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https://www.unum.capital/post/rotation0104 JSE Paper & Pulp https://www.unum.capital/post/pulp0104 JSE Financials (Banks + Insurers) https://www.unum.capital/post/financials0104 Quarter-End: Relative Strength/Weakness: JSE Sectors https://www.unum.capital/post/sectors0104 Featured Post:  Unum Capital Commentary For Bloomberg   https://www.unum.capital/post/bloomberg3003 Archive: Year-To-Date March 2026 https://www.unum.capital/post/rmar2026 February 2026 https://www.unum.capital/post/rfeb2026 January 2026 https://www.unum.capital/post/rjan2026 Share the following link to our website with your social circle: https://unum.capital/blog/ Lester Davids Senior Investment Analyst: Unum Capital

Research Notes March 2026 > https://www.unum.capital/post/rmar2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za The move is bang in line with the price action model. Previous Post (Monday 30 March): Prosus: Early Buy Trigger; Lower Levels Expected Before Potential Rebound Analyst's Price Action Model Prosus N.V. - Weekly Chart Momentum Profile:  The weekly momentum profile exposes a violent, uniform bearish capitulation. The Base Term, Mid Term, Short Term, and Ultra Short Term tiers have all plunged deep into extremely weak and historically oversold territory. This severe downward clustering across the entire momentum suite signals a massive institutional exodus and overwhelming selling pressure. However, the absolute fastest oscillators are beginning to flatten at the zero-bound extreme, hinting at potential seller exhaustion in the immediate term. Structural Analysis & Tactical Bias:  Evaluating the broader macro context, the asset previously engineered a massive structural uptrend, peaking near the ~130,000c macro resistance zone. Within the 10-week window, this distribution phase resolved violently to the downside, fracturing the macro floor and initiating a brutal waterfall decline. Looking at the immediate 3-to-5-week timeframe, the tape bled out relentlessly, carving through multiple psychological floors. Isolating the immediate 1-week timeframe, the asset printed a small-bodied hesitation candle (a doji or spinning top) near ~75,972c, temporarily arresting the vertical free-fall. Given the deeply oversold fast momentum and the catastrophic structural breakdown, the tactical bias leans toward 🔴 Avoid / Waterfall Capitulation , though we are on high alert for a mean-reversion snapback. Key Support & Resistance Levels:  Overhead supply and macro resistance are now firmly established at ~85,000c to ~90,000c, representing recently broken support floors that now act as a massive ceiling containing trapped longs. Immediate structural support sits lower at the ~65,000c historical pivot, marking the next logical liquidity pool and the deeper target for the current flush. Should this major floor give way, deep historical demand lies much lower around ~53,000c to ~55,000c. Next Candle Probability:  The current price action is a textbook manifestation of Scenario 99: 🔴 Waterfall Capitulation (Exhaustion Pause) . The 1-week candle definitively arrested the immediate slide, printing a narrow-range hesitation structure at the lows. While the extreme oversold momentum readings can spark violent intraday relief bounces, the highest structural probability for the next weekly candle is highly volatile, bidirectional chop as the market attempts to find an equilibrium, with a persistent underlying risk of a secondary flush to test the ~65,000c support zone. Primary View Invalidation:  To invalidate this bearish capitulation primary view, buyers must orchestrate a miraculous, high-volume V-shaped short squeeze that immediately arrests the slide and sustains a weekly close back above the ~85,000c breakdown level. This would trap the aggressive short positioning, suggest the massive flush was an anomalous liquidity sweep, and stabilize the broader macro structure for a potential recovery. The Next 10 Days:  Over the next two trading weeks, the asset faces a critical stabilization test as it navigates the immediate fallout of this waterfall decline. Given the extreme oversold state of the fast momentum oscillators, market participants should anticipate highly erratic volatility, where sudden, sharp short-covering relief rallies are entirely plausible but remain structurally suspect. If buyers fail to orchestrate a definitive V-shaped recovery to clear local resistance, these bounces will simply provide fresh liquidity for institutional sellers, likely resulting in a secondary wave of distribution that presses the tape down to definitively test the ~65,000c historical demand zone. Tactical Risk Assessment: Buying vs. Selling What's the risk of buying now?  The primary risk of initiating a new long position at these levels is attempting to catch a falling knife in an active liquidation event. While momentum is historically oversold, a structurally damaged tape can grind lower for weeks or months. By buying prematurely before a confirmed higher-low base is established, you risk getting swept up in secondary algorithmic margin calls if the asset flushes toward the ~65,000c support void. What Can Change?  