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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 (1) Potentially executing a short-term tactical bounce from recent structural support, though we must remain open to the probability of continued medium-term consolidation or further testing of the lows. (2) The monthly Quarterly Pulse and Fast Monthly reflect strong momentum, while the longer-term Secular Cycle and Core Baseline remain strictly neutral. (3) Weekly Tactical Momentum has surged into high bullish territory, signaling a sharp counter-trend relief rally, even as the Primary Trend remains anchored in neutral. (4) The daily chart confirms a sharp reversal, with the Ultra Short Term, Short Term, and Mid Term all pushing rapidly into high bullish momentum. (5) Bullish tactical setup: intense short-term buying pressure is attempting to reverse the recent swing low, though it faces overhead macro resistance. (6) Fair value structural support is currently estimated near the recent stabilization base around the 97.50 level. (7) The primary tactical upside target for this relief rally sits near the psychological 100.00 resistance zone. (8) With multiple short-term indicators rapidly heating up, the risk of a minor mean-reversion pullback is increasing before further upside is achieved. (9) A critical structural trend floor is firmly established near the 96.50 macro support level. (10) Strategy: Maintain a cautiously bullish bias for the tactical bounce, utilizing trailing stops to protect against sudden downward macro trend resumption. Analyzing the recent price action for the DXY, the 10-day candle structure illustrates a clear stabilization phase following a sharp downtrend, forming a firm 'V-shaped' recovery base after sweeping liquidity near the 97.00 level. Zooming in, the 5-day candle structure is characterized by a sequence of predominantly bullish green candles with expanding ranges, showcasing a decisive upward thrust and a breakout from the immediate consolidation zone. The most recent 1-day candle structure confirms this ongoing strength, closing with firm bullish intent near its session highs; this indicates sustained intraday buying pressure and suggests a high probability of immediate short-term upward continuation. 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 (1) Potentially executing a structural correction from recent cycle highs, though the underlying macro trend may still remain intact. (2) The monthly Core Baseline remains strong, but the Quarterly Pulse has plunged into high bearish momentum, reflecting a sharp macro retracement. (3) Weekly Tactical Momentum and Fast Weekly indicators have broadly dropped into the weak tier, confirming an intermediate pullback phase. (4) Daily Ultra Short Term and Short Term momentum currently rest in the weak tier, tracking the recent short-term selling pressure. (5) Setup: Fast indicators across multiple timeframes show synchronized weakness, actively testing the longer-term structural baselines. (6) Fair value structural support appears to be approaching near the 24,000 USD zone. (7) A primary tactical relief target could potentially reach back toward the 25,500 USD resistance level. (8) Continued downward momentum indicates a high probability of further support testing before a durable base is established. (9) A deeper structural trend floor is located near the 22,500 USD macro level. (10) Strategy: Exercise patience; await a confirmed daily momentum reset into the neutral or strong tiers before initiating new long positions. Reviewing the recent price action for the NASDAQ 100, the 10-day candle structure reveals a clear top-level rejection. After pushing to marginal new highs near the 26,000 USD level, the index experienced a structural rollover, breaking decisively below its immediate consolidation zone. Zooming in on the 5-day candle structure, this rollover translates into a sharp tactical pullback characterized by a sequence of consecutive lower highs and lower lows, heavily dominated by bearish red candles that highlight sustained short-term selling pressure. The most recent 1-day candle structure confirms this ongoing weakness, closing bearishly near its session lows and indicating a distinct lack of intraday buying support to halt the immediate downward momentum. 