{"schema_version":"1.0","name":"JLHL Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"24ad36fb-509a-4de5-919a-64ff6b812473","symbol":"JLHL","name":"Julong Holding Limited Class A Ordinary Shares","exchange":"NASDAQ","country":"US","asset_type":"equity","currency":"USD","sector":"Industrials","industry":"Building Products & Equipment"},"summary":"Price structure and the underlying tape currently reinforce the same downside read.","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 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elevated relative to Market Dynamics","kind":"structuralDivergence","expectedDirection":"lower","episodes":1,"completedEpisodes":0,"activeEpisodes":1,"horizons":[{"weeks":4,"sample":1,"expectedCount":1,"expectedPercent":100.0,"averageReturn":-83.6,"medianReturn":-83.6,"confidenceLow":20.7,"confidenceHigh":100.0,"confidence":"Mixed historical record"},{"weeks":12,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"},{"weeks":26,"sample":0,"expectedCount":0,"confidence":"Not enough 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aligned downward","use":"The downside remains supported until Market Dynamics repairs or price structure changes.","confirm":"The downside state remains confirmed until Market Dynamics repairs or price structure changes.","invalidate":"Reassess the reading when either price structure or the Market Dynamics state changes materially.","level":"negative","direction":"weakening","zone":"accumulation","zoneContext":"Price is within accumulation conditions, but the completed tape has not yet confirmed a recovery. The zone is a watch area rather than a directional signal.","historical":{"label":"Broad directional cases","weeks":12,"direction":"lower","sample":0},"nowContext":{"label":"Slightly 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 downward","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":"Capital protection","title":"Treat agreement on the downside as a defensive condition","tone":"negative","approach":"Reduce the burden of proof for risk control and raise it for new long exposure. A short position still needs a defined entry, exit and maximum loss.","finding":"The current relationship is visible, but this ticker does not yet have a completed comparable outcome.","watch":"Reassess the reading when either price structure or the Market Dynamics state changes materially."},{"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 1 cases. Distinct visits lasted 8.5 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 improving Market Dynamics to prepare, not anticipate","tone":"recovery","finding":"Comparable disagreements produced an average recovery of 805.1% across 1 completed cases, with the largest move arriving after 11.0 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."},{"eyebrow":"Position management","title":"Size for the path, not only the eventual long reward","tone":"positive","finding":"Across 1 completed accumulation cycles, the average gross long opportunity was 1003.4%, while the average adverse move was 13.8%.","approach":"Scale exposure only as confirmation improves, and keep enough risk capacity to survive the ticker's observed adverse path.","watch":"Reassess the reading when either price structure or the Market Dynamics state changes materially."}]},"summary":"This record compares the ticker's completed price path with its published Market Dynamics history."},"events":{"positioning_recoveries":[{"date":"2026-05-01","price":11.45},{"date":"2026-07-10","price":11.73}],"reversal_warnings":[{"date":"2026-06-05","price":44.8}],"reversal_dangers":[{"date":"2026-06-12","price":24.0}]}},"smTape":{"available":true,"dates":["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","2026-08-21"],"close":[4.5099,3.8,4.16,3.8,4.97,4.0899,3.9842,3.66,4.05,3.9835,4.1,4.1301,4.09,3.99,4.3,4.14,3.61,3.81,3.96,3.855,4.03,3.165,4.04,4.45,3.9,3.6,4.34,3.86,4.06,3.92,4.19,3.5,4.41,5.43,5.75,5.7,5.73,5.81,4.95,6.0,5.75,6.0,6.35,9.73,11.45,19.0,23.26,19.5,19.59,44.8,24.0,39.69,14.115,7.33,11.73,9.35,6