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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 Market Breadth : Majority of tickers in Leading/Weakening quadrants suggest a mature but supported bull market. 📈 Sector Rotation : Financials/Materials lead; Retail/Consumer Services show early Improving signs from oversold levels. 🔄 Reward-to-Risk : Average R:R for Buy on Pullback is 4.5:1 , significantly higher than Buy Continuation at 3.0:1 . ⚖️ Momentum Divergence : Note divergence in CFR  and NPN ; macro lags but micro-indicators are bottoming. 📉↔️📈 Mean Reversion : Tickers like ARI  and APH  are >15% away from base term averages, signaling imminent reversion. 🧲 Volatility Pulse : Ultra-Volatile indicators showing extreme readings (>95) in 22% of list; micro-pullback is near. ⚡ Financial Stability : Banks ( ABG, NED, SBK ) show Deceleration—macro trend remains, velocity is fading. 🏦 Institutional Footprint : Heavy volume at capitulation points of MNP  and MRP  suggests smart money accumulation. 👣 Commodity Influence : Gold-linked tickers ( GFI, HAR ) remain in Full Expansion, the strongest RRG configuration. 🥇 The "Lift" Factor : AEL  and BID  are high-probability turnaround plays exiting the Lagging zone. 🚀 Overextension Risk : Materials sector is the most "overheated," requiring aggressive stop-loss trailing. 🌋 Defensive Shift : Staples ( OCE, BTI ) moving into Leading, suggesting a shift toward defensive growth. 🛡️ Liquidity Wash : Watch for "stop-runs" in Financials where micro-momentum is unstable but macro is strong. 🌊 Factor Leadership : Momentum remains the dominant factor over Value in the current rotation. 🏎️ Gap Risk : High velocity breakouts in PWR/LSK  are prone to "gap-fill" retests before the next leg. 🕳️ Trend Fragility : Tickers in Weakening are one micro-thrust away from rotating into Lagging if support fails. 🏚️ Relative Strength : JSE Top 40 components are outperforming mid-caps in the current RRG cycle. 📊 Cyclical Rejection : PRX  and TFG  showing "Sell on Rally" patterns suggest structural resistance remains. ⛔ Capitulation Cluster : Cluster of retailers at "surrender point" suggests a sector-wide bounce is brewing. 🧺 Final Verdict : Stay long leaders but prioritize the "Bullish Dip"  for new entries to maximize R:R. 🏁 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 Applicable to medium term traders. Note: The share has rebounded in line with the price action model which, on the long term (5 to 8 week time frame), highlighted the probability of a small rebound (see price action model in the original note further below). Previous Post (02 December): Investec Ltd: Early Buy Re-Entry Trigger + Probability of Small Rebound on Higher Time Frame Trading Notes/Resources (Where Applicable) READY TO TRADE: ACTIONABLE AREAS:  For active traders who look to generate cash flow on a continuous basis, determining the ‘next best probability’ level to execute against may be of immense value.  The blue and red  horizontal lines on the chart  represent a next best probability buy re-entry range and a next best probability sell re-entry range  over the short term. The ranges assume no existing position being held by a trader while the probabilities are based on several factors which may include: short term rating, medium term regime, momentum, horizontal or diagonal support/resistance, candle structure, moving averages and standard deviation, among others. These are short term levels and may be in contrast to medium and long term outlooks which are based on the weekly and monthly charts and, which may be applicable to long term investors. These levels are subject to change  based on sentiment, the subsequent price action and company/sector specific or macro news flow. As always, while the levels are outlined, traders should be prepared to adjust in real-time  based on the aforementioned. "Strategy Alerts"  help clients identify trading opportunities . When a ticker's real-time or pre-market price action aligns with the criteria on a slide—such as a pullback to the 21-day EMA or a breakout from a consolidation base—it effectively "matches" that stock to the strategy, triggering an alert to a potential trading opportunity.  