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Thank you for your interest in our research. Year-to-date, we have published over 1500 research notes. These research insights help clients: (1) manage risks and (2) uncover opportunities, with the ultimate goal of helping to allocate capital to opportunities that offer the best reward-to-risk for a client's time frame. If you've been a consumer of our research but have not traded via the Unum Capital trading desk, why not consider making us your trading services provider? Our Capabilities: +50 Take Profit Opportunities > https://www.unum.capital/post/capabilities To open a trading account and/or move from your existing service provider, email tradingdesk@unum.co.za. 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Research: October 2026 > https://www.unum.capital/post/roct2026 For our clients trading or holding SASOL (SOL) Disclosure: The commentary below was compiled using an artificial intelligence tool, based on my PRICE ACTION MODEL. 🟩 Bull Case: 🟢 Buy on pullback (Secondary: 🟦 Buy (continuation)) Sasol displays dominant trend strength across all primary horizons, driven by a very bullish 14-day trend and high bullish momentum on the 7-day trend approaching overbought thresholds. Higher-timeframe buyers remain in clear structural control following a very strong advance over the 5- to 8-week period. In this scenario, lower-timeframe softness introduces orderly digestion rather than structural breakdown. Intraday pullbacks are absorbed constructively within the rising dynamic 8-EMA to 21-EMA buy range across the 1- to 10-day and 2- to 4-week windows. This controlled retracement cools off extended overbought readings and establishes a renewed accumulation base, allowing institutional buyers to drive the next multi-week expansion leg higher. Risks To Entering Buy/Long Positions At Current Levels: Shorter-term price action is approaching overbought extremes following an aggressive run. Chasing the advance at market prices ignores the model's warning that the attempt to hold the highs may fail, leaving late longs vulnerable to a swift mean-reversion flush back into dynamic support. 🟧 Base Case: ⬜ Neutral SOL enters a rotational consolidation phase across the 1- to 4-week window to digest its very strong upward surge. While the broader architecture remains firmly bullish, the advance pauses near multi-week highs as short-term momentum approaches overbought limits and lower-timeframe weakness surfaces. Price action oscillates in a defined holding pattern between recent session highs and rising dynamic exponential moving averages. The share chops sideways between the 8-EMA and 21-EMA support shelves, absorbing two-way institutional volume and allowing moving averages to catch up before initiating a decisive continuation move. Risks to Base Case: Extended high-level consolidation corridors remain sensitive to sudden momentum shifts—either through an aggressive volume breakout that invalidates the pause or an abrupt failure at the highs that pushes price straight through the 8-EMA buffer. 🟥 Bear Case: 🟨 Sell on rally (Alternative: 🟧 Sell (continuation)) The attempt to sustain the move near the highs exhausts as price action decisively fails to hold recent range highs over the next 1 to 10 trading days. This failure traps late breakout buyers, validating a tactical short-sell setup targeting a counter-trend drop back toward the 8-EMA or 21-EMA shelves. If aggressive selling emerges over the 2- to 4-week window, supply breaches dynamic support at the 8-EMA, expanding the pullback and targeting a deeper mean-reversion retest of secondary moving average shelves across the 5- to 8-week horizon. Risks To Entering Sell/Short Positions At Current Levels: Shorting directly into a very bullish 14-day trend and a high bullish momentum regime carries substantial squeeze risk; higher-timeframe buyers remain in firm structural control and could aggressively defend the 8-EMA or 21-EMA buy band, trapping counter-trend shorts into a sharp upward continuation. The overarching tactical posture aligns with 🟢 Buy on pullback — Pending, reflecting explicit guidance across short-, medium-, and long-term horizons to avoid chasing aggressive buying and instead wait for an orderly pullback into the dynamic 8-EMA to 21-EMA buy range before adding long exposure. For active tactical accounts, secondary positioning maps to 🟨 Sell on rally — Pending, actively monitoring for a confirmed failure to hold the highs to execute a tactical counter-trend short-sell targeting the 8-EMA or 21-EMA shelves. SASOL DAILY, WEEKLY & MONTHLY CHARTS WITH MOVING AVERAGES SASOL WEEKLY CHART

Research: October 2026 > https://www.unum.capital/post/roct2026 For our clients trading or holding ARI. Disclosure: The graphic below was compiled using an artificial intelligence tool, based on my own data.

