturn":-5.5,"sample":16},{"week":5,"averageReturn":-8.1,"sample":16},{"week":6,"averageReturn":-9.7,"sample":16},{"week":7,"averageReturn":-11.3,"sample":16},{"week":8,"averageReturn":-7.9,"sample":16},{"week":9,"averageReturn":-6.3,"sample":16},{"week":10,"averageReturn":-9.0,"sample":16},{"week":11,"averageReturn":-10.8,"sample":15},{"week":12,"averageReturn":-11.0,"sample":15},{"week":13,"averageReturn":-6.1,"sample":15},{"week":14,"averageReturn":-6.1,"sample":15},{"week":15,"averageReturn":-9.1,"sample":15},{"week":16,"averageReturn":-12.8,"sample":15},{"week":17,"averageReturn":-13.3,"sample":15},{"week":18,"averageReturn":-17.7,"sample":15},{"week":19,"averageReturn":-20.3,"sample":15},{"week":20,"averageReturn":-22.4,"sample":15},{"week":21,"averageReturn":-19.2,"sample":15},{"week":22,"averageReturn":-23.0,"sample":15},{"week":23,"averageReturn":-24.2,"sample":15},{"week":24,"averageReturn":-25.0,"sample":15},{"week":25,"averageReturn":-24.6,"sample":15},{"week":26,"averageReturn":-25.1,"sample":15}]}},"pricePressureGap":{"label":"Price elevated relative to Market Dynamics","kind":"structuralDivergence","expectedDirection":"lower","episodes":1,"completedEpisodes":1,"activeEpisodes":0,"medianExpectedMove":47.7,"averageExpectedMove":47.7,"averageWeeksToLargestMove":12.0,"horizons":[{"weeks":4,"sample":1,"expectedCount":1,"expectedPercent":100.0,"averageReturn":-26.6,"medianReturn":-26.6,"confidenceLow":20.7,"confidenceHigh":100.0,"confidence":"Mixed historical record"},{"weeks":12,"sample":1,"expectedCount":1,"expectedPercent":100.0,"averageReturn":-47.7,"medianReturn":-47.7,"confidenceLow":20.7,"confidenceHigh":100.0,"confidence":"Mixed historical record"},{"weeks":26,"sample":1,"expectedCount":1,"expectedPercent":100.0,"averageReturn":-50.1,"medianReturn":-50.1,"confidenceLow":20.7,"confidenceHigh":100.0,"confidence":"Mixed historical record"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":0.0,"sample":1},{"week":2,"averageReturn":-14.7,"sample":1},{"week":3,"averageReturn":-30.8,"sample":1},{"week":4,"averageReturn":-26.6,"sample":1},{"week":5,"averageReturn":-36.7,"sample":1},{"week":6,"averageReturn":-37.2,"sample":1},{"week":7,"averageReturn":-42.4,"sample":1},{"week":8,"averageReturn":-42.8,"sample":1},{"week":9,"averageReturn":-42.0,"sample":1},{"week":10,"averageReturn":-42.5,"sample":1},{"week":11,"averageReturn":-46.5,"sample":1},{"week":12,"averageReturn":-47.7,"sample":1},{"week":13,"averageReturn":-52.0,"sample":1},{"week":14,"averageReturn":-50.2,"sample":1},{"week":15,"averageReturn":-49.2,"sample":1},{"week":16,"averageReturn":-41.6,"sample":1},{"week":17,"averageReturn":-47.8,"sample":1},{"week":18,"averageReturn":-48.6,"sample":1},{"week":19,"averageReturn":-43.5,"sample":1},{"week":20,"averageReturn":-38.8,"sample":1},{"week":21,"averageReturn":-41.8,"sample":1},{"week":22,"averageReturn":-47.1,"sample":1},{"week":23,"averageReturn":-45.3,"sample":1},{"week":24,"averageReturn":-47.8,"sample":1},{"week":25,"averageReturn":-49.0,"sample":1},{"week":26,"averageReturn":-50.1,"sample":1}]},"currentApplication":{"status":"Evidence conflict","tone":"negative","headline":"Market Dynamics is negative while price remains