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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 Compared to our last report, this past Monday (05-January), these are the sector regime and momentum changes on a relative basis (compared to the JSE Top 40 Index), as of yesterday's close (Thursday 08 January). 1. Executive Summary: The Verdict The Great Rotation: Resources Cool, Financials Awake A significant sectoral rotation has occurred over the last 72 hours. The aggressive buying in Resources  (Diversified and Platinum Miners) has sharply decelerated, with short-term momentum dropping back to "Neutral" as traders book profits. Capital is rotating aggressively into Financials  and Defensives . Banks  have surged, breaking out of their slumber to register "Strong" signals across both Medium and Short terms. Simultaneously, Telecoms  has accelerated into "High Bullish Momentum," becoming the hottest short-term trade on the board. Coal Miners  have also confirmed their breakout, upgrading to a "Double Strong" (Medium & Short Term) profile, validating the tactical buy signal issued earlier this week. 2. Strategic Asset Allocation View Suggested portfolio weighting relative to the JSE Top 40 Index based on current technical posture. 🟢 Overweight (Accumulate / Momentum) Banks:  The new leadership pillar. A major shift from "Neutral" to "Double Strong." Telecoms:  The most aggressive momentum play ("High Bullish / Appr. OB"). Coal Miners:  Confirmed trend. Now "Strong" on both Medium and Short horizons. 🟡 Neutral (Hold / Profit Take) Platinum & Diversified Miners:  Momentum has vented. Short Term signals have dropped to "Neutral." Hold core positions but cease aggressive buying. Consumer Staples:  Improving. Short Term signal has shifted to "Strong," making this a solid defensive hold. Gold Miners:  Remains in structural consolidation. 🔴 Underweight (Avoid) Consumer Discretionary:  Risks remain elevated. Long Term sentiment is "High Bearish." Paper & Pulp:  Deteriorating. Short Term momentum has slipped to "Weak." Chemicals:  No signs of a bottom. 3. Detailed Sector Analysis by Tier Tier 1: The New Momentum Leaders Sector:  Telecoms Status:  Aggressive Trend Technical Profile: Medium Term:  Strong Short Term:  High Bullish Momentum / Approaching Overbought Analysis:  Telecoms has taken the baton from Miners. It is currently the only sector with a "High Bullish" short-term reading. This is a breakout that demands exposure, though trailing stops should be tightened as it nears overbought territory. Tier 2: The Awakened Giants (Financials) Sector:  Banks Status:  High Conviction Breakout Technical Profile: Medium Term:  Strong Short Term:  Strong Analysis:  After weeks of "Neutral" stagnation, Banks have fired a powerful bullish signal. The synchronization of "Strong" readings on both MT and ST timeframes typically precedes a sustained multi-week rally. Tier 3: The Confirmed Turnaround Sector:  Coal Miners Status:  Tactical Long Technical Profile: Medium Term:  Strong Short Term:  Strong Analysis:  The tactical bet has paid off. Coal has upgraded its Medium Term view to "Strong," aligning with the Short Term. This is no longer just a bounce; it is a trend. Tier 4: The Cooling Off Phase (Resources) Sectors:  Platinum Miners, Diversified Miners Status:  Consolidation Technical Profile: Short Term:  Neutral Analysis:  The "froth" has been blown off. Both sectors have seen their Short Term ratings drop to "Neutral." This is healthy for the long-term structure but indicates that the easy money has been made for now. Tier 5: The Defensive Shield Sector:  Consumer Staples Status:  Safety Play Technical Profile: Short Term:  Strong Analysis:  Quietly effective. While the Long/Medium terms remain Neutral, the Short Term shift to "Strong" suggests defensive rotation is active. Tier 6: The Laggards Sectors:  Technology, Luxury Goods, Consumer Discretionary Status:  Bottom Fishing (High Risk) Technical Profile: Short Term:  Neutral / Weak Analysis:  Technology and Luxury Goods have seen their Short Term signals stabilize to "Neutral," suggesting the selling pressure has paused. However, without a "Strong" impulse, these remain dead money. 