Research: October 2026 > https://www.unum.capital/post/roct2026 Please Note: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes. Boxer Retail target reached at 8400c. Bullish Reversal Target +8400c Published: Pre-Market Thursday 27 August 2026 Execute Your Trades Via The Unum Capital Trading Desk: For a decade, more than 90% of our research has been free, which means that whether you are a client or not, you can access our insights, including our trade ideas. If you have been reading our research but use another trading services provider/broker to execute the trades, why not consider moving you trading account to Unum Capital thereby routing the trades through our desk? Premium Content. Available to ACTIVE TRADING CLIENTS* (*Has executed a trade within the last 10 trading sessions) Lester Davids Senior Investment Analyst: Unum Capital

Research: October 2026 > https://www.unum.capital/post/roct2026 Disclosure: The commentary below was compiled using an artificial intelligence tool, based on my own inputs/data. Current Price: $60.5005 Date & Time: October 13, 2026, 09:51 UTC+2 Currently, price action for Spot Silver is coiling under pressure near the 60.50 handle, with the active 4-hour candle printing a small red real body after pulling back from a session high of 60.7395 to test an intraday trough of 60.3460. The tape is compressed directly along the lower boundary of the broken late-September basing shelf, struggling to sustain momentum above the 61.00 psychological pivot. While responsive buyers have halted the vertical selling velocity that emerged earlier in the week, overhead supply continues to cap intraday rallies, keeping price confined within a tight consolidation pocket. Looking at the broader macro structure, Spot Silver remains pinned within a critical structural defense corridor between 58.50 and 61.50. The 61.50 – 62.50 overhead zone now represents dense polarity resistance left behind by the prior distribution shelf. Without sustained multi-candle buying initiative to reclaim 61.50, the market remains vulnerable to a renewed leg lower targeting the primary macro accumulation base established in mid-July around 55.00 – 56.50. Best Probability Over 6 Hours Price is favored to remain compressed within the 60.20 – 60.85 band as the active 4-hour bar works through localized order absorption. Given the deceleration in selling spreads following the test of 60.34, immediate downward velocity should stay contained. A shallow retest of the 60.75 – 61.00 micro-pivot is probable over the European session, where descending intraday supply is expected to cap upside progress. Best Probability Over 12 Hours Over the 12-hour horizon, the market is poised to test whether buyers can defend the 60.00 – 60.20 support shelf under active New York liquidity. If responsive demand establishes a firm base above 60.30, look for an expansion probe targeting the 61.10 – 61.40 overhead supply ledge. Conversely, a confirmed 4-hour close beneath 60.10 would signal buyer exhaustion, initiating a slide toward the 59.40 – 59.60 interim support band. Best Probability Over 24 Hours Across the full daily cycle, the dominant technical theme is the resolution of the 59.50 – 61.50 consolidation bracket. If overhead sellers maintain control beneath 61.20, the market is favored to rotate back down for a comprehensive retest of the 58.60 – 59.00 October capitulation lows. A breakdown and sustained 4-hour close below 58.60 would open an air pocket down to 57.50. Conversely, a decisive reclaim and 4-hour close above 61.50 would neutralize immediate downside pressure, opening the path for an extended relief recovery toward 62.60 – 63.00. Risks of Entering a Buy/Long Position at Current Levels Trading Counter to Dominant Momentum: Long entries are stepping in against an established multi-week markdown that has consistently printed lower swing highs and lower lows across the 4-hour timeframe. Trapped Overhead Supply: Resistance bands at 60.85 – 61.20 and 61.50 – 62.00 represent significant supply where trapped long participants will seek breakeven exits, heavily limiting upside velocity. Air-Pocket Risk Below 60.00: A confirmed 4-hour close below 60.00 risks triggering trailing stops that could accelerate price swiftly down toward the 58.60 low. Risks of Entering a Sell/Short Position at Current Levels Proximity to Intermediate Demand Absorption: Shorting near 60.50 places trade location directly above the 60.00 – 60.20 demand shelf that successfully absorbed selling pressure across multiple sessions. Short-Covering Squeeze Risk: A decisive 4-hour close above 61.20 could trigger stop runs from short-term range sellers, generating a sharp momentum push toward 62.00 – 62.50. Poor Asymmetric Trade Location: Placing logical protective stops above the 61.40 swing high creates an unfavorable risk-to-reward ratio against immediate downside targets at 60.00.