rotational","use":"Treat the pressure as context until price establishes a clear response.","confirm":"The gap can close through improving Market Dynamics or weakening price. Until one occurs, the upward structure carries elevated reversal risk and should not be read as fully aligned.","invalidate":"Reassess the reading when either price structure or the Market Dynamics state changes materially.","level":"negative","direction":"weakening","zone":"middle","zoneContext":"Price is between the accumulation and distribution zones. The Market Dynamics bars describe whether the current move is gaining or losing underlying support.","historical":{"label":"Broad directional cases","weeks":12,"direction":"lower","percent":65.2,"averageReturn":-7.5,"sample":23},"nowContext":{"label":"Slightly easier this week","detail":"Market Dynamics weakened this week and remains below zero."},"fourWeekContext":{"label":"Broadly steady over four weeks","detail":"The broader path has not changed enough to establish a new direction."},"priceContext":{"label":"Price structure is upward","detail":"Price is responding in the same broad direction as Market Dynamics."}},"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, 65.2% of comparable cases moved lower after 12 weeks, with an average move of -7.5% across 23 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, 100.0% of completed 12-week outcomes were higher across 2 cases. Distinct visits lasted 3.7 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 unsupported price strength to tighten discipline","tone":"caution","finding":"Comparable disagreements produced an average pullback of 22.2% across 23 completed cases, with the largest move arriving after 7.9 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":[{"date":"2026-05-15","price":0.454},{"date":"2026-07-03","price":0.345}],"distribution_rollovers":[],"price_pressure_gaps":[{"date":"2024-08-23","price":0.974}]}},"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":[0.974,0.974,0.831,0.674,0.715,0.617,0.612,0.561,0.557,0.565,0.56,0.521,0.509,0.468,0.485,0.495,0.569,0.508,0.5005,0.55,0.596,0.567,0.515,0.533,0.508,0.497,0.4865,0.4975,0.4955,0.5025,0.4575,0.4215,0.3855,0.4095,0.4105,0.3945,0.378,0.395,0.3865,0.42,0.483,0.476,0.46,0.4225,0.4215,0.4145,0.407,0.404,0.414,0.3955,0.38,0.4085,0.409,0.404,0.387,0.4125,0.398,0.3985,0.408,0.4145,0.406,0.4105,0.399,0.3965,0.387,0.398,0.3785,0.391,0.3845,0.3755,0.366,0.3595,0.3475,0.343,0.349,0.365,0.3445,0.3455,0.341,0.368,0.3415,0.3235,0.32,0.338,0.3325,0.33,0.317,0.317,0.266,0.467,0.454,0.485,0.499,0.395,0.362,0.35,0.337,0.345,0.345,0.4,0.38,0.366,0.38,0.453],"consensus":[31.795,52.6902,0.0,-43.8071,0.0,-43.6691,-20.8,-37.4491,-24.5404,-13.8516,-14.7579,-32.6341,-21.5447,-43.1106,-17.7742,0.0,29.6002,-25.0878,-9.8034,25.4612,27.1672,0.0,-23.5185,0.0,-28.2747,-21.0924,-22.8979,-13.0004,0.0,0.0,-35.6128,-42.1731,-50.8379,-12.0961,-27.3805,-28.3529,-28.7048,0.0,-22.6324,18.0377,36.5196,17.8909,0.0,-24.7877,-8.3622,-15.6239,-25.4479,-18.9205,0.0,-28.186,-35.3595,18.5934,0.0,0.0,-23.8591,20.4399,-16.7023,0.0,0.0,15.0431,0.0,11.1295,-20.9943,-15.973,-22.4831,0.0,-24.5347,9.72,-9.4348,-26.8543,-26.8958,-24.8926,