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Research Notes February 2026 > https://www.unum.capital/post/rfeb2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Premium Content. Master Tactical Action Plan Buy 🔒, 🔒, or 🔒 on a pullback; they show strong R:R potential in the Weakening quadrant. Buy 🔒 or 🔒 on a pullback to capture continuation in high-velocity technology leaders. Buy 🔒 or 🔒 on a pullback; sellers appear exhausted in the Lagging/Weakening phases. Buy 🔒 or 🔒 on a pullback as they test a statistical floor in the Lagging quadrant. Buy 🔒 or 🔒 on a pullback; their high R:R indicates significant upside from the Industrials sector. Buy 🔒 or 🔒 on a pullback to ride the gold momentum while maintaining a tight stop. Buy 🔒 or 🔒 on a pullback as they emerge from the 'Improving' quadrant with fresh momentum. Buy 🔒 or 🔒 on a pullback as they represent high-conviction reversal plays at a statistical floor. Buy 🔒 or 🔒 on a pullback to stay aligned with the broader upward macro trend. Buy 🔒 or 🔒 on a pullback to capitalize on the capitulation bounce in the Financials sector. If 🔒 or 🔒 spikes higher from here, they enter a confirmed sell range for a shorting opportunity due to exhaustion. If 🔒 or 🔒 trades higher, they hit a 'NO' buy zone, providing a tactical shorting opportunity. If 🔒 or 🔒 spikes from current levels, they move deeper into the 'Overextended' zone for a potential short. If 🔒 or 🔒 spikes from here, they hit a 'Sell on Rally' trap, ideal for tactical shorting. If 🔒 or 🔒 trades higher, the vertical thrust enters a 'NO' buy zone, signaling a shorting chance. If 🔒 or 🔒 trades higher, they hit a 'Momentum Wall,' making them candidates for a short entry. If 🔒 or 🔒 spikes higher, they enter an 'Avoid Chasing' zone, perfect for a contrarian short. If 🔒 trades higher, it approaches a sell/reduce range where momentum is likely to stall. If 🔒 or 🔒 spikes higher, it creates a 'Sell on Rally' shorting opportunity near resistance. If 🔒 or 🔒 spikes into extreme overextension, they provide a low-risk sell/reduce opportunity. Watch for a False Breakdown in 🔒 or 🔒: If price dips below the recent support level but closes back above it within 1–2 sessions, it creates a high-conviction Long/Buy opportunity (Bear Trap). Watch for a False Breakout in 🔒 or 🔒: If price spikes above current multi-year resistance on low volume only to fail and close back within the range, it creates a high-conviction Short opportunity (Bull Trap). Watch for a False Breakdown in 🔒 or 🔒: A brief "stop-hunt" below the 200-day moving average that is immediately reclaimed signals a strong Long entry as weak hands are flushed out. Watch for a False Breakout in 🔒: A vertical move into record territory that fails to attract institutional volume on the "retest" is a major Short signal as the breakout lacks fuel. Watch for a "Pin Bar" Reversal in 🔒: If a move to new lows creates a long lower wick (rejection), it confirms a false breakdown and provides a precise Buy entry with a stop just below the wick. Identify a "Bullish Engulfing" in 🔒: If a small red candle is followed by a large green candle that completely covers it, the Improving phase is confirmed—Buy Now. Execute a "Short" on 🔒 if a Shooting Star forms: A small body with a very long upper wick at resistance indicates a False Breakout and immediate trend reversal. Long 🔒 on a Bull Flag breakout: If the stock consolidates sideways after a 5% gain and then breaks the upper trendline, enter for the Continuation trade. Short 🔒 on a Double Top: If price tests the 79,500 target twice and fails to break through, it confirms institutional selling—Exit Longs/Enter Shorts. Buy 🔒 on a Volume Climax: If the stock drops 5% on record volume but finishes the day green, it signifies Capitulation and the end of the Lagging phase. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes February 2026 > https://www.unum.capital/post/rfeb2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Published: Monday, 09 February 2026 Time: 20h57 Brent Crude is attempting a Tactical Bottom. The momentum has shifted from bearish to Strong, signaling that the $60-$65 floor is holding. Closing Price:  69.12 USD 1D Change:  +1.15% (Stabilization / Base Building) Multi-Frame Action:  🟡 Neutral (D)  🟢 Reversal (W)  🔴 Weak (M) Technical Upside:  Mean Reversion / Range Rotation. The commodity is bouncing off a critical multi-year floor. Target:  74.00 – 75.00 USD. Previous breakdown level / Mid-Range Resistance. Momentum Signal:  "The Bullish Shift." All three faster momentum indicators ( Tactical , Fast Weekly , and Structural ) have synchronized in the Strong  tier, confirming valid buy-side pressure. Risk / Invalidation:  Weekly close below 65.00 USD (Support Failure). REWARD-TO-RISK ASSESSMENT (WEEKLY TIMEFRAME) Long Position (Buy):  🟢 Good (Value/Reversal).  