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September 2026 > https://www.unum.capital/post/rsep2026 NOTE: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes This content is free. CORE THESIS: The 7-Day trend is Neutral while the 14-Day trend remains Bullish. Nedbank is consolidating within a broader upward trend, though short-term price action has softened on lower timeframes. Long-term upward momentum remains constructive, but tactical execution favors waiting for deeper EMA support before committing fresh long capital. CLASSIFICATION: [🔵] BUY ON DEEPER PULLBACK RECOMMENDED STRATEGY: ACCUMULATE ON DEEPER SUPPORT Wait for price action to test support at or just below the 50-EMA (or the 21-EMA if the 8-EMA is breached) followed by a confirmed reclaim to trigger a rebound buy. This allows entries to align with the dominant 14-day bullish trend while mitigating lower timeframe weakness. ALTERNATIVE STRATEGY: TACTICAL SHORT ON RANGE HIGH FAILURE Monitor price action around prior session range highs. If the price fails to hold or cleanly break through these overhead levels, initiate a tactical, counter-trend short-sell targeting the lower EMA support cluster. NOT RECOMMENDED: CHASING AGGRESSIVE BREAKOUTS Do not buy blindly into near-term rallies without a confirmed reclaim. The lower timeframes are showing signs of exhaustion, making top-of-range entries vulnerable to sudden mean-reversion pullbacks. Lester Davids Senior Investment Analyst: Unum Capital

September 2026 > https://www.unum.capital/post/rsep2026 NOTE: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes This content is free. Spot Platinum (XPT/USD) | The commodity is higher by 20% vs our note on 25 June, part of which was influenced by the price action model. The daily time frame reflects a price that is in a 'STRONG' regime and is starting to trade into a flat 200-day simple moving average (SMA). The short term trend is positive, with the price developing higher highs and higher lows, supported by rising 8-day and 21-day exponential moving averages. Short term resistance is in the $1960 to $2050 range while strong short term support is around the $1700 level. Lester Davids Senior Investment Analyst: Unum Capital

State Street S&P Software & Services ETF (XSW) +18% - Take Profit / Lock In Gains 💡Trade Setup: A Breakout Looming in this ETF. Target = $235 Published Thursday, 09 July (US Trading Session, 20h58 South African Time) State Street S&P Software & Services (XSW) Last Price = $178.50 Stop (Dependent), for now, below $152.00 Time frame = medium term 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, specifically by helping to determine the best potential times and levels to commit capital. 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 is being held by a trader, while the probabilities are based on several factors, which may include: Short-term ratings and medium-term regimes Momentum indicators Horizontal or diagonal support and resistance Candle structure Moving averages and standard deviation Please note that these are short-term levels and may contrast with medium- and long-term outlooks, which are based on the weekly and monthly charts and are generally more applicable to long-term investors. These levels are subject to change based on market sentiment, subsequent price action, and company/sector-specific or macroeconomic news flow. As always, while the levels are outlined to guide your capital deployment, traders should be prepared to adjust in real-time based on the aforementioned factors. 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

