{"schema_version":"1.0","name":"FDR Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"f78ae87f-4422-45bf-8260-70f0cd3f2ea0","symbol":"FDR","name":"First Development Resources Plc","exchange":"LSE","country":"GB","asset_type":"equity","currency":"GBP","sector":"Basic Materials","industry":"Other Industrial Metals & Mining"},"summary":"Market Dynamics eased this week but 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 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":56,"displayedObservations":56,"assetType":"Equity","state":"Aligned downward","stateTone":"negative","summary":"Market Dynamics eased this week but remains positive. 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elevated relative to Market Dynamics","kind":"structuralDivergence","expectedDirection":"lower","episodes":0,"completedEpisodes":0,"activeEpisodes":0,"horizons":[{"weeks":4,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"},{"weeks":12,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"},{"weeks":26,"sample":0,"expectedCount":0,"confidence":"Not enough 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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":"positive","direction":"weakening","zone":"middle","zoneContext":"Market Dynamics remains above zero, but support has contracted across the recent completed path. Price confirmation now carries more weight.","historical":{"label":"Broad directional cases","weeks":12,"sample":0},"nowContext":{"label":"Easier this week","detail":"Market Dynamics eased this week but remains positive."},"fourWeekContext":{"label":"Weakened over four weeks","detail":"Underlying support has contracted across the recent completed path."},"priceContext":{"label":"Price remains downward while Market Dynamics is positive","detail":"The positive Market Dynamics reading has not yet reversed the downward price structure."}},"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":"Zone positioning","title":"Use accumulation to prepare the long case, then wait for confirmation","tone":"positive","finding":"After accumulation, 100.0% of completed 12-week outcomes were higher across 2 cases. Distinct visits lasted 2.0 weeks on average before leaving the zone.","approach":"Build the thesis and entry conditions while price is in accumulation. Increase exposure only when price responds; location alone is not the entry.","watch":"A failed price response or renewed weakness removes the reason to increase long exposure."},{"eyebrow":"Disagreement playbook","title":"Use unsupported price strength to tighten discipline","tone":"caution","finding":"Comparable disagreements produced an average pullback of 11.1% across 2 completed cases, with the largest move arriving after 3.0 weeks on average.","approach":"Avoid adding simply because price is rising. Let improving Market Dynamics confirm the move, or let price reset before reassessing it.","watch":"The warning ends when Market Dynamics catches up or price gives way."}]},"summary":"This record compares the ticker's completed price path with its published Market Dynamics history."},"events":{"positioning_recoveries":[{"date":"2026-04-24","price":0.0245}],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["2025-08-01","2025-08-08","2025-08-15","2025-08-22","2025-08-29","2025-09-05","2025-09-12","2025-09-19","2025-09-26","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","2026-08-21"],"close":[0.0605,0.055,0.0655,0.0835,0.0915,0.098,0.0845,0.08,0.0825,0.0875,0.0365,0.0335,0.0325,0.029,0.028,0.0265,0.026,0.026,0.0275,0.029,0.0285,0.0295,0.0295,0.0275,0.028,0.027,0.028,0.0257,0.025,0.0245,0.028,0.0235,0.0235,0.021,