.08,6.23,8.85,7.19,6.6],"consensus":[-62.7364,0.0,91.703,-12.8889,26.6966,-16.7998,-11.2257,-20.7962,0.0,-10.5792,0.0,0.0,0.0,0.0,14.2095,-10.4313,-26.5236,0.0,0.0,-10.4876,15.5196,-46.7385,34.5604,29.8798,-21.6094,-13.4357,31.7859,-17.8985,0.0,0.0,0.0,-30.8739,22.6699,37.6273,29.633,21.3008,21.8933,15.0569,-21.8657,39.2276,0.0,17.0759,15.8108,60.2174,53.8452,69.3355,67.0219,0.0,25.9763,75.1308,-23.6013,65.9956,-48.3037,-56.0328,0.0,-32.7672,-43.1818,-19.6702,0.0,-29.5958,-26.689],"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":[-14.2818,0.0,0.0,0.0,0.0,12.4694,-17.2109,-28.8768,0.0,0.0,-8.7975,13.4694,-41.8368,35.849,30.002,-22.2106,-14.4029,32.3416,-18.9031,0.0,0.0,0.0,-35.1136,11.5134,32.7795,26.9834,13.769,17.7469,12.8535,-24.6216,50.423,0.0,16.137,5.3278,50.8139,40.7454,58.9812,57.2003,0.0,15.9927,65.8485,-32.7643,65.8738,-46.3422,-50.6856,0.0,-25.3511,-44.4864,-23.6593,0.0,-36.6804,-37.0952],"force":[-10.1879,0.0,0.0,0.0,0.0,23.5105,-14.4261,-31.7424,0.0,0.0,-14.9843,29.1794,-77.3766,73.5668,37.3278,-45.5489,-28.1812,53.8972,-25.2908,0.0,0.0,0.0,-41.781,53.4405,45.3563,19.0294,6.1535,9.2872,2.3717,-39.0522,39.7823,0.0,12.7979,17.1357,82.7218,66.4286,87.8837,80.0761,0.0,6.1299,95.6816,-75.1382,75.3637,-89.4572,-79.9263,0.0,-33.7284,-47.6964,-2.2377,0.0,-25.2924,-19.8861],"direction":[-6.6273,0.0,0.0,0.0,0.0,9.5546,-0.1701,-20.1066,0.0,0.0,-9.2073,8.1056,-30.456,5.226,24.4202,-3.8227,-1.7977,15.3571,-11.4702,0.0,0.0,0.0,-18.2377,13.4411,37.647,40.235,40.7282,35.6365,26.6357,-6.44,26.0366,0.0,21.2047,26.8449,54.8896,59.8283,67.9204,68.922,0.0,51.562,71.06,-23.6829,59.4433,-21.1501,-45.077,0.0,-40.5563,-38.4662,-27.5631,0.0,-24.5731,-19.6556],"intensity":[66.6667,10.0,9.0909,16.6667,61.5385,57.1429,26.6667,81.25,23.5294,33.3333,68.4211,15.0,85.7143,86.3636,73.913,66.6667,88.0,73.0769,55.5556,21.4286,31.0345,26.6667,70.9677,100.0,96.9697,73.5294,51.4286,22.2222,27.027,89.4737,89.7436,52.5,19.5122,100.0,95.3488,90.9091,100.0,91.3043,87.234,93.75,100.0,98.0,96.0784,100.0,96.1538,78.8462,82.6923,71.1538,67.3077,86.5385,84.6154,40.3846],"confirmation":[48.6503,24.4137,1.8531,47.7618,1.3762,72.857,48.7261,76.6107,2.353,25.229,71.5188,73.4138,83.9647,57.5618,77.7867,52.9688,50.0674,78.8369,73.9375,47.8206,48.8259,24.5273,78.1474,76.3621,80.3502,77.1998,51.8027,74.6849,49.7985,52.8121,80.3991,2.9671,73.3482,50.5929,88.0987,85.8136,90.9104,89.9945,33.7446,53.193,92.8096,36.7024,89.406,84.7413,86.7402,6.7906,78.6278,81.9359,51.0357,5.2436,77.2316,84.1746],"persistence":[37.5,50.0,37.5,50.0,37.5,12.5,12.5,25.0,12.5,12.5,25.0,12.5,25.0,25.0,0.0,0.0,12.5,0.0,0.0,12.5,0.0,12.5,37.5,12.5,12.5,12.5,37.5,50.0,62.5,50.0,75.0,62.5,62.5,62.5,62.5,62.5,62.5,87.5,75.0,87.5,87.5,62.5,62.5,37.5,12.5,0.0,12.5,37.5,62.5,50.0,75.0,75.0],"assessmentRisk":[3.609,12.8264,35.5721,7.7415,2.8386,13.2705,6.3029,25.3646,24.9022,45.3599,36.0773,39.7703,25.1562,7.333,29.8355,3.6016,44.3241,11.3989,32.4284,11.6058,32.9846,18.0443,14.6274,15.8306,30.3577,34.7801,39.3231,38.3826,24.7808,33.8346,3.9912,0.4298,7.532,41.389,19.8232,23.076,15.3318,16.489,46.3807,36.8001,12.3764,15.729,15.199,3.7121,21.7024,35.7962,32.7386,6.1753,5.5563,8.9839,6.2897,15.4151],"volumeParticipation":true,"latest":{"consensus":-26.7,"control":-37.1,"force":-19.9,"direction":-19.7,"confirmation":84.2,"persistence":75.0,"assessmentRisk":15.4,"intensity":40.4,"evidenceDepth":100},"analysis":{"status":"Joint 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":"Broadly stable","forceState":"Downward commitment","forcePath":"Commitment is easing","directionState":"Downward follow-through","persistenceState":"Established","confirmationState":"Strong support","riskState":"Contained","intensityState":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"-26.7","detail":"Joint downward confirmation","tone":"negative"},{"label":"SM Control Gauge","value":"-37.1","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-19.9","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-19.7","detail":"Downward follow-through","tone":"negative"},{"label":"SM