{"schema_version":"1.0","name":"FRMI Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-14","ticker":{"uuid":"e1297b59-1e2a-4d75-97b8-ec70f6d9a6ab","symbol":"FRMI","name":"Fermi Inc.","exchange":"LSE","country":"GB","asset_type":"equity","currency":"USD","sector":"Real Estate","industry":"Reit - Specialty"},"summary":"Market Dynamics paused slightly this week and remains positive. Underlying support has contracted across the recent completed path. Price structure remains downward.","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, Activity pressure and cumulative balance, Range pressure and compression, Directional strength and control, Range position and boundary 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":46,"displayedObservations":46,"assetType":"Equity","state":"Aligned downward","stateTone":"negative","summary":"Market Dynamics paused slightly this week and remains positive. Underlying support has contracted across the recent completed path. Price structure remains downward.","evidenceAlignment":{"status":"Countertrend conflict","headline":"Improving Market Dynamics is challenging the downward price structure","summary":"Market Dynamics paused slightly this week and remains positive. Underlying support has contracted across the recent completed path. Price structure remains downward.","take":"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.","tone":"caution","conflict":true},"marketDynamics":{"available":true,"readAvailable":true,"dates":["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"],"values":[0.166826,0.269321,0.206074,0.244057,0.394201,0.445923,0.775115,1.060281,1.131243,1.383839,1.440205,1.517984,1.484857,1.406556,1.330555,1.217897,1.077422,1.073291],"opens":[4.98,5.6,5.36,5.1,5.54,6.56,6.24,6.12,6.93,9.86,8.5,8.37,6.34,6.6,6.12,7.496,5.5,5.94],"highs":[7.03,6.23,5.68,5.7,7.74,6.74,7.02,6.2,7.385,9.88,9.48,8.37,6.575,7.12,7.528,7.54,6.42,8.19],"lows":[4.75,5.0344,4.84,4.7286,4.9889,5.65,5.8912,5.4,6.5586,9.59,8.38,8.37,5.67,5.7314,5.8801,5.85,5.4201,5.85],"closes":[6.82,5.64,5.45,5.32,6.9,6.12,6.56,5.61,7.16,9.59,9.04,8.37,6.36,6.01,7.26,5.94,6.41,6.62],"hoverRows":[[{"label":"Open","value":"4.98","className":"is-ohlc","compact":true},{"label":"High","value":"7.03","className":"is-ohlc","compact":true},{"label":"Low","value":"4.75","className":"is-ohlc","compact":true},{"label":"Close","value":"6.82","className":"is-ohlc","compact":true},{"label":"Market 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easier this week","detail":"Market Dynamics paused slightly this week and remains positive."},"fourWeek":{"label":"Weakened over four weeks","detail":"Underlying support has contracted across the recent completed path."},"price":{"label":"Price and Market Dynamics are broadly aligned","detail":"The current price response is broadly consistent with the underlying Market Dynamics path."}},"diagnosis":{"label":"Positive support is weakening","detail":"Market Dynamics remains above zero, but support has contracted across the recent completed path. Price confirmation now carries more weight.","tone":"caution"},"chartSummary":"Price is between the outer positioning zones. The Market Dynamics bars show whether underlying support is strengthening or weakening.","summary":"Market Dynamics remains above zero, but support has contracted across the recent completed path. Price confirmation now carries more weight.","annotations":[{"label":"Current tape relationship","value":"Positive support is weakening","detail":"Market Dynamics paused slightly this week and remains positive.","tone":"caution"},{"label":"Price location","value":"Between zones","detail":"Price is travelling between the two major positioning zones.","tone":"neutral"},{"label":"Latest positioning marker","value":"12 Jun 2026","detail":"The green dot marks a confirmed recovery where institutional positioning is most plausible.","tone":"neutral"},{"label":"Market Dynamics confirmation","value":"Weakening","detail":"Underlying support has contracted across the recent completed