Thank you for your interest in our research. Year-to-date, we have published over 1200 research notes. These research insights help clients: (1) manage risks and (2) uncover opportunities, with the ultimate goal of helping to allocate capital to opportunities that offer the best reward-to-risk for a client's time frame. 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? +50 Take Profit Opportunities: Our Capabilities > https://www.unum.capital/post/capabilities To open a trading account and/or move from your existing service provider, email tradingdesk@unum.co.za. Alternatively, Sign Up Here: https://tradedesk.co/tenant/Unum/signup Latest Research: OUTsurance https://www.unum.capital/post/out2808 PPC https://www.unum.capital/post/ppc2808 Technical Screen https://www.unum.capital/post/tshbull2808 JSE Top 40 Index https://www.unum.capital/post/j2002808 Standard Bank https://www.unum.capital/post/sbk2808 Capitec Bank https://www.unum.capital/post/cpi2808 Sasol https://www.unum.capital/post/sol2808 Harmony Gold https://www.unum.capital/post/har2708 AECI Ltd https://www.unum.capital/post/afe2708 PREMIUM CONTENT: Bullish Reversal Target +8400c https://www.unum.capital/post/premiumboxent Reinet Investments https://www.unum.capital/post/rni2708 FirstRand https://www.unum.capital/post/fsr2708 Global Ideas: iShares Malaysia Index Fund https://www.unum.capital/post/ewm2608 Global Idea: Invesco Agriculture Fund https://www.unum.capital/post/dba2608 USD/ZAR https://www.unum.capital/post/usdzar2608 Harmony Gold https://www.unum.capital/post/har2608 +4% Overnight Rally https://www.unum.capital/post/prdsyemium2608 Sprott Junior Copper Miners ETF https://www.unum.capital/post/copj2608 Astral Foods https://www.unum.capital/post/arl2608 AVI Ltd https://www.unum.capital/post/avi2608 Naspers https://www.unum.capital/post/npn2608 Global Idea: Uranium Miners ETF https://www.unum.capital/post/urnm2508 MTN Group https://www.unum.capital/post/mtn2508 🛜Trade Setup via the Price Action Model https://www.unum.capital/post/pdsyremium2508 Internal Rotation: These Shares Are Improving https://www.unum.capital/post/internalrotation2508 Volatility Squeeze https://www.unum.capital/post/premithaum2508 SPDR GNR ETF: Running +8% https://www.unum.capital/post/gnr2408 Trading or Watching? https://www.unum.capital/post/2bhg2408 BHP Group https://www.unum.capital/post/bhg2408 MTN Group https://www.unum.capital/post/mtn2408 Spot Gold https://www.unum.capital/post/xau2408 Buy Re-Entry Range https://www.unum.capital/post/premiabgum2408 Full Target Reached at 185.00 https://www.unum.capital/post/sap2408 🟥 Trade Setups: Here's Where I Was Wrong https://www.unum.capital/post/wrong2408 Risks To Current Sector Positioning https://www.unum.capital/post/sectorrisks2408 Relative Sector Momentum Summary https://www.unum.capital/post/modash2408 JSE Resources Mining & Resources: Internal Rotation https://www.unum.capital/post/resmin2408 JSE Financials Internal Rotation https://www.unum.capital/post/financials2408 Technical Screen: Overbought (Daily) https://www.unum.capital/post/tsoverbought2408 Technical Screen: HBM / Approaching Overbought (Daily) https://www.unum.capital/post/tshbm2408 Technical Screen: HBM / Approaching Oversold (Daily) https://www.unum.capital/post/tshbearm2408 Technical Screen: Oversold (Daily) https://www.unum.capital/post/tsoversold2408 Sector Oversold https://www.unum.capital/post/jsebanks2408 Sector Overbought https://www.unum.capital/post/goldminers2408 🛜Price Action Model Signals (4x) https://www.unum.capital/post/pamsig2408 🛜Price Action Model Signal https://www.unum.capital/post/premiudcpm2408 African Rainbow Minerals https://www.unum.capital/post/ari2408 🟥 Trade Setups: Here's Where I Was Wrong