0.0205,0.0235,0.021,0.0215,0.0245,0.0255,0.025,0.026,0.024,0.0285,0.0325,0.033,0.029,0.0265,0.0265,0.0265,0.029,0.028,0.027,0.023,0.023,0.023],"consensus":[-59.6639,-66.6667,40.0,50.6796,68.6388,58.9981,0.0,0.0,8.8628,19.5567,-76.2664,-46.3139,-53.5851,-52.6407,-49.037,-45.1204,-34.6198,-28.3131,-17.1782,0.0,-20.9109,0.0,-19.6489,-27.5586,-13.1697,-25.5338,-10.0941,-33.6776,-24.622,-21.635,21.9553,-39.4673,-13.4049,-36.6252,-31.696,13.4158,-31.0444,0.0,26.1121,13.4376,0.0,20.2035,-14.7491,46.7654,57.7921,42.898,0.0,-21.7237,-9.9402,0.0,24.8371,0.0,0.0,-52.3391,-23.583,-24.1853],"supportDates":["2025-08-29","2025-09-05","2025-09-12","2025-09-19","2025-09-26","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","2026-08-21"],"control":[null,60.1627,0.0,0.0,16.044,30.1239,-61.8688,-36.3206,-53.4492,-50.3104,-56.3043,-49.4746,-36.6848,-29.9868,-16.5747,0.0,-28.8399,0.0,-30.3516,-32.6944,-16.0107,-30.8578,-13.1494,-45.8103,-28.9875,-24.7705,17.9694,-48.7255,-15.3187,-42.5097,-34.5322,12.6471,-36.9799,0.0,14.6675,10.4427,0.0,10.9231,-21.1783,39.3779,49.491,46.4142,0.0,-25.689,-5.5977,0.0,33.4145,0.0,0.0,-49.2305,-19.8237,-21.2305],"force":[30.8493,35.0522,0.0,0.0,2.7335,14.0898,-99.7201,-21.5753,-25.066,-25.8557,-20.3904,-18.6079,-9.2312,-2.6401,-9.8047,0.0,-2.7788,0.0,-5.5894,-20.2784,-2.3599,-16.5241,-5.47,-28.7004,-14.7697,-12.0057,61.7728,-46.6586,-1.2926,-34.9306,-18.4398,43.2531,-32.2994,0.0,58.13,12.9385,0.0,26.8637,-25.576,77.1825,78.3606,23.0401,0.0,-38.6566,-9.9019,0.0,22.3924,0.0,0.0,-82.8752,-9.1338,-12.0696],"direction":[95.6314,74.7715,0.0,0.0,5.0337,11.3848,-75.9681,-75.4053,-74.1111,-74.436,-61.1933,-59.0818,-50.3945,-44.7381,-37.1414,0.0,-24.8007,0.0,-17.4598,-26.8892,-21.0153,-25.8848,-17.7195,-23.367,-26.6703,-24.9295,1.9306,-23.7498,-19.8693,-31.1104,-37.9234,7.0182,-23.3643,0.0,16.3218,17.2168,0.0,26.0523,-0.332,33.4818,52.5874,53.0637,0.0,-5.0969,-14.9303,0.0,16.7807,0.0,0.0,-34.0802,-38.2001,-36.2164],"intensity":[100.0,20.0,66.6667,71.4286,12.5,22.2222,100.0,100.0,8.3333,38.4615,7.1429,13.3333,6.25,5.8824,22.2222,15.7895,15.0,9.5238,40.9091,43.4783,37.5,12.0,42.3077,44.4444,42.8571,13.7931,60.0,64.5161,43.75,42.4242,50.0,51.4286,41.6667,35.1351,73.6842,64.1026,12.5,36.5854,38.0952,72.093,75.0,64.4444,65.2174,55.3191,45.8333,4.0816,48.0,35.2941,42.3077,71.1538,73.0769,1.9231],"confirmation":[65.5702,86.1319,32.0874,2.9551,25.2065,73.9305,93.3394,82.2188,84.2801,84.0642,82.7081,81.5642,78.2731,53.5856,29.4422,5.2976,51.3514,3.8892,51.0294,76.5186,49.5345,75.8151,49.2095,78.4403,75.5123,74.5819,54.0451,80.7076,49.2246,79.5787,77.6955,52.0446,77.882,48.0747,77.5061,72.3304,25.1057,74.8095,50.3559,84.0045,87.2468,81.0686,31.6697,52.7405,48.5792,3.4598,75.7427,2.9829,1.5055,85.7265,75.1635,44.64],"persistence":[20.0,33.3333,28.5714,25.0,50.0,75.0,50.0,25.0,0.0,25.0,37.5,50.0,75.0,100.0,100.0,87.5,87.5,75.0,75.0,75.0,75.0,75.0,75.0,87.5,87.5,100.0,75.0,75.0,75.0,75.0,75.0,50.0,50.0,37.5,37.5,12.5,0.0,25.0,25.0,25.0,50.0,62.5,50.0,25.0,12.5,0.0,25.0,12.5,0.0,25.0,37.5,37.5],"assessmentRisk":[15.6133,20.4997,44.0667,16.1765,41.4056,51.0094,11.3431,26.3612,22.9564,23.6113,0.2455,1.5466,3.7848,3.6526,6.78,12.5464,19.4458,13.8922,17.1713,24.2935,10.8864,34.6946,38.9684,27.9227,37.1051,37.8187,10.9776,21.6234,27.0312,29.1763,34.1207,6.7079,25.7229,14.5409,33.86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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":"Seller control supports the view","controlPath":"Control support is strengthening","forceState":"Downward commitment","forcePath":"Commitment is strengthening","directionState":"Downward