{"schema_version":"1.0","name":"DDM Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"ef2bacb6-670c-48e6-b8d9-7b070142a403","symbol":"DDM","name":"Dedem S.p.A.","exchange":"MIL","country":"IT","asset_type":"equity","currency":"EUR","sector":"Consumer Cyclical","industry":"Leisure"},"summary":"Market Dynamics improved this week but remains below zero. Underlying support has strengthened 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 position and boundary pressure, Range pressure and compression, 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":57,"displayedObservations":57,"assetType":"Equity","state":"Aligned downward","stateTone":"negative","summary":"Market Dynamics improved this week but remains below zero. 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conflict","tone":"caution","headline":"Market Dynamics is repairing against a downward price structure","use":"The downside structure remains in place, but improving Market Dynamics weakens that case. A positive price response is needed to confirm the repair.","confirm":"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.","invalidate":"Reassess the reading when either price structure or the Market Dynamics state changes materially.","level":"negative","direction":"strengthening","zone":"accumulation","zoneContext":"Price is within accumulation conditions while Market Dynamics is improving. A green marker is required before the recovery is treated as confirmed.","historical":{"label":"Broad directional cases","weeks":12,"sample":0},"nowContext":{"label":"Slightly stronger this week","detail":"Market Dynamics improved this week but remains below zero."},"fourWeekContext":{"label":"Strengthened over four weeks","detail":"Underlying support has strengthened across the recent completed path."},"priceContext":{"label":"Price remains in a downward structure","detail":"Improving Market Dynamics has not yet produced a positive price response."}},"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 14.3% across 3 completed cases, with the largest move arriving after 2.3 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 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downward confirmation","headline":"The gauges support the downward market view","summary":"Price structure and Market Dynamics agree. Control, force and direction support the same downward assessment.","take":"Current assessment: downward pressure has broad support.","tone":"negative","supportedView":"Price structure and 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":"Downward follow-through","persistenceState":"Established","confirmationState":"Strong support","riskState":"Contained","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"-42.8","detail":"Joint downward confirmation","tone":"negative"},{"label":"SM Control Gauge","value":"-54.9","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-22.4","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction 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risk","title":"Drawdown and recovery pressure","description":"Capital impairment and recovery are shown together so return is not separated from path difficulty.","reason":"Selected because the current recovery or drawdown path is central to the tape.","series":[{"label":"Drawdown","values":[0.0,-5.0633,-13.8713,-10.3376,-2.9536,-9.2827,-15.6118,-16.6667,-26.1603,-35.443,-32.4895,-32.4895,-34.5992,0.0,-5.8577,-16.318,-28.4519,-29.2887,-29.2887,-16.318,-10.0418,-12.1339,-10.8787,-2.0921,0.0,0.0,0.0,0.0,0.0,-1.4925,-1.4925,0.0,-5.1095,-5.1095,0.0,-15.493,-1.4085,-7.7465,-12.6761,-31.5493,-30.9859,-30.4225,-27.4648,-29.5775,-32.6761,-41.1268,-40.0,-45.9155,-56.0563,-52.9577,-59.1549,-60.2817,-59.7183,-60.8451,-59.4366,-60.2817,-61.1268],"stroke":"#c13f3f","width":1.9,"fill":"rgba(193,63,63,.10)"},{"label":"Recovery","values":[null,null,null,null,null,null,null,0.0,0.0,0.0,4.5752,4.5752,1.3072,56.2092,47.0588,30.719,11.7647,10.4575,10.4575,30.719,40.5229,37.2549,39.2157,52.9412,56.2092,58.1699,58.1699,83.0065,118.9542,115.6863,115.6863,123.8562,112.4183,112.4183,132.0261,93.5484,125.8065,111.2903,83.432,43.787,44.9704,46.1538,52.3669,47.929,19.5,0.0,1.9139,0.0,0.0,7.0513,0.0,0.0,1.4184,0.0,3.5971,1.4388,0.0],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Prior 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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,100.9709,40.5298,354.7009,112.2794,21.7031,16.4435,211.3708,114.6441,24.8133,14.5216,50.8024,73.7766,62.8542,251.0504,34.0099,22.0629,120.4188,145.7086,411.2228,178.0875,122.0799,240.4298,175.8007,74.1007,81.448,27.6243,269.619,275.6598,368.4591,142.5039,3.6314,49.077,34.5446,8.9665,12.7539,8.5066,41.8549,2.4606,0.0,6.5593,13.0719,4.8917,4.5784,5.5446,14.0206,80.4829,53.5714,87.6586,63.8723,48.433],"stroke":"#1678a7","width":1.8},{"label":"Cumulative 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map","title":"Range position and boundary pressure","description":"Price location inside its observed range shows whether the tape is pressing an outer boundary or rotating through value.","reason":"Selected because price is testing an observed boundary or moving rapidly through its recent range.","series":[{"label":"Range position","values":[null,null,null,null,null,null,null,33.9623,5.6604,14.3677,20.5473,20.5473,16.1333,90.2891,77.9298,55.8596,30.2582,28.4926,28.4926,55.8596,69.1017,64.6877,67.3361,85.8751,90.2891,87.1662,87.1662,100.0,91.8897,89.5725,89.5725,95.3655,87.2552,87.2552,100.0,59.0818,78.9579,69.697,62.1677,34.7648,35.5828,36.4008,40.6953,37.6278,29.9786,8.076,9.9762,0.0,0.0,4.4625,0.0,0.0,2.2599,4.7016,6.5099,5.425,4.34],"stroke":"#10243b","width":2.0},{"label":"From 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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,9.8159,10.7295,12.3871,14.6643,14.1584,14.2883,12.3183,11.6371,11.8455,10.945,10.3501,10.0971,10.4255,10.4778,9.5059,9.0835,9.5365,9.6129,9.3304,9.8447,10.0207,9.5749,12.9615,11.5918,11.994,12.3997,16.7168,15.8334,14.9449,14.4211,14.3213,14.2391,16.1453,14.8446,16.0732,20.0177,17.9623,20.2937,19.784,18.9131,18.9412,17.8208,17.5585,16.8658],"stroke":"#c13f3f","width":1.9},{"label":"Envelope 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