{"schema_version":"1.0","name":"NGL3 Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"efc5f2c0-6821-4e4f-88b9-f6dccbc7f26f","symbol":"NGL3","name":"Leverage Shares 3x Long Natural","exchange":"MIL","country":"IT","asset_type":"etf","currency":"EUR","sector":null,"industry":null},"summary":"The completed price path and its progression through the positioning zones can be described, but there is not enough usable Market Dynamics history to confirm or challenge the technical state.","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, Completed returns and cumulative progression, Range expansion and closing direction, Drawdown and recovery pressure, Range pressure and compression, 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":"2026-08-21","observations":20,"displayedObservations":20,"assetType":"ETF","state":"Aligned downward","stateTone":"negative","summary":"The completed price path and its progression through the positioning zones can be described, but there is not enough usable Market Dynamics history to confirm or challenge the technical state.","evidenceAlignment":{"status":"Evidence developing","headline":"Price structure is visible; Market Dynamics is not yet established","summary":"The completed price path and its progression through the positioning zones can be described, but there is not enough usable Market Dynamics history to confirm or challenge the technical state.","take":"Treat movement through the zones as price-location context only. Reaching the upper zone shows extension, but without an established Market Dynamics read it does not by itself establish active distribution, divergence or reversal risk.","tone":"neutral","conflict":false},"marketDynamics":{"available":true,"readAvailable":false,"dates":["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"],"values":[0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0],"opens":[8.11959,6.35073,6.62775,5.92186,6.65241,4.752,4.752,6.447,6.037,6.037,6.4,6.4,6.227,5.128,4.237,4.385,4.5035,3.7705,3.8615,3.5245],"highs":[8.11959,6.61641,6.80778,6.05529,6.65241,4.752,7.039,6.447,6.037,6.037,6.4,6.4,6.227,5.128,4.385,4.5035,4.5035,3.7705,3.958,3.897],"lows":[6.52198,6.13291,5.63398,5.34844,4.752,4.752,4.752,6.447,6.037,6.037,6.4,6.4,6.227,5.128,4.237,4.264,3.546,3.267,3.673,3.269],"closes":[6.52198,6.61641,5.63398,6.05529,4.752,4.752,6.447,6.447,6.037,6.037,6.4,6.4,6.227,5.128,4.385,4.5035,3.7705,3.359,3.6915,3.6455],"hoverRows":[[{"label":"Open","value":"8.12","className":"is-ohlc","compact":true},{"label":"High","value":"8.12","className":"is-ohlc","compact":true},{"label":"Low","value":"6.52","className":"is-ohlc","compact":true},{"label":"Close","value":"6.52","className":"is-ohlc","compact":true},{"label":"Market 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Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"4.38","className":"is-ohlc","compact":true},{"label":"High","value":"4.50","className":"is-ohlc","compact":true},{"label":"Low","value":"4.26","className":"is-ohlc","compact":true},{"label":"Close","value":"4.50","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"4.50","className":"is-ohlc","compact":true},{"label":"High","value":"4.50","className":"is-ohlc","compact":true},{"label":"Low","value":"3.55","className":"is-ohlc","compact":true},{"label":"Close","value":"3.77","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"3.77","className":"is-ohlc","compact":true},{"label":"High","value":"3.77","className":"is-ohlc","compact":true},{"label":"Low","value":"3.27","className":"is-ohlc","compact":true},{"label":"Close","value":"3.36","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"3.86","className":"is-ohlc","compact":true},{"label":"High","value":"3.96","className":"is-ohlc","compact":true},{"label":"Low","value":"3.67","className":"is-ohlc","compact":true},{"label":"Close","value":"3.69","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"3.52","className":"is-ohlc","compact":true},{"label":"High","value":"3.90","className":"is-ohlc","compact":true},{"label":"Low","value":"3.27","className":"is-ohlc","compact":true},{"label":"Close","value":"3.65","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}]],"pressureRange":[-2.3,2.3],"priceRange":[3.163555,6.811855],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"state":"Insufficient history","context":{"scenario":"developing","latestDirection":"steady","fourWeekDirection":"steady","now":{"label":"Little changed this week","detail":"Market Dynamics remains positive and was little changed this week."},"fourWeek":{"label":"Broadly steady over four weeks","detail":"The broader path has not changed enough to establish a new direction."