This approach transforms the playbook into a dynamic scanning tool, allowing you to instantly categorize active stocks by the specific technical thesis playing out , ensuring that every trading potential opportunity communicated is backed by a predefined, actionable setup. THE TACTICAL TRADING GUIDE (PRICE ACTION MODEL) :  UNCOVER OPPORTUNITIES & ASSESS REWARD-TO-RISK It helps helps clients determine and shed light on the some of the following: The CURRENT TECHNICAL POSITION  and a PRICE ACTION PROBABILITY  for multiple time frames. Three (3) ‘trading’ time frames are considered: Short Term (1 to 10 days) / Medium Term (2 to 4 weeks) and Long Term (5 to 8 weeks) Whether the reward-to-risk is attractive for a buy/long position Whether a share is weak. In this case, wait until the price stabilizes before looking to enter (i.e. want until it stops going down) Whether aggressive buying is underway. In this case, do not ‘chase’ (do not buy) but instead wait for a pullback to re-enter a buy or an overextension with deteriorating candle structure to sell/short. Whether a trader can look to buy a pullback into a key moving average (continuation trade) Whether a share needs to break a range for a new trend to be determined (bullish or bearish) Whether a traders needs to monitor for a change of character that could lead to a bullish or bearish reversal Whether a share could start a consolidation phase or before continuing it’s bullish or bearish trend Whether the upward momentum is slowing (if it's in a bullish phase) Whether buyers can look to 'phase in' to a position (if it's in a bearish phase) Whether a share lacks directional bias. The data set is available in real-time (on request) The readings are subject to change as the price action develops. TRADING TIP # 1 Let The Candle Confirm   Out of all those available, Candlestick Charts are the most widely used when it comes to analyzing price from a technical perspective.  The interpretation thereof helps traders to understand the interaction between market participants and informs who is in control between buyers and sellers. Various types of candle formation convey key information about the range of outcomes for a share for example, following a downward trend, a long lower tail, doji, piercing or bullish engulfing suggests that buyers have started to become active/started to take an interest while following an upward trend, a long upper tail, doji, dark cloud cover or bearish engulfing suggests that sellers have started to become active/started to take an interest. While information is conveyed pre-market, it is the intraday price action that will confirm any trade or opportunity. While we have a plan, we are also ready to switch gears as the price action develops. TRADING TIP # 2: Failure & Reclaim FAILURE to hold a prior session high/range high may signal that the upside momentum is slowing and that an opportunity to short/sell may be at hand. This is often reflected via a deteriorating candle structure which suggests that sellers are starting to take control. Examples of such candles are long upper tails, doji's, dark cloud covers, bearish engulfing candles etc. RECLAIMING a prior session low/range may signal that the downside momentum is slowing and that an opportunity to buy may be at hand. This is often reflected via a improving candle structure which suggests that buyers have started to enter and are looking to take control of the price action. Examples of such candles are long lower tails, doji's, piercing candles, bullish engulfing candles etc. TRADING TIP # 3: Take Note of the 'Igniting Bar'   This is a large green or red candle which suggests that traders should: TAKE NOTE  note of the change in characters and potential change of the trend. TAKE NOTE  of a potential acceleration of the trend. TAKE NOTE  of potentially aggressive buy or selling Often, BIG MOVES start with BIG MOVES. Core Trading Principles: Short and Medium Term Trade with the primary trend. Volume Matters. This represents the interest of large institutional investors who have the ability to move a share, both up and down. Do not short/sell a share that is above, and in close proximity to it’s rising 8 and 21-day moving averages. This trend can persist for an extended period. Ultra short term traders, if a share has advanced strongly over a 3-7 day period, book profits. You can always re-enter and do the same trade at lower levels. If a share is printing a large bullish (green) candlestick following an extended move, use the strength to sell. The likelihood that the share retraces is high. If a share is printing a large bearish (red) candlestick following an extended move to the downside, use the weakness to start a long position. The likelihood that the share rebounds is high. Trade in the direction of the 20-day moving average, using the MA as a level to enter as well as a hard break thereof as a trailing stop-loss. The 8 and 21-day moving averages often act as support and resistance levels. When they are turning down, use them as levels to sell into. The opposite applies when they are turning up. The first back-test and undercut of the 50/75-day exponential moving average range has a high probability of holding as support or resistance. Buy or sell it for a 1-3 day move to generate cash flow. Stocks above a rising 200-day moving average spend the majority of their time trending higher. The opposite applies when the 200-day is trending down. Previous support can turn into resistance and previous resistance can turn to support. Use these zones as levels to trade against. Support and resistance levels and key moving averages are ranges rather than exact levels. They often overshoot these zones before occasionally reversing at these levels. Respect the FIB (Fibonacco) retracement zones. They often act as support and resistance levels. ‘PAY-tience Pays’, however be nimble to react to opportunity to cut when a trade hasn’t been working. Above all, know your time horizon . Lester Davids Senior Investment Analyst: Unum Capital