If institutional buyers aggressively step in to defend the tape at current levels and print a confirmed reversal pattern (such as a high-volume bullish engulfing weekly candle), it would immediately signal that the algorithmic liquidation phase has exhausted itself and a durable macro base is forming. What's the risk of selling now?  The primary risk of selling (whether panicking out of a long or initiating a late speculative short position) is the danger of getting caught in a violent "rubber band" short-squeeze. Because all momentum tiers are pinned at extreme oversold lows, the tape is highly pressurized. Any minor positive catalyst could ignite a rapid, high-velocity relief rally toward the ~85,000c supply wall, which would aggressively liquidate late short sellers and force them to buy back at much higher prices. What Can Change?  If the current hesitation candle fails entirely and the asset suffers a definitive, high-volume weekly close below the recent panic lows, it would confirm that sellers remain in absolute control. This would signal that the anticipated mean-reversion squeeze has been aborted, opening the trap door for a direct continuation of the waterfall decline toward historical demand. Forecast Projection Breakdown:  With fast momentum completely bottomed out and a clear downward expansion pattern cemented on the chart, the forward-looking probability distribution heavily favors a test of lower liquidity pools, though the extreme stretch warrants high vigilance for sudden snap-backs. The Bearish Scenario (55% Probability):  The capitulation continues after a brief pause. Sellers easily slice through the recent lows, initiating a rapid markdown targeting the ~65,000c liquidity pool as structural panic persists. The Base/Neutral Scenario (30% Probability):  The intense selling pressure temporarily exhausts itself. The asset enters a choppy, highly volatile lower-range distribution phase between ~70,000c and ~85,000c as the market attempts to find an equilibrium amid shifting flows. The Bullish Scenario (15% Probability):  The extreme oversold momentum triggers a violent short-covering squeeze. Buyers aggressively absorb the supply and force a rapid upward spike back toward the ~85,000c broken floor, invalidating the immediate free-fall. READY TO TRADE: ACTIONABLE AREAS For active traders who look to generate cash flow on a continuous basis, determining the ‘next best probability’ level to execute against may be of immense value, specifically by helping to determine the best potential times and levels to commit capital. The blue  and red horizontal lines  on the chart represent a next-best-probability buy re-entry range and a next-best-probability sell re-entry range over the short term. The ranges assume no existing position is being held by a trader, while the probabilities are based on several factors, which may include: Short-term ratings and medium-term regimes Momentum indicators Horizontal or diagonal support and resistance Candle structure Moving averages and standard deviation Please note that these are short-term levels and may contrast with medium- and long-term outlooks, which are based on the weekly and monthly charts and are generally more applicable to long-term investors. These levels are subject to change based on market sentiment, subsequent price action, and company/sector-specific or macroeconomic news flow. As always, while the levels are outlined to guide your capital deployment, traders should be prepared to adjust in real-time based on the aforementioned factors. THE TACTICAL TRADING GUIDE (PRICE ACTION MODEL) : UNCOVER OPPORTUNITIES & ASSESS REWARD-TO-RISK It helps helps clients determine and shed light on the some of the following: The CURRENT TECHNICAL POSITION  and a PRICE ACTION PROBABILITY  for multiple time frames. Three (3) ‘trading’ time frames are considered: Short Term (1 to 10 days) / Medium Term (2 to 4 weeks) and Long Term (5 to 8 weeks) Whether the reward-to-risk is attractive for a buy/long position Whether a share is weak. In this case, wait until the price stabilizes before looking to enter (i.e. want until it stops going down) Whether aggressive buying is underway. In this case, do not ‘chase’ (do not buy) but instead wait for a pullback to re-enter a buy or an overextension with deteriorating candle structure to sell/short. Whether a trader can look to buy a pullback into a key moving average (continuation trade) Whether a share needs to break a range for a new trend to be determined (bullish or bearish) Whether a traders needs to monitor for a change of character that could lead to a bullish or bearish reversal Whether a share could start a consolidation phase or before continuing it’s bullish or bearish trend Whether the upward momentum is slowing (if it's in a bullish phase) Whether buyers can look to 'phase in' to a position (if it's in a bearish phase) Whether a share lacks directional bias. The data set is available in real-time (on request) The readings are subject to change as the price action develops. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes April 2026 > https://www.unum.capital/post/rapril2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Trading 35% below it's 200-week simple moving average relative to the JSE All Share Index. Technically, it's approaching value territory. 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

