{"schema_version":"1.0","name":"FMFC Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-14","ticker":{"uuid":"2f7d19da-673a-42c6-9601-3bd13c81bb68","symbol":"FMFC","name":"Kandal M Venture Limited Class A Ordinary Shares","exchange":"NASDAQ","country":"US","asset_type":"equity","currency":"USD","sector":"Consumer Cyclical","industry":"Footwear & Accessories"},"summary":"Market Dynamics strengthened this week and remains positive. Underlying support has strengthened 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, Strength versus the research benchmark, Drawdown and recovery pressure, Range position and boundary pressure, Activity pressure and cumulative balance, 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":"2026-08-14","observations":60,"displayedObservations":60,"assetType":"Equity","state":"Aligned downward","stateTone":"negative","summary":"Market Dynamics strengthened this week and remains positive. 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A green marker is required before the recovery is treated as confirmed.","historical":{"label":"Broad directional cases","weeks":12,"direction":"higher","percent":0.0,"averageReturn":-38.9,"sample":1},"nowContext":{"label":"Stronger this week","detail":"Market Dynamics strengthened this week and remains positive."},"fourWeekContext":{"label":"Strengthened over four weeks","detail":"Underlying support has strengthened 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":"Early repair watch","title":"Prepare the case before price confirms the recovery","tone":"recovery","approach":"Use the improvement to move the ticker onto a watchlist or define an entry trigger. Commitment should rise only after price responds; fading Market Dynamics cancels the early case.","finding":"In this ticker's completed record, 0.0% of comparable cases moved higher after 12 weeks, with an average move of -38.9% across 1 cases.","watch":"Reassess the reading when either price structure or the Market Dynamics state changes materially."},{"eyebrow":"Disagreement playbook","title":"Use improving Market Dynamics to prepare, not anticipate","tone":"recovery","finding":"Comparable disagreements produced an average recovery of 13.6% across 1 completed cases, with the largest move arriving after 2.0 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."}]},"summary":"This record compares the ticker's completed price path with its published Market Dynamics 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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":"Broadly stable","forceState":"Downward commitment","forcePath":"Commitment is strengthening","directionState":"Follow-through is limited","persistenceState":"Unsettled","confirmationState":"Limited support","riskState":"Contained","intensityState":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"-17.4","detail":"Price structure has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-26.9","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-25.1","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction 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tape.","series":[{"label":"Drawdown","values":[0.0,0.0,0.0,0.0,0.0,-3.4759,0.0,-7.2848,0.0,0.0,0.0,0.0,0.0,0.0,0.0,-35.8161,-46.8912,-57.9016,-91.0622,-94.978,-95.6438,-97.0142,-96.1205,-96.9054,-97.6451,-97.9339,-97.5855,-97.989,-97.9618,-97.8446,-97.6548,-97.9598,-97.9275,-97.6619,-97.6036,-96.8977,-97.3031,-97.022,-96.1788,-97.5207,-97.4119,-97.1826,-97.2733,-97.636,-97.5939,-97.3439,-97.3543,-97.5596,-97.6677,-97.5389,-97.4741,-98.4845,-98.0894,-98.2837,-98.2189,-98.3828,-98.3666,-96.6056,-98.147,-98.4391],"stroke":"#c13f3f","width":1.9,"fill":"rgba(193,63,63,.10)"},{"label":"Recovery","values":[null,null,null,null,null,null,null,42.2764,91.0569,100.4065,127.0325,128.6585,172.3577,185.3659,213.8211,101.4228,66.6667,32.1138,0.0,0.0,0.0,0.0,29.9349,3.6443,0.0,0.0,16.8652,0.0,1.3527,7.182,16.6184,1.4493,3.0596,16.2641,19.1626,54.2673,34.1063,48.0837,90.0161,23.285,28.6957,40.0966,35.5878,17.5523,19.6457,32.0773,31.562,21.3527,15.9742,22.3833,25.6039,0.0,26.0684,13.2479,17.5214,6.7094,7.7778,123.9744,22.265,2.9915],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Prior 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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,62.3622,100.0,80.8571,96.9402,70.0099,91.3605,97.2332,97.316,49.4372,34.632,19.9134,1.3049,0.2358,1.1318,0.4888,1.387,0.5981,0.0883,0.2521,0.6609,0.3858,0.4129,0.5297,0.7187,0.4149,0.4471,0.7116,0.7697,1.473,1.0691,1.3491,2.1891,0.8523,0.9657,1.7313,1.9509,1.6972,7.649,23.8873,33.6245,26.8698,24.9033,29.4332,31.7095,0.7617,14.037,7.5082,9.6844,4.1785,4.7225,33.0674,8.4041,3.7306],"stroke":"#10243b","width":2.0},{"label":"From 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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,19.2621,306.6254,87.711,147.1531,150.6472,157.3762,95.6739,56.5708,94.9391,37.0278,38.9592,184.8604,64.6982,793.823,33.3721,44.0705,16.264,14.0416,14.351,392.7897,262.648,270.3589,17.3166,32.0751,9.1686,30.6091,275.3995,28.7564,58.0558,22.1677,165.2443,43.7778,28.4584,12.3931,27.3821,27.2861,7.8519,6.316,9.5346,5.4243,8.4127,11.6603,34.5051,46.7012,43.8087,1318.643,15.1749,7.1632,6.5413,4.1769,1084.5807,131.7379,65.3429],"stroke":"#1678a7","width":1.8},{"label":"Cumulative 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