{"schema_version":"1.0","name":"BHL Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"eb926583-8799-45e8-8acd-fd760a97b734","symbol":"BHL","name":"BLACKHORSE FPO [BHL]","exchange":"ASX","country":"AU","asset_type":"equity","currency":"AUD","sector":"Basic Materials","industry":"Gold"},"summary":"Market Dynamics improved this week but remains below zero. Underlying support has strengthened across the recent completed path. Price remains elevated in the distribution zone.","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, Range position and boundary pressure, Range pressure and compression, Activity pressure and cumulative balance, Directional strength and control."},{"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":38,"displayedObservations":38,"assetType":"Equity","state":"Rotational","stateTone":"caution","summary":"Market Dynamics improved this week but remains below zero. Underlying support has strengthened across the recent completed path. Price remains elevated in the distribution zone.","evidenceAlignment":{"status":"Unsupported elevation","headline":"Price remains elevated without full Market Dynamics support","summary":"Market Dynamics improved this week but remains below zero. Underlying support has strengthened across the recent completed path. Price remains elevated in the distribution zone.","take":"This is a downside warning, not a confirmed reversal. Stronger Market Dynamics would repair the gap; weaker price would begin to confirm it.","tone":"negative","conflict":true},"marketDynamics":{"available":true,"readAvailable":true,"dates":["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":[-1.117602,-1.460009,-1.509037,-1.444297,-1.374918,-1.200651,-0.959577,-0.692798,-0.382575,-0.205327],"opens":[0.21,0.2,0.19,0.2,0.2,0.195,0.18,0.19,0.195,0.215],"highs":[0.21,0.2,0.19,0.205,0.2,0.2,0.2,0.205,0.32,0.215],"lows":[0.19,0.195,0.19,0.2,0.2,0.18,0.18,0.18,0.195,0.195],"closes":[0.19,0.195,0.19,0.205,0.2,0.2,0.19,0.19,0.215,0.215],"hoverRows":[[{"label":"Open","value":"0.21","className":"is-ohlc","compact":true},{"label":"High","value":"0.21","className":"is-ohlc","compact":true},{"label":"Low","value":"0.19","className":"is-ohlc","compact":true},{"label":"Close","value":"0.19","className":"is-ohlc","compact":true},{"label":"Market 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Dynamics","value":"-1.51","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"0.20","className":"is-ohlc","compact":true},{"label":"High","value":"0.20","className":"is-ohlc","compact":true},{"label":"Low","value":"0.20","className":"is-ohlc","compact":true},{"label":"Close","value":"0.20","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-1.44","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"0.20","className":"is-ohlc","compact":true},{"label":"High","value":"0.20","className":"is-ohlc","compact":true},{"label":"Low","value":"0.20","className":"is-ohlc","compact":true},{"label":"Close","value":"0.20","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-1.37","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"0.20","className":"is-ohlc","compact":true},{"label":"High","value":"0.20","className":"is-ohlc","compact":true},{"label":"Low","value":"0.18","className":"is-ohlc","compact":true},{"label":"Close","value":"0.20","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-1.20","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"0.18","className":"is-ohlc","compact":true},{"label":"High","value":"0.20","className":"is-ohlc","compact":true},{"label":"Low","value":"0.18","className":"is-ohlc","compact":true},{"label":"Close","value":"0.19","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.96","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"0.19","className":"is-ohlc","compact":true},{"label":"High","value":"0.20","className":"is-ohlc","compact":true},{"label":"Low","value":"0.18","className":"is-ohlc","compact":true},{"label":"Close","value":"0.19","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.69","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"0.20","className":"is-ohlc","compact":true},{"label":"High","value":