{"schema_version":"1.0","name":"MTLS Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-14","ticker":{"uuid":"da1ef212-ae70-4a22-a9ee-e6e24e697071","symbol":"MTLS","name":"MATERIALISE NV","exchange":"BRU","country":"BE","asset_type":"equity","currency":"EUR","sector":"Technology","industry":"Software - Application"},"summary":"Market Dynamics eased this week but remains positive. Underlying support has contracted across the recent completed path. The upward price structure remains intact, but its underlying support has 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, Activity pressure and cumulative balance, Directional strength and control, Range pressure and compression, Acceleration, deceleration and rollover, Drawdown and recovery pressure."},{"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":39,"displayedObservations":39,"assetType":"Equity","state":"Aligned upward","stateTone":"positive","summary":"Market Dynamics eased this week but remains positive. 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Price confirmation now carries more weight.","historical":{"label":"Broad directional cases","weeks":12,"sample":0},"nowContext":{"label":"Easier this week","detail":"Market Dynamics eased this week but remains positive."},"fourWeekContext":{"label":"Weakened over four weeks","detail":"Underlying support has contracted across the recent completed path."},"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":"Disagreement playbook","title":"Use improving Market Dynamics to prepare, not anticipate","tone":"recovery","finding":"Comparable disagreements produced an average recovery of 38.6% across 3 completed cases, with the largest move arriving after 8.3 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":"2026-06-26","price":6.1},{"date":"2026-08-07","price":5.95}],"reversal_warnings":[{"date":"2026-06-05","price":5.8},{"date":"2026-07-03","price":6.65}],"reversal_dangers":[{"date":"2026-06-19","price":5.65},{"date":"2026-07-10","price":6.3}]}},"smTape":{"available":true,"dates":["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":[5.18,5.24,5.106,4.8115,4.8525,4.88,4.6705,4.9545,4.9,4.8,4.62,4.72,4.75,4.9,4.44,4.6,4.77,4.58,4.6,4.76,4.6,4.7,4.6,4.56,4.78,4.96,5.1,5.6,5.8,5.8,5.65,6.1,6.65,6.3,5.8,5.8,5.6,5.95,5.8],"consensus":[-95.3488,-75.6098,-44.0,-54.5969,-35.5346,-18.5559,-50.6906,23.9407,0.0,-24.231,-38.1133,0.0,-17.9541,14.1114,-56.0285,0.0,16.2712,-25.4356,0.0,20.267,-21.7726,13.6084,-19.8726,-24.6576,20.0313,35.2915,39.8608,72.979,39.4653,48.4196,12.5195,61.6645,69.9667,25.2361,-16.784,0.0,-30.8168,27.7013,12.9595],"supportDates":["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":[null,null,null,null,null,-9.0496,-54.6875,15.8201,0.0,-23.8613,-40.6428,0.0,-16.3859,11.6228,-48.5906,0.0,13.6688,-23.5734,0.0,24.2111,-24.3124,13.5362,-28.7159,-27.322,14.9205,34.295,40.2947,71.6325,33.2793,52.1374,6.1039,69.1928,79.8928,16.202,-26.3916,0.0,-24.9624,41.553,21.8324],"force":[-95.3488,-75.6098,-44.0,-54.5969,-3.3014,-4.7126,-38.0006,63.9265,0.0,-25.6512,-40.5962,0.0,-13.3844,22.882,-84.4136,0.0,42.8,-26.8956,0.0,28.0472,-23.9466,25.0321,-22.7655,-27.9054,31.581,41.6909,33.5219,92.0655,15.1976,21.7451,18.9682,46.8768,51.9901,12.6932,-61.5159,0.0,-51.529,34.7185,27.9389],"direction":[null,null,null,null,-58.5583,-39.3084,-55.1872,4.66,0.0,-23.6392,-33.4489,0.0,-23.0105,10.6909,-44.2538,0.0,0.2962,-26.5209,0.0,10.2022,-17.3171,5.5312,-7.6998,-19.2928,17.6226,31.8594,43.8928,60.8845,63.869,63.2237,56.2946,63.6233,71.4632,62.6532,-26.1475,0.0,-22.7132,6.8586,7.8804],"intensity":[null,null,null,null,50.0,40.0,50.0,100.0,75.0,33.3333,40.0,45.4545,83.3333,30.7692,100.0,86.6667,56.25,47.0588,5.5556,31.5