{"schema_version":"1.0","name":"409A Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-14","ticker":{"uuid":"c1831530-5bf9-43a3-b856-d5ef7b37abd4","symbol":"409A","name":"ORION BREWERIES LTD","exchange":"JPX","country":"JP","asset_type":"equity","currency":"JPY","sector":"Consumer Defensive","industry":"Beverages - Brewers"},"summary":"Market Dynamics strengthened this week and remains positive. Underlying support has strengthened across the recent completed path. Price has not yet responded to the same extent.","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, Activity pressure and cumulative balance, Acceleration, deceleration and rollover, Drawdown and recovery pressure, Directional strength and control, 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":"2026-08-14","observations":47,"displayedObservations":47,"assetType":"Equity","state":"Aligned downward","stateTone":"negative","summary":"Market Dynamics strengthened this week and remains positive. Underlying support has strengthened across the recent completed path. Price has not yet responded to the same extent.","evidenceAlignment":{"status":"Underlying strength ahead of price","headline":"Market Dynamics is improving before price has fully responded","summary":"Market Dynamics strengthened this week and remains positive. Underlying support has strengthened across the recent completed path. Price has not yet responded to the same extent.","take":"Treat the gap as an early-upside opportunity watch. A continued positive price response would confirm that price is catching up with the stronger foundation.","tone":"caution","conflict":true},"marketDynamics":{"available":true,"readAvailable":true,"dates":["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"],"values":[0.111037,0.158656,0.024583,-0.059314,-0.22159,-0.366783,-0.385236,-0.494011,-0.559531,-0.597874,-0.654149,-0.638274,-0.508482,-0.29103,-0.065342,0.132821,0.330138,0.438249,0.516537],"opens":[1296.0,1306.0,1320.0,1266.0,1262.0,1257.0,1195.0,1206.0,1140.0,1210.0,1185.0,1207.0,1222.0,1230.0,1241.0,1210.0,1215.0,1240.0,1250.0],"highs":[1316.0,1345.0,1330.0,1300.0,1276.0,1268.0,1206.0,1222.0,1160.0,1210.0,1195.0,1217.0,1232.0,1242.0,1255.0,1223.0,1318.0,1263.0,1255.0],"lows":[1285.0,1303.0,1261.0,1260.0,1254.0,1160.0,1126.0,1117.0,1139.0,1180.0,1175.0,1197.0,1214.0,1225.0,1190.0,1200.0,1208.0,1218.0,1183.0],"closes":[1306.0,1314.0,1262.0,1262.0,1260.0,1174.0,1202.0,1145.0,1140.0,1190.0,1191.0,1210.0,1223.0,1241.0,1200.0,1211.0,1246.0,1247.0,1202.0],"hoverRows":[[{"label":"Open","value":"1,296","className":"is-ohlc","compact":true},{"label":"High","value":"1,316","className":"is-ohlc","compact":true},{"label":"Low","value":"1,285","className":"is-ohlc","compact":true},{"label":"Close","value":"1,306","className":"is-ohlc","compact":true},{"label":"Market 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Dynamics","value":"0.52","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}]],"pressureRange":[-2.3,2.3],"priceRange":[1129.56,1324.44],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"latest":0.516537,"state":"Positive Market Dynamics ahead of price","context":{"scenario":"dynamicsAhead","latestDirection":"strengthening","fourWeekDirection":"strengthening","now":{"label":"Stronger this week","detail":"Market Dynamics strengthened this week and remains positive."},"fourWeek":{"label":"Strengthened over four weeks","detail":"Underlying support has strengthened across the recent completed path."},"price":{"label":"Price is lagging the underlying strength","detail":"Market Dynamics has advanced further through its recent range than price. This is positive divergence and an early-upside watch, but price confirmation is still required."}},"diagnosis":{"label":"Underlying strength ahead of price","detail":"Market Dynamics has strengthened across the recent completed path and remains strongly positive, while price has not advanced as far through its range. The gap is an early-upside watch; a positive price response is needed for confirmation.","tone":"positive"},"chartSummary":"Price is between the outer positioning zones. The Market Dynamics bars show whether underlying support is strengthening or weakening.","summary":"Market Dynamics has strengthened across the recent completed path and remains strongly positive, while price has not advanced as far through its range. The gap is an early-upside watch; a positive price response is needed for confirmation.","annotations":[{"label":"Current tape relationship","value":"Underlying strength ahead of price","detail":"Market Dynamics strengthened this week and remains positive.","tone":"positive"},{"label":"Price location","value":"Between zones","detail":"Price is travelling between the two major positioning zones.","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":"Leading