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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 Summary The JSE is currently defined by a massive divergence between Precious Metals  (Gold and Platinum) and almost everything else. While the broader market ("SA Inc" sectors like Banks, Retailers, Insurers) remains trapped in neutral or bearish trends, the resource sector—specifically precious metals—is driving the Leading quadrant. 1. Leading (Strong Trend + Strong Momentum) Sectors in this quadrant are outperforming the Top 40 with strong upside momentum. Gold Miners vs Top 40: Status:   Strong Leading Rotation:  This sector has seen a massive surge in momentum since December 31. While it showed some short-term weakness at the end of 2025, it has aggressively rotated back into strength. By Jan 20, it is flagged as "High Bullish Momentum"  and "Overbought"  across multiple timeframes. Platinum Miners vs Top 40: Status:   Leading (Consolidating) Rotation:  Platinum remains a dominant sector with "High Bullish Momentum"  on the Long Term. However, short-term momentum has cooled from "Strong" (Dec 31) to "Neutral" (Jan 20), suggesting it is still leading but taking a breather compared to the explosive move in Gold. 2. Weakening (Strong Trend + Weakening Momentum) Sectors here have a positive long-term trend but are losing short-term momentum. No clear candidates currently. Note:  Most sectors with positive long-term trends (Gold/Platinum) are actually gaining  momentum or holding steady, rather than weakening. The market is very polarized; sectors are either winning big or losing big. 3. Improving (Weak Trend + Strengthening Momentum) Sectors here are in a downtrend but are showing signs of a short-term turnaround. Hospitals vs Top 40: Status:   Improving Rotation:  This is the most notable rotation outside of miners. While the Long Term trend remains "Weak," the Short Term signal has shifted to "Strong"  (Blue) in Jan 2026. This suggests bottom-fishing is occurring and the sector is trying to rotate out of the lagging quadrant. Luxury Goods / Technology / Paper & Pulp (Potential Candidates): Status:   Deep Lagging (Oversold) Rotation:  These sectors are currently Lagging (see below), but are flashing "Oversold"  signals on Medium/Short term metrics. In RRG terms, deep oversold readings often precede a move into the "Improving" quadrant, though the price action hasn't confirmed the turn yet. 4. Lagging (Weak Trend + Weak Momentum) Sectors here are underperforming and have negative momentum. Technology vs Top 40: Status:   Lagging Rotation:  The sector remains under heavy pressure. The Medium Term signal has deteriorated from "High Bearish" to "Oversold." Chemicals vs Top 40: Status:   Lagging Rotation:  Consistently weak. Long Term remains "High Bearish Momentum," showing no signs of relief. Consumer Discretionary vs Top 40: Status:   Lagging Rotation:  Continues to show "High Bearish Momentum" on the long term. There is no short-term buying interest visible yet. Insurers vs Top 40: Status:   Lagging Rotation:  Deteriorated. On Dec 31, Medium/Short term signals were "Neutral." By Jan 20, they have dropped to "Weak." Coal Miners vs Top 40: Status:   Lagging Rotation:  Short term momentum dropped from "Neutral" to "Weak." Paper & Pulp vs Top 40: Status:   Lagging Rotation:  Severe deterioration. Short Term momentum crashed to "High Bearish Momentum" in January. 5. Neutral / Uncertain Sectors huddled around the benchmark with no clear direction. Banks vs Top 40: Status:   Neutral Rotation:  Zero change. The sector is "Neutral" across all three timeframes for both dates. It is performing exactly in line with the Top 40. Telecoms vs Top 40: Status:   Neutral Rotation:  Slight loss of momentum. Short Term dropped from "Strong" (Dec 31) to "Neutral" (Jan 20), pulling it back to the center. Consumer Staples vs Top 40: Status:   Neutral (Biased to Lagging) Rotation:  Slipping. Medium/Short term signals dropped from "Neutral" to "Weak," threatening to pull this sector into the Lagging quadrant. General Miners vs Top 40: Status:   Neutral (Biased to Lagging) Rotation:  Short Term momentum faded from "Strong" (Dec 31) to "Neutral," likely due to the drag from non-precious metal commodities (like Coal). 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 Year-to-Date: Sector Momentum Changes Gold Miners:  🟢 Explosion.  The biggest winner. Short Term shifted from "Weak" to "Overbought." Panic buying is evident. Hospitals:  🟢 Defensive Pivot.  The only non-resource sector to improve. Short Term momentum hit "Strong," marking it as the new defensive favorite. Platinum Miners:  🟡 Maturation.  