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Research Notes January 2026 > https://www.unum.capital/post/rjan2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za The share reached the buy range which was following by a base and strong rebound from R80 to R91.50. Medium term traders, to protect profits, raise your stop-loss. Short term traders, consider taking profits. Previous Post (03 November 2025): Trading TFG: Sellers in Control, But Approaching Range For Potential Countertrend Rebound Aggressive selling pressure, now deeply oversold. Wait for price to stabilize/candle structure to improve before initiating a position. We don't know at which price the share will stabilize, however, the 8400c down to 8000c level appears to be a strong support zone. This range is subject to change , based on the subsequent news flow (e.g. earnings) and price action. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes January 2026 > https://www.unum.capital/post/rjan2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Thursday, 22 January 2026 Time: Pre-Market If you've been a consumer of our research but have not traded via the Unum Capital trading desk, why not consider making us your trading services provider? To open a trading account and/or move from your existing service provider, email lester@unum.co.za Premium Content Financials ABG | Rotation Phase 🟢 Leading | Setup Category: At or approaching sell/reduce 🔒 | Rotation Phase 🟢 Leading | Setup Category: Buy continuation 🔒 | Rotation Phase 🔴 Lagging | Setup Category: At or approaching buy/add 🔒 | Rotation Phase 🔴 Lagging | Setup Category: At or approaching buy/add 🔒 | Rotation Phase 🟢 Leading | Setup Category: Buy continuation 🔒 | Rotation Phase 🟢 Leading | Setup Category: Buy continuation 🔒 | Rotation Phase 🟢 Leading | Setup Category: At or approaching sell/reduce 🔒 | Rotation Phase 🟢 Leading | Setup Category: Buy continuation 🔒 | Rotation Phase 🟢 Leading | Setup Category: Buy continuation 🔒 | Rotation Phase 🟢 Leading | Setup Category: Buy continuation 🔒 | Rotation Phase 🟢 Leading | Setup Category: Buy continuation 🔒 | Rotation Phase 🟢 Leading | Setup Category: Buy continuation 🔒 | Rotation Phase 🟢 Leading | Setup Category: At or approaching sell/reduce 🔒 | Rotation Phase 🟢 Leading | Setup Category: Buy continuation 🔒 | Rotation Phase 🟢 Leading | Setup Category: Buy continuation 🔒 | Rotation Phase 🟢 Leading | Setup Category: Buy continuation 🔒 | Rotation Phase 🟢 Leading | Setup Category: Buy continuation 🔒 | Rotation Phase 🟢 Leading | Setup Category: Buy continuation 🔒 | Rotation Phase 🔴 Lagging | Setup Category: At or approaching buy/add 🔒 | Rotation Phase 🟢 Leading | Setup Category: Buy continuation 🔒 | Rotation Phase 🟢 Leading | Setup Category: Buy continuation 🔒 | Rotation Phase 🟡 Weakening | Setup Category: Buy on pullback 🔒 | Rotation Phase 🟢 Leading | Setup Category: Buy continuation 🔒 | Rotation Phase 🟢 Leading | Setup Category: Buy continuation 🔒 | Rotation Phase 🔵 Improving | Setup Category: Buy continuation 🔒 | Rotation Phase 🟡 Weakening | Setup Category: Buy on pullback Materials AGL | Rotation Phase 🟢 Leading | Setup Category: At or approaching sell/reduce 🔒 | Rotation Phase 🟢 Leading | Setup Category: At or approaching sell/reduce 🔒 | Rotation Phase 🟢 Leading | Setup Category: Buy continuation 🔒 | Rotation Phase 🟢 Leading | Setup Category: At or approaching sell/reduce 🔒 | Rotation Phase 🟢 Leading | Setup Category: Buy continuation 🔒 | Rotation Phase 🟢 Leading | Setup Category: Buy continuation 🔒 | Rotation Phase 🟢 Leading | Setup Category: Buy continuation 🔒 | Rotation Phase 🟢 Leading | Setup Category: At or approaching sell/reduce 🔒 | Rotation Phase 🟢 Leading | Setup Category: At or approaching sell/reduce 🔒 | Rotation Phase 🟢 Leading | Setup Category: Buy continuation 🔒 | Rotation Phase 🟢 Leading | Setup Category: At or approaching sell/reduce 🔒 | Rotation Phase 🟡 Weakening | Setup Category: Buy on pullback 🔒 | Rotation Phase 🔴 Lagging | Setup Category: At or approaching buy/add 🔒 | Rotation Phase 🟢 Leading | Setup Category: At or approaching sell/reduce 🔒 | Rotation Phase 🟢 Leading | Setup Category: At or approaching sell/reduce 🔒 | Rotation Phase 🟢 Leading | Setup Category: Buy continuation 🔒 | Rotation Phase 🟢 Leading | Setup Category: At or approaching sell/reduce 🔒 | Rotation Phase 🔴 Lagging | Setup Category: At or approaching buy/add 🔒 | Rotation Phase 🔴 Lagging | Setup Category: At or approaching buy/add 🔒 | Rotation Phase 🔵 Improving | Setup Category: Buy continuation 🔒 | Rotation Phase 🟢 Leading | Setup Category: At or