The setup is a classic "Range Play." Oil has successfully tested the 65.00 USD support zone and rejected lower prices. With the Tactical Momentum  shifting into the Strong  tier, the probability favors a rotation back toward the middle of the trading range. The stop-loss is clearly defined below the recent lows, offering excellent asymmetry. Short Position (Sell):  🔴 Poor.  Shorting into a "Triple Bottom" support level when momentum is rising is statistically unfavorable. The risk of a "bear trap" or sharp squeeze is high. Bears should wait for a rally into the 75.00 USD resistance zone before considering new entries. Valuation Basket:  Global Growth Proxy / Geopolitical Hedge Primary Driver:  A technical defense of the 65.00 USD cost-basis level, combined with a "Risk-On" macro environment (weaker USD) that typically supports commodity prices. MARKET STRUCTURE & VOLUME VALIDATION Volume Profile:  The recent price action shows a series of higher lows on shorter timeframes, building a constructive base. The rejection of the sub-65.00 USD level was sharp, indicating that significant demand (likely commercial hedging) exists in that zone. Liquidity Zones: Support:  The 65.00 – 66.00 USD  zone is the "Hard Floor." Resistance:  The 74.00 – 75.00 USD  area is the first major hurdle. Above that, 80.00 USD  is the structural ceiling. Divergences:   Bullish Momentum Convergence.  There is no divergence; rather, we are seeing "Convergence." Price is rising, and the Tactical Momentum  indicator is accelerating upward into the Strong  tier, validating the move. MOMENTUM PROFILE (WEEKLY) Tactical Momentum:   Strong.  It has rallied decisively out of the neutral zone, indicating that immediate sentiment has turned bullish. Fast Weekly:   Strong.  Tracking closely with the tactical line, confirming the swing low is in place. Structural Trend:   Strong.  This is a key development; the medium-term trend has recovered from "Weak" to "Strong," suggesting this is more than just a one-week wonder. Primary Trend:   Neutral.  The long-term baseline is still flat-lining, reflecting the broad sideways range Oil has been trapped in for months. CORE THESIS Brent Crude is attempting a tactical reversal from a major structural support zone. The synchronization of the Tactical , Fast Weekly , and Structural Trend  indicators into the Strong  tier provides technical confirmation that a low is likely in place. The thesis is for a "Mean Reversion" trade where price rotates from the bottom of the range (68.00 USD) back toward the mean (75.00 USD). While the long-term trend remains neutral, the immediate path of least resistance is higher. Traders should view dips toward 67.00 USD as buying opportunities, invalidating the view only on a sustained break of the 65.00 USD floor. 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 February 2026 > https://www.unum.capital/post/rfeb2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za 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 February 2026 > https://www.unum.capital/post/rfeb2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za The commodity traded into our buy re-entry range, which was followed by a +14% rebound. Short term traders could consider reducing into this rebound. Previous Post: Trading Spot Gold Well done to clients who took the opportunity to trade. Previous Post (Monday, 02 February 2026): Take Profit on Spot Gold: Early Gains (+$300 or +6.7%) Gold traded into our buy re-entry range and rebounded +6.7% or +$300. Previous Post (Sunday 01 February 2026) Trading Spot Gold: Buy Re-Entry Range 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 February 2026 > https://www.unum.capital/post/rfeb2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za The recent peak saw the share higher by 56% from our R527 buy trigger, with a high above R800. Previous Post (06 January): This JSE Mining Share is Trending Strongly, But 'Overbought' in the Short Term Trading Anglo American Plc: Running +34% + Current Price Action Model Currently higher by 34% from our video on 26 August in which we discussed the R527 level as a trigger. Now trading in a short term 'Overbought' regime. Analyst's Price Action Model (Max = 5 to 8 week view) Regime:  Very Bullish / Overbought Primary Outlook:  At or approaching sell/reduce Executive Summary Anglo American is currently in a powerful, vertical move with "Very Strong" buyers firmly in control. However, the model issues a critical warning: "Don't Chase."  