Search this site

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 Published Tuesday, 10 March (after market close), for Wednesday 11 March. For our clients trading JSE Top 40 Index (J200). KEY TAKEAWAY:  The extreme oversold setup triggered a powerful mean-reversion bounce, with intraday buyers aggressively defending the structural support zone, signaling a strong tactical short-term recovery is underway. (1) Executing a sharp V-shaped tactical recovery following a severe test of lower structural support. (2) The monthly Secular Cycle firmly maintains strong territory, keeping the macro uptrend highly constructive despite recent volatility. (3) Weekly Tactical Momentum reflects a cooling phase, but the overarching Primary Trend remains supportive as the recent weekly candle prints a long lower tail indicating strong defense by buyers. (4) Daily Ultra Short Term and Short Term momentum have sharply curled upward from extreme oversold territory, confirming an immediate and powerful mean-reversion impulse. (5) Bullish tactical setup: a severe oversold condition met major structural support, igniting a violent short-covering rally and immediate price stabilization. (6) Fair value structural support is now firmly established near the recent capitulation lows around the 108,000 ZAC zone. (7) A primary tactical extension target for this relief rally sits near the overhead resistance block around 116,000 ZAC. (8) Continued upward daily momentum suggests immediate continuation is likely, though weekly indicators still require time to fully reset. (9) A deeper, critical macro trend floor remains intact near the 100,000 ZAC level. (10) Strategy: Maintain a cautiously bullish bias to ride the mean-reversion thrust, utilizing trailing stops below the recent 108,000 ZAC base to protect tactical gains. Analyzing the recent price action for the JSE Top 40 Index , the 10-day candle structure illustrates a volatile sequence, transitioning from a severe top-level distribution phase directly into a violent downward flush toward structural support. Zooming in, the 5-day candle structure reflects the climax of this selling pressure, forming an initial capitulation bottom characterized by deep lower wicks that highlight fierce intraday buying defense. The most recent 1-day candle structure definitively confirms this shift in momentum, closing as a powerful green bullish thrust candle near its session highs; this indicates a sharp reversal of immediate selling pressure and suggests a high probability of sustained short-term upward continuation. Trading Notes/Resources (Where Applicable) 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.   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 being held by a trader while the probabilities are based on several factors which may include: short term rating, medium term regime, momentum, horizontal or diagonal support/resistance, candle structure, moving averages and standard deviation, among others. These are short term levels and may be in contrast to medium and long term outlooks which are based on the weekly and monthly charts and, which may be applicable to long term investors. These levels are subject to change  based on sentiment, the subsequent price action and company/sector specific or macro news flow. As always, while the levels are outlined, traders should be prepared to adjust in real-time  based on the aforementioned. "Strategy Alerts"  help clients identify trading opportunities . When a ticker's real-time or pre-market price action aligns with the criteria on a slide—such as a pullback to the 21-day EMA or a breakout from a consolidation base—it effectively "matches" that stock to the strategy, triggering an alert to a potential trading opportunity.  This approach transforms the playbook into a dynamic scanning tool, allowing you to instantly categorize active stocks by the specific technical thesis playing out , ensuring that every trading potential opportunity communicated is backed by a predefined, actionable setup. 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 March 2026 > https://www.unum.capital/post/rmar2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Published Tuesday, 10 March (after market close), for Wednesday 11 March. For our clients trading Anglo American Plc (AGL). KEY TAKEAWAY:  Anglo American is facing short-term weakness within a slowing structural uptrend, with the price currently trapped between overhead selling pressure and a much lower provisional buy zone, requiring patience for a deeper rebound entry. Integrated Summary For Anglo American PLC (AGL), the integrated technical picture reveals short-term deterioration within a broader structural uptrend that is beginning to lose momentum. In the immediate Short Term (approx. 1 to 10 days), the stock is exhibiting "very weak" price action, characterized by a "weak" 7-day trend and a "bearish" 14-day trend, prompting the advice to "wait until it stabilizes on the lower time frame". This weakness has rolled over into the Medium Term (approx. 2 to 4 weeks), where the upward trend "has turned weaker," shifting the tactical approach for swing traders to "use rebounds into the 75-day ema/21-week ema as a potential sell short range". The actual price chart highlights this dynamic, showing the price caught just below a "provisional sell re-entry range" (approx. 74,890 to 76,455). Meanwhile, the Long Term (approx. 