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 (1) Potentially continuing its historic secular melt-up into blue-sky territory, though minor retracements remain a statistical possibility given the macro stretch. (2) The 10-day candle structure reveals a successful higher low base formation, potentially providing a firm launching pad for the broader advance. (3) The 5-day candle structure exhibited a strong bullish thrust, indicating a breakout from recent short-term consolidation. (4) The 1-day candle structure, however, formed a bearish rejection at the highs, closing weakly near session lows, suggesting immediate short-term exhaustion or pullback probabilities. (5) Daily Ultra Short Term and Short Term momentum indicators are registering this specific weakness, curling down from overbought tiers and warning of a tactical pullback. (6) The monthly Core Baseline and Secular Cycle remain pinned at extreme overbought limits, validating a powerful, albeit historically extended, macro trend. (7) The weekly Structural Trend and Primary Trend reflect strong bullish momentum, steadily supporting the broader breakout. (8) Fair value structural support currently trails near the recent consolidation base around 115,000 ZAC. (9) A primary tactical extension target could potentially reach the 120,000 to 125,000 ZAC psychological levels, assuming structural support holds. (10) Strategy: Maintain a long bias, but consider tightening trailing stops below the recent 5-day base to effectively manage immediate mean-reversion risks. 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 Short term traders consider taking profit. Medium and long term term traders: Hold, with trailing stops. 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 Previous Post (17 February):🎥Video: Trading Silver (Short Term) 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 As noted on Sunday, 11 January in the note "Thungela Resources' Medium & Long Term Target": "Next potential upside target? R118 then R130. Over the long term R140 is not out of the question. Short term = a pullback is possible! Buy into the rising moving averages." Link to original note > https://www.unum.capital/post/tga1101 The original note is also shown further below on this page. Previous Post (Sunday, 15 February): Trading Thungela Resources: Sustainable Recovery Thungela Resources (TGA) is currently in a **"Goldilocks" technical phase**. The short-term momentum is robust (High Bullish), confirming buyer conviction, while the medium and long-term trends are "Strong" but **not yet Overbought**. This suggests the rally has structural support and ample runway remaining. Unlike peers that are extended, TGA offers a favorable risk/reward ratio for new entries on shallow dips. **Maintain Long exposure and look to accumulate on any consolidation.** Previous Post (Sunday, 11 January): Thungela Resources' Medium & Long Term Target The share rallied by 33% from our buy re-entry range, stalling just above and around the sell re-entry. Zooming out, there's a bigger move at play. Having cleared the short term and medium term moving averages, the price also sits above the 200-day SMA. Next potential upside target? R118 then R130. Over the long term R140 is not out of the question. Short term = a pullback is possible! Buy into the rising moving averages. Short Term Traders: Take Profit on Thungela Resources. A +9% Rebound vs Buy Re-Entry Strong rebound from lower boundary of buy re-entry range (7935c to 8652c). Previous Post (02 December, Intraday)🎥Video: Thungela Resources: Intraday Cash Flow Previous Post (02 December, Pre-Market): Thungela Resources: Trading Levels + Momentum Analysis Highlights: Vertical Momentum Spike:  The Daily chart is witnessing an aggressive liquidity inflow. The Ultra Short Term (2-Day) momentum indicator has surged deep into the "Overbought"  tier. This indicates extreme buyer urgency and typically signifies a "panic buy" or short-squeeze scenario where price velocity is unsustainable in the immediate term. Structural Trend Repair:  Crucially, the Base Term (14-Day) trend has crossed firmly into the "Strong"  tier. This is a significant technical development, confirming that this rally is not merely a "dead cat bounce" but a structural shift in daily market sentiment, supported by widening participation. Full Spectrum Alignment:  All four momentum timeframes—from the fast-twitch 2-Day to the structural 14-Day—are sloping sharply upwards  in unison. This synchronized thrust creates a powerful tailwind, suggesting that any short-term dips are likely to be aggressively bought by latecomers. Resistance Convergence:  The price is fast approaching a well-defined overhead supply zone between 8,500c and 8,800c . With the short-term momentum indicators effectively "pinned" at their ceilings, this resistance level is likely to trigger a pause or profit-taking event. Best Action Timeline: 3 to 5 days (1 week):   Fade/Trim.  With the fastest momentum indicator pinned in the "Overbought" zone, the statistical probability of a pullback is high. Do not chase. Look to trim tactical longs into strength. 6 to 10 days (2 weeks):   Wait for the Higher Low.  Allow the momentum to cool from "Overbought" to "Neutral." Watch for support to form around the breakout level of 8,000c . 11 to 15 days (3 weeks):   Re-Entry.  If the 14-Day Base Trend remains in the "Strong" tier, re-enter long positions for a breakout attempt above 8,800c . 16 to 20 days (4 weeks):   Trend Extension.  