{"schema_version":"1.0","name":"NNO2 Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-14","ticker":{"uuid":"fcb49788-2486-40a0-adc0-252e820a9044","symbol":"NNO2","name":"Novo Nordisk A/S","exchange":"VIE","country":"AT","asset_type":"equity","currency":"EUR","sector":"Healthcare","industry":"Drug Manufacturers - General"},"summary":"The technical trend and the underlying tape are moving in opposite directions. Price is holding its upward structure without confirmation from Market Dynamics.","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, Strength versus the research benchmark, Activity pressure and cumulative balance, 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":"2026-08-14","observations":260,"displayedObservations":104,"assetType":"Equity","state":"Aligned upward","stateTone":"positive","summary":"The technical trend and the underlying tape are moving in opposite directions. 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cautious, Market Dynamics positive","kind":"disagreement","expectedDirection":"higher","episodes":17,"completedEpisodes":15,"activeEpisodes":2,"medianExpectedMove":11.1,"averageExpectedMove":14.7,"averageWeeksToLargestMove":9.3,"horizons":[{"weeks":4,"sample":16,"expectedCount":9,"expectedPercent":56.2,"averageReturn":2.0,"medianReturn":3.2,"confidenceLow":33.2,"confidenceHigh":76.9,"confidence":"Mixed historical record"},{"weeks":12,"sample":15,"expectedCount":12,"expectedPercent":80.0,"averageReturn":10.0,"medianReturn":10.5,"confidenceLow":54.8,"confidenceHigh":93.0,"confidence":"Historically consistent"},{"weeks":26,"sample":15,"expectedCount":11,"expectedPercent":73.3,"averageReturn":14.8,"medianReturn":20.1,"confidenceLow":48.0,"confidenceHigh":89.1,"confidence":"Mixed historical record"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":0.9,"sample":17},{"week":2,"averageReturn":1.9,"sample":17},{"week":3,"averageReturn":0.2,"sample":17},{"week":4,"averageReturn":2.0,"sample":16},{"week":5,"averageReturn":-0.7,"sample":16},{"week":6,"averageReturn":-0.4,"sample":16},{"week":7,"averageReturn":3.0,"sample":16},{"week":8,"averageReturn":4.9,"sample":16},{"week":9,"averageReturn":4.9,"sample":16},{"week":10,"averageReturn":7.0,"sample":16},{"week":11,"averageReturn":5.6,"sample":15},{"week":12,"averageReturn":10.0,"sample":15},{"week":13,"averageReturn":9.1,"sample":15},{"week":14,"averageReturn":9.2,"sample":15},{"week":15,"averageReturn":9.2,"sample":15},{"week":16,"averageReturn":7.9,"sample":15},{"week":17,"averageReturn":8.5,"sample":15},{"week":18,"averageReturn":8.4,"sample":15},{"week":19,"averageReturn":7.6,"sample":15},{"week":20,"averageReturn":6.4,"sample":15},{"week":21,"averageReturn":9.2,"sample":15},{"week":22,"averageReturn":9.1,"sample":15},{"week":23,"averageReturn":11.9,"sample":15},{"week":24,"averageReturn":10.9,"sample":15},{"week":25,"averageReturn":13.2,"sample":15},{"week":26,"averageReturn":14.8,"sample":15}]}},"pricePressureGap":{"label":"Price elevated relative to Market Dynamics","kind":"structuralDivergence","expectedDirection":"lower","episodes":1,"completedEpisodes":1,"activeEpisodes":0,"medianExpectedMove":23.3,"averageExpectedMove":23.3,"averageWeeksToLargestMove":11.0,"horizons":[{"weeks":4,"sample":1,"expectedCount":1,"expectedPercent":100.0,"averageReturn":-14.5,"medianReturn":-14.5,"confidenceLow":20.7,"confidenceHigh":100.0,"confidence":"Mixed historical record"},{"weeks":12,"sample":1,"expectedCount":1,"expectedPercent":100.0,"averageReturn":-19.7,"medianReturn":-19.7,"confidenceLow":20.7,"confidenceHigh":100.0,"confidence":"Mixed historical