5 to 8 weeks) outlook indicates that "bullish momentum is slowing on lower time frames," and structural buyers should "look for minor support on 8, 21 or 50-week ema/200-day sma as a buy range for a rebound". This aligns perfectly with the "provisional buy re-entry range" marked notably lower on the chart (approx. 61,023 to 62,691). Full Technical Take Report Short Term (approx. 1 to 10 days): 7-Day Trend:  Weak 14-Day Trend:  Bearish Action:  Very weak wait until it stabilizes on the lower time frame. Medium Term (approx. 2 to 4 weeks):  * Status:  Upward trend but has turned weaker. Action:  Use rebounds into the 75-day ema/21-week ema  as a potential sell short range. Long Term (approx. 5 to 8 weeks): Status:  Bullish momentum is slowing on lower time frames. Action:  Look for minor support on the 8, 21 or 50-week ema/200-day sma  as a buy range for a rebound. Trading Notes/Resources (Where Applicable) 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.   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 being held by a trader while the probabilities are based on several factors which may include: short term rating, medium term regime, momentum, horizontal or diagonal support/resistance, candle structure, moving averages and standard deviation, among others. These are short term levels and may be in contrast to medium and long term outlooks which are based on the weekly and monthly charts and, which may be applicable to long term investors. These levels are subject to change  based on sentiment, the subsequent price action and company/sector specific or macro news flow. As always, while the levels are outlined, traders should be prepared to adjust in real-time  based on the aforementioned. "Strategy Alerts"  help clients identify trading opportunities . When a ticker's real-time or pre-market price action aligns with the criteria on a slide—such as a pullback to the 21-day EMA or a breakout from a consolidation base—it effectively "matches" that stock to the strategy, triggering an alert to a potential trading opportunity.  This approach transforms the playbook into a dynamic scanning tool, allowing you to instantly categorize active stocks by the specific technical thesis playing out , ensuring that every trading potential opportunity communicated is backed by a predefined, actionable setup. 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 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 Published Tuesday, 10 March (after market close), for Wednesday 11 March. For our clients trading FirstRand (FSR). KEY TAKEAWAY:  FirstRand is experiencing short-term weakness within a slowing structural uptrend, meaning traders should look to sell short into near-term rebounds while waiting for deeper long-term support for a buy entry. Integrated Summary For FirstRand Ltd (FSR), the integrated technical picture reveals short-term deterioration within a broader structural uptrend that is beginning to lose momentum. In the immediate Short Term (approx. 1 to 10 days), the stock is exhibiting "very weak" price action, characterized by a "weak" 7-day trend and a "bearish" 14-day trend, prompting the advice to "wait until it stabilizes on the lower time frame". This weakness has rolled over into the Medium Term (approx. 2 to 4 weeks), where the upward trend "has turned weaker," shifting the tactical approach for swing traders to "use rebounds into the 75-day ema/21-week ema as a potential sell short range". Looking at the actual price chart, this aligns with the highlighted "provisional sell re-entry range" currently sitting just above the price (approx. 9,364 to 9,489). Meanwhile, the Long Term (approx. 5 to 8 weeks) outlook indicates that "bullish momentum is slowing on lower time frames," and structural buyers should "look for minor support on 8, 21 or 50-week ema/200-day sma as a buy range for a rebound". This closely matches the designated "provisional buy re-entry range" located much lower on the chart (approx. 7,967 to 8,117). Full Technical Take Report Short Term (approx. 1 to 10 days): 7-Day Trend:  Weak 14-Day Trend:  Bearish Action:  Very weak wait until it stabilizes on the lower time frame. Medium Term (approx. 2 to 4 weeks):  * Status:  Upward trend but has turned weaker. Action:  Use rebounds into the 75-day ema/21-week ema  as a potential sell short range. Long Term (approx. 5 to 8 weeks): Status:  Bullish momentum is slowing on lower time frames. Action:  Look for minor support on the 8, 21 or 50-week ema/200-day sma  as a buy range for a rebound. Trading Notes/Resources (Where Applicable) 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.   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 being held by a trader while the probabilities are based on several factors which may include: short term rating, medium term regime, momentum, horizontal or diagonal support/resistance, candle structure, moving averages and standard deviation, among others. These are short term levels and may be in contrast to medium and long term outlooks which are based on the weekly and monthly charts and, which may be applicable to long term investors. These levels are subject to change  based on sentiment, the subsequent price action and company/sector specific or macro news flow. As always, while the levels are outlined, traders should be prepared to adjust in real-time  based on the aforementioned. "Strategy Alerts"  help clients identify trading opportunities . When a ticker's real-time or pre-market price action aligns with the criteria on a slide—such as a pullback to the 21-day EMA or a breakout from a consolidation base—it effectively "matches" that stock to the strategy, triggering an alert to a potential trading opportunity.  