Research Notes January 2026 > https://www.unum.capital/post/rjan2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Please share this post in your social circle by using the following link: https://www.unum.capital/post/ideas1601 NEW RESEARCH The data set below is based on the daily time frame and is subject to change based on the subsequent price action and news flow. For the key levels, select a maximum of two (2) shares you'd like to review and e-mail me at lester@unum.co.za Please use the poll below to vote on whether you find the above data set useful. Please share this post in your social circle by using the following link: https://www.unum.capital/post/ideas1601 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 In less than 15 month, ASML has rallied by 92%, with it's market cap rising above $500 billion. Previous Post: Global Ideas: ASML Thursday 31 October 2024 Time Published: Pre-Market Share: ASML Holding Exchange: Euronext Ticker: ASML Sector: Semiconductors Tactical Trading Guide 3x Time Frame Reading: Daily Price Chart Lester Davids 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 September): VanEck Steel ETF: Multi-Year Base Looking To Break Out (See Monthly Chart) Previous Post (11 July): Global Idea: ArcelorMittal (ADR); Strong Price Action Within Weekly Consolidation Last Price: $34.41 Target: $53.00 Stop-loss: $25.12 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 $71.26 or lower Stop-loss: $64 Target(s): $85.00 and $89.00 Code: DGRO Lester Davids Senior Investment Analyst: Unum Capital

Research Notes December 2025 > https://www.unum.capital/post/rdec2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Most recently, the share gave us a trading opportunity for a 5% tactical rebound. Longer term, the share, on a relative basis, is trading at extremes vs it's 200-day moving average. Indicator: 200-Day Moving Average Distance (Relative) Current Reading: -23.98% DOMINANT TREND: ACCELERATED UNDERPERFORMANCE The BID/J200 ratio has entered a parabolic descent. The breakdown below the 2020 "Covid-low" support levels indicates a major structural shift. Bid Corp is currently decoupled from the broader market strength of the JSE Top 40, signaling intense selling pressure on a relative basis. STATISTICAL EXTREME (MA DISTANCE) At ~24% below its 200-day Moving Average, the stock is at its most extended "oversold" state in over a decade. Historically, deviations beyond 15-18% are rare for this pair; the current reading represents a 3-standard deviation event from the mean. MEAN REVERSION POTENTIAL The "Rubber Band" theory suggests a high probability of a snap-back rally. In 2018, 2020, and 2022, similar (though less extreme) extensions resulted in sharp periods of outperformance. However, the current vertical drop suggests the "mean" itself is now falling rapidly, which can dampen the magnitude of the eventual recovery. REWARD-TO-RISK RATIO Upside: Potential 24% relative gain if the ratio returns to its 200-day equilibrium. Downside: Low technical visibility. Until the price flattens, the "floor" remains theoretical. Verdict: Mathematically favorable for long-term contrarians, but high-risk for short-term traders due to lack of price stabilization. STRATEGIC OUTLOOK: MONITOR FOR EXHAUSTION The current price action represents "capitulation." Tactical investors should look for the MA_dist indicator to cross back above the -20.00 threshold as a signal that the selling climax has peaked. Avoid front-running the turn until the daily candle shows a reversal pattern. Previous Post (18 December): Short Term Traders, Grab This +5% on Bid Corp (Take Profit) The share has started to follow the 'potential price path'. Short term traders, take profit on this +5% move. Medium term traders, hold and raise your stop-loss for potentially further gains. Previous Post (19 November): Bid Corp: Early Buy Trigger (Lower Time Frame); Lower Levels Expected Before Potential Rebound 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 current level ($30.81 ) or lower Stop-loss: $26.00 Target(s): $40.00 and $42.00 Previous Post 07 October 2025: Global X Uranium ETF Running +80% & Fresh All Time High The ETF is higher by 80% since our note on 09 February...Well done to clients who are capitalizing on the opportunities at hand. Previous Post (09 February): Potential base formation which could also be seen as the development of an inverse head and shoulder pattern. Reasons to Consider URA High Growth Potential