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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 The data is based on the monthly time frame and is subject to change based on the subsequent news flow and price action. Breadth & Participation 📊 Bank Uniformity:  Every major bank (SBK, NED, FSR, ABG, INL) is in the Leading  phase, but 60% have hit "Sell/Reduce" or "Wait" zones, signaling sector-wide exhaustion. 🏦 Retail Divergence:  A stark breadth split exists where High-End Retail (WHL, TRU) is Leading , while Mass Market (SPP, PIK) is in deep Lagging/Capitulation , confirming a "Two-Speed Consumer." 🛍️ Resource Overheat:  8 out of 10 Mining stocks in the top 20 ranks are flagged as "NO: Overextended" or "Sell/Reduce," showing breadth is too hot to sustain. ⛏️ Property Breadth:  The Property sector is showing unusually healthy breadth, with Tier 1 (NRP, LTE) and Tier 2 (FFB) both signaling "Buy Continuation," unlike the fractured Retail sector. 🏢 Tech Narrowness:  The Tech rally is narrow; huge divergence exists between the Leading  Fintechs (WVR) and the Lagging  Telematics (KRO), forcing stock picking over sector buying. 📉 Penny Speculation:  Breadth has expanded into low-quality "Penny" names (OAO, PPC, KAP) showing "Thrust" signals, a classic late-cycle breadth warning. 🎰 Defensive Rotations:  Breadth is rotating out  of Defensives; Food Producers (RFG, ARL, PMR) are collectively hitting "Ceiling" resistance signals. 🍞 Industrial Spine:  Construction breadth is solid; WBO, RBX, and PPC are all in Leading , confirming a broad-based infrastructure bid (unlike the isolated Tech bid). 🏗️ Factor Dynamics (Quality, Value, Momentum) ⚙️ Momentum Parabola:  The "Parabolic" factor is dominating Gold (ANG, PAN), where price has disconnected from value—a signal to fade, not chase. 🚀 Deep Value Floor:  The "Value" factor is flashing strongest in Paper (MNP, SAP), where "Surrender" signals indicate price is mathematically too cheap to ignore. 🧻 Quality Compounders:  "Low Volatility" Quality stocks (KST, AVI, VOD) are generating the safest "Buy Continuation" signals, avoiding the erratic "Thrust" warnings of Miners. 🐢 Yield Protection:  The "Yield" factor is successfully defending the floor in BTI and LTE, keeping them in the Green zone despite broader volatility. 💰 Growth Scarcity:  True "Growth" signals are rare; only a few names like TKG and AEL are showing the specific "Turnaround" factor characteristics. 💎 High Beta Trap:  The "High Beta" factor in Platinum (SSW, IMP, NPH) has triggered "Too Fast" warnings, making them dangerous for trend followers right now. 🏎️ Momentum Ignition:  A new factor emergence is visible in Chemicals (AFE), where a "Blast Off" signal marks a shift from Value to Momentum. 🧪 Small Cap Drag:  The "Size" factor is hurting stocks like CAA and TSG, which show good setups but suffer from "Thin Trade" warnings in the rationale. 🐜 Institutional Flows & Liquidity 🌊 Blue Chip Anchor:  Heavy institutional flows are evident in NPN  and PRX , where "Capitulation" buy signals suggest Smart Money is stepping in at the lows. 🐳 Crowded Exits:  The "Sell on Rally" signals in CLS  and SHP  confirm active institutional distribution (selling) into any strength. 🚪 Dividend Chasing:  Flows are aggressively targeting "Yield Safe" names (VOD, NRP), creating a floor in the chart that implies income-fund support. 💸 China Proxy Flows:  The "Vertical Ascent" in AGL  and GFI  confirms flows are treating these purely as China/Global proxies, ignoring local fundamentals. 🇨🇳 Speculative Froth:  The "Thrust" signals in WVR  and OAO  suggest retail hot money is dominating the order book, creating liquidity air pockets. 🌬️ Insurer Rotation:  Flows are rotating into  Insurers (OMU, SLM, MTM) as "Catch-up" trades, moving them from Weakening to Leading. ☂️ Defensive Exit:  The "Crowded" rationale for RFG  and TBS  implies flows are leaving these safety names to chase higher beta returns elsewhere. 