This approach transforms the playbook into a dynamic scanning tool, allowing you to instantly categorize active stocks by the specific technical thesis playing out , ensuring that every trading potential opportunity communicated is backed by a predefined, actionable setup. 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 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 Published Tuesday, 10 March (after market close), for Wednesday 11 March. For our clients trading BHP Group (BHG). KEY TAKEAWAY:  BHP Group is exhibiting near-term weakness after a massive structural run, with sellers actively driving the price down from recent peaks toward a provisional buy re-entry zone. Integrated Summary For BHP Group (BHG), the integrated technical picture reveals an asset where a strong long-term rally is starting to lose steam. In the immediate Short Term (approx. 1 to 10 days), the price action is described as "very weak," with a "neutral" 7-day trend and a "rangebound" 14-day trend, prompting the advice to "wait until it stabilizes on the lower time frame" before making any tactical decisions. This stabilization is crucial, as the actual price chart indicates the stock is currently caught below a "provisional sell re-entry range" (approx. 61,533 to 62,780) and is drifting toward a lower "provisional buy re-entry range" (approx. 53,925 to 54,951). While there is currently "no reading available" for the Medium Term (approx. 2 to 4 weeks), the Long Term (approx. 5 to 8 weeks) outlook confirms a "strong upside move but momentum slowing with sellers becoming active," suggesting the stock is transitioning into a broader consolidation phase to digest its recent parabolic run. Full Technical Take Report Short Term (approx. 1 to 10 days): 7-Day Trend:  Neutral 14-Day Trend:  Rangebound Action:  Very weak wait until it stabilizes on the lower time frame. Medium Term (approx. 2 to 4 weeks):  * Status:  No reading available. Action:  N/A. Long Term (approx. 5 to 8 weeks): Status:  Strong upside move but momentum slowing with sellers becoming active. Action:  Exercise caution as momentum wanes and overhead supply increases. Trading Notes/Resources (Where Applicable) 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.   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 being held by a trader while the probabilities are based on several factors which may include: short term rating, medium term regime, momentum, horizontal or diagonal support/resistance, candle structure, moving averages and standard deviation, among others. These are short term levels and may be in contrast to medium and long term outlooks which are based on the weekly and monthly charts and, which may be applicable to long term investors. These levels are subject to change  based on sentiment, the subsequent price action and company/sector specific or macro news flow. As always, while the levels are outlined, traders should be prepared to adjust in real-time  based on the aforementioned. "Strategy Alerts"  help clients identify trading opportunities . When a ticker's real-time or pre-market price action aligns with the criteria on a slide—such as a pullback to the 21-day EMA or a breakout from a consolidation base—it effectively "matches" that stock to the strategy, triggering an alert to a potential trading opportunity.  This approach transforms the playbook into a dynamic scanning tool, allowing you to instantly categorize active stocks by the specific technical thesis playing out , ensuring that every trading potential opportunity communicated is backed by a predefined, actionable setup. 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 March 2026 > https://www.unum.capital/post/rmar2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za This chart (the original note) was useful in helping to identify the opportunity in Thungela Resources (TGA) which our has our performed the market significantly in recent weeks. The following link re-directs you to the previous note on TGA > https://www.unum.capital/post/tga0903 Chart: Richards Bay Coal Futures Previous Post (10 February): Richards Bay Coal Futures 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 Today's massive reversals are in line with Sunday's commentary. PRX +8.36% NPN +7.91% NPN is also in line with our previous note (19/02) which highlighted the early signs of a base > https://www.unum.capital/post/npn1902 Previous Post: JSE Sectors Leaders & Laggards Published: Sunday, 08 March for Monday, 09 March. Summary: Technology and Paper & Pulp are the standout turnarounds on the board , rapidly accelerating from High Bearish and Oversold Long-Term trends, respectively, to hit a Strong state in the Short Term. Meanwhile, Telecoms, Chemicals, and Coal Miners have consistently maintained intense, high bullish and overbought momentum in the shorter timeframes, sustaining serious strength built from a Strong Long-Term foundation. On the building front, Insurers show a clear upward shift, breaking out from a sleepy Neutral Long-Term stance to establish a Strong Medium and Short-Term