The stock has reached an "Overbought" 7-day trend status, and the probability of a failure to hold these highs is elevated. The setup suggests the easy money on the long side has been made, and the risk/reward now favors a tactical pullback or mean reversion trade. Detailed Trend Analysis 1. Short-Term Dynamics (1 - 10 Days) 7-Day Trend:  Overbought 14-Day Trend:  Very Bullish Outlook:  Very Strong Move / Buyers In Control. Analysis:  The market is running hot. While the trend is undeniably up, the explicit instruction is to avoid new long entries. The move is extended, and the "Overbought" reading suggests the rubber band is stretched too far. 2. Medium-Term Structure (2 - 4 Weeks) Status:  Very Strong Move (Risk of Exhaustion) Analysis:  The guidance is identical across all timeframes, reinforcing the singularity of the current condition. The stock is likely at a climax point where it may "Fail At Attempt To Hold The Highs." 3. Long-Term Trajectory (5 - 8 Weeks) Status:  Buyers In Control Analysis:  Even on the longer horizon, the advice remains tactical: the 8-EMA is identified not just as support, but as a "Short/Sell Target" if the highs fail to hold. This implies a correction back to the mean is expected. Strategic Action Plan Primary Strategy:   Fade the Failure (Mean Reversion). The Warning:  Do not buy at current levels ("Don't Chase"). The Trigger:  Watch the current highs. If price pushes up but fails to sustain the level (a "look above and fail"), it signals exhaustion. The Trade:  If the highs fail, the setup is a Tactical Short  targeting a reversion back to the 8-day Exponential Moving Average (8-EMA) . Previous Post (09 October): Take Profit: Anglo American Plc Running +30% & Generating Cash For Short Term Traders Previous Post (Tuesday 26 August): 🎥Watch: Discussing Anglo American Plc Lester Davids Senior Investment Analyst: Unum Capital

Research Notes February 2026 > https://www.unum.capital/post/rfeb2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za 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 February 2026 > https://www.unum.capital/post/rfeb2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za The share has now rallied +68% vs our original buy trigger. The next best provisional buy/sell levels are shown on the chart below: Astral Foods rallied by 68% to it's recent highs (seen Friday 06 February) Previous Post: The original post and model reading is show further below. The updated chart with post reference is shown directly below. Previous Post (16 July): Astral Foods: High Risk, However, The Sell-Off Has Created An Early Buy Trigger For Potential Rebound (See Price Action Model Reading) Lester Davids Senior Investment Analyst: Unum Capital

Research Notes February 2026 > https://www.unum.capital/post/rfeb2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Previous Post (Monday 02 February) Take Profit: Impala Platinum Rebounding +8% From Buy-Re-Entry Range Previous Post (Sunday, 01 February 2026) Actionable Trading Levels: Impala Platinum BUY/LONG RE-ENTRY THESIS: The moving averages remain positively stacked (i.e. 8-day EMA > 21-day EMA > 8-Week EMA > 75-day EMA > 21-Week EMA). On this basis, a deeper pullback is likely to be bought for an ultra short term rebound. SELL/SHORT RE-ENTRY THESIS: Rebounds are likely to be capped by the declining 8-day EMA and leading to further unwind from the previous extreme medium term overbought conditions. 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. 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 February 2026 > https://www.unum.capital/post/rfeb2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za 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 February 2026 > https://www.unum.capital/post/rfeb2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Last week, Silver was lower by 8.5% vs the previous week with the volatility continuing following the historic run-up. As always, our goal is to find identify the next best range to re-enter on the buy/long side as well as on the sell/short side. In our view, this is best way to stay ready when the opportunity arises i.e. if the price declines, 'where is the best range to buy' and if it rallies, 'where is the best range to sell?' Despite Silver being lower by only 8.5%, the combined buy and sell ranges produced a 30% (ungeared) gain for clients who took the opportunities to trade. These ideas, with the links to the original posts are shown below: BUY/LONG vs Re-Entry Range +18% Link to 'take profit' post > https://www.unum.capital/post/xag0602 SELL/SHORT vs Re-Entry Range -12% Link to 'take profit' post > https://www.unum.capital/post/xag0502 Previous Post (Monday, 02 February) Actionable Trading Levels: Spot Silver 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 February 2026 > https://www.unum.capital/post/rfeb2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za 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 February 2026 > https://www.unum.capital/post/rfeb2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Lester Davids Senior Investment Analyst: Unum Capital