approaching sell/reduce 🔒 | Rotation Phase 🟢 Leading | Setup Category: Buy continuation 🔒 | Rotation Phase 🟢 Leading | Setup Category: Buy continuation 🔒 | Rotation Phase 🟢 Leading | Setup Category: At or approaching sell/reduce Cons. Services ADH | Rotation Phase 🟢 Leading | Setup Category: At or approaching sell/reduce 🔒 | Rotation Phase 🔴 Lagging | Setup Category: At or approaching buy/add 🔒 | Rotation Phase 🟢 Leading | Setup Category: At or approaching sell/reduce 🔒 | Rotation Phase 🔴 Lagging | Setup Category: At or approaching buy/add 🔒 | Rotation Phase 🟡 Weakening | Setup Category: Buy on pullback 🔒 | Rotation Phase 🟡 Weakening | Setup Category: Buy on pullback 🔒 | Rotation Phase 🔴 Lagging | Setup Category: At or approaching buy/add 🔒 | Rotation Phase 🔴 Lagging | Setup Category: At or approaching buy/add 🔒 | Rotation Phase 🟢 Leading | Setup Category: At or approaching sell/reduce 🔒 | Rotation Phase 🔴 Lagging | Setup Category: At or approaching buy/add 🔒 | Rotation Phase 🔴 Lagging | Setup Category: At or approaching buy/add 🔒 | Rotation Phase 🔴 Lagging | Setup Category: At or approaching buy/add 🔒 | Rotation Phase 🟢 Leading | Setup Category: At or approaching sell/reduce 🔒 | Rotation Phase 🔴 Lagging | Setup Category: At or approaching buy/add 🔒 | Rotation Phase 🔵 Improving | Setup Category: Buy continuation 🔒 | Rotation Phase 🔵 Improving | Setup Category: Buy continuation 🔒 | Rotation Phase 🟢 Leading | Setup Category: Buy continuation 🔒 | Rotation Phase 🟢 Leading | Setup Category: At or approaching sell/reduce 🔒 | Rotation Phase 🔴 Lagging | Setup Category: At or approaching buy/add Staples ANH | Rotation Phase 🟢 Leading | Setup Category: Buy continuation 🔒 | Rotation Phase 🟢 Leading | Setup Category: At or approaching sell/reduce 🔒 | Rotation Phase 🟢 Leading | Setup Category: Buy continuation 🔒 | Rotation Phase 🟡 Weakening | Setup Category: Buy on pullback 🔒 | Rotation Phase 🟢 Leading | Setup Category: Buy continuation 🔒 | Rotation Phase 🟢 Leading | Setup Category: At or approaching sell/reduce 🔒 | Rotation Phase 🟡 Weakening | Setup Category: Buy on pullback 🔒 | Rotation Phase 🟡 Weakening | Setup Category: Buy on pullback 🔒 | Rotation Phase 🟢 Leading | Setup Category: At or approaching sell/reduce 🔒 | Rotation Phase 🟡 Weakening | Setup Category: Buy on pullback 🔒 | Rotation Phase 🟢 Leading | Setup Category: Buy continuation Industrials AFT | Rotation Phase 🔴 Lagging | Setup Category: At or approaching buy/add 🔒 | Rotation Phase 🔵 Improving | Setup Category: Buy continuation 🔒 | Rotation Phase 🟢 Leading | Setup Category: Buy continuation 🔒 | Rotation Phase 🟢 Leading | Setup Category: Buy continuation 🔒 | Rotation Phase 🟢 Leading | Setup Category: Buy continuation 🔒 | Rotation Phase 🟢 Leading | Setup Category: At or approaching sell/reduce 🔒 | Rotation Phase 🟢 Leading | Setup Category: At or approaching sell/reduce 🔒 | Rotation Phase 🟢 Leading | Setup Category: At or approaching sell/reduce 🔒 | Rotation Phase 🟡 Weakening | Setup Category: Buy on pullback 🔒 | Rotation Phase 🔴 Lagging | Setup Category: At or approaching buy/add 🔒 | Rotation Phase 🔵 Improving | Setup Category: Buy continuation Technology AEL | Rotation Phase 🟡 Weakening | Setup Category: Buy on pullback 🔒 | Rotation Phase 🟢 Leading | Setup Category: At or approaching sell/reduce 🔒 | Rotation Phase 🔴 Lagging | Setup Category: Sell on rally 🔒 | Rotation Phase 🟡 Weakening | Setup Category: Buy on pullback 🔒 | Rotation Phase 🔴 Lagging | Setup Category: At or approaching buy/add 🔒 | Rotation Phase 🔴 Lagging | Setup Category: At or approaching buy/add 🔒 | Rotation Phase 🟢 Leading | Setup Category: At or approaching sell/reduce Health Care APN | Rotation Phase 🔴 Lagging | Setup Category: At or approaching buy/add 🔒 | Rotation Phase 🟡 Weakening | Setup Category: Sell continuation 🔒 | Rotation Phase 🔴 Lagging | Setup Category: Sell on rally 🔒 | Rotation Phase 🟡 Weakening | Setup Category: Buy on pullback Real Estate ACS | Rotation Phase 🔴 Lagging | Setup Category: Sell continuation 🔒 | Rotation Phase 🟡 Weakening | Setup Category: Buy on pullback 🔒 | Rotation Phase 🟢 Leading | Setup Category: Buy continuation 🔒 | Rotation Phase 🔵 Improving | Setup Category: Sell on rally 🔒 | Rotation Phase 🟢 Leading | Setup Category: Buy continuation Telecoms MTN | Rotation Phase 🟢 Leading | Setup Category: Buy continuation 🔒 | Rotation Phase 🟢 Leading | Setup Category: Buy continuation 🔒 | Rotation Phase 🟢 Leading | Setup Category: Buy continuation Energy / Renewables OAO | Rotation Phase 🔴 Lagging | Setup Category: At or approaching buy/add 🔒 | Rotation Phase 🔴 Lagging | Setup Category: At or approaching buy/add Other / Utilities AFE | Rotation Phase 🟢 Leading | Setup Category: Buy continuation 🔒 | Rotation Phase 🟢 Leading | Setup Category: At or approaching sell/reduce 🔒 | Rotation Phase 🔴 Lagging | Setup Category: Buy on pullback 🔒 | Rotation Phase 🔵 Improving | Setup Category: Sell on rally Lester Davids Senior Investment Analyst: Unum Capital