789,35.0,23.8095,31.8182,8.6957,58.3333,48.0,61.5385,100.0,100.0,62.069,23.3333,90.3226,100.0,81.8182,100.0,77.1429,41.6667,81.0811,55.2632],"confirmation":[53.1783,46.8618,36.7467,40.1377,32.5642,50.9942,83.7734,54.3367,2.0289,75.8028,80.2334,6.5805,73.63,72.8209,86.9075,5.3572,51.3883,76.2123,24.6821,74.6625,74.9948,50.0373,51.646,75.9488,74.8399,79.5035,80.5557,91.9555,79.9836,82.6247,8.6791,87.1672,89.6902,32.4318,34.8325,24.6795,78.5818,54.2005,59.4828],"persistence":[null,null,100.0,100.0,100.0,100.0,100.0,75.0,62.5,62.5,62.5,50.0,50.0,25.0,25.0,37.5,25.0,25.0,12.5,0.0,0.0,0.0,0.0,12.5,12.5,12.5,25.0,25.0,50.0,50.0,75.0,100.0,100.0,100.0,75.0,62.5,37.5,37.5,12.5],"assessmentRisk":[null,null,null,null,31.1797,40.219,24.4877,21.0163,16.8938,10.9141,3.588,43.0357,28.8662,21.5165,8.835,25.7271,2.9052,33.5908,32.1507,23.8002,25.9331,21.9425,9.9363,28.1916,27.437,26.1709,29.5445,13.5097,30.2662,25.7817,43.5545,18.514,14.9541,35.4643,31.1776,40.2706,34.4781,54.0031,6.4798],"volumeParticipation":true,"latest":{"consensus":13.0,"control":21.8,"force":27.9,"direction":7.9,"confirmation":59.5,"persistence":12.5,"assessmentRisk":6.5,"intensity":55.3,"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 easing","directionState":"Follow-through is limited","persistenceState":"Unsettled","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"+13.0","detail":"Joint upward confirmation","tone":"positive"},{"label":"SM Control Gauge","value":"+21.8","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+27.9","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+7.9","detail":"Follow-through is limited","tone":"positive"},{"label":"SM Confirmation Gauge","value":"59/100","detail":"Qualified support","tone":"neutral"}]},"kpis":[{"label":"Price structure","value":"Aligned upward","detail":"completed-week alignment","tone":"positive"},{"label":"Momentum","value":"56.9","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"6.7%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"28.5","detail":"Directional","tone":"positive"},{"label":"Range position","value":"64%","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 upward.","series":[{"label":"Close","values":[5.18,5.24,5.106,4.8115,4.8525,4.88,4.6705,4.9545,4.9,4.8,4.62,4.72,4.75,4.9,4.44,4.6,4.77,4.58,4.6,4.76,4.6,4.7,4.6,4.56,4.78,4.96,5.1,5.6,5.8,5.8,5.65,6.1,6.65,6.3,5.8,5.8,5.6,5.95,5.8],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,5.0626,5.0294,4.9641,4.9624,4.951,4.9236,4.8684,4.8414,4.8248,4.8385,4.766,4.7358,4.742,4.7126,4.6921,4.7045,4.6855,4.6881,4.6721,4.6517,4.675,4.7268,4.7947,4.9411,5.0973,5.225,5.3023,5.4473,5.666,5.7813,5.7847,5.7875,5.7534,5.7891,5.7911],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,4.9679,4.9629,4.9242,4.9002,4.8905,4.8675,4.8477,4.8412,4.8233,4.8142,4.7983,4.7807,4.7806,4.7939,4.8166,4.8746,4.9432,5.0066,5.0543,5.1318,5.2442,5.3224,5.3578,5.3906,5.4061,5.4464,5.4726],"stroke":"#07865c","width":1.8},{"label":"Upper envelope","values":[null,null,null,null,null,null,null,null,null,5.2842,5.2869,5.2701,5.2524,5.2402,5.2639,5.2538,5.2387,5.2302,5.2196,5.2074,5.149,5.0563,4.9902,4.9839,4.9746,4.9909,5.0585,5.2576,5.4772,5.6543,5.7676,5.9748,6.2997,6.4767,6.5321,6.5837,6.611,6.6612,6.6799],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower envelope","values":[null,null,null,null,null,null,null,null,null,4.5948,4.534,4.5191,4.5146,4.529,4.4461,4.4243,4.4313,4.4115,4.3988,4.4061,4.4065,4.4452,4.4607,4.4418,4.4439,4.4356,4.411,4.2764,4.1468,4.0697,4.0594,3.9902,3.8553,3.8183,3.8989,3.9673,4.023,4.1098,4.2111],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["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"]},{"key":"participation","eyebrow":"Participation","title":"Activity