https://www.unum.capital/post/wrong2408 🛜 4x Sell/Reduce Signals https://www.unum.capital/post/sellpremium Spot Gold https://www.unum.capital/post/xau2108 JSE Top 40 Index https://www.unum.capital/post/j2002108 PREMIUM CONTENT: Price Action Model Signal 🛜 https://www.unum.capital/post/prstxindemium2108 Spot Platinum https://www.unum.capital/post/xptusd2108 Trade Setups: Looking Ahead To Next Week (24 - 28 August) https://www.unum.capital/post/tradesetups2108 Nutrien, Bunge & ADM https://www.unum.capital/post/agribiz2008 Buy Idea via Watchlist https://www.unum.capital/post/premiushpm2008 Buy Idea: Volatility Index https://www.unum.capital/post/vix2008 Spot Gold https://www.unum.capital/post/xau2008 JSE Top 40 Index https://www.unum.capital/post/j2002008 Buy Idea via Watchlist https://www.unum.capital/post/premiavium2008 Impala Platinum https://www.unum.capital/post/imp1908 Sell Idea via Watchlist https://www.unum.capital/post/premnedium1908 Anheuser Busch-Inbev https://www.unum.capital/post/anh1908 15 Weeks / 50 Take Profit Opportunities https://www.unum.capital/post/tpo1908 Regeneron Pharmaceuticals https://www.unum.capital/post/regn1808 Spot Platinum https://www.unum.capital/post/xptusd1808 Energy Sector https://www.unum.capital/post/xleenergy1808 Nedbank https://www.unum.capital/post/ned1808 *New: Interactive Momentum Matrix https://www.unum.capital/post/imm1808 PSG Financial Services https://www.unum.capital/post/kst1808 North American Natural Resources ETF https://www.unum.capital/post/ige1708 PPC Limited https://www.unum.capital/post/ppc1708 Standard Bank https://www.unum.capital/post/sbk1708 Thungela Resources https://www.unum.capital/post/tga1708 Macro & Intermarket Overlay https://www.unum.capital/post/weeklyreport1721aug S&P 500 Index https://www.unum.capital/post/weeklyreport1721aug JSE Top 40 Index https://www.unum.capital/post/weeklyreport1721aug Relative Rotation Graph https://www.unum.capital/post/weeklyreport1721aug Relative Sector Breadth https://www.unum.capital/post/weeklyreport1721aug Exxaro Resources https://www.unum.capital/post/weeklyreport1721aug Naspers https://www.unum.capital/post/weeklyreport1721aug Nedbank https://www.unum.capital/post/weeklyreport1721aug Absa https://www.unum.capital/post/weeklyreport1721aug MTN Group https://www.unum.capital/post/weeklyreport1721aug Sasol https://www.unum.capital/post/weeklyreport1721aug Sibanye Stillwater https://www.unum.capital/post/weeklyreport1721aug Momentum Dashboard https://www.unum.capital/post/weeklyreport1721aug Valterra Platinum https://www.unum.capital/post/weeklyreport1721aug Spot Platinum https://www.unum.capital/post/weeklyreport1721aug Spot Palladium https://www.unum.capital/post/weeklyreport1721aug Sector Momentum: Neutral / Consolidating 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NOTE: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes OUTsurance (OUT) + 20% in 14 Weeks Previous Post (14 June):💡Re-Emerging Momentum: Multi-Month Consolidation + Igniting Candle Structure + Potentially Similar Structure To Previous Breakout OUTsurance Ltd (OUT) Last Close: 7380c Setup invalidated on a close below 6800c. OUTsurance was a share we discussed at 4780c less than 2 years ago. The most recent high was 8125c, reached one year ago, in June 2025. Monday, 30 September 2024 Time Published: 15h23 The previous measured move target was exceeded Today the share has reached a multi-year high of R60 Now trading close to it's rising trend line resistance Previous Post: Tuesday, 17 September 2024 Real-Time: 09h40 Previous Post Real-Time: 09h41 Ticker: OUT High Bullish Momentum Regime Approaching Measured Move Target Reduce Into Strength Original view, as published to clients Lester Davids Analyst: Unum Capital