Target the 9,500c - 10,000c  zone as the intermediate trend matures. Bullish Scenario:   Momentum Overdrive:  The market ignores the overbought reading (a sign of immense strength). The stock blasts through the 8,800c  resistance on high volume, triggering a further squeeze toward 9,500c  without a meaningful pullback. Base Scenario:   Bull Flag Consolidation:  The stock stalls at resistance ( 8,500c - 8,600c ) and drifts sideways. Price holds above 8,000c , allowing the Ultra Short Term momentum to reset from its extremes down to a sustainable level. Bearish Scenario:   Rejection & Fade:   The overbought signal marks a local top. The price rejects hard at 8,500c  and falls back below 7,800c , invalidating the breakout and trapping recent buyers. Core Thesis Thungela has shifted from a stabilization phase to an impulsive recovery. The synchronization of all daily trend indicators points to a genuine change in character. However, the current velocity is too hot to chase. The thesis is bullish on the structure but defensive on immediate timing. The optimal strategy is to wait for the "froth" to come off the short-term indicators before positioning for the next leg higher. Comprehensive Summary The momentum profile is highly constructive but extended. The fact that the Base Term trend has joined the rally in the "Strong" tier gives this move credibility. However, when the Ultra Short Term indicator is pinned at the top of the range, the market is historically prone to a sharp, reflexive volatility event to clear out leverage. Patience is the key edge here. Multi-Timeframe Trend Analysis (Daily Focus) Ultra Short Term Indication:   OVERBOUGHT  | Slope:  Sharply Upwards Short Term Indication:   HIGH BULLISH MOMENTUM  | Slope:  Sharply Upwards Mid Term Indication:   HIGH BULLISH MOMENTUM  | Slope:  Sharply Upwards Base Term Indication:   STRONG  | Slope:  Upwards Breakouts, Breakdowns, and Reversals (Recent Range Focus) Bullish Breakout:  A daily close above 8,800c  clears the last major hurdle before the 10,000c level. Bearish Failure:  A close back below 7,800c  would damage the new uptrend structure. Key Actionable Zones Immediate Resistance:   8,500c - 8,800c  (Previous Consolidation Highs). Pivot Support:   8,000c  (Psychological / Breakout Level). Critical Structural Support:   7,500c  (Trend Defense). Trend Floor:   7,200c  (Recent Lows). 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. TRADING TIP # 1 Let The Candle Confirm   Out of all those available, Candlestick Charts are the most widely used when it comes to analyzing price from a technical perspective.  The interpretation thereof helps traders to understand the interaction between market participants and informs who is in control between buyers and sellers. Various types of candle formation convey key information about the range of outcomes for a share for example, following a downward trend, a long lower tail, doji, piercing or bullish engulfing suggests that buyers have started to become active/started to take an interest while following an upward trend, a long upper tail, doji, dark cloud cover or bearish engulfing suggests that sellers have started to become active/started to take an interest. While information is conveyed pre-market, it is the intraday price action that will confirm any trade or opportunity. While we have a plan, we are also ready to switch gears as the price action develops. TRADING TIP # 2: Failure & Reclaim FAILURE to hold a prior session high/range high may signal that the upside momentum is slowing and that an opportunity to short/sell may be at hand. This is often reflected via a deteriorating candle structure which suggests that sellers are starting to take control. Examples of such candles are long upper tails, doji's, dark cloud covers, bearish engulfing candles etc. RECLAIMING a prior session low/range may signal that the downside momentum is slowing and that an opportunity to buy may be at hand. This is often reflected via a improving candle structure which suggests that buyers have started to enter and are looking to take control of the price action. Examples of such candles are long lower tails, doji's, piercing candles, bullish engulfing candles etc. TRADING TIP # 3: Take Note of the 'Igniting Bar'   This is a large green or red candle which suggests that traders should: TAKE NOTE  note of the change in characters and potential change of the trend. TAKE NOTE  of a potential acceleration of the trend. TAKE NOTE  of potentially aggressive buy or selling Often, BIG MOVES start with BIG MOVES. Core Trading Principles: Short and Medium Term Trade with the primary trend. Volume Matters. This represents the interest of large institutional investors who have the ability to move a share, both up and down. Do not short/sell a share that is above, and in close proximity to it’s rising 8 and 21-day moving averages. This trend can persist for an extended period. Ultra short term traders, if a share