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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 Published: Sunday, 08 February 2026 JSE Life Insurance Index JSE Non-Life Insurance Index 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 JSE Banks Index 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 move ties into the Value over Growth theme that has shaped much of the price action so far this year. Previous Post (27 July 2025): Dow Jones Industrial Average: Strong Close via Weekly; Same Level Vs 8 Months Ago; Measured Move = 54,000 Points 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 Date & Time Published: Friday, 06 February at 15h42 Silver traded into our buy re-entry range before rebounding +18%. Short term traders, take profit! 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 Closing Price:  15,191c (ZAR) 1D Change:  +0.90% (Trend Continuation) Multi-Frame Action:  🟢 Bullish (D)  🟢 Parabolic (W)  🟢 Recovery (M) Technical Upside:  Trend Extension. The stock is breaking out of a multi-year recovery base. Target:  16,000c – 16,500c. Psychological Resistance / Previous Cycle Highs. Momentum Signal:  "Lock-Out" Strength. Tactical Momentum  is pinned in the Overbought  tier, while the Structural Trend  is accelerating into High Bullish Momentum . Risk / Invalidation:  Weekly close below 14,000c (Breakout Failure). REWARD-TO-RISK ASSESSMENT Long (Buy) Reward-to-Risk:  🟢 Good (Momentum).  The stock is in a confirmed uptrend with the Tactical Momentum  indicator effectively pinned in the Overbought  tier. This indicates a "Lock-Out" phase where the market is ignoring overbought conditions to price in a structural shift. The path of least resistance is higher. Short (Sell) Reward-to-Risk:  🔴 High Risk.  Shorting a stock that is making fresh 52-week highs with momentum in the highest tier is statistically dangerous. There is no bearish divergence or reversal structure visible to justify fighting the trend. Valuation Basket:  Yield / Defensive Growth / Recovery Primary Driver:  A structural rotation back into defensive telecoms, breaking the multi-year downtrend structure with significant momentum support. MARKET STRUCTURE & VOLUME VALIDATION Volume Profile:  The chart shows a steady "stair-step" recovery from the lows of 8,500c. The price action is constructive, characterized by impulsive green weeks followed by shallow, corrective red weeks—a classic bullish signature. Liquidity Zones: Support:  The 14,000c – 14,500c  zone is the previous resistance-turned-support. Resistance:  The 16,000c  level is the next major psychological magnet from previous years. Divergences:   None (Bullish Convergence).  The Tactical Momentum  and Structural Trend  indicators are rising in unison with the price. The yellow Tactical  line is leading the move, pulling the slower moving averages higher, which confirms the breakout is supported by aggressive capital flow. MOMENTUM PROFILE (WEEKLY) Tactical Momentum:   Overbought.  The indicator is hovering at the very top of the range. In strong trending markets, this is not a sell signal but a sign of extreme demand ("Lock-Out"). Structural Trend:   High Bullish Momentum.  The intermediate trend has firmly exited the "Neutral" zone and is now supporting the vertical expansion. CORE THESIS Vodacom has completed a "V-shaped" recovery and entered a trend expansion phase. The ability of the Tactical Momentum  to remain in the Overbought  tier for extended periods without forcing a deep price correction suggests that sellers are exhausted. The thesis is for a continued grind higher toward the 16,000c level as funds chase the breakout. Traders should trail stops below the 14,500c level rather than trying to call a top. 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 Published: Pre-Market, Friday, 05 February 2026. The data is based on the DAILY TIME FRAME and is subject to change based on the subsequent news flow and price action. Note:  This analysis may differ from the analysis which is based on the Weekly  and Monthly  time frames. 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 Published: Pre-Market, Friday, 06 February 2026. The data is based on the DAILY TIME FRAME and is subject to change based on the subsequent news flow and price action. Note:  This analysis may differ from the analysis which is based on the Weekly  and Monthly  time frames. AngloGold Ashanti (ANG) Current Price:  ~159,961c Context:  🟡 Weakening Phase (Wait / Buy on Pullback) 🟢 Bullish Pivot:  152,000c Rationale:  The "Buy Zone" floor. We are waiting for the price to test and hold this level to confirm the pullback is over. 