Research: October 2026 > https://www.unum.capital/post/roct2026 Disclosure: The analysis below was compiled using an artificial intelligence tool. Current Price: 1.1192 Date & Time: October 13, 2026, 09:45 UTC+2 Currently, price action for EUR/USD is staging an intraday stabilization attempt near the 1.1192 handle, with the active 4-hour candle printing a modest bullish real body after defending an intraday trough of 1.1171. The bar opened at 1.1171 and probed a session high of 1.1196, showing early signs of responsive demand emerging directly at the lower boundary of the October basing bracket. While this absorption has paused the immediate downward drift, order flow across the intermediate horizon remains heavily dictated by descending resistance shelves left behind by the aggressive late-September markdown. Looking at the broader macro structure, EUR/USD remains locked within an extended cyclical correction following the major multi-month peak near 1.1700 established in late August. Having sliced cleanly through the primary summer value platforms at 1.1500 and 1.1380, the market is now testing secular polarity support from late July. While the broader higher-timeframe posture remains tilted defensively, the severe momentum compression and repeated absorption of sub-1.1180 prints indicate that the pair is entering a critical short-term inflection phase between an intermediate relief recovery and a structural breakdown toward 1.1100. Best Probability Over 6 Hours Price is favored to extend its localized mean-reversion drift toward the 1.1210 – 1.1225 micro-resistance zone as the active 4-hour bounce absorbs intraday short inventory. With the 1.1171 floor holding on an intraday closing basis, immediate downward acceleration is likely to remain subdued. Upward progress is expected to encounter initial friction as price approaches the 1.1220 pivot, likely prompting range compression and two-way rotation through the European session. Best Probability Over 12 Hours Over the 12-hour horizon, the market is poised to test the descending intermediate supply shelf between 1.1230 and 1.1250. If responsive buyers sustain acceptance above 1.1200, look for an expansion probe targeting the 1.1245 – 1.1260 October range ceiling. Conversely, if overhead supply quickly suffocates the advance and forces a 4-hour close back below 1.1180, the recovery will abort, setting up a retest of the 1.1155 – 1.1170 base. Best Probability Over 24 Hours Across the full daily cycle, the dominant technical theme is the eventual resolution of the 1.1155 – 1.1260 accumulation/distribution bracket. A confirmed 4-hour close above 1.1265 would confirm short-term seller exhaustion, triggering a short-covering squeeze toward the 1.1300 – 1.1340 broken shelf. On the other hand, if the dominant higher-timeframe markdown reasserts control and breaks the 1.1155 floor on a closing basis, momentum will likely accelerate downward into an air pocket targeting 1.1080 – 1.1120. Risks of Entering a Buy/Long Position at Current Levels Trading Against Dominant Higher-Timeframe Trend: Long entries are fighting an aggressive multi-week downtrend that originated from the 1.1700 August highs without a confirmed higher-timeframe reversal pattern. PNG Trapped Overhead Supply: Broken shelves at 1.1235, 1.1260, and 1.1300 represent dense bands where trapped long participants will look to exit at breakeven, capping potential upside follow-through. PNG Air-Pocket Breakdown Risk: A clean 4-hour close below the 1.1155 capitulation floor risks triggering cascading stop-loss execution down toward the 1.1100 psychological benchmark. PNG Risks of Entering a Sell/Short Position at Current Levels Proximity to Structural Demand Floor: Initiating shorts near 1.1192 places trade location directly above the multi-session support base at 1.1155 – 1.1170, where responsive institutional demand has consistently emerged. Severe Downside Momentum Extension: Following an uninterrupted decline from 1.1600+, momentum oscillators are technically stretched and vulnerable to a sharp, violent short-covering squeeze on any positive catalyst. Poor Asymmetric Trade Location: Placing logical protective stops above the 1.1245 or 1.1265 range highs creates an unfavorable risk-to-reward ratio against immediate downside targets at 1.1160. Lester Davids Senior Investment Analyst: Unum Capital