has advanced strongly over a 3-7 day period, book profits. You can always re-enter and do the same trade at lower levels. If a share is printing a large bullish (green) candlestick following an extended move, use the strength to sell. The likelihood that the share retraces is high. If a share is printing a large bearish (red) candlestick following an extended move to the downside, use the weakness to start a long position. The likelihood that the share rebounds is high. Trade in the direction of the 20-day moving average, using the MA as a level to enter as well as a hard break thereof as a trailing stop-loss. The 8 and 21-day moving averages often act as support and resistance levels. When they are turning down, use them as levels to sell into. The opposite applies when they are turning up. The first back-test and undercut of the 50/75-day exponential moving average range has a high probability of holding as support or resistance. Buy or sell it for a 1-3 day move to generate cash flow. Stocks above a rising 200-day moving average spend the majority of their time trending higher. The opposite applies when the 200-day is trending down. Previous support can turn into resistance and previous resistance can turn to support. Use these zones as levels to trade against. Support and resistance levels and key moving averages are ranges rather than exact levels. They often overshoot these zones before occasionally reversing at these levels. Respect the FIB (Fibonacco) retracement zones. They often act as support and resistance levels. ‘PAY-tience Pays’, however be nimble to react to opportunity to cut when a trade hasn’t been working. Above all, know your time horizon . 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 A very strong rebound from 16470c to 20500c (+25%) over the 3 Months. Also trading in line with the price action model (5-8 week time frame) looking for a rebound. Long term traders consider partially educing into strength around these levels. Long term target recently discussed here > https://www.unum.capital/post/exx2301 Previous Post (02 December at 10h29am): Exxaro Resources: Lower Levels Expected But Probability of Small Rebound (on Higher Time Frame) Lower levels expected in the ultra short term but probability of small rebound (on higher time frame) - based on price action model. 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. TRADING TIP # 1 Let The Candle Confirm   Out of all those available, Candlestick Charts are the most widely used when it comes to analyzing price from a technical perspective.  The interpretation thereof helps traders to understand the interaction between market participants and informs who is in control between buyers and sellers. Various types of candle formation convey key information about the range of outcomes for a share for example, following a downward trend, a long lower tail, doji, piercing or bullish engulfing suggests that buyers have started to become active/started to take an interest while following an upward trend, a long upper tail, doji, dark cloud cover or bearish engulfing suggests that sellers have started to become active/started to take an interest. While information is conveyed pre-market, it is the intraday price action that will confirm any trade or opportunity. While we have a plan, we are also ready to switch gears as the price action develops. TRADING TIP # 2: Failure & Reclaim FAILURE to hold a prior session high/range high may signal that the upside momentum is slowing and that an opportunity to short/sell may be at hand. This is often reflected via a deteriorating candle structure which suggests that sellers are starting to take control. Examples of such candles are long upper tails, doji's, dark cloud covers, bearish engulfing candles etc. RECLAIMING a prior session low/range may signal that the downside momentum is slowing and that an opportunity to buy may be at hand. This is often reflected via a improving candle structure which suggests that buyers have started to enter and are looking to take control of the price action. Examples of such candles are long lower tails, doji's, piercing candles, bullish engulfing candles etc. TRADING TIP # 3: Take Note of the 'Igniting Bar'   This is a large green or red candle which suggests that traders should: TAKE NOTE  note of the change in characters and potential change of the trend. TAKE NOTE  of a potential acceleration of the trend. TAKE NOTE  of potentially aggressive buy or selling Often, BIG MOVES start with BIG MOVES. Core Trading Principles: Short and Medium Term Trade with the primary trend. Volume Matters. This represents the interest of large institutional investors who have the ability to move a share, both up and down. Do not short/sell a share that is above, and in close proximity to it’s rising 8 and 21-day moving averages. This trend can persist for an extended period. Ultra short term traders, if a share has