Long Term strengthened, but Short Term momentum cooled to "Neutral." The trend is aging but remains dominant. Banks:  ⚪ Stagnation.  Completely unchanged. The sector is frozen, offering neither risk nor reward relative to the Top 40. Telecoms:  🔴 Momentum Failure.  The year-end breakout failed. Short Term signal dropped back to "Neutral." Miners (Div):  🔴 Faded.  The Short Term strength seen at year-end evaporated. Back to a holding pattern. Cons. Disc.:  ⚪ Distress.  No change. Remains structurally broken. Insurers:  🔴 Breakdown.  Deteriorated significantly. Lost all "Neutral" supports to become "Triple Weak." Cons. Staples:  🔴 Safety Failure.  A major warning signal. The traditional "safety" trade has broken down. Coal Miners:  🔴 Weakness.  Short Term dropped to "Weak." No buyer interest. Chemicals:  🔴 Deterioration.  Short Term support gave way. Returns to "falling knife" status. Paper & Pulp:  🔴 Crash.  Short Term momentum collapsed to "High Bearish." A volatility event is occurring here. Technology:  🔵 Capitulation.  Long Term worsened, but Med/Short terms hit "Oversold." Selling exhaustion is near. Luxury Goods:  🔵 Capitulation.  Massive drop from "Neutral" to "Double Oversold." A sharp, violent repricing has occurred. 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 (29 September 2025) Buy Idea: Lockheed Martin Code: LMT Buy: 497.00 Stop-loss: 458.00 Target: $585.00 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 rebound is in line with the price action model (long term, 5 to 8 weeks) which called for traders to prepare for a potential rebound. The US10Y is current close to 30 basis points higher vs the original note. This move has potentially negative implications for equities and other risk assets. Previous Post (17 September 2025): US 10-Year Bond Yield: Short Term Weak, But Probability of Rebound On Higher Time Frame 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 High bullish momentum with some risk in the form of distance divergence where the price develops a HIGHER HIGH, while the indicator develops a LOWER HIGH. Upper Panel = Price Lower Panel = Distance vs 200-Day Simple Moving Average Medium Term Traders = Reduce See our note on the 4 Platinum Miners earlier this Month (07 January). Link as follows > https://www.unum.capital/post/jseplat0701 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 South 32 rallied by 55% from our note on 21 September 2025. Now trading in a overbought range with an inverted pin bar formation as well as around the previously highlighted sell re-entry range. Let's see how it behaves around these levels. Caution: this is NOT a level for new buys/longs. Previous Post (01 January 2026): South 32 Actionable Areas The share has completed a +36% bullish reversal vs the original note (see further below). Now: buy pullbacks (see actionable areas) on the chart. 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. Previous Post (01 December): South 32: Running +24%. Short Term Traders Consider Taking Profits + Updated Multi-Time Frame View Highlights: South32 Ltd (Multi-Time Frame View) Fractal Momentum Surge:  A powerful "Momentum Trinity" has formed. The Ultra Short Term (2-period) indicators on the Daily  (95.20), Weekly  (88.74), and Monthly  (91.87) charts are all simultaneously trading in the "High Bullish Momentum"  or "Overbought"  tiers. This indicates a concerted wave of buying pressure across every timeframe, from day traders to macro funds. Cyclical Turnaround:  Unlike stocks making new all-time highs, South32 is in the early stages of a massive cyclical recovery. The Monthly  chart shows the Base Term trend (48.40) curling upwards from deep lows. This "sleeping giant" signal suggests that while the short-term move is aggressive, the long-term rally has significant runway remaining before it hits structural exhaustion. Daily Overheat Warning:  The Daily  chart is the immediate concern. With the 2-Day momentum reading >95, the stock is statistically overextended in the very short term. Stocks rarely maintain this velocity without a "cooling off" lateral consolidation or a sharp intraday flush to reset the gauge. The Weekly "Engine Room":  The Weekly  chart provides the most compelling bullish argument. All four trend timeframes are sloping aggressively upwards, with the Base Term trend (14-week) successfully reclaiming the "Neutral/Strong"  border (57.62). This confirms that the medium-term trend has shifted from bearish to bullish. Breakout at Resistance:  The price action is currently challenging the major multi-year pivot zone around 3,700c - 3,750c . A definitive monthly close above this level would technically confirm a massive "double bottom" or accumulation reversal pattern, unlocking targets above 4,500c. Best Action Timeline: 3 to 5 days (1 week):   Wait / Trim.  