Research: October 2026 > https://www.unum.capital/post/roct2026 Disclosure: The commentary below was compiled using an artificial intelligence tool, based on my own inputs/data. Current Price: 158.69 Date & Time: October 12, 2026, 20:56:36 (SAST) Currently, price action for USD/JPY is staging an aggressive intraday breakout push near the 158.69 mark, with the active daily candle printing an expansive bullish real body that closes near its session highs. Initiative buyers have pushed price directly through the local consolidation cluster, clearing the 8-day EMA (157.69), 21-day EMA (158.12), and 75-day EMA (158.38), while actively challenging the descending 200-day simple moving average at 158.55. Tactical momentum has turned sharply higher, lifting out of neutral consolidation toward upper zones as short-term sellers are forced to cover. Looking at the broader macro structure, USD/JPY remains situated within a wide, multi-month distribution-to-reaccumulation battleground beneath the summer peak of 164.00. The decisive reclaim of the dynamic moving average cluster (157.69 – 158.55) tilts tactical momentum in favor of buyers. However, the pair is now directly engaging the primary polarity line near 159.00 – 160.00, which served as the major breakdown shelf in late September, meaning the immediate advance must absorb significant trapped supply to maintain continuation. Tactical Action: Buy on dip 🟩 Best Probability Over 8 Hours Price is favored to encounter initial range friction and momentum compression between 158.70 and 159.20 as the active daily expansion confronts the major 159.00 psychological barrier. With the intraday move pushing into extended short-term territory, upward velocity is likely to taper during the overnight session, prompting a shallow consolidation retest of the broken 158.35 – 158.55 moving average shelf. As long as price holds above 158.30 on an intraday closing basis, the short-term structure remains constructive for continued range testing. Best Probability Over 12 Hours Over the 12-hour horizon, the market is poised to test whether buyers can build sustained acceptance above the 200-day moving average at 158.55. If responsive demand defends shallow dips into the 158.20 – 158.40 corridor during the Asian session, look for a secondary push targeting the primary supply shelf at 159.40 – 159.80. Conversely, a failure to hold above 158.10 would indicate that today's push was an exhaustion probe, inducing a rotational pullback toward the 157.60 – 157.70 fast EMA support. Best Probability Over 24 Hours Across the full daily cycle, the dominant technical theme is the test of the major breakdown shelf between 159.50 and 160.20. A sustained daily hold above 158.60 establishes a strong higher-low platform, setting up a high-probability probe into 160.00. If buyers achieve a daily close above 160.20, it confirms the invalidation of the September breakdown and opens the door for an extended multi-day rally toward 161.50. On the other hand, if overhead sellers forcefully defend the 159.50 – 160.00 block and force a daily close back below 157.80, the market will likely lapse back into a choppy range between 156.50 and 158.50. Trailing Candle Structure Analysis Trailing 5-Period Structure (Coiling & Bullish Expansion): Displays three tight, narrow-range inside candles stabilizing above 157.20, followed by today's decisive green expansion candle to 158.69. Signals the transition from lateral range compression into active buyer initiative, clearing multiple moving average hurdles in a single session. Trailing 10-Period Structure (Higher-Low Formation): Documents the orderly recovery off the 155.00 intermediate shelf following the initial bounce from 153.00. Shows responsive buyers establishing a rising stair-step structure, reclaiming the 8-day and 21-day EMAs and shifting short-term trend slope upward. Trailing 20-Period Structure (Capitulation Sweep & V-Reversal): Captures the violent liquidation down to 153.00, the rapid mean-reversion recovery, and the subsequent multi-week consolidation. Confirms the structural completion of a major higher-timeframe swing low, establishing 153.00 as the primary multi-month invalidation floor. Risks of Entering a Buy/Long Position at Current Levels Buying Directly into the 200-Day Moving Average & 159.00 Supply: Price is trading immediately at the 200-SMA (158.55) and approaching the 159.00 – 160.00 structural breakdown ledge where heavy limit-order selling is concentrated. Poor Asymmetric Trade Location: Entering at the crest of an intraday impulse candle requires placing protective stops below 157.60 or 157.20, creating an unfavorable risk-to-reward ratio against immediate overhead resistance. Overnight Retracement Volatility: Following an expansive daily move, shallow liquidity during the transition into the Asian session frequently triggers sharp mean-reversion dips back toward breakout baselines. Risks of Entering a Sell/Short Position at Current Levels Trading Counter to Strong Buyer Initiative: Today's session displays decisive buying power with a full-bodied candle closing near the absolute high, lacking any confirmed rejection wicks or topping patterns. Dynamic Squeeze Risk Through 159.00: A clean break and hourly hold above 159.00 could trigger stop-loss runs from swing shorts, sparking a fast momentum acceleration directly into 160.00 – 160.50. Reclaimed Moving Average Support: The successful reclaim and upward alignment of the 8, 21, and 75 EMAs provides a rising dynamic floor that makes shallow pullbacks prone to aggressive dip-buying absorption.