advanced strongly over a 3-7 day period, book profits. You can always re-enter and do the same trade at lower levels. If a share is printing a large bullish (green) candlestick following an extended move, use the strength to sell. The likelihood that the share retraces is high. If a share is printing a large bearish (red) candlestick following an extended move to the downside, use the weakness to start a long position. The likelihood that the share rebounds is high. Trade in the direction of the 20-day moving average, using the MA as a level to enter as well as a hard break thereof as a trailing stop-loss. The 8 and 21-day moving averages often act as support and resistance levels. When they are turning down, use them as levels to sell into. The opposite applies when they are turning up. The first back-test and undercut of the 50/75-day exponential moving average range has a high probability of holding as support or resistance. Buy or sell it for a 1-3 day move to generate cash flow. Stocks above a rising 200-day moving average spend the majority of their time trending higher. The opposite applies when the 200-day is trending down. Previous support can turn into resistance and previous resistance can turn to support. Use these zones as levels to trade against. Support and resistance levels and key moving averages are ranges rather than exact levels. They often overshoot these zones before occasionally reversing at these levels. Respect the FIB (Fibonacco) retracement zones. They often act as support and resistance levels. ‘PAY-tience Pays’, however be nimble to react to opportunity to cut when a trade hasn’t been working. Above all, know your time horizon . 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 MONTHLY TIME FRAME: Base, Bull and Bear Scenarios 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 Premium Content For the full guide (+100 JSE Shares), active trading clients can send a request for access directly to lester@unum.co.za 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 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 On Friday, the index reached our 120,000 target. Previous Post: Trading JSSE Top 40 Index Date: Sunday, 25 January 2026 Closing Price:  114,357.71 1D Change:  +0.76% Multi-Frame Action:  🟢 Parabolic (D) 🟢 Breakout (W) 🟢 Vertical (M) Technical Upside:  Blue Sky Breakout. No historical resistance overhead. Target:  118,000 – 120,000. Momentum Extension. Momentum Signal:  "Lock-Out" Extreme. Risk / Invalidation:  Close below 108,000 (Breakout Zone). Valuation Basket:  Momentum / Resource Rotation Primary Driver:  Aggressive buying in Mining Duals (PGMs, Gold, Diversifieds) & Rand Hedge rotation. MARKET STRUCTURE & VOLUME VALIDATION Volume Profile:  The index is in a hyper-aggressive uptrend, driven principally by a narrowing basket of large-cap Resource stocks. The move is vertical on the Monthly timeframe, indicating a "panic buy" or "lock-out" scenario where under-positioned funds are forced to chase performance. Liquidity Zones:  The 108,000 – 110,000  zone is now the nearest structural support (previous breakout level). The index has cleared psychological resistance at 114,000. A failure to hold 108,000 would signal a failed breakout, but the current velocity suggests buyers are active on even minor intraday dips. Divergences:  None. Price and Momentum are synchronized in an extreme extension. The Monthly RSI hitting 100.00  is a statistical anomaly, confirming that the trend is currently defined by flow mechanics (squeeze/chase) rather than fundamental valuation. MOMENTUM PROFILE (WEEKLY) Tactical Momentum:  Extreme Overbought. The Weekly RSI is at 95.93 . In a bull market, sustained readings above 80 signal a "Lock-Out" where the trend accelerates vertically, preventing entry for those waiting for a pullback. Fast Weekly:  Strong. The Daily chart confirms this with an RSI of 97.92 , showing no signs of slowing down. Structural Trend:  Bullish Breakout. The index has broken decisively out of its multi-year structure into price discovery mode. Primary Trend:  Bullish. The long-term trend is firmly established to the upside, fueled by the "Two-Speed" market dynamic where winners are winning exponentially. CORE THESIS The JSE Top 40 is experiencing a historic momentum event. The "Lock-Out" readings on Monthly (100) and Weekly (95+) timeframes indicate a market driven by extreme liquidity flows into specific sectors (Miners) rather than broad-based participation. While the extension is statistically stretched and warrants caution regarding a "snap-back," the trend remains undeniably vertical. The path of least resistance is higher until a confirmed reversal pattern appears on the Daily chart. Traders should respect the trend but be aware that volatility will expand significantly at these altitudes. 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 Lester Davids Senior Investment Analyst: Unum Capital