The Daily RSI >95 suggests chasing here is dangerous. Expect choppy price action or a minor pullback to 3,550c - 3,600c . 6 to 10 days (2 weeks):   Accumulate.  Once the daily "overbought" reading cools (ideally resetting to ~50), look to enter long positions, using the Weekly  trend strength as your bias. 11 to 15 days (3 weeks):   Ride the Trend.  If 3,600c holds as support, the aligned Weekly momentum should drive the next impulsive leg higher towards 4,000c . 16 to 20 days (4 weeks):   Monitor Monthly Close.  A monthly close above 3,725c  confirms the secular turnaround is active. Bullish Scenario:   Blue Sky Breakout:  The sheer force of the "Fractal Surge" blows through the 3,750c  resistance without pausing. Short sellers are forced to cover, driving the price rapidly toward the psychological 4,000c  handle. Base Scenario:   Bull Flag Consolidation:  The stock pauses at resistance to digest the recent +15% move. Price consolidates between 3,550c and 3,750c , allowing the overheated Daily momentum to reset while the Weekly trend catches up. Bearish Scenario:   Resistance Rejection:  The stock fails to clear the 3,750c  ceiling. The overbought Daily signal triggers a sharp reversal, sending the price back down to retest the breakout base at 3,400c . Core Thesis South32 is an "early-stage recovery" play. While short-term indicators (Daily) are flashing "Overbought" warnings similar to other resource stocks, the long-term (Monthly) structure is far less extended, offering better long-term risk/reward. The thesis is bullish, but tactical patience is required to avoid buying the exact short-term top of this daily cycle. Wait for the dip, then trust the weekly trend. Comprehensive Summary The dashboard shows a market transitioning from "bottoming" to "trending." The synchronization of the fast-twitch indicators across all three timeframes is a rare signal of total market consensus. However, the Monthly Base Trend is still only "Neutral," meaning the stock still has to prove it can hold these gains to convince long-term asset managers. The setup favors buying dips rather than chasing breakouts. Multi-Timeframe Trend Analysis (Weekly Focus) Note: This block focuses on the Weekly timeframe as the "bridge" between the Daily noise and Monthly macro. Ultra Short Term Indication: HIGH BULLISH MOMENTUM  Slope: Sharply Upwards Short Term Indication: HIGH BULLISH MOMENTUM  Slope: Sharply Upwards Mid Term Indication: STRONG  Slope: Sharply Upwards Base Term Indication: NEUTRAL / STRONG  Slope: Sharply Upwards Breakouts, Breakdowns, and Reversals (Combined Range Focus) Bullish Confirmation:  A weekly close above 3,750c  confirms the major trend reversal. Bearish Invalidation:  A close back below 3,400c  would negate the current bullish impulse and suggest the stock is still stuck in its long-term range. Key Actionable Zones Immediate Resistance:   3,750c  (Major Structural Pivot). Target 1:   4,000c  (Psychological). Pivot Support:   3,550c  (Intraday Breakout Level). Critical Structural Support:   3,400c  (Weekly Higher Low). Previous Post (08 October): South 32: Running +14%. Short Term Traders Consider Taking (Partial) Profits Previous Post (21 September): 🎥Watch (Video): A Bit of Mean Reversion Due...? To access this name, you need to be an ACTIVE  trading client of Unum Capital, having traded via the desk in the last 7 trading days. 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 Tuesday, 20 January 2026 Time: 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

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 Monday, 19 January 2026 Time: 20h43 Previous Post (10 June 2025) Money Flow at multi-month highs. Here's a breakdown of the current price action: The 7-day trend  is indicated as "High Bullish Momentum / Approaching Overbought," while the 14-day trend  is "Very Bullish." Comparison: Both the short-term ( 7-day ) and slightly longer short-term ( 14-day ) trends indicate upward momentum ("High Bullish Momentum / Approaching Overbought" and "Very Bullish" respectively). This suggests a consistent buying pressure across these timeframes. The "Very Bullish" 14-day trend  reinforces the "High Bullish Momentum / Approaching Overbought" 7-day trend , indicating that the recent strength is part of a broader upward movement. Potential Trading Approach: Short Term (Approximately Next 1 to 10 Trading Days):  The model notes, "Aggressive Buying Wait For Pullback To Enter Next-Alternatively If The Highs Fail To Hold Then Short