{"schema_version":"1.0","name":"AZE Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-14","ticker":{"uuid":"dc91ac9c-54f9-4442-bb3b-755851cefc9e","symbol":"AZE","name":"Azelis Group NV","exchange":"BRU","country":"BE","asset_type":"equity","currency":"EUR","sector":"Basic Materials","industry":"Specialty Chemicals"},"summary":"Market Dynamics strengthened this week and remains positive. Underlying support has strengthened across the recent completed path. 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adverse"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":0.7,"sample":16},{"week":2,"averageReturn":0.9,"sample":16},{"week":3,"averageReturn":1.4,"sample":16},{"week":4,"averageReturn":1.3,"sample":16},{"week":5,"averageReturn":-1.0,"sample":16},{"week":6,"averageReturn":0.2,"sample":16},{"week":7,"averageReturn":0.6,"sample":15},{"week":8,"averageReturn":-0.9,"sample":15},{"week":9,"averageReturn":-1.8,"sample":15},{"week":10,"averageReturn":-2.0,"sample":15},{"week":11,"averageReturn":-2.3,"sample":15},{"week":12,"averageReturn":-1.2,"sample":15},{"week":13,"averageReturn":-4.0,"sample":14},{"week":14,"averageReturn":-5.1,"sample":14},{"week":15,"averageReturn":-4.5,"sample":14},{"week":16,"averageReturn":-4.9,"sample":14},{"week":17,"averageReturn":-3.8,"sample":14},{"week":18,"averageReturn":-3.8,"sample":14},{"week":19,"averageReturn":-3.4,"sample":14},{"week":20,"averageReturn":-5.8,"sample":14},{"week":21,"averageReturn":-4.6,"sample":14},{"week":22,"averageReturn":-6.7,"sample":14},{"week":23,"averageReturn":-8.1,"sample":14},{"week":24,"averageReturn":-14.0,"sample":13},{"week":25,"averageReturn":-13.2,"sample":13},{"week":26,"averageReturn":-15.5,"sample":13}]}},"pricePressureGap":{"label":"Price elevated relative to Market Dynamics","kind":"structuralDivergence","expectedDirection":"lower","episodes":0,"completedEpisodes":0,"activeEpisodes":0,"horizons":[{"weeks":4,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"},{"weeks":12,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"},{"weeks":26,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"}],"path":[{"week":0,"sample":0},{"week":1,"sample":0},{"week":2,"sample":0},{"week":3,"sample":0},{"week":4,"sample":0},{"week":5,"sample":0},{"week":6,"sample":0},{"week":7,"sample":0},{"week":8,"sample":0},{"week":9,"sample":0},{"week":10,"sample":0},{"week":11,"sample":0},{"week":12,"sample":0},{"week":13,"sample":0},{"week":14,"sample":0},{"week":15,"sample":0},{"week":16,"sample":0},{"week":17,"sample":0},{"week":18,"sample":0},{"week":19,"sample":0},{"week":20,"sample":0},{"week":21,"sample":0},{"week":22,"sample":0},{"week":23,"sample":0},{"week":24,"sample":0},{"week":25,"sample":0},{"week":26,"sample":0}]},"currentApplication":{"status":"Underlying strength ahead of price","tone":"positive","headline":"Underlying strength is leading price","use":"A positive price response is needed before the early upside case is confirmed.","confirm":"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.","invalidate":"Reassess the reading when either price structure or the Market Dynamics state changes materially.","level":"positive","direction":"strengthening","zone":"middle","zoneContext":"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.","historical":{"label":"Broad directional cases","weeks":12,"direction":"higher","percent":53.3,"averageReturn":-1.2,"sample":15},"nowContext":{"label":"Stronger this week","detail":"Market Dynamics strengthened this week and remains positive."