Liquidity & Technical

Liquidity & Technical

Figures converted from TWD at historical FX rates — see data/company.json.fx_rates. Ratios, margins, and multiples are unitless and unchanged.

Nextronics is a small-cap Taiwan name with deep daily turnover but a hard size ceiling: the tape will absorb a 5% position for a fund up to roughly $176 million AUM at 20% ADV, but anything larger becomes the market. The technical setup is decisively bullish — price closed at $6.41 on 2026-05-12, a hair under the all-time high of $6.51, sits 54.6% above the 200-day moving average, and the most recent golden cross (50d crossing back above 200d) printed on 2026-02-25 alongside a 10x surge in average daily volume.

1. Portfolio implementation verdict

2. Price snapshot

Beta versus a benchmark is not computable for this run — the broad-market series was not delivered in the relative-performance dataset; the 5-year total return (+320%) stands in as the long-horizon performance anchor.

3. Nine-year price with 50-day and 200-day moving averages

Price is above the 200-day moving average by 54.6%. This is an uptrend, full stop — and a steep one. Looking back across the full 10-year window, the only comparable extensions above the 200d occurred in early 2024 (post the February breakout from $2.88 to $4.59) and mid-2021. Both prior episodes pulled back to the 50d before the next leg, so a mean-reversion test in the $5.10–5.60 zone in the next 4–8 weeks would be unsurprising and would not violate the bullish thesis.

4. Relative strength versus benchmark

5. Momentum — RSI and MACD over 18 months

RSI at 66.9 is strong but not yet stretched — peak readings during the prior up-legs (February 2024, December 2025, February 2026) printed in the low-70s before pullbacks. The MACD histogram flipped positive on the May 12 print after a brief sub-zero dip the prior week, meaning the short-term trend has just re-asserted itself coming off a small consolidation. The combination — RSI rising into the high-60s with a freshly positive MACD histogram — is a textbook continuation signal, not an exhaustion one.

6. Volume, volatility, and sponsorship

Volume profile is the single most bullish piece of evidence on this page. The trailing 12-month average sits at roughly 388K shares per day. Monthly averages ran 100–300K shares from May 2025 through January 2026, then exploded to 1.34M in February (the golden-cross month), settled to 0.49M in March, and re-accelerated to 1.04M in April and 1.69M month-to-date in May — a 4-to-10x step-change in turnover that coincides with the new uptrend and the breakout above $5.81. New, large hands are arriving; this is not a thinly-supported melt-up.

Top volume spikes — historical pattern of follow-through

Every single one of the top 10 volume-spike days in the company's history printed a positive same-day return (range +6.0% to +9.94%) — there has been no historical pattern of distribution-style volume surges (high volume + price decline). Catalysts for individual spikes are not in the data feed; the 2024 February cluster and the 2026 February print both line up with publicly reported events around connector-content wins in AI/cloud and Q4 results, but specific attribution should be triangulated against the Quant tab and recent news.

Realized volatility, 5 years

Realized 30-day vol now sits at 65.4% annualized — above the 5-year 80th-percentile band of 45.4% — placing the name in a stressed vol regime. Three things to note: (1) this is consistent with the prior breakout episode in 2024 where vol ran 60–90% for six months as the stock re-rated; (2) Bollinger upper band sits at $6.29 and price has been pressed against it for the last week, mechanically extending the band and giving room for more upside before volatility-targeting strategies cap; (3) elevated vol widens the risk premium — the market is demanding a wider distribution of outcomes, so position sizing has to reflect that even if the directional read is bullish.

7. Institutional liquidity panel

This section is sized for an institutional buyer, not retail. The question being answered is: can a fund with $35M–$1.7B AUM put on, hold, and exit a meaningful position without becoming the marginal price-setter?

A. ADV and turnover

Market cap is computed at $259M (40.43M shares outstanding × $6.41). The 60-day ADV at 0.99M shares versus the 20-day ADV at 1.38M shares confirms the volume regime shift from "quiet small-cap" to "well-traded breakout name". Annual turnover of roughly 858% is extreme — the entire float is changing hands more than eight times a year at current pace, which is a function of the recent volume surge and may normalize lower once the breakout matures.

B. Fund-capacity table — supported AUM by position weight

At a conservative 10% ADV participation, a 5% portfolio position implies the manager AUM must sit at or below $88M. At a more aggressive 20% ADV, the same 5% position scales to $176M AUM. Anything materially larger and the position becomes a multi-week build with predictable signaling.

C. Liquidation runway — days to exit at issuer-level position sizes

A 1% issuer-level stake clears in 2 days at 20% ADV or 3 days at 10% ADV — comfortably under a week either way. A 2% issuer-level stake clears in 3 days at 20% ADV or 6 days at 10% ADV. The 5-trading-day institutional threshold breaks somewhere just above 1.5% of market cap at 10% participation and above 3% at 20% participation.

D. Execution friction

Median 60-day intraday range is 5.34% of the day's close — well above the 2% threshold at which order books are deep and impact costs are low. This is not a stock you work passively at mid; even modest market orders will pay 50–150 bp of spread plus slippage. Pair every entry with a VWAP target or staged limit orders.

Conclusion. A fund can build a 5% position over five trading days at 20% ADV up to roughly $176M AUM; at the more conservative 10% ADV that scales down to $88M AUM. Above those thresholds, this is a multi-week patient build, not a meaningful-day-one initiation.

8. Technical scorecard and stance

Stance — bullish on a 3-to-6-month horizon. The fresh golden cross, accelerating volume, expanding monthly trading range, and post-pullback momentum re-acceleration all argue for trend-continuation. The two levels that change the view: above $7.00 confirms a clean break of the $6.51 all-time high and opens a measured-move to the $7.70–8.05 zone; below $5.67 (the rising 20-day moving average) signals that the breakout has been rejected, and a decisive close under $5.15 (the 50-day) would force a regime downgrade to neutral. The combination of stressed volatility and a 97th-percentile-of-52w price warns that entries here should be staged, not size-day-one. Liquidity is the constraint for any fund above roughly $176M AUM at a 5% position weight — for those funds the correct action is build slowly over multiple weeks; smaller funds can size normally.