footing. Conversely, the broader mining block—Diversified, Gold, and Platinum Miners—is visibly losing its early longer-term strength, cooling entirely to Neutral in the Short Term, just as Consumer Discretionary and Consumer Staples remain trapped in persistent, multi-horizon weakness. Finally, Hospitals and Luxury Goods continue to languish under weak to neutral pressure, while Banks smoothly fade from a Neutral longer-term regime into a Weak short-term state, mirroring the broader JSE Top 40 Index's own fade from Strong to Weak. The Leaders: High Bullish & Overbought Momentum Telecoms:  The clear standout. It is the only sector holding "High Bullish Momentum" across both the Medium and Short-Term horizons, backed by a "Strong" Long-Term trend. Gold Miners:  Sustaining massive Long and Medium-Term momentum. While it has cooled to "Neutral" in the Short Term, its Long-Term trajectory remains the most aggressive on the board. Coal Miners:  Currently in a "danger zone" of exhaustion. While the Long-Term trend is "Strong," it is explicitly flagged as Overbought  in both the Medium and Short-Term. The Improving & Recovering Technology:  A significant "V-bottom" play. It is emerging from "High Bearish Momentum" in the Long-Term to establish a Strong  Short-Term footing. Insurers:  Showing steady, textbook improvement. It moved from a "Neutral" Long-Term base to Strong  in both the Medium and Short-Term. Paper & Pulp:  A deep-value recovery. It is rotating from an Oversold  Long-Term position into a Strong  Short-Term trend. Chemicals:  Strong Long-Term performance that has recently become overextended. It is currently Overbought  in the Medium-Term but maintains high momentum in the Short-Term. The Fading & Neutral Diversified Miners:  Showing signs of "top-off." The Long-Term is "Strong," and the Medium-Term is "High Bullish," but it has flattened to Neutral  in the Short-Term. Platinum Miners:  Similar to Diversified Miners, the early "Strong" momentum is losing steam, cooling to Neutral  in the Short-Term. Luxury Goods:  Largely directionless. Despite a "Weak" Long-Term start, it has settled into a Neutral  grind for both Medium and Short-Term periods. The Laggards: Persistent Weakness Banks:  Slowly deteriorating. They have slipped from a "Neutral" stance in the Long/Medium-Term into a Weak  Short-Term regime. Consumer Staples:  Consistently poor performance, marked as Weak  in the Long and Short-Term, with a "High Bearish" dip in the Medium-Term. Consumer Discretionary:  Under heavy pressure. It is "High Bearish" in the Long-Term and remains Weak  across all other timeframes. Hospitals:  Stuck in a "Weak" regime for both the Long and Short-Term, failing to capitalize on its brief "Neutral" Medium-Term stint. 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 Yesterday morning, the share traded into our buy re-entry range (discussed in previous video on Thursday). The rebound was from just below R229 to above R252 after the open this morning. Short term traders, take profit on this rebound. Well done to clients who took the opportunity to trade. Chart Price = 15-Min Delayed Previous Post (Thursday, 05 March): 🎥Video: Absa Group Trading Notes/Resources (Where Applicable) 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.   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 being held by a trader while the probabilities are based on several factors which may include: short term rating, medium term regime, momentum, horizontal or diagonal support/resistance, candle structure, moving averages and standard deviation, among others. These are short term levels and may be in contrast to medium and long term outlooks which are based on the weekly and monthly charts and, which may be applicable to long term investors. These levels are subject to change  based on sentiment, the subsequent price action and company/sector specific or macro news flow. As always, while the levels are outlined, traders should be prepared to adjust in real-time  based on the aforementioned. "Strategy Alerts"  help clients identify trading opportunities . When a ticker's real-time or pre-market price action aligns with the criteria on a slide—such as a pullback to the 21-day EMA or a breakout from a consolidation base—it effectively "matches" that stock to the strategy, triggering an alert to a potential trading opportunity.  This approach transforms the playbook into a dynamic scanning tool, allowing you to instantly categorize active stocks by the specific technical thesis playing out , ensuring that every trading potential opportunity communicated is backed by a predefined, actionable setup. 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 March 2026 > https://www.unum.capital/post/rmar2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za KEY TAKEAWAY:  The JSE Top 40 Index is undergoing an aggressive short-term correction within a strong long-term structural bull market, requiring traders to wait for stabilization before buying. Integrated Summary For the JSE Top 40 Index (J200), the integrated technical picture reveals a sharp near-term correction occurring within a broader structural bull market. In the immediate Short Term (approx. 1 to 10 days), the index is facing "aggressive selling," characterized by a "weak" 7-day trend and a "bearish" 14-day trend, prompting the advice to "wait for lower time frames to stabilize" before committing capital. This weakness has carried over into the Medium Term (approx. 