"0.32","className":"is-ohlc","compact":true},{"label":"Low","value":"0.20","className":"is-ohlc","compact":true},{"label":"Close","value":"0.21","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.38","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"0.21","className":"is-ohlc","compact":true},{"label":"High","value":"0.21","className":"is-ohlc","compact":true},{"label":"Low","value":"0.20","className":"is-ohlc","compact":true},{"label":"Close","value":"0.21","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.21","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}]],"pressureRange":[-2.3,2.3],"priceRange":[0.1885,0.2165],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"latest":-0.205327,"state":"Price ahead of Market Dynamics","context":{"scenario":"priceAhead","latestDirection":"strengthening","fourWeekDirection":"strengthening","now":{"label":"Stronger this week","detail":"Market Dynamics improved this week but remains below zero."},"fourWeek":{"label":"Strengthened over four weeks","detail":"Underlying support has strengthened across the recent completed path."},"price":{"label":"Price is ahead of the underlying support","detail":"Price is extended relative to Market Dynamics. The gap is a downside-risk warning until support catches up or price resets."}},"diagnosis":{"label":"Unsupported elevation","detail":"Price is in distribution and ahead of Market Dynamics. The advance is not fully confirmed while that gap remains open.","tone":"negative"},"chartSummary":"Price is in the distribution zone. The Market Dynamics bars show whether underlying support is keeping pace with that elevated price.","summary":"Price is in distribution and ahead of Market Dynamics. The advance is not fully confirmed while that gap remains open.","annotations":[{"label":"Current tape relationship","value":"Unsupported elevation","detail":"Market Dynamics improved this week but remains below zero.","tone":"negative"},{"label":"Price location","value":"Distribution zone","detail":"Price is extended; support can persist, but rollover risk must be monitored.","tone":"caution"},{"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":"Not confirming","detail":"Market Dynamics has strengthened over four weeks, but it still lags the elevated price.","tone":"negative"}],"relationshipEvidence":{"available":false,"observations":10,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["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":[0.345,0.365,0.32,0.365,0.39,0.37,0.365,0.52,0.5,0.475,0.385,0.425,0.41,0.39,0.3,0.24,0.305,0.295,0.335,0.32,0.32,0.255,0.21,0.24,0.225,0.23,0.22,0.215,0.19,0.195,0.19,0.205,0.2,0.2,0.19,0.19,0.215,0.215],"consensus":[-40.0,81.8182,-80.0,41.4286,46.8816,0.0,0.0,77.5038,12.4386,20.4589,-35.7628,15.2383,-19.085,-33.6146,-71.8642,-68.5094,0.0,-32.594,10.8466,-16.3668,0.0,-51.4307,-60.5263,-10.3493,-38.046,-21.8521,-26.667,-25.9292,-50.4434,-38.094,-28.837,0.0,-15.6699,0.0,-19.0724,-19.9321,15.3925,-13.1211],"supportDates":["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,0.0,0.0,66.7618,4.7243,9.9207,-43.0732,33.5399,-10.9849,-29.2373,-64.5706,-65.8692,0.0,-24.9136,9.2236,-32.33,0.0,-59.6584,-61.2381,-0.3506,-36.2851,-20.8209,-36.1105,-25.8669,-61.9626,-45.9143,-28.065,0.0,-22.2006,0.0,-22.9937,-21.0367,9.8107,-15.2859],"force":[-40.0,81.8182,-80.0,41.4286,20.4025,0.0,0.0,94.0282,39.4355,17.0444,-66.81,24.6415,-28.0544,-40.6143,-93.8148,-64.6229,0.0,-28.8138,31.6236,-14.72,0.0,-51.023,-63.9755,-24.1942,-23.1712,-1.5577,-10.423,-7.2925,-36.364,-16.3135,-9.2775,0.0,-1.1961,0.0,-6.5651,-6.3164,35.0022,-15.1685],"direction":[null,null,null,null,65.7952,0.0,0.0,77.9774,69.1062,59.2907,-5.2313,12.3945,-21.9355,-33.6175,-64.5206,-74.3027,0.0,-44.0717,2.1392,-0.7005,0.0,-42.3187,-57.249,-47.2518,-50.6834,-37.5265,-27.4771,-39.3123,-47.3353,-44.7141,-43.6904,0.0,-18.5446,0.0,-23.5245,-28.3951,7.7648,-9.1845],"intensity":[null,null,null,null,100.0,40.0,16.6667,100.0,87.5,100.0,70.0,63.6364,33.3333,38.4615,78.5714,80.0,62.5,82.3529,61.1111,31.5789,35.0,61.9048,54.5455,30.4348,8.3333,12.0,15.3846,18.5185,35.7143,6.8966,10.0,16.129,3.125,42.4242,14