pressure and cumulative balance","description":"Observed activity is compared with its normal backdrop while cumulative balance tracks directional participation.","reason":"Selected because participation is confirming or diverging from the latest price path.","series":[{"label":"Activity versus norm","values":[null,null,null,null,null,null,null,244.2319,96.7649,112.1068,87.6045,170.8825,99.3174,74.032,176.8678,46.4455,180.4605,36.4227,54.3558,5.4897,22.2436,65.1612,10.9586,72.9303,93.434,67.0438,28.3278,192.0913,14.1646,34.0402,1.6621,9.0727,9.6297,0.3242,56.0728,43.3498,90.7649,30.771,15.3711],"stroke":"#1678a7","width":1.8},{"label":"Cumulative balance","values":[null,null,null,null,null,null,null,135.0,125.4315,114.1947,105.5214,123.605,134.1092,135.0,118.7459,122.8671,135.0,132.1101,135.0,135.0,133.468,135.0,134.3513,129.9724,135.0,135.0,135.0,135.0,135.0,135.0,134.948,135.0,135.0,134.9924,133.8828,133.8828,132.4723,132.9317,132.7194],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Typical activity","values":[100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["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"]},{"key":"directional","eyebrow":"Trend quality","title":"Directional strength and control","description":"Directional pressure shows which side controls the tape while strength remains direction-neutral.","reason":"Selected because directional control or trend strength is materially changing.","series":[{"label":"Trend strength","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,7.956,10.5878,13.8845,16.9458,19.7883,23.0186,26.5863,29.6039,29.5608,29.3297,28.5487,28.5177,28.489],"stroke":"#10243b","width":2.0},{"label":"Positive direction","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,10.5812,9.1158,8.5575,12.4281,11.5526,11.177,10.6481,10.15,11.1779,10.6439,10.0101,11.0814,12.1192,12.212,19.795,25.2021,24.2922,23.6038,27.8873,34.1004,31.9423,28.6007,27.3183,25.8221,28.625,27.5714],"stroke":"#07865c","width":1.6},{"label":"Negative direction","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,9.5638,15.1637,14.2349,12.9644,14.4566,13.3453,12.7138,12.1191,11.2072,10.6718,10.7806,9.9437,8.9464,8.3505,7.5459,6.9554,6.7042,6.5143,5.9129,5.3299,5.8967,15.7412,15.9322,17.7981,16.0613,15.4701],"stroke":"#c13f3f","width":1.6}],"guides":[],"dates":["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"]},{"key":"volatility","eyebrow":"Risk geometry","title":"Range pressure and compression","description":"Movement pressure and envelope width show whether risk is expanding, settling or compressed.","reason":"Selected because current variability is unusually compressed or expanded versus this ticker's own tape.","series":[{"label":"Range pressure","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,7.8126,9.2932,8.8727,8.724,9.0763,9.0901,8.5623,8.6309,8.4822,8.4513,8.4177,8.0843,8.0409,7.7798,7.2806,7.0816,6.8221,6.6926,6.3416,5.9924,6.2703,7.0633,6.8666,6.9865,6.7661,6.6916],"stroke":"#c13f3f","width":1.9},{"label":"Envelope width","values":[null,null,null,null,null,null,null,null,null,13.9549,15.3335,15.3437,15.1086,14.5596,16.8457,17.1415,16.6979,16.9814,17.0685,16.6688,15.54,12.8639,11.2071,11.5032,11.2705,11.7829,13.6753,20.5847,27.648,32.5906,34.7674,39.8301,48.1422,51.6448,50.4866,49.5969,48.6759,47.3737,45.3382],"stroke":"#b87806","width":1.7}],"guides":[],"dates":["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"]},{"key":"impulse","eyebrow":"Price impulse","title":"Acceleration, deceleration and rollover","description":"The 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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