🏃 ZAR Hedge Bid:  The relentless bid in BTI  and MNP  (despite poor local news) confirms flows are prioritizing Hard Currency exposure. 💱 Positioning (Crowded vs. Contrarian) 🧘 Consensus Long:  The "Overextended" signals in CPI  and ABG  show the Banks trade is the most crowded consensus long on the board. 🐂 Consensus Short:  The "Capitulation" signals in SPP  and PIK  imply the market is massively short these names, creating "Squeeze" potential. 🍋 Hated Rally:   NPN  and PRX  are showing "Surrender" buy signals, making them the most "Hated" (and therefore highest potential) contrarian longs. 🤬 Forgotten Middle:  Mid-caps like AFT  and DTC  show "Steady" signals but lack "Thrust," suggesting they are under-positioned and ignored. 🤷 Fear Trade Peak:  The "Extreme" signals in Gold  suggest fear positioning is maxed out; there is no one left to buy the hedge. 😱 Greed Trade Peak:  The "Orbit Breached" signal in WVR  shows pure greed positioning; latecomers are holding the bag. 🤑 Undervalued Recovery:   SOL  and MTN  are positioned as "Improving" recovery plays, where positioning is light, offering easy upside. 🌤️ Trap Positioning:   PPC  and KAP  are "Penny Pops" where retail is long and institutions are absent—a classic positioning trap. 🪤 Technical Internals & Structure 🏗️ Phase Imbalance:  The table shows a massive imbalance: Financials  are 80% Green (Leading), while Retail  is 60% Red (Lagging)—a sector rotation signal. ⚖️ Mean Reversion Tension:  The gap between "Leading" Miners (ANG) and "Lagging" Retailers (CLS) is at a statistical extreme, favoring a snap-back. 📏 Support Failure:   TBS  and SHP  are the only large caps flashing "Breakdown," structurally damaging the Defensive sector's internal health. 🏚️ Breakout Confirmation:   RCL  and ITE  are rare examples of "Fresh Breakouts" in the Industrial space, showing new structural uptrends forming. 📈 Volume Climax:  The "Surrender" signals in SAP  and MNP  typically coincide with volume capitulation (selling exhaustion). 🔊 Stop-Hunt Zones:  The "Vertical" moves in NPH  and VAL  create zones where stop-losses are clustered, inviting volatility flushes. 🎯 Correlation Lock:  The uniform "Sell/Reduce" signals across Gold  and Platinum  show high algorithmic correlation (they all move as one). 🤖 Execution Discipline:  The table contains over 30 "NO" signals  despite the bull run—structural confirmation that chasing winners is now statistically dangerous. 🚫 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 data is subject to change based on the subsequent news flow and price action. 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 Glencore Plc (GLN) has performed well, driven by strong commodity prices as well as corporate action (Rio Tinto merger). The share was first triggered on the back of the price action model reading which looked for a tactical rebound. This saw a sharp bullish reversal and strong upside follow-through and a +77% gain. Approaching Sell/Reduce. 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 Kumba Iron Ore (KIO) is inching close to our target of R386-R396. The share has gradually trended higher from out 18 June buy trigger at R274, reaching a high of R382 on Thursday 29 January. Buy/Add on Pullback. 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 DATA IS SUBJECT TO CHANGE AS THE NEWS FLOW AND 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 DATA IS SUBJECT TO CHANGE AS THE NEWS FLOW AND 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 DATA IS SUBJECT TO CHANGE AS THE NEWS FLOW AND 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 DATA IS SUBJECT TO CHANGE AS THE NEWS FLOW AND 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 DATA IS SUBJECT TO CHANGE AS THE NEWS FLOW AND 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 DATA IS SUBJECT TO CHANGE AS THE NEWS FLOW AND 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 DATA IS SUBJECT TO CHANGE AS THE NEWS FLOW AND PRICE ACTION DEVELOPS. Lester Davids Senior Investment Analyst: Unum Capital