NOTE: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes This content is free. Into the buy range, followed by a rebound and in line with the price action model. Previous Post (17 August) Early Buy Signal: Lower Levels Expected Before A Tactical Rebound 🛜 Price Action Model Signal for: PPC LIMITED | CODE: PPC Lester Davids Senior Investment Analyst: Unum Capital

NOTE: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes This content is free. Daily Time Frame Anglo American Plc AngloGold Ashanti Aspen Pharmacare BHP Group Bytes Technology Group DRD Gold Northam Platinum Rainbow Chicken Sabvest Capital Southern Sun Thungela Resources Tharisa Plc *Data as of 10h20 on Friday 28 August 2026. Lester Davids Senior Investment Analyst: Unum Capital

NOTE: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes This content is free. JSE Top 40 Index (J200) | The index has rebounded +5% vs our buy re-entry range and has spent the last 4 sessions (thus far the entire week) inside last Friday's trading range. Let's examine the price relative to the key moving averages: Above it's rising 8-day EMA Above it's rising 21-day EMA Recently shifted back above the 200-day SMA Recently shifted back above the 75-day EMA The reward-to-risk / rating is NEUTRAL with neither a strong bull or bear case from current levels. A strong move higher from here is likely to see a high bullish momentum phase develop, which, over the medium term, could see overbought conditions being to set in. This would: (1) set up a tactical short/sell trade or, for longs, an opportunity to reduce into strength. Lester Davids Senior Investment Analyst: Unum Capital

NOTE: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes This content is free. Capitec Bank | It's worth noting the bearish engulfing candle formation developed during the last session (Thursday, 27 August). The close was the lower for the week and may be the start of the breach of the incline support extending back to the late March swing lows. Resistance is the 8 and 21-day exponential moving average while support is a very fragile 75-day exponential moving average with poor candle structure likely to breach it to the downside. For now, the price action points toward a 'sell on rally' technical rating. Lester Davids Senior Investment Analyst: Unum Capital

NOTE: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes This content is free. Sasol | The rebound off the 50-week/200-day SMA confluence has been strong (~R155 to ~R205), with the price subsequently consolidating in a sideways range from late July to late August. Relative to the moving averages (21w/50w), the price trades in a neutral range, hovering just these flat EMAs, which suggests neither a strong bull or strong bear case from current levels. Rating: Buy on Deeper Pullback. Lester Davids Senior Investment Analyst: Unum Capital

NOTE: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes This content is free. Standard Bank | Following several tests since Q1, the share is at risk of breaching it's 21-week exponential moving average to the downside. The share has sold off strongly from our sell re-entry range ~R338 and recently tested a low of ~R313. At current levels, volatility in the share is low with the price now rebounding into it's declining 8-week EMA. Rating: Buy on Deeper Pullback. Lester Davids Senior Investment Analyst: Unum Capital

+50 Take Profit Opportunities: Our Capabilities > https://www.unum.capital/post/capabilities Free Content: August 2026 > https://www.unum.capital/post/raug2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za NOTE: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes Harmony Gold advanced into the sell re-entry range (traded at the upper boundary thereof) and is now lower by 11%. Well done to clients who took the opportunity to trade. Execute Your Trades Via The Unum Capital Trading Desk: For a decade, more than 90% of our research has been free, which means that whether you are a client or not, you can access our insights, including our trade ideas. If you have been reading our research but use another trading services provider/broker to execute the trades, why not consider moving you trading account to Unum Capital thereby routing the trades through our desk? Previous Post (13 August): Trading Harmony Gold: Actionable Areas For Short Term Traders Our research is open, which means that whether you are a client or not, you can access our research, including our trade ideas. If you have been reading our reading but using another trading services provider/broker to execute your trades, why not consider moving you trading account to Unum Capital? 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, specifically by helping to determine the best potential times and levels to commit capital. 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 is being held by a trader, while the probabilities are based on several factors, which may include: Short-term ratings and medium-term regimes Momentum indicators Horizontal or diagonal support and resistance Candle structure Moving averages and standard deviation Please note that these are short-term levels and may contrast with medium- and long-term outlooks, which are based on the weekly and monthly charts and are generally more applicable to long-term investors. These levels are subject to change based on market sentiment, subsequent price action, and company/sector-specific or macroeconomic news flow. As always, while the levels are outlined to guide your capital deployment, traders should be prepared to adjust in real-time based on the aforementioned factors. 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