Research Notes April 2026 > https://www.unum.capital/post/rapril2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Lester Davids Senior Investment Analyst: Unum Capital

Research Notes April 2026 > https://www.unum.capital/post/rapril2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za "The index has effectively spent the last 5 trading sessions consolidating at the it's short term highs, digesting a 15,000 point gain off the recent lows. Where to from here? Traders could consider either buying on a pullback or initiating a cheeky short/sell should the price become extended to the upside vs it's 21-day EMA." READY TO TRADE: ACTIONABLE AREAS For active traders who look to generate cash flow on a continuous basis, determining the ‘next best probability’ level to execute against may be of immense value, specifically by helping to determine the best potential times and levels to commit capital. The blue  and red horizontal lines  on the chart represent a next-best-probability buy re-entry range and a next-best-probability sell re-entry range over the short term. The ranges assume no existing position is being held by a trader, while the probabilities are based on several factors, which may include: Short-term ratings and medium-term regimes Momentum indicators Horizontal or diagonal support and resistance Candle structure Moving averages and standard deviation Please note that these are short-term levels and may contrast with medium- and long-term outlooks, which are based on the weekly and monthly charts and are generally more applicable to long-term investors. These levels are subject to change based on market sentiment, subsequent price action, and company/sector-specific or macroeconomic news flow. As always, while the levels are outlined to guide your capital deployment, traders should be prepared to adjust in real-time based on the aforementioned factors. THE TACTICAL TRADING GUIDE (PRICE ACTION MODEL) : UNCOVER OPPORTUNITIES & ASSESS REWARD-TO-RISK It helps helps clients determine and shed light on the some of the following: The CURRENT TECHNICAL POSITION  and a PRICE ACTION PROBABILITY  for multiple time frames. Three (3) ‘trading’ time frames are considered: Short Term (1 to 10 days) / Medium Term (2 to 4 weeks) and Long Term (5 to 8 weeks) Whether the reward-to-risk is attractive for a buy/long position Whether a share is weak. In this case, wait until the price stabilizes before looking to enter (i.e. want until it stops going down) Whether aggressive buying is underway. In this case, do not ‘chase’ (do not buy) but instead wait for a pullback to re-enter a buy or an overextension with deteriorating candle structure to sell/short. Whether a trader can look to buy a pullback into a key moving average (continuation trade) Whether a share needs to break a range for a new trend to be determined (bullish or bearish) Whether a traders needs to monitor for a change of character that could lead to a bullish or bearish reversal Whether a share could start a consolidation phase or before continuing it’s bullish or bearish trend Whether the upward momentum is slowing (if it's in a bullish phase) Whether buyers can look to 'phase in' to a position (if it's in a bearish phase) Whether a share lacks directional bias. The data set is available in real-time (on request) The readings are subject to change as the price action develops. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes April 2026 > https://www.unum.capital/post/rapril2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Bull Phase But Approaching Overbought In The Short & Medium Term On 21 September at ~R30, we highlighted South 32 as a mean reversion BUY opportunity. Now trading near R55, the share appears overextended to the upside with mean reversion risk starting to creep in. Below is the reading from the Price Action Model followed by the full MOMENTUM PROFILE. Price Action Model: MOMENTUM PROFILE: Updated Chart with 21 September reference: Previous Post (21 September 2025) 🎥Watch: A Bit of Mean Reversion Due...? To access this name, you need to be an ACTIVE  trading client of Unum Capital, having traded via the desk in the last 7 trading days. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes April 2026 > https://www.unum.capital/post/rapril2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za The index rebounded in line with the price action model (1 to 10 day time frame) but out of line with our manual view i.e. it did not get down to the buy re-entry range nor did it find resistance at the sell re-entry range. Previous Post (Sunday, 28 March): S&P 500 Index: Waterfall Breakdown + Next Best Actionable Areas Published on Sunday, 29 March for Monday, 30 March. S&P 500 Index (SPX) Momentum Profile:  The weekly momentum profile reveals a catastrophic and uniform collapse. The Ultra Short Term and Short Term tiers have plunged to absolute zero-bound extremes, indicating maximum historical localized selling pressure and algorithmic capitulation. The Mid Term has dragged deep into weak territory, and the Base Term has now fractured below its neutral band into weakness, confirming that the aggressive