Uranium will likely play a key role in the global energy transition. Forecasts suggest that reactor demand could rise from an estimated 65,650 metric tonnes in 2023 to nearly 130,000 in 2040.1 Emerging Energy Opportunity Nuclear energy is a dependable method for generating clean electricity, emitting zero direct emissions during operations.2 As governments pledge to reduce fossil fuel reliance, nuclear could be a viable bridge while more renewable capacity is built. ETF Efficiency In a single trade, URA delivers efficient access to a basket of companies involved in mining uranium and producing nuclear components. ETF Summary The Global X Uranium ETF (URA) provides investors access to a broad range of companies involved in uranium mining and the production of nuclear components, including those in extraction, refining, exploration, or manufacturing of equipment for the uranium and nuclear industries. AI-Assisted Insights Several factors are driving investment in uranium:   Growing demand for clean energy: Nuclear power is a reliable, low-carbon energy source that can help meet global climate goals. As countries seek to decarbonize their energy sectors, nuclear power is becoming an increasingly attractive option. Geopolitical considerations: The war in Ukraine has highlighted the need for energy security and diversification. Uranium is a strategic commodity, and investors are increasingly interested in securing supplies of this critical resource.   Supply constraints: Uranium production has been relatively flat in recent years, while demand is expected to grow. This could lead to supply shortages and higher prices in the future. Technological advancements: New technologies, such as small modular reactors (SMRs), are making nuclear power more affordable and accessible. This could lead to a resurgence in nuclear power construction and increased demand for uranium.   Industry consolidation: The uranium industry is consolidating, with larger companies acquiring smaller ones. This could lead to improved efficiency and profitability for the sector. 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 Woolworths is now running +20% from our original note. If if you missed the move off the lows, buy pullbacks into rising moving averages. The fundamental (and technical) recovery is underway. Woolworths Notes As Published/Communicated To Clients: 06-November https://www.unum.capital/post/woolwo   20 October https://www.unum.capital/post/wawool 19 August https://www.unum.capital/post/woolvi 08 July https://www.unum.capital/post/whldist 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 📊 A comprehensive analysis  of the JSE universe across 115 tickers reveals a market characterized by high-velocity momentum in core sectors, though significant exhaustion is beginning to manifest in the 'Leading' quadrant. Breadth remains relatively healthy, but the dispersion between performance leaders and laggards suggests we are transitioning from a broad-based rally into a more selective, tactical phase where execution timing is paramount. ⛏️ The Basic Materials sector  continues to dominate the leading edge of the RRG, though it simultaneously flashes the most 'At or approaching sell/reduce' signals. While giants like AGL and ANG (trading at 162,637 ZAC) have driven index returns, their current 'NO' Buy verdict underscores a localized exhaustion. In contrast, the Financials sector is exhibiting the healthiest internal breadth, with a high concentration of 'Buy on pullback' setups in heavyweights like SBK and NED, suggesting a rotation of capital into value-oriented banking. 🚀 Momentum remains the dominant factor , clearly visible in the 'Buy continuation' success of the Technology and Telecommunications sectors, where NPN and VOD maintain strong upward trajectories. However, the 'Improving' quadrant is beginning to see a resurgence in the Real Estate and Consumer Services sectors. This shift indicates a broadening of the market's internal structure as investors hunt for laggard plays with favorable Risk:Reward profiles. ⚖️ The internal tally  of the 115-stock universe shows a significant tilt toward selective entries. Currently, there are more 'Buy continuation' and 'Buy on pullback' opportunities than outright 'Sell' signals, but the quality of these buys is highly bifurcated. The high-conviction 'YES' verdicts are largely found in names like DSY and FSR where momentum is cooling into support, whereas the 'NO' verdicts are concentrated in parabolic moves that have hit statistical "walls." 🛑 Signs of institutional exhaustion  are prominent in the Materials and Staples sectors. When leaders like BHG and SOL reach 'At or approaching sell/reduce' status, it typically precedes a period of range-bound consolidation. This exhaustion is not necessarily a precursor to a crash, but rather a mandatory cooling period that allows the internal plumbing of the market to reset before the next major leg. 