Research Notes January 2026 > https://www.unum.capital/post/rjan2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za The share reached the buy range which was following by a base and strong rebound from R80 to R90. To protect profits, raise your stop-loss. Previous Post (03 November 2025): Trading TFG: Sellers in Control, But Approaching Range For Potential Countertrend Rebound Aggressive selling pressure, now deeply oversold. Wait for price to stabilize/candle structure to improve before initiating a position. We don't know at which price the share will stabilize, however, the 8400c down to 8000c level appears to be a strong support zone. This range is subject to change , based on the subsequent news flow (e.g. earnings) and price action. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes January 2026 > https://www.unum.capital/post/rjan2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Significant sell-off since our flash note on 06 November where the extremely overbought ultra short term conditions were highlighted. Regime:  Oversold / Aggressive Selling Primary Outlook:  At or approaching buy/add Executive Summary Naspers has deteriorated significantly from its status earlier in the month, shifting into a "Very Bearish" regime characterized by "Aggressive Selling." However, this selling pressure has pushed the 7-day trend into "Oversold" territory. The model advises against catching the falling knife immediately ("Wait For Lower Time Frames To Stabilize") but identifies a setup developing for a tactical bounce off prior swing lows. Detailed Trend Analysis 1. Short-Term Dynamics (1 - 10 Days) 7-Day Trend:  Oversold 14-Day Trend:  Very Bearish Outlook:   No Reading Available Analysis:  The stock is currently in a capitulation phase. The "Oversold" reading suggests the move is overextended to the downside. The lack of a specific short-term reading ("no reading available") often accompanies high-volatility washout periods where the price action is noisy and directionless until a bottom is found. 2. Medium-Term Structure (2 - 4 Weeks) Status:  Aggressive Selling Analysis:  The dominant force is selling. The explicit instruction is to "Wait For Lower Time Frames To Stabilize."  This implies that while the price is attractive due to the oversold condition, the technical structure has not yet confirmed a floor. Patience is required. 3. Long-Term Trajectory (5 - 8 Weeks) Status:  Aggressive Selling (Broken Trend) Analysis:  The "Steady Upward Trend" noted at the end of December has been disrupted by aggressive selling. The focus has shifted from trend continuation to mean reversion. The strategy is now "Looking For Support At Prior Swing Lows To Capture Minor Rebounds,"  indicating that any buying here is for a tactical snap-back rather than a long-term investment. Strategic Action Plan Primary Strategy:   Tactical Bounce (Mean Reversion). The Setup:  The stock is deeply oversold. The Trigger:  Do not buy simply because it is down. Monitor "Prior Swing Lows" for signs of stabilization (e.g., exhaustion candles or a shift in lower-timeframe momentum). The Trade:  Once stabilization occurs, look to enter for a "Minor Rebound." Risk Management:  Recognize this is a counter-trend trade against "Very Bearish" momentum. Stops should be tight, and expectations for the bounce should be modest (mean reversion targets). Previous Post (06 November 2025) Flash Note: Naspers Ltd Lester Davids Senior Investment Analyst: Unum Capital

Research Notes January 2026 > https://www.unum.capital/post/rjan2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Risk #1 (Short Term): Dark cloud cover via it's daily chart. Risk #2: Running into channel resistance via the monthly chart. Risk #3: Extended vs it's 200-week moving average (+217%). The greatest extension in over 20 years. 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 January 2026 > https://www.unum.capital/post/rjan2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za African Rainbow Minerals is close R100 higher from our February 2025 note at 13390c and is also approaching our long term target of R240, with a high of +22800c today. Get ready to take profit. Alternatively, scale out (i.e. sell a portion of the position as approaches the R240 level. Previous Post (14 October 2025): Long Term Target +240 Lester Davids Senior Investment Analyst: Unum Capital

