{"schema_version":"1.0","name":"NAT8 Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"d1baf7a6-c445-404e-bf3a-cec3e3c4f121","symbol":"NAT8","name":"HANETF ICAV FUTURE OF DEFENCE S","exchange":"LSE","country":"GB","asset_type":"etf","currency":"GBP","sector":null,"industry":null},"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, Acceleration, deceleration and rollover, Drawdown and recovery pressure, Directional strength and control, Range position and boundary pressure, 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":"2026-08-21","observations":41,"displayedObservations":41,"assetType":"ETF","state":"Aligned upward","stateTone":"positive","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.","evidenceAlignment":{"status":"Underlying strength ahead of price","headline":"Positive Market Dynamics is leading the current price response","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.","take":"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.","tone":"positive","conflict":false},"marketDynamics":{"available":true,"readAvailable":true,"dates":["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","2026-08-21"],"values":[0.785459,1.084134,1.150719,1.081799,0.968835,0.96894,0.931496,0.890031,0.917891,0.842989,0.99927,1.171857,1.214135],"opens":[6.306,6.377,6.217,6.1797,5.908,6.452,6.275,6.096,6.12543,6.26,6.34,6.78731,6.905],"highs":[6.4665,6.381,6.26,6.1797,5.917,6.45737,6.276,6.096,6.206,6.26769,6.77642,6.97828,6.929],"lows":[6.20591,6.2695,6.1775,6.1725,5.83929,6.425,6.1485,6.096,6.055,6.094,6.3383,6.75574,6.44175],"closes":[6.4665,6.2695,6.1775,6.1725,5.917,6.439,6.1485,6.096,6.176,6.1695,6.7265,6.906,6.4665],"hoverRows":[[{"label":"Open","value":"6.31","className":"is-ohlc","compact":true},{"label":"High","value":"6.47","className":"is-ohlc","compact":true},{"label":"Low","value":"6.21","className":"is-ohlc","compact":true},{"label":"Close","value":"6.47","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.79","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"Reversal danger","className":"is-negative","wide":true}],[{"label":"Open","value":"6.38","className":"is-ohlc","compact":true},{"label":"High","value":"6.38","className":"is-ohlc","compact":true},{"label":"Low","value":"6.27","className":"is-ohlc","compact":true},{"label":"Close","value":"6.27","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"1.08","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"6.22","className":"is-ohlc","compact":true},{"label":"High","value":"6.26","className":"is-ohlc","compact":true},{"label":"Low","value":"6.18","className":"is-ohlc","compact":true},{"label":"Close","value":"6.18","className":"is-ohlc","compact":true},{"label":"Market 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Dynamics","value":"0.97","note":"Supportive but easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"6.45","className":"is-ohlc","compact":true},{"label":"High","value":"6.46","className":"is-ohlc","compact":true},{"label":"Low","value":"6.42","className":"is-ohlc","compact":true},{"label":"Close","value":"6.44","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.97","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"6.28","className":"is-ohlc","compact":true},{"label":"High","value":"6.28","className":"is-ohlc","compact":true},{"label":"Low","value":"6.15","className":"is-ohlc","compact":true},{"label":"Close","value":"6.15","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.93","note":"Supportive but easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"6.10","className":"is-ohlc","compact":true},{"label":"High","value":"6.10","className":"is-ohlc","compact":true},{"label":"Low","value":"6.10","className":"is-ohlc","compact":true},{"label":"Close","value":"6.10","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.89","note":"Supportive but easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"6.13","className":"is-ohlc","compact":true},{"label":"High","value":"6.21","className":"is-ohlc","compact":true},{"label":"Low","value":"6.05","className":"is-ohlc","compact":true},{"label":"Close","value":"6.18","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.92","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"6.26","className":"is-ohlc","compact":true},{"label":"High","value":"6.27","className":"is-ohlc","compact":true},{"label":"Low","value":"6.09","className":"is-ohlc","compact":true},{"label":"Close","value":"6.17","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.84","note":"Supportive but easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"6.34","className":"is-ohlc","compact":true},{"label":"High","value":"6.78","className":"is-ohlc","compact":true},{"label":"Low","value":"6.34","className":"is-ohlc","compact":true},{"label":"Close","value":"6.73","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"1.00","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"6.79","className":"is-ohlc","compact":true},{"label":"High","value":"6.98","className":"is-ohlc","compact":true},{"label":"Low","value":"6.76","className":"is-ohlc","compact":true},{"label":"Close","value":"6.91","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"1.17","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"6.91","className":"is-ohlc","compact":true},{"label":"High","value":"6.93","className":"is-ohlc","compact":true},{"label":"Low","value":"6.44","className":"is-ohlc","compact":true},{"label":"Close","value":"6.47","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"1.21","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}]],"pressureRange":[-2.3,2.3],"priceRange":[5.85766,6.96534],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"latest":1.214135,"state":"Positive Market Dynamics ahead of price","context":{"scenario":"dynamicsAhead","latestDirection":"slight strengthening","fourWeekDirection":"strengthening","now":{"label":"Slightly stronger this week","detail":"Market Dynamics strengthened this week and remains positive."},"fourWeek":{"label":"Strengthened over four weeks","detail":"Underlying support has strengthened across the recent completed path."},"price":{"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."}},"diagnosis":{"label":"Underlying strength ahead of price","detail":"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.","tone":"positive"},"chartSummary":"Price is between the outer positioning zones. The Market Dynamics bars show whether underlying support is strengthening or weakening.","summary":"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.","annotations":[{"label":"Current tape relationship","value":"Underlying strength ahead of price","detail":"Market Dynamics strengthened this week and remains positive.","tone":"positive"},{"label":"Price location","value":"Between zones","detail":"Price is travelling between the two major positioning zones.","tone":"neutral"},{"label":"Latest positioning marker","value":"None in view","detail":"Entering the lower zone alone does not create a positioning confirmation.","tone":"neutral"},{"label":"Market Dynamics confirmation","value":"Leading price","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.","tone":"positive"}],"relationshipEvidence":{"available":false,"observations":13,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[],"reversal_dangers":[{"date":"2026-05-29","price":6.4665}]}},"smTape":{"available":true,"dates":["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","2026-08-21"],"close":[7.515,7.0032,7.1512,7.2676,5.55,5.5525,5.5735,5.5395,6.1195,6.294,6.116,5.8705,5.667,5.679,5.9095,5.6785,5.742,5.8475,5.6925,5.357,5.7205,5.497,5.71,5.439,5.4705,5.609,5.8605,6.151,6.4665,6.2695,6.1775,6.1725,5.917,6.439,6.1485,6.096,6.176,6.1695,6.7265,6.906,6.4665],"consensus":[-100.0,-100.0,100.0,69.9865,-99.9917,-35.2468,-62.8287,-42.9265,27.7482,21.1532,-21.7211,-41.4283,-54.5383,-41.8912,0.0,-55.6004,-21.7047,10.6294,-52.9146,-69.5501,28.358,-55.3479,27.1258,-49.0247,-8.0892,9.9522,41.0901,69.3051,73.2307,10.8607,11.4483,8.3918,-17.2624,45.7418,-18.6845,0.0,31.796,0.0,76.4277,65.213,16.6635],"supportDates":["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","2026-08-21"],"control":[null,null,null,null,null,-15.0848,-59.1976,-27.5538,23.2315,11.7898,-38