{"schema_version":"1.0","name":"BDCI Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"f31e0642-d60f-4a93-8c9a-4460b9f62220","symbol":"BDCI","name":"Muzinich BDC Income Fund – Active ETF","exchange":"ASX","country":"AU","asset_type":"etf","currency":"AUD","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, Activity pressure and cumulative balance, Acceleration, deceleration and rollover, Range pressure and compression."},{"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":21,"displayedObservations":21,"assetType":"ETF","state":"Aligned upward","stateTone":"positive","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":["2026-04-03","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"],"values":[0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0],"opens":[19.868401,19.84,19.809999,20.49,19.904879,20.276499,19.536626,19.476635,19.186686,19.358351,19.548333,19.318354,19.488338,20.038277,19.568315,20.278255,20.268255,19.558316,19.290001,20.450001,20.26],"highs":[20.258301,20.129999,20.4,20.52,20.206509,20.286498,19.596615,19.476635,19.438343,19.358351,19.558332,19.318354,19.488338,20.038277,19.568315,20.288254,20.268255,19.99828,19.969999,20.450001,20.26],"lows":[19.799999,19.67,19.799999,19.959999,19.834901,19.726593,19.136696,19.296667,19.146692,19.358351,19.548333,19.318354,19.478338,20.038277,19.508321,20.268255,19.538319,19.48,19.290001,20.309999,19.940001],"closes":[19.84,19.68,20.25,19.959999,20.206509,19.726593,19.436644,19.426645,19.438343,19.358351,19.558332,19.318354,19.478338,20.038277,19.51832,20.268255,19.538319,19.530001,19.690001,20.309999,19.99],"hoverRows":[[{"label":"Open","value":"19.9","className":"is-ohlc","compact":true},{"label":"High","value":"20.3","className":"is-ohlc","compact":true},{"label":"Low","value":"19.8","className":"is-ohlc","compact":true},{"label":"Close","value":"19.8","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}]],"pressureRange":[-2.3,2.3],"priceRange":[19.258855,20.369498],"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":21,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[{"date":"2026-04-03","price":19.84}],"reversal_dangers":[{"date":"2026-04-10","price":19.68}]}},"smTape":{"available":true,"dates":["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":[19.84,19.68,20.25,19.96,20.2065,19.7266,19.4366,19.4266,19.4383,19.3584,19.5583,19.3184,19.4783,20.0383,19.5183,20.2683,19.5383,19.53,19.69,20.31,19.99],"consensus":[-82.5438,-95.6522,50.0001,-58.0,48.4408,-32.4215,-36.7703,-24.9703,-13.1174,-29.9686,15.7353,-30.3844,-12.4536,47.9593,-31.7296,46.8064,-42.428,-20.6558,20.9816,22.9235,4.8276],"supportDates":["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,-44.841,-29.6087,-13.9408,-5.7186,-24.8085,23.974,-32.3354,-22.6671,44.193,-42.7985,26.9771,-46.6307,-16.5775,17.4988,21.1362,17.6909],"force":[-82.5438,-95.6522,50.0001,-58.0,36.6877,-38.7047,-20.7212,-5.4924,-10.0551,-12.9047,29.4535,-19.1417,-1.1551,36.8461,-36.5738,50.4059,-85.439,-20.5538,43.2967,11.3096,33.8681],"direction":[null,null,null,null,56.8359,-13.7399,-56.4188,-51.4882,-51.1961,-48.0543,3.4789,-36.1852,-10.5016,60.2016,-15.6192,66.8973,-6.9028,-25.3895,9.0225,33.2618,30.6165],"intensity":[null,null,null,null,75.0,80.0,100.0,14.2857,12.5,44.4444,40.0,54.5455,33.3333,84.6154,78.5714,100.0,93.75,47.0588,27.7778,100.0,60.0],"confirmation":[49.0807,53.2754,38.6667,41.2267,60.2971,78.3771,79.3865,52.8983,7.1434,77.1485,51.4034,77.3506,48.9945,83.0657,78.1324,83.3899,60.1571,74.6689,75.4473,75.0088,31.432],"persistence":[null,null,33.3333,50.0,20.0,33.3333,42.8571,50.0,50.0,50.0,50.0,50.0,75.0,50.0,50.0,25.0,25.0,25.0,25.0,0.0,12.5],"assessmentRisk":[null,null,null,null,15.4151,22.3062,30.5206,33.5394,42.6944,27.3231,11.8847,2.9811,13.3661,24.7897,9.9942,26.0481,28.5016,32.3376,10.4765,6.3595,41.9727],"volumeParticipation":true,"latest":{"consensus":4.8,"control":17.7,"force":33.9,"direction":30.6,"confirmation":31.4,"persistence":12.5,"assessmentRisk":42.0,"intensity":60.0,"evidenceDepth":81},"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 upward price structure.","take":"Current assessment: follow price structure with limited confirmation.","tone":"positive","supportedView":"Price structure","direction":"upward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Buyer control supports the view","controlPath":"Control support is easing","forceState":"Upward commitment","forcePath":"Commitment is easing","directionState":"Upward follow-through","persistenceState":"Unsettled","confirmationState":"Limited support","riskState":"Present","intensityState":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"+4.8","detail":"Price structure has the available support","tone":"positive"},{"label":"SM Control Gauge","value":"+17.7","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+33.9","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+30.6","detail":"Upward follow-through","tone":"positive"},{"label":"SM Confirmation Gauge","value":"31/100","detail":"Limited support","tone":"caution"}]},"kpis":[{"label":"Price structure","value":"Aligned upward","detail":"completed-week alignment","tone":"positive"},{"label":"Momentum","value":"46.7","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"2.4%","detail":"Elevated","tone":"caution"},{"label":"Trend quality","value":"-","detail":"Developing","tone":"neutral"},{"label":"Range position","value":"62%","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 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