Research: October 2026 > https://www.unum.capital/post/roct2026 Disclosure: The commentary below was compiled using an artificial intelligence tool, based on my own inputs/data. 🟩 🟢 ↗️ WBC Momentum Hook: Tactical Momentum for We Buy Cars (WBC) has hooked sharply out of the [Deep Capitulation 🟦] zone, confirming the initial stages of an algorithmic short-squeeze. 🟦 🔵 ⬆️ TRU Power Band Extension: Truworths (TRU) maintains its trajectory within the [Bullish Power Band 🟩], completely ignoring domestic retail headwinds to sustain upward velocity. 🟥 🔴 ⬇️ SNT Blow-Off Warning: Santam (SNT) Tactical Momentum remains pinned at [Extreme Overbought 🟥] levels, flashing severe exhaustion warnings as price distances itself from structural baselines. 🟨 🟡 ↔️ HAR Digestion Phase: Following Friday's violence, Harmony Gold (HAR) Tactical Momentum has stabilized smoothly in the [Neutral Recovery 🟨] zone, resetting oscillators for the next directional impulse. 🟦 🔵 ⬆️ SOL Structural Heat: Sasol (SOL) maintains its [Extended Overbought 🟥] status across both Tactical and Secular momentum horizons, defying gravity as institutional flow remains one-way. 🟩 🟢 ↗️ CPI Momentum Reclaim: Capitec (CPI) Tactical Momentum crossed decisively back into [Bullish Expansion 🟩] as price recaptured the fast EMA ribbon, neutralizing last week's bearish distribution. 🟥 🔴 ⬇️ IMP Structural Decay: Impala Platinum (IMP) Secular Momentum remains submerged in [Deep Capitulation 🟦] with zero sign of institutional rescue or momentum divergence. 🟦 🔵 ⬆️ BOX Stealth Strength: Boxer Retail (BOX) Tactical Momentum rests comfortably in the [Bullish Power Band 🟩] without triggering exhaustion alerts, indicative of high-quality, low-volatility accumulation. 🟨 🟡 ↘️ NPN Momentum Fade: Naspers (NPN) Tactical Momentum is slipping back toward [Neutral Drift 🟨] as offshore tech flows temporarily decelerate. 🟩 🟢 ↗️ KAP Freight Surge: KAP Limited (KAP) saw its Tactical Momentum ignite into [Bullish Expansion 🟩], printing a sharp momentum divergence as price cleared dense overhead supply.