sell-off has fundamentally damaged the longer-term macro trend. Structural Analysis & Tactical Bias:  Evaluating the 20-week macro context, the SPX was previously in a sustained, orderly structural uptrend, peaking near ~6,650. Within the 10-week window, the index printed a clear double-top distribution structure, failing to sustain new highs as institutional exhaustion set in. Looking at the 3-to-5-week timeframe, this distribution phase resolved violently to the downside. Isolating the immediate 1-week timeframe, the index printed a devastating red waterfall candle, effortlessly slicing through the 6,500 critical psychological level to close near absolute weekly lows at 6,368.85. Given the total collapse in momentum and the definitive breakdown of the macro floor, the tactical bias is strictly 🔴 Avoid / Waterfall Capitulation . Key Support & Resistance Levels:  Overhead supply and macro resistance are firmly established at ~6,500 to ~6,600, representing the massive broken support zone that now acts as a formidable ceiling containing trapped long positions. Immediate structural support is currently in a state of price discovery, but psychological and historical liquidity points to the ~6,000 to ~6,100 zone as the next viable floor. Major historical demand lies deeper at ~5,700, marking the major breakout consolidation base from late 2024. Next Candle Probability:  The current price action perfectly aligns with Scenario 99: 🔴 Waterfall Capitulation . The 1-week candle is a massive, wide-range downward expansion that completely ignored any intraday buying attempts. Because it closed at the absolute lows with virtually no lower wick, it indicates sellers maintained aggressive, panic-driven control straight into the Friday bell. The highest structural probability for the next weekly candle is continued downside follow-through, targeting lower liquidity pools as margin calls and systematic unwinds persist. Primary View Invalidation:  To invalidate this waterfall capitulation primary view, buyers must orchestrate a miraculous, high-volume V-shaped short squeeze that immediately arrests the slide and sustains a weekly close back above the ~6,500 breakdown level. This would trap the aggressive short positioning, suggest the massive flush was an anomalous liquidity sweep, and stabilize the broader macro structure. Technical Risks & Opportunities: 3 Technical Risks: Cascading Systemic Unwinds:  A continuation below current levels risks triggering further mechanical selling from volatility-targeting funds and negative gamma options positioning, violently accelerating the markdown phase. Momentum Entrenchment:  If the Ultra Short Term and Short Term oscillators remain pinned at the zero-bound extreme without triggering a relief bounce, it signals a structural regime change where buyers have entirely abandoned the tape. Lower High Confirmation:  Any anemic, low-volume relief rally that fails to forcefully clear the 6,500 supply wall will simply provide smart money with premium liquidity to short into, cementing a macro lower-high. 3 Technical Opportunities: Oversold Rubber-Band Snapback:  The extreme downside fracturing and zero-bound momentum tiers create a highly pressurized, stretched environment; stabilization here could trigger a violent, highly tradable V-shaped relief rally. Generational Base Reset:  Should the index flush down to the 5,700 – 6,000 historical demand zone, it would wash out months of excess macro froth and provide a pristine, low-risk institutional accumulation zone for the next cycle. Volatility Contraction Setup:  If the tape can temporarily arrest the slide and begin printing tight inside bars, it sets up a defined-risk structural baseline for a mean-reversion trade once order flow balances. The Next 10 Days:  Over the next two trading weeks, the index faces a critical stabilization test as it navigates the immediate fallout of this waterfall capitulation. Given the zero-bound extremes in the faster momentum tiers, market participants should anticipate highly erratic, bidirectional volatility, where sudden, sharp short-covering relief rallies toward the ~6,500 broken support are entirely plausible but remain structurally suspect. If buyers fail to orchestrate a definitive V-shaped recovery to reclaim that 6,500 ceiling, these "dead-cat" bounces will simply provide fresh liquidity for institutional sellers, likely resulting in a secondary wave of algorithmic distribution that presses the tape down to definitively test the ~6,000 to ~6,100 historical demand zone before a durable macro floor can be established. Forecast Projection Breakdown:  With fast momentum obliterated and a clear downward expansion pattern cemented on the chart, the forward-looking probability distribution heavily favors a test of lower liquidity pools, though the extreme stretch warrants vigilance for sudden snap-backs. The Bearish Scenario (60% Probability):  The capitulation continues unabated. Sellers easily slice through minor psychological barriers, initiating a rapid markdown targeting the ~6,000 to ~6,100 liquidity pool as panic persists. The Base/Neutral Scenario (25% Probability):  The intense selling pressure temporarily exhausts itself. The index enters a choppy, highly volatile lower-range distribution phase between ~6,300 and ~6,500 as the market attempts to find an equilibrium amid shifting flows. The Bullish Scenario (15% Probability):  The extreme oversold momentum triggers a violent short-covering squeeze. Buyers aggressively absorb the supply and force a rapid upward spike back toward the ~6,500 broken floor, invalidating the immediate free-fall. Previous Post (28 October 2025): S&P 500 Index (Monthly Chart Time Frame): Broadly Overbought Conditions Lester Davids Senior Investment Analyst: Unum Capital