},"fourWeekContext":{"label":"Strengthened over four weeks","detail":"Underlying support has strengthened across the recent completed path."},"priceContext":{"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."}},"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":"Early repair watch","title":"Prepare the case before price confirms the recovery","tone":"recovery","approach":"Use the improvement to move the ticker onto a watchlist or define an entry trigger. Commitment should rise only after price responds; fading Market Dynamics cancels the early case.","finding":"In this ticker's completed record, 53.3% of comparable cases moved higher after 12 weeks, with an average move of -1.2% across 15 cases.","watch":"Reassess the reading when either price structure or the Market Dynamics state changes materially."},{"eyebrow":"Zone positioning","title":"Use distribution to protect capital before considering the short case","tone":"negative","finding":"After distribution, 100.0% of completed 12-week outcomes were lower across 3 cases. Distinct visits lasted 2.3 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 improving Market Dynamics to prepare, not anticipate","tone":"recovery","finding":"Comparable disagreements produced an average recovery of 9.0% across 15 completed cases, with the largest move arriving after 4.7 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":"2026-03-27","price":8.255}],"distribution_rollovers":[],"price_pressure_gaps":[]}},"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":[18.2509,18.6049,18.2902,19.1752,18.1034,19.6276,19.0671,18.4869,18.4181,18.0936,18.1722,19.1752,18.5361,17.6904,18.1132,18.7426,19.4506,18.5459,18.5361,18.6639,18.5852,19.2637,18.8507,19.5292,19.3719,20.4929,20.0799,17.9559,18.2116,17.6412,17.6215,16.5104,14.9075,14.6322,14.8288,13.3833,13.4423,13.6882,14.6322,14.0323,14.3273,13.6292,13.226,12.9998,13.86,13.43,13.72,14.27,14.6,13.21,13.55,12.95,13.48,12.74,12.55,11.87,12.23,11.18,11.87,10.82,10.83,10.98,10.25,9.565,9.8,9.38,9.285,9.42,9.365,9.45,9.285,9.34,9.095,8.485,8.325,8.36,9.075,9.565,8.88,8.395,7.655,7.6,6.945,8.255,8.935,9.415,10.14,11.04,11.0228,10.3778,10.4364,10.0749,9.6303,10.1628,10.1921,9.6547,9.684,9.885,10.24,10.59,10.62,11.31,11.9,12.07],"consensus":[42.3844,34.0803,0.0,55.6822,-32.8871,59.093,0.0,-27.0099,0.0,-22.9367,-9.0049,45.8635,-18.5723,-41.8685,14.0197,26.5749,49.1018,-23.2528,0.0,0.0,-13.8994,39.4968,-9.1132,47.9369,16.4594,60.662,13.0433,-61.7588,0.0,-46.8045,-32.6285,-66.541,-74.0728,-43.54,-41.774,-71.5494,-28.5249,-24.3791,0.0,-34.3843,-10.1325,-45.4105,-49.4971,-36.1001,14.0065,-30.2625,0.0,29.6729,30.51,-49.8897,0.0,-47.1354,10.108,-46.2911,-30.8878,-57.8266,-8.7061,-69.8999,0.0,-66.4434,-30.479,-24.4494,-64.0277,-64.2602,-30.2193,-55.2518,-42.7872,-9.5979,-19.6645,0.0,-24.4463,-20.8343,-36.2121,-63.7088,-32.0933,-23.673,25.8441,34.4844,-26.9149,-40.5213,-61.5242,-33.5874,-71.6706,29.8967,47.6446,47.5914,61.6276,73.5712,42.7221,0.0,28.8112,-10.9766,-34.7829,29.7914,22.2379,-19.1935,0.0,11.8262,35.9986,40.5513,32.1368,55.2294,66.5906,52.4734],"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":[19.0776,-54.3349,-30.2208,-59.1541,-4.5603,-72.253,0.0,-73.7853,-25.6737,-31.2122,-68.4273,-68.3208,-32.0326,-52.8641,-44.6961,-5.0147,-12.8603,0.0,-31.7314,-28.1288,-43.375,-72.0584,-25.8279,-