2 to 4 weeks), where the action is described as "aggressive selling following a steady upward trend," shifting the tactical approach toward "looking for support at prior swing lows to caputure minor rebounds". Despite this intense near-term downward pressure, the Long Term (approx. 5 to 8 weeks) outlook maintains a "strong upward trend"; however, because the "long risk reward [is] unattractive" right now, the current decline is classified as a "minor pullback at present" and market participants should "expect consolidation" as the index digests its earlier gains. Candle Structure: Analyzing the recent price action for the JSE Top 40 Index, the 10-day candle structure illustrates a massive top-level distribution and decisive rollover, breaking violently away from recent consolidation near the 120,000 ZAC highs. Zooming in, the 5-day candle structure translates into a brutal tactical plunge characterized by a steep, unbroken sequence of massive bearish red candles, showcasing sustained and aggressive short-term capitulation. The most recent 1-day candle structure, however, has printed a small stabilization candle following the gap down, closing slightly off its absolute lows; this indicates initial selling exhaustion and suggests intraday buyers are attempting to step in to halt the immediate downward cascade. Previous Post (Friday, 06 March) JSE Top 40 Index Regime:  Corrective Pullback / Consolidation Primary Outlook:  Sell on rally Executive Summary: The Integrated View When integrated, the three time frames present a classic corrective phase within a broader structural bull market . The long-term trend remains upward, but it has hit an exhaustion point, making new long investments highly unattractive. As a result, the medium and short-term time frames have rolled over into weakness and bearishness. The primary takeaway is that the index is undergoing a necessary multi-week digestion period. While nimble traders might catch a quick short-term bounce if specific support levels are reclaimed, the dominant tactical strategy is to use any such rebounds to initiate short positions or reduce long exposure until the longer-term consolidation runs its course. Detailed Trend Analysis 1. Short Term (approx. 1 to 10 days) 7-Day Trend:  Weak 14-Day Trend:  Bearish Outlook:  Persistently Weak But Monitor If Price Can Reclaim Prior Session Lows For A Bullish Reversal Trade. Analysis:  Immediate momentum is to the downside. However, the model identifies a highly specific, tactical counter-trend opportunity: if the index dips below the prior session's lows and then surges back above them (a "reclaim"), it triggers a short-term bullish reversal setup. 2. Medium Term (approx. 2 to 4 weeks) Status:  Upward Trend Turned Weaker Analysis:  This timeframe dictates the swing trader's bias. The trend has deteriorated. The explicit instruction is to "Use Rebounds Into The 8, 21 or 50-EMA As A Potential Sell Short Range" . This confirms that rallies are currently viewed as dead-cat bounces to be sold, rather than the start of a new leg up. 3. Long Term (approx. 5 to 8 weeks) Status:  Strong Upward Trend (Consolidating) Analysis:  Structurally, the bull market is intact ("Strong Upward Trend"), but the timing for entry is poor ("Long Risk Reward Unattractive"). The index is experiencing a "Minor Pullback At Present" and the expectation is for sideways "Consolidation" to digest previous gains. Strategic Action Plan Primary Strategy:   Fade the Rallies. The Medium-Term Play:  Do not trust green candles blindly. If the index rallies into the overhead supply of the 8, 21, or 50-EMA, look for signs of rejection to initiate tactical short positions. The Short-Term Scalp:  For highly active traders, watch the prior session lows. A false breakdown and reclaim of these lows is the only indicated trigger for a "Bullish Reversal Trade". The Macro View:  Long-term investors should stand aside. The risk/reward for adding to core holdings is unattractive until the current consolidation phase resets the technical balance. Lester Davids Senior Investment Analyst: Unum Capital Trading Notes/Resources (Where Applicable) 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.   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 being held by a trader while the probabilities are based on several factors which may include: short term rating, medium term regime, momentum, horizontal or diagonal support/resistance, candle structure, moving averages and standard deviation, among others. These are short term levels and may be in contrast to medium and long term outlooks which are based on the weekly and monthly charts and, which may be applicable to long term investors. These levels are subject to change  based on sentiment, the subsequent price action and company/sector specific or macro news flow. As always, while the levels are outlined, traders should be prepared to adjust in real-time  based on the aforementioned. "Strategy Alerts"  help clients identify trading opportunities . When a ticker's real-time or pre-market price action aligns with the criteria on a slide—such as a pullback to the 21-day EMA or a breakout from a consolidation base—it effectively "matches" that stock to the strategy, triggering an alert to a potential trading opportunity.  This approach transforms the playbook into a dynamic scanning tool, allowing you to instantly categorize active stocks by the specific technical thesis playing out , ensuring that every trading potential opportunity communicated is backed by a predefined, actionable setup. 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.