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 Compared to our last report, this past Monday (05-January), these are the sector regime and momentum changes on a relative basis (compared to the JSE Top 40 Index), as of yesterday's close (Thursday 08 January). Banks:  🟢 Major Breakout.  The most improved sector. Shifted from complete dormancy to a "Double Strong" buy signal. Telecoms:  🟢 Acceleration.  Momentum exploded. Short Term hit the maximum "High Bullish" tier, and Medium Term confirmed the trend. Coal Miners:  🟢 Trend Confirmation.  The tactical Short Term buy signal from Jan 5 has now been validated by the Medium Term upgrading to "Strong." Cons. Staples:  🟢 Defensive Rotation.  Short Term broke out to "Strong," indicating capital hiding in safety. Miners (Div):  🟡 Rapid Cooling.  The "High Bullish" heat dissipated completely. Both Medium and Short term dropped to "Neutral." Profit taking active. Platinum Miners:  🟡 Consolidation.  A healthy reset. The dangerous "Overbought" reading on the Medium Term cooled to "Strong," and Short Term momentum paused. Technology:  🟡 Stabilizing.  Medium Term improved (exited "High Bearish") and Short Term neutralized. Selling pressure has eased. Insurers:  🟡 Recovery.  Long Term upgraded from "Weak," and Short Term stabilized. Joining the broader Financials lift. Luxury Goods:  🟡 Pause.  Short Term selling pressure halted (Weak → Neutral), but structural downtrend remains. Gold Miners:  ⚪ Unchanged.  Holding steady. The primary bull trend remains intact with no new short-term impulse. Hospitals:  ⚪ Unchanged.  Remains directionless. Paper & Pulp:  🔴 Deterioration.  Short Term signal failed, dropping back to "Weak." The value trap persists. Chemicals:  🔴 Deterioration.  Short Term support gave way. Returns to a "falling knife" profile. Cons. Disc.:  🔴 Volatility.  The Long Term "Oversold" signal retracted back to "High Bearish," suggesting the price may have bounced slightly but the structural stress remains extreme. (Previous Post: 05 January) 2025 JSE Sector Rotation Report 1. Executive Summary Key Takeaway: Miners & Telecoms Lead 🟢; Consumer Cyclicals Remain Oversold 🔴 The first trading week of 2026 presents a distinct divergence on the JSE. The General Miners  sector has exploded into "High Bullish Momentum," joining Platinum  and Coal  to cement Resources as the dominant market theme 🟢. Interestingly, Telecoms  have rotated aggressively into "Strong" territory, offering a defensive growth alternative. Conversely, the Consumer theme remains under severe pressure. Consumer Discretionary  and Paper & Pulp  are flashing "Oversold" on the long-term timeframe, while Luxury Goods  remains trapped in a persistent weak trend 🔴. "SA Inc" banks remain completely flat 🟡, signaling indecision in the local financial complex. 2. Visual Relative Rotation Graph (RRG) Analysis This section analyzes sector rotation based on Relative Strength (RS) and Relative Momentum (RM). 2.1. Leading Quadrant 🟢 Strong Relative Strength & Momentum Miners (General) 🟢:  The standout performer. Surged to "High Bullish Momentum" in the short term and remains "Strong" in the medium term. Platinum Miners 🟢:  Strong relative strength persists, though long-term metrics suggest it is approaching overbought levels. Coal Miners 🟢:  Maintains its position as a market leader with "Strong" short-term momentum. Telecoms 🟢:  A significant rotation upward. This sector has moved firmly into "Strong" territory on the short timeframe, diverging from other domestics. 2.2. Weakening Quadrant 🟡 Positive Relative Strength, but Momentum Fading Gold Miners 🟡:  While the long-term trend remains bullish, short and medium-term momentum has cooled to "Neutral," suggesting a consolidation phase. Banks 🟡:  The definition of indecision. Neutral across all three timeframes (ST, MT, LT). Hospitals 🟡:  Tracking the banks with a flat/neutral profile. 