.7059,5.7143,94.4444,86.4865],"confirmation":[35.4667,48.8485,48.2667,35.9238,59.125,27.2621,4.2145,93.4685,12.0817,31.8673,57.6122,30.1948,74.504,79.0367,91.7766,89.8448,34.5354,78.4319,49.9185,50.4267,26.1013,84.32,87.4627,7.6583,79.7482,51.7232,75.8945,53.0636,83.5373,79.4071,76.6435,29.0166,49.8071,3.6663,50.9956,51.2798,50.9416,72.2281],"persistence":[null,null,33.3333,0.0,20.0,16.6667,14.2857,25.0,50.0,50.0,50.0,50.0,25.0,12.5,0.0,25.0,37.5,62.5,37.5,62.5,50.0,50.0,50.0,50.0,62.5,62.5,87.5,87.5,100.0,100.0,100.0,87.5,87.5,75.0,75.0,75.0,50.0,25.0],"assessmentRisk":[null,null,null,null,20.0401,9.0682,42.7568,10.6838,41.5763,37.4058,33.4638,53.5646,36.1997,28.6168,8.2836,15.4947,47.7781,29.0923,19.5469,50.627,14.3209,8.986,19.2357,42.1786,29.9205,15.6525,24.9707,17.162,14.1084,24.2657,26.1176,19.8792,27.7143,11.3173,9.5362,30.6758,34.2328,36.2302],"volumeParticipation":true,"latest":{"consensus":-13.1,"control":-15.3,"force":-15.2,"direction":-9.2,"confirmation":72.2,"persistence":25.0,"assessmentRisk":36.2,"intensity":86.5,"evidenceDepth":100},"analysis":{"status":"Market Dynamics has stronger support","headline":"The gauges support the downward view","summary":"The completed evidence gives the downward view the clearer support.","take":"Current assessment: downward pressure has the stronger support.","tone":"negative","supportedView":"Market Dynamics","direction":"downward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Seller control supports the view","controlPath":"Control support is strengthening","forceState":"Downward commitment","forcePath":"Commitment is strengthening","directionState":"Follow-through is limited","persistenceState":"Unsettled","confirmationState":"Strong support","riskState":"Contained","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"-13.1","detail":"Market Dynamics has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-15.3","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-15.2","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-9.2","detail":"Follow-through is limited","tone":"negative"},{"label":"SM Confirmation Gauge","value":"72/100","detail":"Strong support","tone":"positive"}]},"kpis":[{"label":"Price structure","value":"Rotational","detail":"completed-week alignment","tone":"caution"},{"label":"Momentum","value":"46.4","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"19.6%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"22.0","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"13%","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 is rotating through its trend references.","series":[{"label":"Close","values":[0.345,0.365,0.32,0.365,0.39,0.37,0.365,0.52,0.5,0.475,0.385,0.425,0.41,0.39,0.3,0.24,0.305,0.295,0.335,0.32,0.32,0.255,0.21,0.24,0.225,0.23,0.22,0.215,0.19,0.195,0.19,0.205,0.2,0.2,0.19,0.19,0.215,0.215],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,0.3551,0.3578,0.3591,0.3884,0.4087,0.4207,0.4142,0.4162,0.4151,0.4105,0.3904,0.3631,0.3525,0.3421,0.3408,0.337,0.3339,0.3196,0.2996,0.2888,0.2772,0.2686,0.2598,0.2516,0.2404,0.2322,0.2245,0.221,0.2171,0.214,0.2097,0.2061,0.2077,0.209],"stroke":"#176fa3","width":1.7},{"label":"Slow 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separated from path difficulty.","reason":"Selected because the current recovery or drawdown path is central to the tape.","series":[{"label":"Drawdown","values":[0.0,0.0,-12.3288,0.0,0.0,-5.1282,-6.4103,0.0,-3.8462,-8.6538,-25.9615,-18.2692,-21.1538,-25.0,-42.3077,-53.8462,-41.3462,-43.2692,-35.5769,-38.4615,-38.4615,-50.9615,-59.6154,-53.8462,-56.7308,-55.7692,-57.6923,-58.6538,-63.4615,-62.5,-63.4615,-60.5769,-61.5385,-61.5385,-63.4615,-63.4615,-58.6538,-58.6538],"stroke":"#c13f3f","width":1.9,"fill":"rgba(193,63,63,.10)"},{"label":"Recovery","values":[null,null,null,null,null,null,null,62.5,56.25,48.4375,20.3125,32.8125,28.125,21.875,0.0,0.0,27.0833,22.9167,39.5833,33.3333,33.3333,6.25,0.0,14.2857,7.1429,9.5238,4.7619,2.381,0.0,2.6316,0.0,7.8947,5.2632,5.2632,0.0,0.0,13.1579,13.1579],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Prior 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