Research: October 2026 > https://www.unum.capital/post/roct2026 Disclosure: The commentary below was compiled using an artificial intelligence tool, based on my own data. 🟩 🟢 ↗️ Banking Sector Bifurcation: The major banks split decisively today. Capitec (CPI) (+1.88%) and Standard Bank (SBK) (+1.76%) successfully reclaimed their fast EMAs, while FirstRand (FSR) and Absa (ABG) failed to catch the bid, remaining trapped below dynamic resistance. 🟩 🟢 ↗️ Specialty Retail Resurrection: We Buy Cars (WBC) surged +3.39%, finally reclaiming its fast EMA and snapping a brutal multi-week liquidation streak to print its first confirmed accumulation bar. 🟨 🟡 ↔️ Gold Digests Friday's Squeeze: AngloGold Ashanti (ANG) (−0.87%) and Harmony Gold (HAR) (−0.88%) printed mild inside-day consolidations on lighter volume, holding onto Friday's massive short-covering gains without surrendering structural ground. 🟦 🔵 ⬆️ Apparel Breakouts Hold: Truworths (TRU) (+1.94%) pushed into fresh breakout territory, while Woolworths (WHL) (−0.05%) rested quietly in a tight doji directly above its newly reclaimed moving average ribbon. 🟨 🟡 ↔️ Diversified Miners Pause: Anglo American (AGL) (−0.54%) and South32 (S32) (−0.44%) experienced light algorithmic profit-taking but remained firmly anchored above their key intermediate support shelves. 🟥 🔴 ⬇️ PGM Capitulation Deepens: Northam (NPH) (−1.39%) and Impala (IMP) (−0.05%) failed to attract any macro bids, remaining pinned to their structural floors as capital continues to avoid single-commodity unhedged exposure. 🟦 🔵 ⬆️ Food Retailers Unshaken: Boxer (BOX) (+1.09%) printed fresh structural highs, while Shoprite (SHP) (−0.03%) held its ground in blue-sky territory, completely insulated from broader market chop. 🟨 🟡 ↘️ Platform Tech Cools: Naspers (NPN) (−0.45%) and Prosus (PRX) (−0.79%) faded slightly following offshore tech cues but maintained their tactical basing structures above the 21-day EMA. 🟩 🟢 ↗️ Freight & Logistics Catch Bids: KAP Limited (KAP) ignited for a +4.96% gain, clearing its intermediate moving averages on expanding volume as cyclical rotation hunts for discounted value. 🟨 🟡 ↔️ Insurance Holds Extremes: Santam (SNT) (+0.18%) refused to give back its historic weekly gains, consolidating sideways at extreme multiple extensions as short-sellers remain too intimidated to fade the tape.

Research: October 2026 > https://www.unum.capital/post/roct2026 For our clients trading or holding JSE Insurance shares Disclosure: The commentary below was compiled using an artificial intelligence tool, based on my own data. The price action across the insurance sector over the last few days has been violently restructured by a massive fundamental catalyst: Sanlam’s fully funded ZAR 505-per-share cash buyout offer to acquire the remaining minority shares of Santam. This M&A shockwave has effectively split the sector into two distinct trading regimes—those caught in the merger arbitrage vortex, and the remaining independent compounders trading on domestic yield curve dynamics. Here is the institutional breakdown of how the price action has shifted and how to trade the sector moving forward: Santam Limited (SNT) | 48,525 ZAC The Price Action Shift: SNT’s price action has completely transitioned from an organic trend into a rigid merger-arbitrage spread. Following the ZAR 505 buyout announcement last week, the stock gapped aggressively higher, driving the 7-day RSI to an extreme 86.44. However, over the last few days, volatility has entirely evaporated. The stock is now flatlining (closing +0.18% today and −0.21% over the week) as it pins itself strictly to the time-value discount of the 50,500 ZAC offer price. It has effectively become a fixed-income proxy rather than an equity. As an active trader, here is what to watch for: Stop trading the technicals. Moving averages and RSI are entirely useless on SNT right now because price is anchored to the deal terms. The only play here is an arbitrage spread; unless you are a specialized event-driven desk harvesting the ~4% spread to the 505 ZAC takeout price, remove SNT from your active momentum watchlists. Sanlam Limited (SLM) | 8,223 ZAC The Price Action Shift: As the acquirer, Sanlam spent the last few days absorbing the capital implications of the buyout. After an initial wobble as the market digested the cash outlay, SLM's price action has stabilized, grinding out a +0.29% close