2.3. Improving Quadrant 🔵 Negative Relative Strength, but Momentum Improving Chemicals 🔵:  While the long-term trend is bearish, the short-term rating has stabilized to "Neutral," hinting at a potential base formation. Paper & Pulp 🔵:  Long-term oversold conditions are severe, but short-term momentum has stabilized to "Neutral." Watch for a mean-reversion bounce. 2.4. Lagging Quadrant 🔴 Negative Relative Strength & Momentum Technology 🔴:  Remains under pressure with "High Bearish Momentum" in the medium term. Luxury Goods 🔴:  No signs of a turnaround; rated "Weak" across all timeframes. Insurers 🔴:  Underperforming their banking counterparts, slipping to "Weak" in the short term. Consumer Discretionary 🔴:  Despite being oversold long-term, short-term momentum remains "Weak." 3. Mean Reversion Hunter (Quarterly Context) This section identifies sectors at statistical extremes on the Quarterly (Long-Term) timeframe, increasing the probability of a "snap-back" or mean reversion event. 3.1. Deep Value Watch (Bounce Potential) 🔵 Sectors stretched to the DOWNSIDE Consumer Discretionary: Status:  LT: Oversold | MT: High Bearish Outlook:  Deeply oversold on the long timeframe. However, the medium-term "High Bearish" signal suggests catching a falling knife requires patience. Paper & Pulp: Status:  LT: Oversold | MT: Weak Outlook:  Statistical extremes have been reached. With short-term momentum neutralizing, a relief rally is becoming probable. Chemicals: Status:  LT: High Bearish / Approaching Oversold Outlook:  Approaching capitulation levels. 3.2. Overextended Watch (Pullback Risk) 🟠 Sectors stretched to the UPSIDE Gold Miners & Platinum Miners: Status:  LT: High Bullish Momentum / Approaching Overbought Outlook:  Both precious metal sub-sectors are flashing "Approaching Overbought" on the long-term heatmap. While the trends are strong, the risk-to-reward ratio for new long-term entries is diminishing. 4. Fundamental Drivers: The "Why" Behind the Flows 4.1. The Resource Super-Cycle 🟢 Sectors: Miners, Platinum, Coal General Miners have accelerated, likely driven by industrial metal demand or currency weakness. The synchronization of Platinum, Coal, and General Miners suggests a broad-based "risk-on" trade within the commodity complex. 4.2. Defensive Rotation 🟢 Sectors: Telecoms The surge in Telecoms to "Strong" suggests investors are seeking yield and defensive qualities outside of the traditional Banks/Insurers trade, perhaps hedging against local economic stagnation. 4.3. Consumer Fatigue 🔴 Sectors: Discretionary, Luxury, Paper The "Oversold" signal in Consumer Discretionary and Paper & Pulp highlights deep pessimism regarding the consumer wallet. The lack of a bounce in Luxury Goods confirms that high-end spending remains constrained. 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 🎥Video: Watch R259 to R263 as a Potential Buy Re-Entry Range 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 SANLAM LIMITED (SLM) Primary Category : Overbought / Vertical Discovery  🔴 Expected Path : Tactical Reset toward 9,600c Base  ⚪ Strategic Overlay : Avoid Chasing / Accumulate on Structural Dips  🟡 Highlights: Sanlam Limited (Multi-Time Frame View) Fractal Momentum Surge : A powerful "Momentum Trinity" is locked. Ultra Short Term (2-period) indicators on the Daily ( 93.35 ), Weekly ( 95.83 ), and Monthly ( 94.86 ) charts are all simultaneously trading in extreme Overbought  tiers. This confirms a concerted wave of institutional and retail buying pressure that has pushed the price into a vertical discovery phase. Cyclical Turnaround : Sanlam is emerging from a multi-year accumulation phase into a massive cyclical recovery. The Monthly chart shows the Base Term trend reclaiming the "Neutral/Strong" border for the first time in several quarters, suggesting that while short-term action is aggressive, the long-term rally has significant structural runway remaining. Daily Overheat Warning : The Daily chart is the immediate tactical concern. With the 2-period momentum reading pinned above 93 , the stock is statistically overextended in the Short Term (approx. 