-43.7332,-30.1797,-13.5314,12.7893,-31.319,0.0,-15.4196,34.1024,-31.3597,-43.5465,-25.1592,0.0,-18.2872,0.0,-25.001,-16.1324,-70.1022,59.5082,12.008,34.778,27.1164,-40.0524,-20.7832,-17.0733,-32.6259,-8.2649,-22.7033,46.8375,0.0,-11.114,23.1394,-57.3552],"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":[0.0,0.0,-34.2911,20.4931,-18.0991,0.0,0.0,18.7581,0.0,8.0759,-20.5102,-17.1215,-24.7044,0.0,-26.9775,13.2444,-10.6193,-27.0751,-30.895,-21.0915,-41.6836,-28.3602,-10.839,6.512,-36.1931,0.0,-14.1714,38.4235,-36.3802,-46.7702,-24.0548,0.0,-19.9183,0.0,-29.5645,-12.6512,-65.5886,41.2992,0.2083,19.1281,11.9622,-36.5491,-19.0499,-9.4685,-34.1115,-0.4126,-31.9451,44.2408,0.0,-19.0733,25.5515,-53.0401],"force":[0.0,0.0,-25.782,40.6236,-24.1994,0.0,0.0,17.7393,0.0,17.1989,-40.0998,-17.8341,-22.652,0.0,-19.9003,28.5162,-6.0953,-28.6525,-21.9333,-16.8261,-50.2264,-17.7748,-4.9046,44.2059,-38.2566,0.0,-7.5011,62.6914,-43.4773,-47.7333,-10.9348,0.0,-17.1631,0.0,-21.4685,-2.5069,-96.38,88.5599,21.8687,34.5783,13.2834,-89.1106,-19.883,-10.3054,-26.1731,-2.1453,-15.3935,82.8963,0.0,-16.5925,33.7107,-85.4544],"direction":[0.0,0.0,-10.5634,5.9621,-9.751,0.0,0.0,8.8716,0.0,10.284,-7.9007,-13.3311,-19.8238,0.0,-25.0531,7.7337,-10.4664,-25.3177,-25.8698,-34.9986,-41.4376,-41.1196,-29.7772,2.477,-20.7934,0.0,-22.5021,8.7431,-16.9665,-36.8718,-36.5818,0.0,-17.226,0.0,-22.3087,-29.8434,-56.4909,59.5674,50.1672,52.8061,54.3162,-9.0146,-23.407,-30.5988,-35.5373,-24.6748,-17.3625,24.0487,0.0,-1.8954,12.8318,-42.216],"intensity":[73.0769,3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Dynamics has stronger support","headline":"The gauges support the Market Dynamics view","summary":"Price structure and Market Dynamics disagree. The completed evidence gives the downward Market Dynamics view stronger support.","take":"Current assessment: the visible price structure remains vulnerable until Market Dynamics changes.","tone":"negative","supportedView":"Market Dynamics","direction":"downward","disagreement":true},"support":{"window":"Latest 12 months","controlState":"Seller control supports the view","controlPath":"Broadly stable","forceState":"Downward commitment","forcePath":"Broadly stable","directionState":"Downward follow-through","persistenceState":"Unsettled","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"-57.4","detail":"Market Dynamics has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-53.0","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-85.5","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-42.2","detail":"Downward follow-through","tone":"negative"},{"label":"SM Confirmation Gauge","value":"45/100","detail":"Qualified support","tone":"neutral"}]},"kpis":[{"label":"Price structure","value":"Aligned upward","detail":"completed-week alignment","tone":"positive"},{"label":"Momentum","value":"59.9","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"14.7%","detail":"Normal","tone":"neutral"},{"label":"Trend quality","value":"33.8","detail":"Directional","tone":"positive"},{"label":"Range position","value":"31%","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 and its 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