Research Notes April 2026 > https://www.unum.capital/post/rapril2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za 💡 Price Action Model: This note at the following link is an example of how we use it find uncover opportunities & manage risk:   https://www.unum.capital/post/har0604 Old Mutual Ltd Via Price Action Model - see 5 to 8 week time frame. One of the risk is that the share might not get to our desired buy re-entry range. Let's see! READY TO TRADE: ACTIONABLE AREAS For active traders who look to generate cash flow on a continuous basis, determining the ‘next best probability’ level to execute against may be of immense value, specifically by helping to determine the best potential times and levels to commit capital. The blue  and red horizontal lines  on the chart represent a next-best-probability buy re-entry range and a next-best-probability sell re-entry range over the short term. The ranges assume no existing position is being held by a trader, while the probabilities are based on several factors, which may include: Short-term ratings and medium-term regimes Momentum indicators Horizontal or diagonal support and resistance Candle structure Moving averages and standard deviation Please note that these are short-term levels and may contrast with medium- and long-term outlooks, which are based on the weekly and monthly charts and are generally more applicable to long-term investors. These levels are subject to change based on market sentiment, subsequent price action, and company/sector-specific or macroeconomic news flow. As always, while the levels are outlined to guide your capital deployment, traders should be prepared to adjust in real-time based on the aforementioned factors. THE TACTICAL TRADING GUIDE (PRICE ACTION MODEL) : UNCOVER OPPORTUNITIES & ASSESS REWARD-TO-RISK It helps helps clients determine and shed light on the some of the following: The CURRENT TECHNICAL POSITION  and a PRICE ACTION PROBABILITY  for multiple time frames. Three (3) ‘trading’ time frames are considered: Short Term (1 to 10 days) / Medium Term (2 to 4 weeks) and Long Term (5 to 8 weeks) Whether the reward-to-risk is attractive for a buy/long position Whether a share is weak. In this case, wait until the price stabilizes before looking to enter (i.e. want until it stops going down) Whether aggressive buying is underway. In this case, do not ‘chase’ (do not buy) but instead wait for a pullback to re-enter a buy or an overextension with deteriorating candle structure to sell/short. Whether a trader can look to buy a pullback into a key moving average (continuation trade) Whether a share needs to break a range for a new trend to be determined (bullish or bearish) Whether a traders needs to monitor for a change of character that could lead to a bullish or bearish reversal Whether a share could start a consolidation phase or before continuing it’s bullish or bearish trend Whether the upward momentum is slowing (if it's in a bullish phase) Whether buyers can look to 'phase in' to a position (if it's in a bearish phase) Whether a share lacks directional bias. The data set is available in real-time (on request) The readings are subject to change as the price action develops. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes April 2026 > https://www.unum.capital/post/rapril2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za 💡 Price Action Model: This note at the following link is an example of how we use it find uncover opportunities & manage risk: https://www.unum.capital/post/har0604 AVI Ltd Via Price Action Model - see 5 to 8 week time frame. READY TO TRADE: ACTIONABLE AREAS For active traders who look to generate cash flow on a continuous basis, determining the ‘next best probability’ level to execute against may be of immense value, specifically by helping to determine the best potential times and levels to commit capital. The blue  and red horizontal lines  on the chart represent a next-best-probability buy re-entry range and a next-best-probability sell re-entry range over the short term. The ranges assume no existing position is being held by a trader, while the probabilities are based on several factors, which may include: Short-term ratings and medium-term regimes Momentum indicators Horizontal or diagonal support and resistance Candle structure Moving averages and standard deviation Please note that these are short-term levels and may contrast with medium- and long-term outlooks, which are based on the weekly and monthly charts and are generally more applicable to long-term investors. These levels are subject to change based on market sentiment, subsequent price action, and company/sector-specific or macroeconomic news flow. As always, while