.5783,-67.8094,-54.2747,-36.031,0.0,-48.0056,-41.543,0.3524,-52.1364,-74.9645,29.8425,-50.6929,24.5174,-59.136,-1.0483,5.997,42.8693,65.0962,77.1145,10.4421,7.1731,2.3775,-6.271,47.4422,-29.3161,0.0,28.3916,0.0,75.6192,59.3306,28.598],"force":[-100.0,-100.0,100.0,69.9865,-99.9958,-4.7431,-37.2167,-9.6352,93.7857,60.5869,-11.9959,-24.7576,-31.0915,-10.8302,0.0,-67.662,-6.625,46.8318,-79.3799,-88.0269,83.0883,-83.3366,74.2138,-75.5835,-13.5135,26.6374,50.2891,89.6904,73.7366,26.0989,15.0349,11.714,-33.0376,32.573,-51.4099,0.0,33.409,0.0,94.7713,70.3683,77.1556],"direction":[null,null,null,null,-99.9887,-86.8534,-85.2729,-84.2747,14.2596,3.6873,-9.4024,-23.1861,-71.5874,-70.775,0.0,-55.6646,-19.2679,2.6789,-34.9002,-50.1644,12.4316,-40.676,3.5273,-18.4985,-33.9626,2.5544,32.4861,59.5544,68.4308,61.6065,51.6466,35.0607,-18.556,53.2049,-16.8411,0.0,34.5345,0.0,64.2491,68.2534,40.1847],"intensity":[null,null,null,null,100.0,100.0,16.6667,14.2857,75.0,55.5556,40.0,54.5455,50.0,23.0769,42.8571,46.6667,25.0,11.7647,33.3333,68.4211,75.0,42.8571,40.9091,56.5217,54.1667,36.0,53.8462,62.963,82.1429,34.4828,16.6667,6.4516,68.75,93.9394,61.7647,31.4286,13.8889,2.7027,89.4737,84.6154,85.0],"confirmation":[54.6667,54.6667,54.6667,45.0624,77.3309,56.7127,87.38,80.9561,36.6695,53.4468,74.3975,80.347,84.7417,80.5479,35.7867,86.2754,52.5265,27.9854,85.7511,90.7366,36.0387,86.6353,56.2409,84.3433,5.1759,26.4201,81.4021,90.863,91.3901,33.1357,7.8778,5.2429,51.5056,82.2101,33.0738,24.3143,78.2758,24.6489,93.0282,89.1149,46.2334],"persistence":[null,null,33.3333,0.0,20.0,33.3333,42.8571,50.0,25.0,0.0,25.0,50.0,50.0,50.0,37.5,37.5,62.5,62.5,62.5,62.5,37.5,37.5,25.0,25.0,25.0,25.0,0.0,25.0,25.0,50.0,50.0,75.0,75.0,75.0,50.0,37.5,37.5,25.0,25.0,25.0,25.0],"assessmentRisk":[null,null,null,null,0.5429,30.7812,17.7491,28.1585,21.4746,31.069,47.2345,47.2091,7.0772,20.5355,22.3406,9.8762,18.1503,27.1351,11.0515,8.7247,18.2824,18.886,9.4751,42.3765,37.235,19.3164,8.975,15.1596,13.369,44.1869,37.6809,0.3899,40.6221,7.0708,3.6047,14.6483,24.355,39.427,10.446,17.1667,46.3247],"volumeParticipation":true,"latest":{"consensus":16.7,"control":28.6,"force":77.2,"direction":40.2,"confirmation":46.2,"persistence":25.0,"assessmentRisk":46.3,"intensity":85.0,"evidenceDepth":100},"analysis":{"status":"Joint upward confirmation","headline":"The gauges support the upward market view","summary":"Price structure and Market Dynamics agree. Control, force and direction support the same upward assessment.","take":"Current assessment: upward pressure has broad support.","tone":"positive","supportedView":"Price structure and Market Dynamics","direction":"upward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Buyer control supports the view","controlPath":"Broadly stable","forceState":"Upward commitment","forcePath":"Commitment is strengthening","directionState":"Upward follow-through","persistenceState":"Unsettled","confirmationState":"Qualified support","riskState":"Present","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"+16.7","detail":"Joint upward confirmation","tone":"positive"},{"label":"SM Control Gauge","value":"+28.6","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+77.2","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+40.2","detail":"Upward follow-through","tone":"positive"},{"label":"SM Confirmation Gauge","value":"46/100","detail":"Qualified support","tone":"neutral"}]},"kpis":[{"label":"Price structure","value":"Aligned upward","detail":"completed-week alignment","tone":"positive"},{"label":"Momentum","value":"48.4","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"4.4%","detail":"Normal","tone":"neutral"},{"label":"Trend quality","value":"21.4","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"69%","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 trend references are aligned 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impulse path separates directional acceleration from a loss of momentum.","reason":"Selected because the latest impulse is unusually active or is approaching a change of 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