🔴 Bearish Pivot:  148,000c Rationale:  A breach of this support implies the correction is deepening into a trend change, invalidating the "Buy the Dip" thesis. Gold Fields (GFI) Current Price:  ~82,732c Context:  🟢 Leading Phase (Buy Continuation) 🟢 Bullish Pivot:  84,500c Rationale:  The "Blue Sky" breakout point. Clearing this level confirms the stock is disregarding overbought conditions and trending higher. 🔴 Bearish Pivot:  79,500c Rationale:  The trailing stop level. A close below this pivot signals that the momentum thrust has failed and profit-taking is accelerating. Harmony Gold (HAR) Current Price:  ~32,989c Context:  🟢 Leading Phase (Buy Continuation) 🟢 Bullish Pivot:  34,200c Rationale:  The immediate resistance cap. A breakout here confirms the "Leveraged Beta" trade is working and targets 38,000c. 🔴 Bearish Pivot:  31,500c Rationale:  The volatility stop. Given Harmony's sensitivity, a drop below this level suggests the gold price rally is stalling. DRDGold (DRD) Current Price:  ~5,120c Context:  🟢 Leading Phase (Buy Continuation) 🟢 Bullish Pivot:  5,350c Rationale:  The validation trigger. The stock has been lagging; a move above this pivot confirms it is finally catching up to the sector move. 🔴 Bearish Pivot:  4,900c Rationale:  The danger zone. If it falls back below this level, it confirms the stock is a "Laggard" and capital should be rotated to GFI or ANG. Pan African Resources (PAN) Current Price:  ~2,909c Context:  🟢 Leading Phase (Buy Continuation) 🟢 Bullish Pivot:  3,000c Rationale:  The psychological barrier. A move through 3,000c attracts retail attention and often leads to a momentum extension. 🔴 Bearish Pivot:  2,750c Rationale:  The structural support. Buying interest must remain apparent above this level to maintain the bullish trend structure. 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 Published: Pre-Market, Friday, 06 February 2026. The data is based on the DAILY TIME FRAME and is subject to change based on the subsequent news flow and price action. Note:  This analysis may differ from the analysis which is based on the Weekly  and Monthly  time frames. 1. Impala Platinum (IMP) Current Price:  ~28,154c Context:  🟢 Leading Phase (At or approaching sell/reduce) 🟢 Bullish Pivot:  29,500c Rationale:  The price is currently testing the upper boundary of its trading range. A sustained break above this resistance would invalidate the "sell/reduce" signal and open the path to 32,000c. 🔴 Bearish Pivot:  27,200c Rationale:  This is the immediate support floor. A failure here would confirm the "exhaustion" signal and likely trigger a slide back toward the 25,000c range. 2. Northam Platinum (NPH) Current Price:  ~35,612c Context:  🟢 Leading Phase (At or approaching sell/reduce) 🟢 Bullish Pivot:  37,400c Rationale:  This is the "Blow-off Top" level. If momentum is strong enough to clear this, the stock enters a new "Blue Sky" discovery phase, though the risk of a trap remains high. 🔴 Bearish Pivot:  34,800c Rationale:  A close below this level confirms the "Overheated" status and triggers a tactical sell signal targeting a reversion to the mean. 3. Sibanye Stillwater (SSW) Current Price:  ~6,490c Context:  🟢 Leading Phase (Buy Continuation) 🟢 Bullish Pivot:  6,800c Rationale:  This is the breakout trigger. Clearing this level confirms that the recent consolidation was a "Bull Flag" and signals the next leg of the rally. 🔴 Bearish Pivot:  6,100c Rationale:  The critical "Higher Low" support. If this level breaks, the "Continuation" thesis is failed, and the stock rotates into a "Weakening" phase. 4. Tharisa Plc (THA) Current Price:  ~2,931c Context:  🟢 Leading Phase (Buy Continuation) 🟢 Bullish Pivot:  3,050c Rationale:  A psychological and structural resistance barrier. A clean break here invites fresh momentum buyers targeting the 3,400c region. 🔴 Bearish Pivot:  2,800c Rationale:  The "Line in the Sand" for the uptrend. Losing this level suggests the chrome-driven rally has run its course for now. 5. Valterra Platinum (VAL) Current Price:  ~140,978c Context:  🟢 Leading Phase (At or approaching sell/reduce) 🟢 Bullish Pivot:  148,000c Rationale:  The resistance ceiling. Only a high-volume break above this level justifies holding; otherwise, the probability favors a rejection. 🔴 Bearish Pivot:  135,000c Rationale:  The volatility floor. Given the thin liquidity, a drop below this level could trigger a rapid cascade lower. 