record"},{"weeks":26,"sample":1,"expectedCount":1,"expectedPercent":100.0,"averageReturn":-31.2,"medianReturn":-31.2,"confidenceLow":20.7,"confidenceHigh":100.0,"confidence":"Mixed historical record"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":-5.7,"sample":1},{"week":2,"averageReturn":-1.5,"sample":1},{"week":3,"averageReturn":-9.4,"sample":1},{"week":4,"averageReturn":-14.5,"sample":1},{"week":5,"averageReturn":-18.2,"sample":1},{"week":6,"averageReturn":-12.5,"sample":1},{"week":7,"averageReturn":-13.6,"sample":1},{"week":8,"averageReturn":-16.1,"sample":1},{"week":9,"averageReturn":-17.6,"sample":1},{"week":10,"averageReturn":-20.5,"sample":1},{"week":11,"averageReturn":-23.3,"sample":1},{"week":12,"averageReturn":-19.7,"sample":1},{"week":13,"averageReturn":-19.2,"sample":1},{"week":14,"averageReturn":-16.1,"sample":1},{"week":15,"averageReturn":-20.0,"sample":1},{"week":16,"averageReturn":-36.9,"sample":1},{"week":17,"averageReturn":-32.6,"sample":1},{"week":18,"averageReturn":-31.8,"sample":1},{"week":19,"averageReturn":-32.5,"sample":1},{"week":20,"averageReturn":-38.6,"sample":1},{"week":21,"averageReturn":-33.7,"sample":1},{"week":22,"averageReturn":-34.5,"sample":1},{"week":23,"averageReturn":-33.3,"sample":1},{"week":24,"averageReturn":-40.2,"sample":1},{"week":25,"averageReturn":-32.8,"sample":1},{"week":26,"averageReturn":-31.2,"sample":1}]},"currentApplication":{"status":"Evidence conflict","tone":"negative","headline":"Market Dynamics is negative while price remains rotational","use":"Treat the pressure as context until price establishes a clear response.","confirm":"The gap can close through improving Market Dynamics or weakening price. Until one occurs, the upward structure carries elevated reversal risk and should not be read as fully aligned.","invalidate":"Reassess the reading when either price structure or the Market Dynamics state changes materially.","level":"negative","direction":"weakening","zone":"middle","zoneContext":"Price is between the accumulation and distribution zones. The Market Dynamics bars describe whether the current move is gaining or losing underlying support.","historical":{"label":"Broad directional cases","weeks":12,"direction":"lower","percent":60.0,"averageReturn":0.7,"sample":20},"nowContext":{"label":"Easier this week","detail":"Market Dynamics weakened this week and remains below zero."},"fourWeekContext":{"label":"Weakened over four weeks","detail":"Underlying support has contracted across the recent completed path."},"priceContext":{"label":"Price structure is upward","detail":"Price is responding in the same broad direction as Market Dynamics."}},"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":"Divergence control","title":"Do not chase price while the underlying evidence lags","tone":"caution","approach":"Use the gap to review position size, protect gains and wait for either Market Dynamics to catch up or price to correct. The disagreement is a warning condition, not an automatic exit.","finding":"In this ticker's completed record, 60.0% of comparable cases moved lower after 12 weeks, with an average move of 0.7% across 20 cases.","watch":"Reassess the reading when either price structure or the Market Dynamics state changes materially."},{"eyebrow":"Zone positioning","title":"Use distribution to protect capital before considering the short case","tone":"negative","finding":"After distribution, 100.0% of completed 12-week outcomes were lower across 2 cases. Distinct visits lasted 3.5 weeks on average before leaving the zone.","approach":"Review long exposure and define the evidence that would confirm a rollover. Short exposure should begin only after price weakens and the loss limit is known.","watch":"A sustained repair in price and Market Dynamics invalidates the downside setup."