Research Notes January 2026 > https://www.unum.capital/post/rjan2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Buy at $30.37 or lower Stop-loss: $26.90 Target(s): $38.00 and 42.00 Code: ZAP Lester Davids Senior Investment Analyst: Unum Capital

Research Notes January 2026 > https://www.unum.capital/post/rjan2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Currently Running +39% from our note on 11 August 2025. See original note further below. The chart immediately below is 'current'. Previous Post (11 August 2025): Jubilee Metals Group: 3 Charts Worth Noting + Placing It On Your Watchlist (A High Risk Share) Chart Number 1: Approaching a multi-year demand supply zone (can trade down to 60c). Chart Number 2: Trading at multi-year incline support Chart Number 3:  Trading at an extended level versus it's decade VWAP. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes January 2026 > https://www.unum.capital/post/rjan2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Previous Post (27 October)🎥Video: Harmony Gold -Actionable Areas (Short Term Traders) Lester Davids Senior Investment Analyst: Unum Capital

Research Notes January 2026 > https://www.unum.capital/post/rjan2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Data based on the weekly chart and is subject to change. Click on image to enlarge Sector: Consumer Discretionary Industry: Retailers Retail offers a high-reward "Capitulation" opportunity as several names hit statistical surrender points. Despite a weak macro backdrop, the potential for a violent bounce off deep value levels provides an attractive R:R for tactical traders. Industry: Media & Luxury Goods The R:R is improving significantly as these sectors enter "Early Ignition" phases after long underperformance. Risk is well-defined by recent multi-year lows, offering a strong payoff if the rotation into the Leading quadrant continues. Industry: Travel & Leisure This industry is currently in a "Washout Complete" state, offering high speculative R:R for recovery plays. Selling appears exhausted, and the risk is contained by entering at historical support floors. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes January 2026 > https://www.unum.capital/post/rjan2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Data based on the weekly chart and is subject to change. Click on image to enlarge Sector: Financials Industry: Banking This industry currently offers an optimal R:R in the "Weakening" phase, as leaders pull back to structural support. Buying these micro-washes provides a clear floor for stop-losses, targeting a resumption of the primary trend with high conviction. Industry: Insurance The R:R is balanced and stable, characterized by many names maintaining high-velocity trends with steady institutional support. It remains a quality area for "Buy Continuation" setups where momentum is backed by structural accumulation. Industry: Fintech & Investment Services High-reward opportunities are emerging from a state of total momentum collapse (Lagging phase). While the risk of a "falling knife" exists, the statistical end-point of selling pressure offers a high-convexity payoff for mean-reversion bounces. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes January 2026 > https://www.unum.capital/post/rjan2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Data based on the weekly chart and is subject to change. Click on image to enlarge Sector: Basic Materials Industry: Chemicals The reward-to-risk remains neutral to slightly positive; price and momentum are moving in lockstep, making this a sector for "Stable Momentum" plays. Risk is mitigated by entering only on clean breakouts to avoid being caught in sideways consolidation. Industry: Metals & Mining Current R:R is skewed negatively in the short term as several heavyweights hit extreme momentum thrust levels. While the primary secular trend is exceptionally strong, entries now carry a high risk of a mean-reversion correction, necessitating a "Momentum Trimming" stance for existing positions. Industry: Gold Massive alpha has been generated, but short-term R:R has become dangerously stretched. The strategy shifts to locking in gains as indicators hit historical exhaustion peaks, with the intent to re-enter only after a deep reset of the 2-period and 7-period indicators. Lester Davids Senior Investment Analyst: Unum Capital