today. It has successfully reclaimed its 8-day EMA (8,078 ZAC) and is carving out a higher-low base just above the 8,100 ZAC level. While the stock remains pinned beneath its 200-day SMA (9,034 ZAC) on a secular basis, the tactical selling pressure has clearly exhausted itself. As an active trader, here is what to watch for: Monitor the 8,431 ZAC pivot (the 75-day EMA). Sanlam is currently coiled in a tight tactical range. A daily close above 8,450 ZAC confirms the market has fully digested the M&A cost and is pricing in the long-term earnings accretion, offering a clean technical runway up toward the 9,000 ZAC long-term baseline. Discovery Limited (DSY) | 26,403 ZAC The Price Action Shift: With capital rotating out of the SNT/SLM drama, Discovery has quietly stepped up as the preferred high-beta vehicle within the sector. Over the last three sessions, DSY absorbed mild profit-taking (−1.11% on the week) but established a formidable intraday defense at the 26,100 ZAC level. Today’s +0.70% close pushed it cleanly back above both the 8-day EMA (26,173 ZAC) and 21-day EMA (26,193 ZAC). The price action here is extremely orderly, reflecting steady institutional accumulation above the 200-day SMA (25,533 ZAC). As an active trader, here is what to watch for: Watch for volume expansion on the 26,500 ZAC breakout. DSY is acting as the structural leader of the life/health insurers right now. A high-volume push through 26,500 ZAC confirms continuation of the primary trend, making shallow pullbacks to the 21-day EMA an optimal zone for trend-following entries. Old Mutual Ltd. (OMU) | 1,344 ZAC The Price Action Shift: Old Mutual is acting as the low-volatility sleeper of the group. While the rest of the financial complex was violently whipped around last week, OMU put its head down and ground out consecutive green closes, gaining +1.66% on the week and +1.43% today. It is now trading completely clear of its short-term moving average ribbon (8-day EMA at 1,323 ZAC) and is steadily creeping back toward its 200-day SMA (1,390 ZAC). As an active trader, here is what to watch for: Monitor the approach to the 200-day SMA at 1,390 ZAC. OMU has a habit of failing at long-term moving averages. Treat the current move as a tactical swing long; if price action stalls or prints an upper rejection wick anywhere near 1,385–1,390 ZAC, actively trim exposure before the algorithmic sellers step in. OUTsurance Group Limited (OUT) | 8,237 ZAC The Price Action Shift: OUTsurance is executing a textbook high-tight flag consolidation. After a massive +14.28% run over the trailing month, the stock spent the last few days trading in a micro-range (+0.05% today, +0.32% weekly), perfectly digesting its extended momentum. Price is hovering just above the 8-day EMA (8,160 ZAC) without surrendering any ground to short-sellers, which is the hallmark of unexhausted institutional demand. As an active trader, here is what to watch for: Watch for an inside-day breakout. The volatility has compressed so tightly over the last 72 hours that a directional impulse is imminent. Keep a tight trailing stop below 8,150 ZAC to protect against a mean-reverting flush, but be prepared to add to the position if it clears 8,260 ZAC on opening volume. Momentum Group Limited (MTM) | 3,714 ZAC The Price Action Shift: Momentum Group is executing a low-volatility basing shelf directly beneath its overhead moving average cluster. After drifting −0.96% across the trailing week and −2.39% over the month, the counter spent the last few sessions churning in a tight absorption pocket, ticking up +0.65% today to pin itself right against the fast 8-day EMA (3,716 ZAC). The aggressive selling pressure that knocked it off September highs has completely dried up, but institutional demand has yet to force an expansion bar. Price is effectively coiling between the 3,573 ZAC demand shelf and the descending 21-day EMA (3,784 ZAC), establishing a defined compression zone. As an active trader, here is what to watch for: Watch for a volume-backed breakout over the 21-day EMA. The trading range has tightened to the point where an expansion move is imminent. Maintain a protective stop just below the 3,570 ZAC horizontal floor to guard against a breakdown toward multi-month lows, but look to initiate or size into tactical swing longs on a clean daily close above 3,785 ZAC targeting the 200-day SMA confluence at 3,852 ZAC.

