Liquidity & Technical

Figures converted from KRW at historical FX rates — see data/company.json.fx_rates. Ratios, margins, multiples, percentages, share counts, and technical indicators (RSI, vol percentages, rebased indices) are unitless and unchanged.

Liquidity & Technical

Mirae Corporation is a thinly-traded KOSDAQ microcap whose daily liquidity has briefly surged on a violent rally, but in steady state cannot absorb meaningful institutional size — twenty-day average daily traded value is roughly $5.2M USD, and the sixty-day baseline is less than half of that. Technically the tape is in a parabolic, late-stage breakout: price sits 110% above the 200-day moving average, RSI is at 77.75, and 30-day realized volatility has jumped to 120% — well into the stressed band — making fresh entries at the spot price a momentum-chase rather than an institutional position trade.

1 — Portfolio implementation verdict

2 — Price snapshot

The one-year double sits inside a three-year drawdown — investors who held since 2023 are still underwater roughly 36%. The current price is therefore a sharp counter-trend rip against a long secular decline from the 2016 high near $178 per share.

3 — Critical chart — 10-year price with 50/200 SMA

Price is above the 200-day moving average — and by an extreme margin. At $18.22 versus an SMA200 of $8.67, the spot price is roughly 2.1× the 200-day. That is not a benign uptrend; it is a vertical move. The full ten-year picture remains a secular downtrend from the 2016 $175-area highs to the 2025 $7 floor, with the current spike representing the first decisive break of a multi-year base.

4 — Relative strength

A benchmark and sector comparator were not available in the pipeline for this Korean ticker, so the chart shows only the company's own three-year return path on a rebased scale. The story it tells is unambiguous: from May 2023 through April 2026 the stock lost roughly four-fifths of its value before doubling in a single month to recover to 62 on the rebased scale. Even now, after the 154% one-year rally, holders from the 2023 peak are still down a third — this is not "outperformance," it is a partial recovery from severe drawdown.

5 — Momentum panel

Near-term momentum is unambiguously bullish but at the edge of its useful range. RSI(14) at 77.75 is the highest reading in the entire eighteen-month window — above the 70 overbought line for the first time in two years. The MACD histogram is exploding: the last reading at +$0.66 is more than three times the prior eighteen-month peak (+$0.19 on the late-April spike), which says the 12-day EMA has decoupled violently above the 26-day. Buyers are in control on a one-to-three-month view; the issue is degree, not direction.

6 — Volume, volatility, sponsorship

The recent uptick is being confirmed by volume — emphatically. The 50-day average daily volume has roughly tripled from ~50,000 shares in early 2026 to nearly 160,000 by 21 May, and the past two weeks have averaged 540,000–840,000 shares per day. That is real participation, not just price drift on no flow. But realized volatility at 120% sits well above the five-year 80th-percentile band of 78% — the market is demanding a much wider risk premium than normal, and that is what happens at trend peaks as often as trend births. The top three historical volume spikes were all single-day fireworks in past cycles, two of which (2022-04-05, 2020-04-17 not shown) marked local tops with -21% and -24% same-day reversals.

7 — Institutional liquidity panel

Fund-capacity table

Read the table from right to left: at a typical 10% participation rate, a 5% position is implementable inside five trading days for funds up to roughly $63M USD. The 20% ADV figures double that — but they assume the operator is willing to be one-fifth of the tape every day, which leaves a noticeable footprint and forfeits the ability to be patient on bad fills. The 60-day ADV ($2.0M/day) is less than half the 20-day ($5.2M/day), so the capacity at "normal-regime" volume is closer to $24M AUM for a 5% position at 10% participation — the recent ADV is a function of the rally itself, not durable depth.

Daily-range proxy

Median intraday range over the last sixty sessions is 5.05% — well above the 2% threshold that flags elevated implementation cost. Combined with the small ADV, this means transaction-cost analysis on any block of more than ~$0.3M will show meaningful slippage. Patient block execution via the KRX block-trade window (장중·장후·시간외 대량매매) is the realistic path; sweeping the order book intraday will pay 50–150 bps in impact at minimum.

Bottom line: the largest position a typical institutional book can build inside five trading days at a 10% ADV constraint is roughly $16M USD on the durable 60-day baseline. At 20% ADV that doubles, but exit symmetry requires the same patience on the way out, in markets that may be a lot less friendly than today's tape.

8 — Technical scorecard + stance

Three-to-six month stance: neutral, with a near-term bearish tilt for any new long entered at the spot price. The trend, momentum, and volume signals are all genuinely bullish, but RSI at 77.75 and realized vol at 120% are exactly the conditions under which sharp mean-reverting drawdowns happen — and the company has no fundamental cushion (revenue $33.5M FY2025, market cap roughly $81M at current shares, so the entire equity value can swing 20–30% in a week without changing the business). Two levels to anchor on: a decisive close above $20.33 (the 52-week high) with realized volatility cooling toward 60% would validate a genuine regime change and merit a starter long; a break below $12.59 (the 20-day moving average) would break the parabolic structure and bring the $8.67 200-day back into play as the next test. Liquidity is the binding constraint — even with a constructive thesis, this is a watchlist name for any fund larger than roughly $50M AUM at 5% position weight, and the correct action for everyone else is to build slowly over multiple weeks and only after the volatility cools.