1 to 10 days) . Prices rarely maintain this verticality without a "cooling off" consolidation or a sharp intraday flush to reset oscillators near the 8-day EMA. The Weekly "Engine Room" : The Weekly chart provides the strongest structural evidence for a trend shift. All four trend timeframes are sloping aggressively upward, with the price holding firmly above the 200-week SMA  (R86.27). This validates that the medium-term trend has successfully transitioned from bearish to a robust bullish regime. Breakout at Resistance : Price action is currently challenging major multi-year highs near 10,300c – 10,350c . A definitive monthly close above this pivot technically confirms a secular trend reversal, unlocking higher-order targets toward 11,000c . Best Action Timeline: 3 to 5 days (1 week): Wait / Trim.  Daily RSI readings suggest chasing at record highs is dangerous. Expect choppy price action or a minor pullback to 9,900c – 10,050c . 6 to 10 days (2 weeks): Accumulate.  Once the daily "overbought" state cools in the Medium Term (approx. 2 to 4 weeks) , look for re-entry near the 75-day ema/21-week ema . 11 to 15 days (3 weeks): Ride the Trend.  If the 9,800c  zone holds as support, aligned Weekly momentum should drive the next impulsive leg higher toward the 10,500c  target. 16 to 20 days (4 weeks): Monitor Monthly Close.  A monthly close above 10,250c  confirms the secular turnaround is active for the Long Term (approx. 5 to 8 weeks) . Scenarios: 🟢 Bullish Scenario: Blue Sky Breakout : The sheer force of the "Fractal Surge" blows through the 10,350c  resistance without pausing, driving price rapidly toward psychological targets at 11,000c . ⚪ Base Scenario: Bull Flag Consolidation : The stock pauses at record highs to digest the recent +7% move. Price consolidates between 9,850c and 10,250c , allowing overheated Daily momentum to reset while the 8-week  moving average catches up. 🔴 Bearish Scenario: Resistance Rejection : A failure to clear the 10,350c  ceiling triggers a sharp reversal back toward the 50-week ema/200-day sma  base near 8,700c . Core Thesis Sanlam is in an "early-stage structural recovery" following years of range-bound weakness. While short-term Daily indicators are flashing Overbought  warnings, the long-term macro structure remains far less extended than global peers, offering better risk/reward. The bias is firmly bullish, but tactical patience is required to avoid buying the immediate daily top. Wait for the dip, then trust the weekly trend. Comprehensive Summary The technical dashboard shows a market transitioning from "bottoming" to "trending". The synchronization of fast-twitch indicators across all three timeframes is a rare signal of total market consensus on the recovery. However, with current prices at a significant premium to the 200-day SMA , the setup favors buying dips rather than chasing vertical breakouts. Multi-Timeframe Trend Analysis (Weekly Focus) Ultra Short Term : Indication: EXTREME MOMENTUM  | Slope: Sharply Upwards Short Term : Indication: HIGH BULLISH MOMENTUM  | Slope: Sharply Upwards Mid Term : Indication: STRONG  | Slope: Sharply Upwards Base Term : Indication: STRONG  | Slope: Sharply Upwards Breakouts, Breakdowns, and Reversals Bullish Confirmation : A weekly close above 10,350c  confirms the major multi-year trend reversal. Bearish Invalidation : A close back below 8,900c  would negate the current bullish impulse and suggest the stock is returning to its long-term range. Key Actionable Zones Immediate Resistance : 10,334c  (Recent 52-Week High). Target 1 : 11,000c  (Psychological & Analyst Target). Pivot Support : 9,850c  (Recent Intraday Consolidation Base). Critical Structural Support : 8,627c  (200-Day SMA / Weekly EMA Base). Update