},{"eyebrow":"Disagreement playbook","title":"Use unsupported price strength to tighten discipline","tone":"caution","finding":"Comparable disagreements produced an average pullback of 13.1% across 20 completed cases, with the largest move arriving after 6.7 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":34.560001}],"distribution_rollovers":[{"date":"2024-09-06","price":71.374237}],"price_pressure_gaps":[{"date":"2024-08-30","price":75.654282}]}},"smTape":{"available":true,"dates":["2024-08-23","2024-08-30","2024-09-06","2024-09-13","2024-09-20","2024-09-27","2024-10-04","2024-10-11","2024-10-18","2024-10-25","2024-11-01","2024-11-08","2024-11-15","2024-11-22","2024-11-29","2024-12-06","2024-12-13","2024-12-20","2024-12-27","2025-01-03","2025-01-10","2025-01-17","2025-01-24","2025-01-31","2025-02-07","2025-02-14","2025-02-21","2025-02-28","2025-03-07","2025-03-14","2025-03-21","2025-03-28","2025-04-04","2025-04-11","2025-04-18","2025-04-25","2025-05-02","2025-05-09","2025-05-16","2025-05-23","2025-05-30","2025-06-06","2025-06-13","2025-06-20","2025-06-27","2025-07-04","2025-07-11","2025-07-18","2025-07-25","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"],"close":[73.4721,75.6543,71.3742,74.521,68.5651,64.707,61.8617,66.1658,65.3822,63.4893,62.3198,60.1135,58.0277,60.7404,61.1262,63.4531,60.5234,47.7436,50.9928,51.5896,51.0953,46.4234,50.1368,49.5641,50.4563,45.26,50.8541,52.0236,48.4067,42.7522,42.8969,43.6095,39.9393,38.6839,35.4734,37.2228,41.5789,40.7282,39.1161,40.7625,42.7588,45.0158,47.5197,43.6712,40.399,41.7161,41.3182,38.1283,42.6559,28.6065,29.7624,32.8147,36.4712,35.3112,36.3623,35.0484,38.825,35.101,37.6162,39.0428,34.5266,34.489,31.7973,29.3985,31.5984,30.9301,31.7973,31.2342,32.2854,30.9151,33.2314,33.055,38.1643,39.1404,40.3342,37.3159,29.7589,31.298,30.1793,23.2755,24.6608,24.8522,23.8724,30.45,31.585,32.75,35.82,34.56,35.83,40.055,38.37,38.58,39.135,37.91,38.315,38.765,42.27,43.67,39.1429,40.1893,38.9254,37.1135,37.7794,39.405],"consensus":[9.2713,41.2148,-42.8305,30.7385,-57.9859,-69.4229,-70.375,0.0,-36.5121,-42.1317,-27.6218,-56.5965,-59.9237,0.0,-12.8694,20.8672,-37.8907,-74.9465,-22.3364,-30.1931,-34.7228,-68.5568,0.0,-31.7646,0.0,-63.0545,26.4905,0.0,-48.8738,-59.5418,-39.7346,-17.202,-64.7476,-39.8102,-62.1056,-19.0481,24.3885,-17.1413,-24.5037,13.8919,22.3006,46.0218,51.7192,-23.9968,-42.7249,11.4007,-11.7777,-50.0856,41.4318,-71.298,-21.6192,0.0,11.3902,-14.5554,8.8701,0.0,36.9875,-34.0225,29.1088,34.1603,-46.2673,-17.6942,-51.746,-59.4945,0.0,-31.418,0.0,-8.6952,9.3083,-23.435,24.1206,0.0,62.5221,45.7407,49.1974,0.0,-59.0269,-18.9824,-41.6406,-77.1195,-22.2058,-39.7797,-48.2488,40.2709,29.0453,39.414,64.8515,22.0935,42.4527,64.8395,0.0,32.8588,37.7096,8.657,28.6943,20.6133,57.9003,41.1409,0.0,32.8142,-17.6229,-34.4048,0.0,-18.8486],"supportDates":["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"],"control":[15.9929,-28.4689,1.8582,0.0,32.9721,-40.555,26.8519,34.589,-47.3207,-23.909,-53.7117,-61.788,0.0,-32.7329,0.0,-15.0618,10.2238,-30.6104,24.4642,0.0,58.7382,44.1726,47.2276,0.0,-50.775,-16.548,-45.9179,-79.0949,-15.9051,-41.4718,-52.2081,42.1267,25.8633,39.1125,63.7248,22.4426,38.7274,58.0061,0.0,28.1885,36.5302,15.2429,38.032,22.4698,63.8771,35.938,0.0,29.0467,-10.2786,-27.5498,0.0,-27.7285],"force":[56.0622,-18.0705,20.8524,0.0,62.0674,-56.2887,55.2025,37.8368,-70.6842