price","detail":"Market Dynamics has advanced further through its recent range than price. This is positive divergence and an early-upside watch, but price confirmation is still required.","tone":"positive"}],"relationshipEvidence":{"available":false,"observations":19,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["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":[1698.7584,1520.0452,1567.1783,1512.1896,1561.2866,1590.7449,1552.4492,1538.702,1459.1648,1429.7065,1304.0181,1299.1083,1278.4875,1275.5417,1276.5237,1331.5123,1315.8013,1338.386,1320.7111,1325.6207,1300.0902,1309.9097,1319.7291,1293.2167,1286.3431,1298.1263,1305.0,1293.0,1306.0,1314.0,1262.0,1262.0,1260.0,1174.0,1202.0,1145.0,1140.0,1190.0,1191.0,1210.0,1223.0,1241.0,1200.0,1211.0,1246.0,1247.0,1202.0],"consensus":[-82.5312,-100.0,9.6775,-24.1124,-13.0214,11.5004,-13.9493,-12.0559,-28.7038,-21.0196,-45.4812,-22.1064,-28.2409,-18.8747,-14.2952,0.0,-11.2168,0.0,0.0,0.0,-19.2384,0.0,8.4132,-9.1507,0.0,0.0,0.0,0.0,0.0,0.0,-34.3272,-20.005,-17.4646,-58.9731,0.0,-47.8514,-39.3628,0.0,0.0,10.5515,11.7381,26.9459,-23.2426,0.0,22.7824,12.8988,-30.0816],"supportDates":["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":[null,null,null,null,null,18.3512,-21.0232,-19.1235,-35.0344,-19.166,-46.5276,-13.8162,-25.9085,-11.6483,-13.3965,0.0,-17.7987,0.0,0.0,0.0,-26.7001,0.0,15.5956,-7.0422,0.0,0.0,0.0,0.0,0.0,0.0,-41.2096,-27.1784,-20.593,-56.4411,0.0,-48.1687,-45.0229,0.0,0.0,6.7608,4.5434,30.8316,-32.6224,0.0,18.6253,13.9125,-31.9643],"force":[-82.5312,-100.0,9.6775,-24.1124,-2.4296,15.0477,-11.2766,-9.7038,-27.0123,-12.9455,-44.6125,-4.9935,-13.754,-2.7522,-0.3715,0.0,-5.624,0.0,0.0,0.0,-18.5531,0.0,14.3492,-8.1643,0.0,0.0,0.0,0.0,0.0,0.0,-44.9897,-13.9892,-10.8078,-82.5253,0.0,-50.574,-21.1158,0.0,0.0,17.8469,13.4881,25.9202,-35.6068,0.0,31.8152,6.354,-61.8919],"direction":[null,null,null,null,-20.587,1.1372,-7.7741,-5.6587,-22.6771,-28.9052,-44.9058,-43.8044,-41.2542,-38.6495,-25.7986,0.0,-7.6895,0.0,0.0,0.0,-11.2002,0.0,4.0352,-12.2649,0.0,0.0,0.0,0.0,0.0,0.0,-18.8456,-16.1038,-18.6442,-45.0438,0.0,-45.544,-45.9276,0.0,0.0,9.6728,18.7107,23.2377,-3.6911,0.0,21.0813,16.4152,-5.2082],"intensity":[null,null,null,null,25.0,20.0,33.3333,28.5714,62.5,55.5556,90.0,81.8182,8.3333,23.0769,7.1429,53.3333,37.5,17.6471,11.1111,26.3158,25.0,23.8095,4.5455,60.8696,12.5,8.0,3.8462,18.5185,21.4286,48.2759,73.3333,51.6129,34.375,87.8788,76.4706,74.2857,77.7778,64.8649,21.0526,28.2051,22.5,26.8293,61.9048,55.814,90.9091,73.3333,63.0435],"confirmation":[49.0766,54.6667,25.7635,30.3826,26.3493,49.0172,49.6079,49.0118,77.0372,74.5084,82.5116,52.0122,76.6311,50.992,49.5538,27.4254,25.9853,47.9039,24.8583,1.5625,74.0217,47.534,48.9579,48.2636,24.3407,48.3912,47.9818,24.5271,25.0567,1.2628,79.2048,74.1089,73.3381,87.6278,6.4605,83.3906,79.9537,25.9816,25.1053,48.9899,49.2525,76.5322,53.0048,0.6727,75.629,49.246,40.2481],"persistence":[null,null,33.3333,50.0,60.0,33.3333,42.8571,50.0,50.0,50.0,75.0,75.0,75.0,100.0,100.0,87.5,87.5,75.0,62.5,50.0,50.0,37.5,12.5,25.0,12.5,12.5,12.5,12.5,0.0,0.0,25.0,25.0,37.5,50.0,50.0,62.5,75.0,75.0,62.5,37.5,12.5,12.5,0.0,12.5,37.5,50.0,37.5],"assessmentRisk":[null,null,null,null,38.4908,27.7186,2.1329,23.1868,30.1474,38.6378,27.1736,38.8614,35.493,39.8124,19.0381,25.6368,38.6505,40.9764,42.5568,4.1088,7.9439,27.1069,5.4492,40.6286,25.6484,27.5831,32.499,2.5309,39.1633,39.2459,31.7369,36.4009,40.5473,20.5085,46.7876,26.0114,30.2686,23.6978,13.624,42.1319,43.1197,30.7927,23.4219,0.9297,16.2075,1.5824,18.2734],"volumeParticipation":true,"latest":{"consensus":-30.1,"control":-32.0,"force":-61.9,"direction":-5.2,"confirmation":40.2,"persistence":37.5,"assessmentRisk":18.3,"intensity":63.0,"evidenceDepth":100},"analysis":{"status":"Price 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":"Qualified support","riskState":"Contained","intensityState":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"-30.1","detail":"Price structure has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-32.0","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-61.9","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-5.2","detail":"Follow-through is limited","tone":"negative"},{"label":"SM Confirmation Gauge","value":"40/100","detail":"Qualified support","tone":"neutral"}]},"kpis":[{"label":"Price structure","value":"Aligned downward","detail":"completed-week alignment","tone":"negative"},{"label":"Momentum","value":"32.8","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"5.8%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"35.9","detail":"Directional","tone":"positive"},{"label":"Range position","value":"37%","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 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