Back To The 8 Or 21-EMA." Approach:  While there is aggressive buying, the recommendation is to wait for a pullback before entering. Alternatively, if the highs fail to hold, consider shorting back to the 8 or 21-period Exponential Moving Average (EMA). Medium Term (Approximately Next 2 to 4 Weeks):  The model indicates "Aggressive Buying But Do Not Chase-Look For Overshoot or Failure To Hold Prior Session Range Highs To Short-Sell Back To The 8-EMA." Approach:  The medium term suggests aggressive buying, but cautions against chasing the price. Instead, look for potential short-sell opportunities if the price overshoots or fails to hold above the prior session's high, targeting a move back down to the 8-period EMA. Long Term (Approximately Next 5 to 8 Weeks):  The model states, "Has Resumed A Bull Move In A Strong Upward Trend." Approach:  The long-term perspective indicates that SPOT SILVER has resumed a strong upward trend. This suggests a continued bullish bias over the next 5 to 8 weeks. Overall Trading Considerations: Consistent bullish momentum: Both short and slightly longer short-term trends are bullish, supporting upward price action. Short-term caution: Despite the buying pressure, the model advises against chasing and suggests looking for short-sell entries on weakness relative to the prior session's high or waiting for a pullback. Medium-term aggressive buying with a caveat: The medium term reinforces aggressive buying, but highlights the importance of not chasing and considering short-sell opportunities on overshoots or failures at prior session highs. Long-term strong upward trend: The long term clearly indicates a resumed bull move in a strong upward trend. In summary the current view is bullish across all timeframes, with a long-term strong upward trend. However, short-term and medium-term traders should be cautious of potential overshoots and failures at prior session highs for tactical short opportunities or wait for pullbacks for long entrie s. 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 (13 July): Buy/long idea. False breakdown i.e. a scoop n score play via the weekly chart. Retaining it's position above 80.00 is key. Stop-loss: 74.00 Target: 105.00 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 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 Daily Time Frame = Overheated Monthly Time Frame = As highlighted on 28 December, just about starting to enter the overbought range (but not extreme). Previous Post (28 December 2025) Monthly Time Frame: Room to run? Trend remain up. Sentiment not yet at extreme levels. See blue shaded area similar to prior years. The indicator is a custom-built risk and sentiment index, designed to assess market risk appetite, including whether sentiment is at an extreme position (i.e. excessively bullish or excessively bearish). Components: Copper:  Copper often serves as a proxy for global economic activity. A decline in copper prices could signal slowing economic growth, increasing risk. High Beta vs Low Beta:  High beta stocks tend to be more volatile than low beta stocks. A widening spread between high and low beta returns might indicate increased risk aversion. Growth vs Value:  Growth stocks typically outperform value stocks in bull markets. A shift towards value stocks could suggest investors are becoming more cautious. EM Currencies:  Emerging market currencies can be sensitive to risk appetite. A weakening of EM currencies could signal increased risk aversion. AUD/USD:  The Australian Dollar is often used as a proxy for global risk sentiment. A decline in AUD/USD could indicate increased risk aversion. Consumer Staples vs Consumer Discretionary:  Consumer staples are generally considered defensive assets. A shift towards consumer staples could suggest investors are seeking safety. Semiconductors vs S&P 500:  The semiconductor sector is cyclical and sensitive to economic downturns. Underperformance of semiconductors relative to the broader market could signal increased risk. Russell 2000 ETF:  This ETF tracks small-cap stocks, which are generally considered riskier than large-cap stocks. Underperformance of the Russell 2000 could suggest increased risk aversion. U.S. Dollar Index (Inverse):  A strengthening US Dollar often signals a flight to safety, suggesting increased risk aversion. 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 Strong Rebound vs Buy Re-Entry Range (+18.9%) Now trading in a high bullish momentum regime (7 day trend). On the 5 to 8 week trend, sellers becoming active. See model below for further insight. Previous Video (19 October) 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