},"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":"Zone progression","detail":"Price is travelling between the lower accumulation area and the upper positioning zone. Market Dynamics history is not yet sufficient to confirm or challenge that progression.","tone":"neutral"},"chartSummary":"Price is between the outer positioning zones. The Market Dynamics bars show whether underlying support is strengthening or weakening.","summary":"Price is travelling between the lower accumulation area and the upper positioning zone. Market Dynamics history is not yet sufficient to confirm or challenge that progression.","annotations":[{"label":"Current tape relationship","value":"Zone progression","detail":"Market Dynamics remains positive and was little changed this week.","tone":"neutral"},{"label":"Price location","value":"Between zones","detail":"Price is progressing between the lower and upper positioning zones while the Market Dynamics read develops.","tone":"neutral"},{"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":"Unavailable","detail":"Too little usable Market Dynamics history is available for a directional confirmation read.","tone":"neutral"}],"relationshipEvidence":{"available":false,"observations":20,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[{"date":"2026-04-10","price":6.52198},{"date":"2026-06-19","price":6.4}],"reversal_dangers":[{"date":"2026-04-17","price":6.61641},{"date":"2026-06-26","price":6.4}]}},"smTape":{"available":true,"dates":["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":[6.522,6.6164,5.634,6.0553,4.752,4.752,6.447,6.447,6.037,6.037,6.4,6.4,6.227,5.128,4.385,4.5035,3.7705,3.359,3.6915,3.6455],"consensus":[-100.0,100.0,-100.0,100.0,-79.5641,-32.7569,42.4562,12.0087,0.0,10.4946,12.5762,0.0,0.0,-46.0469,-37.0951,-22.2908,-56.6168,-54.6184,-37.7803,-28.7368],"supportDates":["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,-22.9409,38.2307,9.0016,0.0,0.6228,15.2033,0.0,0.0,-41.3393,-20.7416,-2.2476,-63.0762,-60.6797,-41.2811,-22.7494],"force":[-100.0,100.0,-100.0,100.0,-82.6262,-15.7981,70.284,5.1571,0.0,14.3793,11.1919,0.0,0.0,-43.7707,-18.2025,-6.0865,-40.2042,-32.8518,-11.6599,-4.8764],"direction":[null,null,null,null,-77.3768,-56.0886,27.4083,20.3394,0.0,20.4253,10.5624,0.0,0.0,-53.0529,-69.2796,-65.467,-60.9578,-63.2387,-52.4369,-52.6226],"intensity":[null,null,null,null,75.0,100.0,100.0,71.4286,12.5,11.1111,20.0,18.1818,25.0,61.5385,50.0,20.0,43.75,47.0588,33.3333,31.5789],"confirmation":[54.6667,54.6667,54.6667,54.6667,70.9338,78.1149,82.4984,49.0131,25.7645,49.1123,71.9422,24.5969,24.0654,82.7374,79.5439,30.5388,85.5187,84.7222,79.2403,53.8932],"persistence":[null,null,33.3333,0.0,20.0,33.3333,14.2857,0.0,12.5,12.5,37.5,25.0,37.5,37.5,12.5,12.5,25.0,50.0,75.0,87.5],"assessmentRisk":[null,null,null,null,9.4966,33.25,12.8632,14.3968,43.1218,40.7739,9.3128,6.2855,12.371,19.0914,30.9723,38.3388,21.579,22.2512,20.1348,33.9404],"volumeParticipation":true,"latest":{"consensus":-28.7,"control":-22.7,"force":-4.9,"direction":-52.6,"confirmation":53.9,"persistence":87.5,"assessmentRisk":33.9,"intensity":31.6,"evidenceDepth":77},"analysis":{"status":"Price structure has the available support","headline":"The gauges support the price-technical view","summary":"Market Dynamics does not provide a directional confirmation. The completed evidence supports the downward price structure.","take":"Current assessment: follow price structure with limited confirmation.","tone":"negative","supportedView":"Price structure","direction":"downward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Seller control supports the view","controlPath":"Control support is strengthening","forceState":"Commitment is limited","forcePath":"Broadly stable","directionState":"Downward follow-through","persistenceState":"Established","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"-28.7","detail":"Price structure has the available support","tone":"negative"},{"label":"SM Control Gauge","value":"-22.7","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-4.9","detail":"Commitment is limited","tone":"negative"},{"label":"SM Direction Gauge","value":"-52.6","detail":"Downward follow-through","tone":"negative"},{"label":"SM Confirmation Gauge","value":"54/100","detail":"Qualified support","tone":"neutral"}]},"kpis":[{"label":"Price structure","value":"Aligned downward","detail":"completed-week alignment","tone":"negative"},{"label":"Momentum","value":"34.8","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"23.5%","detail":"Normal","tone":"neutral"},{"label":"Trend quality","value":"-","detail":"Developing","tone":"neutral"},{"label":"Range position","value":"8%","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 downward.","series":[{"label":"Close","values":[6.522,6.6164,5.634,6.0553,4.752,4.752,6.447,6.447,6.037,6.037,6.4,6.4,6.227,5.128,4.385,4.5035,3.7705,3.359,3.6915,3.6455],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,6.0321,5.7993,5.9171,6.0134,6.0177,6.0212,6.0901,6.1464,6.1611,5.9733,5.6845,5.4698,5.1608,4.8332,4.6256,4.4474],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,6.2297,6.1481,6.0175,5.9054,5.7472,5.5703,5.4311,5.2989],"stroke":"#07865c","width":1.8},{"label":"Upper envelope","values":[null,null,null,null,null,null,null,null,null,7.235,7.246,7.2501,7.2239,7.2052,7.2923,7.3085,7.4174,7.5369,7.5513,7.5498],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower envelope","values":[null,null,null,null,null,null,null,null,null,4.6249,4.6994,4.7665,4.8264,4.7169,4.4197,4.2343,3.8901,3.5156,3.3081,3.1312],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["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"]},{"key":"returns","eyebrow":"Observed return path","title":"Completed returns and cumulative progression","description":"Period returns are shown beside the total move recorded across the available tape.","reason":"Selected because direct returns remain fully observable while longer indicators develop.","series":[{"label":"Period 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