,-11.8228,-62.642,-67.7528,0.0,-22.1361,0.0,-0.225,25.41,-23.2768,40.357,0.0,82.0923,32.9933,39.3414,0.0,-92.0703,-3.9056,-31.8021,-97.1875,-13.8883,-14.7726,-29.7291,60.2764,28.8217,37.2994,80.6713,9.7503,38.3624,79.0249,0.0,13.1397,20.8255,13.0857,15.2369,5.3128,51.2564,19.5899,0.0,44.8373,-40.4985,-49.7712,0.0,-25.7074],"direction":[25.7786,-3.8564,12.5723,0.0,23.6623,-10.6523,13.0499,31.0441,-27.6228,-14.7855,-41.7165,-50.9746,0.0,-36.5453,0.0,-7.7907,3.2392,-15.3474,12.1306,0.0,52.8678,56.6381,58.4886,0.0,-44.8553,-38.1132,-43.7796,-60.5278,-55.1881,-55.7081,-56.9522,23.8602,32.8416,41.2691,54.8392,44.4401,49.6319,62.5167,0.0,52.2813,51.1176,16.6608,27.635,29.4204,55.8153,62.4805,0.0,28.5321,-9.6765,-31.2632,0.0,-3.8011],"intensity":[88.4615,5.7692,5.7692,19.2308,80.7692,59.6154,34.6154,42.3077,76.9231,5.7692,34.6154,30.7692,25.0,5.7692,55.7692,48.0769,11.5385,15.3846,36.5385,23.0769,90.3846,38.4615,15.3846,51.9231,96.1538,92.3077,11.5385,92.3077,78.8462,17.3077,11.5385,92.3077,94.2308,17.3077,57.6923,17.3077,28.8462,84.6154,32.6923,23.0769,3.8462,30.7692,3.8462,23.0769,71.1538,50.0,78.8462,34.6154,21.1538,57.6923,71.1538,59.6154],"confirmation":[33.1023,50.7089,49.0968,24.9384,80.6615,79.4662,78.1445,79.0368,83.5336,73.3885,84.8608,87.255,6.3606,77.7509,4.4432,25.1283,49.4798,75.385,76.2082,24.3804,88.6612,82.2724,83.4728,32.9439,88.0214,51.5805,80.96,93.2597,31.7314,79.9416,82.8149,81.4681,77.3362,80.5526,89.2518,30.8409,81.517,89.2851,9.4549,77.985,79.5705,27.4655,76.6297,51.435,86.2345,80.5876,4.8414,78.9244,74.4484,79.5823,27.6495,37.0358],"persistence":[12.5,37.5,12.5,0.0,0.0,0.0,25.0,37.5,12.5,12.5,12.5,25.0,37.5,37.5,50.0,75.0,50.0,50.0,25.0,12.5,0.0,25.0,37.5,50.0,25.0,25.0,0.0,12.5,37.5,62.5,87.5,75.0,50.0,25.0,0.0,25.0,50.0,75.0,87.5,87.5,87.5,87.5,87.5,87.5,87.5,87.5,87.5,87.5,62.5,37.5,25.0,25.0],"assessmentRisk":[48.8042,51.8057,40.002,26.2837,4.8473,14.7643,1.575,17.271,12.4819,2.2615,22.8965,20.1679,37.2988,29.1968,1.1788,36.3866,9.1168,11.3684,17.8312,35.0573,18.016,27.1004,25.3099,50.5558,20.183,40.0887,29.0935,11.4152,34.0287,27.8854,23.4804,27.5388,32.7954,29.0972,17.4223,29.3476,20.0673,16.7316,30.0791,26.6495,26.3989,40.9502,15.547,6.1598,18.3566,29.2903,17.8132,12.5224,36.8821,32.5333,33.7876,29.1527],"volumeParticipation":true,"latest":{"consensus":-18.8,"control":-27.7,"force":-25.7,"direction":-3.8,"confirmation":37.0,"persistence":25.0,"assessmentRisk":29.2,"intensity":59.6,"evidenceDepth":100},"analysis":{"status":"Market Dynamics has stronger support","headline":"The gauges support the Market Dynamics view","summary":"Price structure and Market Dynamics disagree. The completed evidence gives the downward Market Dynamics view stronger support.","take":"Current assessment: the visible price structure remains vulnerable until Market Dynamics changes.","tone":"negative","supportedView":"Market Dynamics","direction":"downward","disagreement":true},"support":{"window":"Latest 12 months","controlState":"Seller control supports the view","controlPath":"Broadly stable","forceState":"Downward commitment","forcePath":"Commitment is easing","directionState":"Follow-through is limited","persistenceState":"Unsettled","confirmationState":"Limited support","riskState":"Contained","intensityState":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"-18.8","detail":"Market Dynamics has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-27.7","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-25.7","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction 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