🎣 The 'Lagging' quadrant  offers the most aggressive upside for contrarian traders. Names like MRP and SHP are categorized as 'At or approaching buy/add', representing a capitulation play where the selling pressure has likely peaked. While these carry higher risk, the R:R ratios in this group are among the highest in the 115-stock table, often exceeding 6.0, providing a significant buffer for those looking to catch the turn. 🎯 A quantitative scan  of the table shows that the best Risk:Reward (R:R) setups are currently found in the Technology sector, specifically PWR and NPN, where the distance to the logical stop is small relative to the upside target. Conversely, the Basic Materials leaders have seen their R:R compress significantly below 3.0, suggesting that the "easy money" has been made and protective stops should be trailed aggressively. 💧 Trading internal market shifts  requires precise execution, especially in high-priced counters like CPI (418,721 ZAC). The 'Buy Now' column serves as a liquidity filter; only those stocks with active momentum or confirmed support levels are cleared for immediate entry. This prevents capital from being tied up in 'Improving' names that haven't yet found a definitive floor. 📖 Overall, the market internals  suggest a "Tale of Two Markets." The outer layer—the indices—is being propped up by extended Materials, while the inner layer—the individual setups—is offering rich 'Buy on pullback' opportunities in Financials and Industrials. The transition from AGL/ANG leadership toward SBK/FSR and NPN represents a healthy internal rebalancing. 💡 Investors should focus  on the 'Buy on pullback' setups in the Financials sector for stability, while maintaining a presence in Technology for growth. The high number of 'At or approaching sell/reduce' signals in the Materials space should be used as a signal to harvest profits and redeploy into the 'Improving' and 'Lagging' sectors that are showing signs of structural support. 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 Analysis of Daily Time Frame Trading Notes/Resources (Where Applicable) READY TO TRADE: ACTIONABLE AREAS:  For active traders who look to generate cash flow on a continuous basis, determining the ‘next best probability’ level to execute against may be of immense value.  The blue and red  horizontal lines on the chart  represent a next best probability buy re-entry range and a next best probability sell re-entry range  over the short term. The ranges assume no existing position being held by a trader while the probabilities are based on several factors which may include: short term rating, medium term regime, momentum, horizontal or diagonal support/resistance, candle structure, moving averages and standard deviation, among others. These are short term levels and may be in contrast to medium and long term outlooks which are based on the weekly and monthly charts and, which may be applicable to long term investors. These levels are subject to change  based on sentiment, the subsequent price action and company/sector specific or macro news flow. As always, while the levels are outlined, traders should be prepared to adjust in real-time  based on the aforementioned. "Strategy Alerts"  help clients identify trading opportunities . When a ticker's real-time or pre-market price action aligns with the criteria on a slide—such as a pullback to the 21-day EMA or a breakout from a consolidation base—it effectively "matches" that stock to the strategy, triggering an alert to a potential trading opportunity.  This approach transforms the playbook into a dynamic scanning tool, allowing you to instantly categorize active stocks by the specific technical thesis playing out , ensuring that every trading potential opportunity communicated is backed by a predefined, actionable setup. THE TACTICAL TRADING GUIDE (PRICE ACTION MODEL) :  UNCOVER OPPORTUNITIES & ASSESS REWARD-TO-RISK It helps helps clients determine and shed light on the some of the following: The CURRENT TECHNICAL POSITION  and a PRICE ACTION PROBABILITY  for multiple time frames. Three (3) ‘trading’ time frames are considered: Short Term (1 to 10 days) / Medium Term (2 to 4 weeks) and Long Term (5 to 8 weeks) Whether the reward-to-risk is attractive for a buy/long position Whether a share is weak. In this case, wait until the price stabilizes before looking to enter (i.e. want until it stops going down) Whether aggressive buying is underway. In this case, do not ‘chase’ (do not buy) but instead wait for a pullback to re-enter a buy or an overextension with deteriorating candle structure to sell/short. Whether a trader can look to buy a pullback into a key moving average (continuation trade) Whether a share needs to break a range for a new trend to be determined (bullish or bearish) Whether a traders needs to monitor for a change of character that could lead to a bullish or bearish reversal Whether a share could start a consolidation phase or before continuing it’s bullish or bearish trend Whether the upward momentum is slowing (if it's in a bullish phase) Whether buyers can look to 'phase in' to a position (if it's in a bearish phase) Whether a share lacks directional bias. The data set is available in real-time (on request) The readings are subject to change as the price action develops. TRADING TIP # 1 Let The Candle Confirm   Out of all those available, Candlestick Charts are the most widely used when it comes to analyzing price from a technical perspective.  