the levels are outlined to guide your capital deployment, traders should be prepared to adjust in real-time based on the aforementioned factors. THE TACTICAL TRADING GUIDE (PRICE ACTION MODEL) : UNCOVER OPPORTUNITIES & ASSESS REWARD-TO-RISK It helps helps clients determine and shed light on the some of the following: The CURRENT TECHNICAL POSITION  and a PRICE ACTION PROBABILITY  for multiple time frames. Three (3) ‘trading’ time frames are considered: Short Term (1 to 10 days) / Medium Term (2 to 4 weeks) and Long Term (5 to 8 weeks) Whether the reward-to-risk is attractive for a buy/long position Whether a share is weak. In this case, wait until the price stabilizes before looking to enter (i.e. want until it stops going down) Whether aggressive buying is underway. In this case, do not ‘chase’ (do not buy) but instead wait for a pullback to re-enter a buy or an overextension with deteriorating candle structure to sell/short. Whether a trader can look to buy a pullback into a key moving average (continuation trade) Whether a share needs to break a range for a new trend to be determined (bullish or bearish) Whether a traders needs to monitor for a change of character that could lead to a bullish or bearish reversal Whether a share could start a consolidation phase or before continuing it’s bullish or bearish trend Whether the upward momentum is slowing (if it's in a bullish phase) Whether buyers can look to 'phase in' to a position (if it's in a bearish phase) Whether a share lacks directional bias. The data set is available in real-time (on request) The readings are subject to change as the price action develops. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes April 2026 > https://www.unum.capital/post/rapril2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Lester Davids Senior Investment Analyst: Unum Capital

Research Notes April 2026 > https://www.unum.capital/post/rapril2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za READY TO TRADE: ACTIONABLE AREAS For active traders who look to generate cash flow on a continuous basis, determining the ‘next best probability’ level to execute against may be of immense value, specifically by helping to determine the best potential times and levels to commit capital. The blue  and red horizontal lines  on the chart represent a next-best-probability buy re-entry range and a next-best-probability sell re-entry range over the short term. The ranges assume no existing position is being held by a trader, while the probabilities are based on several factors, which may include: Short-term ratings and medium-term regimes Momentum indicators Horizontal or diagonal support and resistance Candle structure Moving averages and standard deviation Please note that these are short-term levels and may contrast with medium- and long-term outlooks, which are based on the weekly and monthly charts and are generally more applicable to long-term investors. These levels are subject to change based on market sentiment, subsequent price action, and company/sector-specific or macroeconomic news flow. As always, while the levels are outlined to guide your capital deployment, traders should be prepared to adjust in real-time based on the aforementioned factors. THE TACTICAL TRADING GUIDE (PRICE ACTION MODEL) : UNCOVER OPPORTUNITIES & ASSESS REWARD-TO-RISK It helps helps clients determine and shed light on the some of the following: The CURRENT TECHNICAL POSITION  and a PRICE ACTION PROBABILITY  for multiple time frames. Three (3) ‘trading’ time frames are considered: Short Term (1 to 10 days) / Medium Term (2 to 4 weeks) and Long Term (5 to 8 weeks) Whether the reward-to-risk is attractive for a buy/long position Whether a share is weak. In this case, wait until the price stabilizes before looking to enter (i.e. want until it stops going down) Whether aggressive buying is underway. In this case, do not ‘chase’ (do not buy) but instead wait for a pullback to re-enter a buy or an overextension with deteriorating candle structure to sell/short. Whether a trader can look to buy a pullback into a key moving average (continuation trade) Whether a share needs to break a range for a new trend to be determined (bullish or bearish) Whether a traders needs to monitor for a change of character that could lead to a bullish or bearish reversal Whether a share could start a consolidation phase or before continuing it’s bullish or bearish trend Whether the upward momentum is slowing (if it's in a bullish phase) Whether buyers can look to 'phase in' to a position (if it's in a bearish phase) Whether a share lacks directional bias. The data set is available in real-time (on request) The readings are subject to change as the price action develops. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes April 2026 > https://www.unum.capital/post/rapril2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Currently, the system detects 5/10 Euphoria signals and 1/10 Capitulation signals. The tape is tilting heavily toward overbought conditions. Risk management should be prioritized as multiple structural metrics indicate crowding, making the index vulnerable to sudden liquidity vacuums and mean-reversion fades. Lester Davids Senior Investment Analyst: Unum Capital