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 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.   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 being held by a trader while the probabilities are based on several factors which may include: short term rating, medium term regime, momentum, horizontal or diagonal support/resistance, candle structure, moving averages and standard deviation, among others. These are short term levels and may be in contrast to medium and long term outlooks which are based on the weekly and monthly charts and, which may be applicable to long term investors. These levels are subject to change  based on sentiment, the subsequent price action and company/sector specific or macro news flow. As always, while the levels are outlined, traders should be prepared to adjust in real-time  based on the aforementioned. Previous Post (Friday, 06 March): Short Term Traders, Partially Cover Nedbank Shorts: Retreating In Line With Price Action Model (Risks Communicated) R317 to R285 See the PRICE ACTION MODEL further below for the technical risks communicated! Previous Post (Thursday 26 February 2026): Nedbank: Extending Gains to +47%. This is the Current Price Action Model Reading Previous Post (12 February): Take Profits on Nedbank: Running +34% (Medium Term Traders) Previous Post (13 November): Take Partial Profits on Nedbank: Running +21% (Short Term Traders) If you are a LONG TERM TRADER who can stomach a pullback, then further upside may be at hand. Either take partial profits, or implement a trailing stop-loss. Previous Post (05 September): Trading Nedbank: Bear Trend Nearing Exhaustion? 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 + Gap up at the U.S. open. Previous Post (26 January): Global Idea: United States Oil Fund Buy at $73.95 or lower Target(s): $115.00 Stop-loss: $58.00 Code: USO 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 This morning, the share traded into our buy re-entry range (discussed in previous video on Thursday). The rebound was from just below R229 to R240 this afternoon. Well done to clients who took the opportunity to trade. Previous Post (Thursday, 05 March): 🎥Video: Absa Group Trading Notes/Resources (Where Applicable) 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.   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 being held by a trader while the probabilities are based on several factors which may include: short term rating, medium term regime, momentum, horizontal or diagonal support/resistance, candle structure, moving averages and standard deviation, among others. These are short term levels and may be in contrast to medium and long term outlooks which are based on the weekly and monthly charts and, which may be applicable to long term investors. These levels are subject to change  based on sentiment, the subsequent price action and company/sector specific or macro news flow. As always, while the levels are outlined, traders should be prepared to adjust in real-time  based on the aforementioned. "Strategy Alerts"  help clients identify trading opportunities . When a ticker's real-time or pre-market price action aligns with the criteria on a slide—such as a pullback to the 21-day EMA or a breakout from a consolidation base—it effectively "matches" that stock to the strategy, triggering an alert to a potential trading opportunity.  This approach transforms the playbook into a dynamic scanning tool, allowing you to instantly categorize active stocks by the specific technical thesis playing out , ensuring that every trading potential opportunity communicated is backed by a predefined, actionable setup. 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 March 2026 > https://www.unum.capital/post/rmar2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za At the time of analysis, prices were delayed by 15-minutes. Analyst's Price Action Model (subject to change): Interpretation of Price Action Model: For Sibanye Stillwater (SSW), the integrated technical picture highlights a period of significant near-term weakness embedded within a broader structural uptrend. In both the immediate short term and the medium term, the stock is exhibiting "very weak" price action, reflected by a "weak" 7-day trend and a "bearish" 14-day trend. Consequently, the tactical advice across both of these shorter horizons is to remain defensive and "wait until it stabilizes on the lower time frame" before considering new long exposure. Despite this severe downdraft, the long-term outlook retains a "steady upward trend but weaker on lower time frame". This convergence of short-term weakness and long-term trend presents a specific setup for buyers: the strategy is to "look for support at or just below 50-EMA followed by a reclaim to trigger rebound buy," indicating that a washout below this key moving average coupled with a quick recovery would serve as the catalyst for a mean-reversion trade. The analysis below has been generated using Google's Artificial Intelligence Tool, (Gemini) based on inputs from the analyst's data set: Lester Davids Senior Investment Analyst: Unum Capital