Research: October 2026 > https://www.unum.capital/post/roct2026 For our clients trading or holding KAP, TRUand CPI Disclosure: The commentary below was compiled using an artificial intelligence tool, based on my own data. Intraday Trend Acceleration (The "Drive from Open" Profile) These counters saw buying pressure initiate at the opening bell and accelerate continuously into the closing auction. This dynamic is the highest-conviction signal of structural institutional accumulation. KAP Limited (KAP): Operating within logistics, KAP delivered a massive trend-acceleration session. It opened strong and expanded relentlessly throughout the day (+4.96% to 296 ZAC). There was zero intraday retracement, allowing price to slice cleanly through its 200-day SMA. 🟩 Bullish Trigger: Continuation above the 300 ZAC psychological ceiling, opening blue-sky territory toward 320 ZAC. 🟥 Bearish Trigger: A sudden reversal back below the 200-day SMA (247 ZAC), indicating the breakout was a low-liquidity fake-out. Truworths International (TRU): As the leader in discretionary apparel, TRU opened steady and caught a relentless algorithmic bid that accelerated into the US crossover period. Closing up +1.94% at the absolute highs of the day proves buyers are willing to hold overnight risk. 🟩 Bullish Trigger: A breakout above the descending 75-day EMA (4,798 ZAC), which clears the primary intermediate hurdle for the broader recovery. 🟥 Bearish Trigger: A failure to hold the newly reclaimed 21-day EMA (4,414 ZAC) on a pullback, shifting the setup from a trend continuation back to sideways chop. Capitec Limited (CPI): Within major banks, CPI separated itself from the pack. It absorbed mild opening hesitation and then drove a persistent +1.88% intraday trend higher, reclaiming its fast EMAs and signaling that institutional underweights are actively being covered. 🟩 Bullish Trigger: A sustained push through the 75-day EMA (451,341 ZAC), confirming a full structural trend reversal is underway. 🟥 Bearish Trigger: Losing the 411,000 ZAC structural base established last week, which would invalidate the higher-low thesis and trigger fresh capitulation.

Research: October 2026 > https://www.unum.capital/post/roct2026 For our clients trading or holding SPP, MKR and DCP. Disclosure: The commentary below was compiled using an artificial intelligence tool, based on my own data. 1. Intraday Trend Rejection (The "Gap & Trap" Profile) These counters opened with perceived strength or attempted to push higher early in the session, only to be met by a wall of institutional supply. The open-to-close dynamic reflects a bearish failure against the primary trend. Spar Group Limited (SPP): In the food retail and wholesale space, SPP provided a textbook example of intraday distribution. The stock attempted to carry Friday's momentum into the open but immediately collided with its descending 75-day EMA. Sellers seized the liquidity, driving the stock steadily lower to close at 4,585 ZAC (−3.29%). 🟩 Bullish Trigger: A daily close decisively above the 75-day EMA (4,621 ZAC) on expanding volume, invalidating the overhead supply thesis. 🟥 Bearish Trigger: A flush below the 8-day EMA (4,572 ZAC), confirming the bear-market rally has terminated and exposing a drop back toward 4,000 ZAC. Montauk Renewables, Inc. (MKR): After a parabolic multi-month run, MKR experienced an aggressive intraday trend failure. The stock failed to catch an opening bid and bled heavily throughout the session (−5.81%). Momentum algorithms have flipped from "buy the dip" to "sell the rip." 🟩 Bullish Trigger: An immediate intraday reclaim of the 8-day EMA (4,442 ZAC), suggesting the sell-off was merely a liquidity shakeout. 🟥 Bearish Trigger: A daily close below the 21-day EMA (4,258 ZAC), triggering mechanical stop-losses and initiating a severe mean-reversion drop toward the 200-day SMA (3,519 ZAC). Dis-Chem Pharmacies (DCP): Opening flat, DCP failed to generate follow-through on Friday's double-bottom bounce. Instead of accelerating, it suffered steady intraday distribution, closing near the absolute session lows (−1.90%). 🟩 Bullish Trigger: A high-volume push back above the 21-day EMA (2,695 ZAC), proving institutional demand has returned. 🟥 Bearish Trigger: A break below the 2,535 ZAC multi-month structural floor, which would trigger unanchored downside price discovery.