16.9756,27.3345,23.4656,-36.069,-45.3373,-64.5428,-31.0449,-74.7665,33.2279,45.4028,45.6751,59.0609,74.3338,37.6634,0.0,28.5121,-8.1021,-33.4855,42.7368,34.5894,-21.6843,0.0,20.9592,48.5898,36.2109,28.4188,48.6376,69.5907,54.4162],"force":[42.3984,-54.9892,-20.0423,-69.9514,-31.701,-87.591,0.0,-74.7774,-6.4682,-1.1921,-68.3247,-65.7203,-5.196,-55.1033,-23.4589,-22.4283,-0.1869,0.0,-8.6148,-2.5571,-29.5299,-68.934,-16.0109,-0.1548,69.5091,54.2415,-52.54,-60.7747,-72.2589,-12.8938,-87.2154,80.0865,64.3905,44.5647,64.727,78.3329,14.0608,0.0,8.8445,-40.667,-65.1025,25.9852,11.3061,-24.4995,0.0,14.5729,33.5823,36.8448,17.3626,61.3437,65.4253,32.7962],"direction":[23.2077,-30.8852,-39.3971,-47.649,-42.3063,-54.574,0.0,-52.0998,-53.1213,-35.0359,-55.9303,-58.5766,-53.4435,-58.0868,-54.4116,-37.7117,-41.3533,0.0,-27.4287,-25.553,-32.7988,-50.4342,-50.7412,-48.3471,7.0486,32.9652,-1.8506,-20.5506,-50.4066,-51.2742,-57.029,9.7603,38.2452,51.9434,62.3471,69.2984,68.9758,0.0,43.4151,-6.9458,-14.6088,17.7154,15.9304,-12.557,0.0,0.5733,23.3346,48.1593,46.9389,58.3956,63.9943,64.3082],"intensity":[26.9231,50.0,59.6154,50.0,11.5385,80.7692,53.8462,78.8462,63.4615,28.8462,51.9231,61.5385,5.7692,44.2308,5.7692,7.6923,11.5385,13.4615,5.7692,3.8462,19.2308,48.0769,51.9231,1.9231,55.7692,82.6923,53.8462,63.4615,61.5385,32.6923,48.0769,90.3846,88.4615,76.9231,73.0769,82.6923,46.1538,48.0769,75.0,25.0,32.6923,38.4615,1.9231,40.3846,5.7692,11.5385,25.0,78.8462,21.1538,98.0769,50.0,25.0],"confirmation":[31.6996,82.9557,77.5637,86.8538,8.3805,90.8713,9.6537,89.404,54.4281,52.527,88.5528,88.5459,55.005,85.7124,81.0738,6.9498,51.1361,5.6796,75.2293,51.3322,79.2751,88.4188,77.8752,52.3176,56.4152,79.8051,54.9824,81.5107,87.9689,78.156,91.3612,35.7946,83.7908,83.1662,87.8544,91.6763,80.8747,33.5875,76.6156,51.2762,80.0743,77.22,74.5948,74.2657,0.6697,49.1846,79.2541,80.9296,77.8902,85.9602,89.2278,92.1622],"persistence":[0.0,0.0,12.5,37.5,62.5,62.5,62.5,62.5,87.5,87.5,87.5,87.5,87.5,87.5,100.0,100.0,100.0,87.5,87.5,87.5,87.5,87.5,87.5,87.5,62.5,50.0,50.0,50.0,50.0,50.0,50.0,25.0,25.0,25.0,0.0,25.0,50.0,62.5,87.5,62.5,37.5,37.5,37.5,12.5,0.0,12.5,12.5,37.5,62.5,62.5,62.5,87.5],"assessmentRisk":[52.5414,8.4843,30.9495,18.0412,43.7357,14.37,39.3539,12.0997,33.3009,2.6068,17.5832,16.6129,32.0133,22.1018,26.0463,8.2931,24.0556,9.6879,12.2232,0.1934,17.8479,17.9049,33.7655,38.0918,16.1411,32.6027,58.912,24.8106,19.1274,33.1982,14.1515,26.5868,24.5526,25.8775,19.1822,13.1936,28.4632,41.9319,6.4501,39.7462,31.3208,32.007,30.4049,21.0652,6.1143,32.4939,12.8358,28.4482,33.4535,22.3047,16.6899,23.725],"volumeParticipation":true,"latest":{"consensus":52.5,"control":54.4,"force":32.8,"direction":64.3,"confirmation":92.2,"persistence":87.5,"assessmentRisk":23.7,"intensity":25.0,"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":"Control support is strengthening","forceState":"Upward commitment","forcePath":"Broadly stable","directionState":"Upward follow-through","persistenceState":"Established","confirmationState":"Strong support","riskState":"Contained","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"+52.5","detail":"Joint upward confirmation","tone":"positive"},{"label":"SM Control Gauge","value":"+54.4","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+32.8","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+64.3","detail":"Upward 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