Confirmation Gauge","value":"84/100","detail":"Strong support","tone":"positive"}]},"kpis":[{"label":"Price structure","value":"Aligned downward","detail":"completed-week alignment","tone":"negative"},{"label":"Momentum","value":"45.9","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"147.8%","detail":"Elevated","tone":"caution"},{"label":"Trend quality","value":"56.4","detail":"Directional","tone":"positive"},{"label":"Range position","value":"6%","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":[4.5099,3.8,4.16,3.8,4.97,4.0899,3.9842,3.66,4.05,3.9835,4.1,4.1301,4.09,3.99,4.3,4.14,3.61,3.81,3.96,3.855,4.03,3.165,4.04,4.45,3.9,3.6,4.34,3.86,4.06,3.92,4.19,3.5,4.41,5.43,5.75,5.7,5.73,5.81,4.95,6.0,5.75,6.0,6.35,9.73,11.45,19.0,23.26,19.5,19.59,44.8,24.0,39.69,14.115,7.33,11.73,9.35,6.08,6.23,8.85,7.19,6.6],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,4.3747,4.3229,4.2613,4.152,4.1334,4.1062,4.1051,4.1096,4.106,4.0849,4.124,4.1269,4.033,3.9924,3.9865,3.9626,3.9749,3.8276,3.8662,3.9724,3.9592,3.8939,3.975,3.9541,3.9734,3.9637,4.0048,3.913,4.0034,4.2628,4.5332,4.7453,4.9244,5.0854,5.0608,5.2315,5.3258,5.4484,5.6123,6.361,7.2863,9.416,11.9331,13.3089,14.4509,19.9689,20.7019,24.1543,22.3289,19.6019,18.1706,16.5669,14.6602,13.1274,12.3497,11.4116,10.5367],"stroke":"#176fa3","width":1.7},{"label":"Slow 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envelope","values":[null,null,null,null,null,null,null,null,null,3.3709,3.4048,3.4367,3.4618,3.4744,3.5004,3.5215,3.4631,3.4528,3.4617,3.4598,3.4749,3.3327,3.3306,3.3396,3.4429,3.3983,3.3892,3.4138,3.414,3.4104,3.4093,3.347,3.3313,3.1318,2.9343,2.8197,2.7953,2.7728,2.8167,2.8114,2.8377,3.0167,3.0378,2.3579,1.6731,-0.6347,-2.8198,-3.2256,-3.3547,-8.7884,-8.3461,-9.4954,-8.6189,-8.3933,-7.7944,-7.3787,-7.3333,-7.2791,-6.801,-6.6496,-6.5375],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["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","2026-08-21"]},{"key":"relative","eyebrow":"Relative leadership","title":"Strength versus the research benchmark","description":"Relative performance is separated from absolute price direction to reveal leadership and lagging pressure.","reason":"Selected because benchmark-relative leadership is strengthening, fading or diverging from price.","series":[{"label":"Relative 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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,-15.7409,-7.7585,-15.7409,0.0,-17.7082,-19.835,-26.3581,-18.5111,-19.8491,-17.505,-16.8994,-17.7062,-19.7183,-13.4809,-16.7002,-27.3642,-23.34,-20.3219,-22.4346,-18.9135,-36.3179,-18.7123,-10.4628,-21.5292,-27.5654,-12.6761,-22.334,-18.3099,-21.1268,-15.6942,-29.5775,-11.2676,0.0,0.0,-0.8696,-0.3478,0.0,-14.8021,0.0,-4.1667,0.0,0.0,0.0,0.0,0.0,0.0,-16.1651,-15.7782,0.0,-46.4286,-11.4062,-68.4933,-83.6384,-73.817,-79.1295,-86.4286,-86.0938,-80.2455,-83.9509,-85.2679],"stroke":"#c13f3f","width":1.9,"fill":"rgba(193,63,63,.10)"},{"label":"Recovery","values":[null,null,null,null,null,null,null,0.0,10.6557,8.8388,12.0219,12.8443,11.7486,9.0164,17.4863,13.1148,0.0,5.5402,9.6953,6.7867,11.6343,0.0,27.6461,40.6003,23.2227,13.7441,37.1248,21.9589,28.278,23.8547,32.3855,10.5845,39.3365,71.564,81.6746,80.0948,81.0427,83.5703,56.3981,89.5735,81.6746,89.5735,100.6319,207.425,261.7694,500.316,634.9131,457.1429,459.7143,1180.0,585.7143,1034.0,303.2857,109.4286,235.1429,167.1429,73.7143,41.2698,78.7879,45.2525,33.3333],"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,15.6873,48.1862,54.3486,35.6456,42.3968,23.3613,33.3063,101.4575,19.7775,34.7223,42.4107,299.8113,154.6899,199.5533,285.4566,117.1264,89.153,104.8385,412.055,86.6742,21.9941,21.3612,15.3741,17.1286,33.1422,721.7998,56.3031,26.0067,28.3843,29.0551,35.4832,20.4958,6.1779,7.2869,51.568,302.6054,424.5451,122.3987,113.5366,50.2092,33.3894,26.8661,53.6909,33.6027,24.9005,113.6458,127.6768,1856.3548,297.6999,26.9421,14.43,421.8448,9.5522,17.3556],"stroke":"#1678a7","width":1.8},{"label":"Cumulative 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