🟩Clicks' Model Signal: Lower Levels Expected Before Tactical Rebound

Research Notes April 2026 > https://www.unum.capital/post/rapril2026

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• Bear in mind, the share is already down from above R410 to R275.

• After Thursday's sharp sell-off, I DO NOT know to what extent the selling pressure will be via the institutions, therefore we wait for some sort of lower time frame stabilization to, with a reasonable degree, confirm that the selling has slowed.

• The share is approaching our provisional buy re-entry range however, it could OVERSHOOT this level, or not get there at all before rebounding.

• The price action model (as of Thursday's close) on the short term and medium term time frame, is pointing to the reward-to-risk becoming appealing for a BUY/LONG position.

CLS Bull-Bear Checklist as of the close on Thursday (22 April):

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Previous Post (15 April): Clicks Group: Quality on Sale + Cheap on Relative Distance vs All Share Index

Trading 35% below it's 200-week simple moving average relative to the JSE All Share Index. Technically, it's approaching value territory.

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Previous Post (03 March) Trading Clicks Group: Deeply Oversold (Short Term) + Stalking For A Buy Re-Entry!

>>> Most recently the share reached the full downside target of R310. https://www.unum.capital/post/cls2701

Analyst's Price Action Model

For some context, the weekly chart is showing signs of LONG TERM deterioration!

Lester Davids

Senior Investment Analyst: Unum Capital