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 Published: Pre-Market, Friday, 06 February 2026. The data is based on the DAILY TIME FRAME and is subject to change based on the subsequent news flow and price action. Note:  This analysis may differ from the analysis which is based on the Weekly  and Monthly  time frames. Banks are King, For Now:  The Banking sector is the only sector flashing Strong  across all three timeframes (Long, Medium, and Short), confirming it as the primary engine of the JSE right now 🏛️. The Paper & Pulp Pivot:  Paper & Pulp represents the most aggressive rotational play, swinging from Oversold  on the Long Term directly to Strong  on the Short Term, signaling high-conviction bottom fishing 🎣. Platinum Breakdown:  Platinum Miners screen as a clear distribution setup for trend followers, having degraded from Strong  (LT) to Weak  (ST), confirming that capital appears to be fleeing the sector 📉. Gold Momentum Stall:  Gold Miners have lost their short-term edge, dropping to Neutral  (ST) despite massive Long Term momentum, suggesting the "fear trade" is taking a breather ⏸️. Coal's Resurrection:  Coal Miners have completed a full trend reversal, moving from Weak  (LT) to Strong  (Med/ST), effectively joining Banks as a momentum leader 💎. Staples Capitulation:  Consumer Staples are accelerating to the downside, showing High Bearish Momentum  on the Short Term, indicating this sector carries the highest momentum risk currently 🔪. Tech Value Trap:  Technology is flagging "Oversold" on both Long and Medium terms, yet remains Weak  on the Short Term; the structure suggests a value trap with no catalyst for a reversal yet 🚫. Chemicals Recovery:  Chemicals are quietly building a base, stepping up from Weak  (LT) to Neutral  (Med) and finally Strong  (ST), a textbook accumulation pattern 🧪. Insurers Lagging Banks:  Insurers are finally waking up, moving to Strong  on the Short Term, likely playing catch-up to their banking counterparts in the financial complex 🐢➡️🐇. The "Safety" Trade is Gone:  Traditional defensive sectors like Consumer Staples are crashing, which forces defensive capital flows into "offensive" defenses like Banks and Coal 🛡️. Discretionary Distress:  Consumer Discretionary is showing High Bearish Momentum  (LT) and remains Weak  everywhere else; the SA consumer story appears fundamentally broken on the charts 🛍️⚠️. Miners Overheating:  General Miners (excluding precious metals) are Strong  but Overbought  on the Medium Term, suggesting a pullback or consolidation is highly probable 🌡️. Hospitals Basing:  Hospitals have stopped falling, stabilizing at Neutral  on the Short Term, potentially forming a floor for a long-term entry 🏥. Luxury Stagnation:  Luxury Goods are stuck in a downtrend (Weak LT/Med) but have stabilized to Neutral  (ST), indicating selling pressure has exhausted itself for now 👜. Telecoms Chop:  Telecoms are the most indecisive sector (Neutral/Strong/Neutral), offering little alpha and likely trading in a tight, choppy range 📶. Rotation into "Dirty" Industry:  There is a clear thematic shift of capital out of "glamour" metals (Gold/Platinum) and into heavy industry (Paper/Chemicals/Coal) 🏭. Divergence in Resources:  We are seeing a major split in the resource block; the broad "long resources" thesis appears to be fracturing. The data implies a rotational preference for Coal  and Chemicals , while Platinum  and Gold  screen as potential funding sources for these trades rather than holds 🔀. The Short-Term Alpha:  For immediate trading (next 1-2 weeks), the only Strong  Short Term sectors are Banks, Insurers, Coal, Paper, and Chemicals. Outside of these, the data suggests limited potential for short-term outperformance 💰. Trend Fatigue:  The Overbought  signal on Miners (Med Term) combined with the Oversold  signal on Tech (Med Term) suggests a mean-reversion trade could trigger soon if catalysts appear 🔄. Market Breadth Concern:  The rally is narrowing. With Consumer Disc, Staples, and Tech all weak, the market is being held up solely by Financials and select Industrials, creating risk if Banks falter ⚖️. 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 Yesterday, Kumba Iron Ore (KIO) reached our target of R386-R396. The share has gradually trended higher from out 18 June buy trigger at R274. Well done to clients who have been involved. 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 Previous Post (Monday 02 February): Take Profit: +10% Rebound From Buy Re-Entry Range (Ultra Short Term Traders) Previous Post (Sunday, 01 February 2026) Actionable Trading Levels: AngloGold Ashanti 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 Date & Time Published: Thursday, 05 February (Pre-Market) 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