The interpretation thereof helps traders to understand the interaction between market participants and informs who is in control between buyers and sellers. Various types of candle formation convey key information about the range of outcomes for a share for example, following a downward trend, a long lower tail, doji, piercing or bullish engulfing suggests that buyers have started to become active/started to take an interest while following an upward trend, a long upper tail, doji, dark cloud cover or bearish engulfing suggests that sellers have started to become active/started to take an interest. While information is conveyed pre-market, it is the intraday price action that will confirm any trade or opportunity. While we have a plan, we are also ready to switch gears as the price action develops. TRADING TIP # 2: Failure & Reclaim FAILURE to hold a prior session high/range  high may signal that the upside momentum is slowing and that an opportunity to short/sell may be at hand. This is often reflected via a deteriorating candle structure which suggests that sellers are starting to take control. Examples of such candles are long upper tails, doji's, dark cloud covers, bearish engulfing candles etc. RECLAIMING a prior session low/range  may signal that the downside momentum is slowing and that an opportunity to buy may be at hand. This is often reflected via a improving candle structure which suggests that buyers have started to enter and are looking to take control of the price action. Examples of such candles are long lower tails, doji's, piercing candles, bullish engulfing candles etc. TRADING TIP # 3: Take Note of the 'Igniting Bar'   This is a large green or red candle which suggests that traders should: TAKE NOTE  note of the change in characters and potential change of the trend. TAKE NOTE  of a potential acceleration of the trend. TAKE NOTE  of potentially aggressive buy or selling Often, BIG MOVES start with BIG MOVES. Core Trading Principles: Short and Medium Term Trade with the primary trend. Volume Matters. This represents the interest of large institutional investors who have the ability to move a share, both up and down. Do not short/sell a share that is above, and in close proximity to it’s rising 8 and 21-day moving averages. This trend can persist for an extended period. Ultra short term traders, if a share has advanced strongly over a 3-7 day period, book profits. You can always re-enter and do the same trade at lower levels. If a share is printing a large bullish (green) candlestick following an extended move, use the strength to sell. The likelihood that the share retraces is high. If a share is printing a large bearish (red) candlestick following an extended move to the downside, use the weakness to start a long position. The likelihood that the share rebounds is high. Trade in the direction of the 20-day moving average, using the MA as a level to enter as well as a hard break thereof as a trailing stop-loss. The 8 and 21-day moving averages often act as support and resistance levels. When they are turning down, use them as levels to sell into. The opposite applies when they are turning up. The first back-test and undercut of the 50/75-day exponential moving average range has a high probability of holding as support or resistance. Buy or sell it for a 1-3 day move to generate cash flow. Stocks above a rising 200-day moving average spend the majority of their time trending higher. The opposite applies when the 200-day is trending down. Previous support can turn into resistance and previous resistance can turn to support. Use these zones as levels to trade against. Support and resistance levels and key moving averages are ranges rather than exact levels. They often overshoot these zones before occasionally reversing at these levels. Respect the FIB (Fibonacco) retracement zones. They often act as support and resistance levels. ‘PAY-tience Pays’, however be nimble to react to opportunity to cut when a trade hasn’t been working. Above all, know your time horizon . Lester Davids Senior Investment Analyst: Unum Capital

Research Notes 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 $77.03 or lower Stop-loss: $68 Target(s): $88.00 and $92.00 Lester Davids Senior Investment Analyst: Unum Capital