path.","tone":"negative"}],"relationshipEvidence":{"available":false,"observations":18,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[{"date":"2026-05-15","price":6.9},{"date":"2026-06-12","price":7.16}],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["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":[30.1,27.5,27.55,22.25,25.4,22.6,18.0,14.0,16.35,16.3,9.75,8.07,9.16,8.94,9.4,10.1,9.05,9.17,7.57,10.455,9.42,10.215,8.15,8.19,7.56,6.09,5.57,4.77,6.82,5.64,5.45,5.32,6.9,6.12,6.56,5.61,7.16,9.59,9.04,8.37,6.36,6.01,7.26,5.94,6.41,6.62],"consensus":[23.6625,0.0,-69.3694,-15.242,-33.1231,-49.7562,-59.3256,-70.9533,-16.5773,-27.4037,-75.075,-65.5594,-24.0123,-31.1729,-16.566,0.0,-36.4533,-25.2587,-47.4236,24.3981,-25.5421,0.0,-38.9203,-18.8479,-33.5589,-51.9716,-35.4797,-40.6162,19.3104,-31.7654,-12.8024,-10.9731,25.87,-14.7715,10.1409,-22.6283,26.2025,33.5507,26.7234,16.2727,-28.0049,-31.4632,18.8121,-44.1173,12.8943,-6.1043],"supportDates":["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":[null,null,null,null,null,-49.9585,-58.5689,-71.847,-1.4432,-12.8671,-68.2336,-64.5842,-6.9412,-15.0581,-14.026,0.0,-46.594,-37.2612,-52.8675,22.6891,-35.638,0.0,-53.0624,-17.9413,-36.9719,-55.5334,-33.7922,-43.933,19.3316,-30.3457,-13.9798,-16.6876,20.2555,-22.3666,3.9477,-35.1961,27.7373,21.3773,20.8491,4.9756,-22.1066,-31.8085,26.8849,-46.0498,17.548,-0.0858],"force":[23.6625,0.0,-69.3694,-15.242,-5.5559,-41.1016,-45.1295,-65.7549,-29.9256,-1.5066,-87.378,-57.7195,-14.3976,-2.6906,-17.9273,0.0,-28.3276,-4.8228,-48.5107,75.5252,-24.3066,0.0,-47.0117,-4.0512,-31.3641,-57.4136,-30.0215,-27.7735,71.0253,-45.9176,-0.5924,-1.8058,66.5683,-20.7819,19.2255,-24.6965,37.9161,20.7734,4.5223,0.5924,-56.1731,-33.1658,40.9341,-63.2049,27.9907,-15.4305],"direction":[null,null,null,null,-60.751,-55.7067,-70.3303,-73.6451,-67.0898,-62.5149,-74.1059,-72.2738,-70.9576,-69.9343,-44.1069,0.0,-30.6681,-26.1386,-40.4254,10.168,-14.8865,0.0,-16.9783,-30.453,-31.2261,-44.0137,-41.307,-45.9989,17.6529,-23.2791,-20.1782,-13.5701,3.2164,-1.7981,10.7298,-6.7878,16.0817,56.59,49.2947,41.2304,-14.6257,-29.8525,6.2154,-28.2747,3.2072,-6.517],"intensity":[null,null,null,null,75.0,40.0,83.3333,71.4286,25.0,11.1111,90.0,72.7273,8.3333,7.6923,14.2857,13.3333,25.0,5.8824,44.4444,63.1579,25.0,42.8571,50.0,39.1304,12.5,44.0,38.4615,33.3333,57.1429,34.4828,6.6667,3.2258,59.375,24.2424,8.8235,25.7143,58.3333,81.0811,42.1053,38.4615,75.0,9.7561,45.2381,51.1628,38.6364,64.4444],"confirmation":[30.2387,2.2762,44.8649,27.5441,33.2758,83.6551,86.5631,90.533,10.5023,53.5348,92.5032,88.7549,9.8449,54.6862,30.7797,6.5333,79.2629,52.6104,83.1257,34.2274,75.982,25.4999,80.4856,50.9275,78.62,84.7425,79.2129,80.5552,34.1877,78.6179,49.04,48.7534,54.9376,50.1276,48.9497,52.4459,76.7184,78.5323,53.2977,27.6585,77.9099,78.1149,53.2303,82.6698,50.5329,18.0122],"persistence":[null,null,0.0,25.0,40.0,50.0,57.1429,62.5,87.5,100.0,100.0,100.0,100.0,100.0,100.0,87.5,87.5,87.5,87.5,62.5,62.5,50.0,50.0,62.5,62.5,62.5,62.5,87.5,62.5,75.0,75.0,75.0,50.0,50.0,25.0,25.0,25.0,0.0,25.0,50.0,25.0,25.0,25.0,25.0,25.0,12.5],"assessmentRisk":[null,null,null,null,28.6991,21.9147,20.2091,14.2788,41.4755,35.0733,11.9676,15.4143,37.2139,33.8143,2.3095,32.0855,16.2018,17.2797,8.1544,4.9482,20.9919,20.3449,32.586,37.4695,28.3779,23.873,30.6244,29.2753,34.1391,0.2145,2.0756,25.0512,9.4021,27.6065,33.2503,25.513,1.4655,32.8061,35.0641,40.8411,13.0168,34.0088,54.4678,25.8558,4.4745,20.5031],"volumeParticipation":true,"latest":{"consensus":-6.1,"control":-0.1,"force":-15.4,"direction":-6.5,"confirmation":18.0,"persistence":12.5,"assessmentRisk":20.5,"intensity":64.4,"evidenceDepth":100},"analysis":{"status":"Price structure has stronger support","headline":"The gauges support the price-technical view","summary":"Price structure and Market Dynamics disagree. The completed evidence gives the downward price structure stronger support.","take":"Current assessment: price structure remains primary, but the disagreement lowers confirmation.","tone":"negative","supportedView":"Price structure","direction":"downward","disagreement":true},"support":{"window":"Latest 12 months","controlState":"Control support is limited","controlPath":"Control support is easing","forceState":"Downward commitment","forcePath":"Commitment is easing","directionState":"Follow-through is limited","persistenceState":"Unsettled","confirmationState":"Limited support","riskState":"Contained","intensityState":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"-6.1","detail":"Price structure has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-0.1","detail":"Control support is limited","tone":"negative"},{"label":"SM Force Gauge","value":"-15.4","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-6.5","detail":"Follow-through is limited","tone":"negative"},{"label":"SM Confirmation Gauge","value":"18/100","detail":"Limited support","tone":"caution"}]},"kpis":[{"label":"Price structure","value":"Aligned downward","detail":"completed-week alignment","tone":"negative"},{"label":"Momentum","value":"40.0","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"29.2%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"23.9","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"28%","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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