follow-through","persistenceState":"Unsettled","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"-24.2","detail":"Price structure has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-21.2","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-12.1","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction 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trend references are aligned downward.","series":[{"label":"Close","values":[0.0605,0.055,0.0655,0.0835,0.0915,0.098,0.0845,0.08,0.0825,0.0875,0.0365,0.0335,0.0325,0.029,0.028,0.0265,0.026,0.026,0.0275,0.029,0.0285,0.0295,0.0295,0.0275,0.028,0.027,0.028,0.0257,0.025,0.0245,0.028,0.0235,0.0235,0.021,0.0205,0.0235,0.021,0.0215,0.0245,0.0255,0.025,0.026,0.024,0.0285,0.0325,0.033,0.029,0.0265,0.0265,0.0265,0.029,0.028,0.027,0.023,0.023,0.023],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,0.0696,0.0748,0.0765,0.0772,0.0781,0.0798,0.072,0.065,0.0591,0.0536,0.0489,0.0449,0.0414,0.0386,0.0366,0.0352,0.034,0.0332,0.0325,0.0316,0.0309,0.0302,0.0298,0.0291,0.0283,0.0276,0.0277,0.0269,0.0263,0.0253,0.0245,0.0243,0.0237,0.0233,0.0235,0.0239,0.0241,0.0244,0.0244,0.0251,0.0264,0.0276,0.0279,0.0276,0.0274,0.0273,0.0276,0.0277,0.0275,0.0267,0.026,0.0255],"stroke":"#176fa3","width":1.7},{"label":"Slow 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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,-9.0909,0.0,0.0,0.0,0.0,-13.7755,-18.3673,-15.8163,-10.7143,-62.7551,-65.8163,-66.8367,-70.4082,-71.4286,-72.9592,-73.4694,-73.4694,-71.9388,-70.4082,-70.9184,-69.898,-69.898,-71.9388,-71.4286,-72.449,-71.4286,-73.7347,-74.4898,-75.0,-71.4286,-76.0204,-76.0204,-78.5714,-79.0816,-76.0204,-78.5714,-78.0612,-75.0,-73.9796,-74.4898,-73.4694,-75.5102,-70.9184,-66.8367,-66.3265,-70.4082,-72.9592,-72.9592,-72.9592,-70.4082,-71.4286,-72.449,-76.5306,-76.5306,-76.5306],"stroke":"#c13f3f","width":1.9,"fill":"rgba(193,63,63,.10)"},{"label":"Recovery","values":[null,null,null,null,null,null,null,45.4545,50.0,59.0909,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,5.7692,11.5385,9.6154,13.4615,13.4615,5.7692,7.6923,3.8462,7.6923,0.0,0.0,0.0,14.2857,0.0,0.0,0.0,0.0,14.6341,2.439,4.878,19.5122,24.3902,21.9512,26.8293,17.0732,39.0244,58.5366,60.9756,41.4634,29.2683,29.2683,29.2683,41.4634,36.5854,31.7073,12.1951,12.1951,12.1951],"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,53.0297,75.5329,75.7878,249.3459,100.3035,65.3333,34.4919,29.7793,50.9235,29.9496,25.7919,39.6922,38.1687,40.8547,18.5039,65.0703,64.6267,32.555,54.5968,115.5985,29.175,44.8401,82.8266,240.3869,58.6458,41.5708,71.9937,37.0609,125.0199,50.1534,14.0908,228.5621,48.2303,29.8876,212.2142,41.3302,166.6736,143.6219,15.3861,7.3388,57.5021,6.4641,0.0,5.5111,40.3885,55.5155,299.9582,27.16,38.6316],"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,52.0958,57.0858,67.0659,0.0,6.5606,5.2353,0.8461,0.0,0.6283,1.2533,1.2533,3.1523,5.0513,4.4183,5.6843,5.6843,3.1523,3.7853,2.5193,3.7853,0.9242,1.25,1.8519,7.293,1.7305,3.0717,1.3423,0.6711,5.9603,9.5465,11.9332,42.3077,50.0,46.1538,53.8462,38.4615,73.0769,90.0,93.3333,66.6667,50.0,50.0,50.0,66.6667,60.0,53.3333,26.6667,26.6667,26.6667],"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,52.5099,50.8526,50.6451,48.6161,45.6902,41.0735,37.0044,35.9415,33.2114,31.5631,32.8038,30.4269,30.3582,28.7136,29.9083,29.3912,29.015,25.4369,29.7387,28.8759,31.7061,30.8563,26.8183,29.568,27.8141,25.5803,23.662,23.5541,22.6788,24.0043,20.7753,18.4555,17.3105,19.2763,20.7741,19.5598,18.5669,16.4195,16.8116,16.718,20.0871,19.2734,18.5054],"stroke":"#c13f3f","width":1.9},{"label":"Envelope 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