on 04 September: Sanlam: Good Start (+4.5%) But Retracement Sees Price Nearing Stop-Loss Level Previous Post (15 August) Sanlam: Bull Flag Setup; Re-Emerging Strength Within a Medium Term Consolidation (High Risk Idea) Current/Last: 8832c (buy at current levels or better/lower) Target: 9600c Stop-loss: 8480c 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 Date: 08 January 2025 Time: 10h26 SPOT SILVER (XAGUSD) Primary Category : Parabolic Breakout / Discovery Phase  🔵 Expected Path : Mean Reversion toward $70.00 Base  ⚪ Strategic Overlay : Avoid Chasing / Accumulate on Structural Pullbacks  🟡 Highlights: (Multi-Time Frame View) Fractal Momentum Surge : A unified "Momentum Trinity" is firmly established. Ultra Short Term (2-period) indicators on the Daily, Weekly, and Monthly charts are simultaneously pinned in extreme Overbought  tiers (>90). This synchronization reflects total market consensus as industrial demand from AI infrastructure and solar sectors competes with record investment flows. Cyclical Turnaround : After breaking a 13-year ceiling in the $50–$54  region, silver has transitioned into a secular price-discovery phase. Unlike assets making minor highs, silver has more than doubled in 2025, driven by the fifth consecutive year of structural supply deficits nearing 820 million ounces . Daily Overheat Warning : The Daily chart is flagging immediate exhaustion. With spot prices recently spiking to a record $85.87  before a violent $15  nominal intraday decline, the stock is statistically overextended in the Short Term (approx. 1 to 10 days) . Expect continued high-level churn or a lateral reset to the 8-day EMA to cool speculative excess. The Weekly "Engine Room" : The Weekly chart remains the primary bullish engine. All trend timeframes are sloping aggressively upward, with the price holding well above the 50-week and 200-week EMAs . This confirms the medium-term shift from range-bound behavior to a sustained structural uptrend. Breakout at Resistance : Price action is currently testing a major multi-year pivot zone between $82.00 and $86.00 . A definitive monthly close above the $80.00  handle confirms that $70.00  has transitioned from a target to a long-term structural floor. Spot Silver (Weekly Chart) Best Action Timeline: 3 to 5 days (1 week): Wait / Trim.  Relentless upside has met mechanical resets through margin hikes. Expect choppy action or a tactical pullback toward $75.00 . 6 to 10 days (2 weeks): Accumulate.  Once daily momentum resets, look to enter long positions near the 75-day ema/21-week ema  (approx. $68.00 - $72.00 ) in the Medium Term (approx. 2 to 4 weeks) . 11 to 15 days (3 weeks): Ride the Trend.  If the $70.00  psychological floor holds, aligned weekly momentum should drive the next impulsive leg higher toward $90.00 . 16 to 20 days (4 weeks): Monitor Monthly Close.  A monthly close above $80.00  confirms the secular turnaround is active for the Long Term (approx. 5 to 8 weeks) . Scenarios: 🟢 Bullish Scenario: Blue Sky Breakout : Forced short covering and beginning-of-year industrial orders blow through $86.00  resistance toward Fibonacci extension targets at $92.00 . ⚪ Base Scenario: Bull Flag Consolidation : The metal pauses to digest its 150%  annual gain. Price consolidates between $70.00 and $80.00 , allowing the 8-week  moving average to catch up to spot prices. 🔴 Bearish Scenario: Resistance Rejection : A sharp rejection at the record highs triggers a deeper deleveraging event, sending price back to retest the 50-week ema/200-day sma  base near $65.00 . Core Thesis Spot Silver is an "early-stage secular discovery" play. While short-term indicators (Daily) are flashing extreme Overbought  warnings, the long-term (Monthly) structure is breaking out of a decade-long base, offering superior risk/reward relative to gold. The thesis is aggressively bullish, but tactical patience is required to avoid the "blow-off" daily peaks. Wait for the structural dip to the $70.00  pivot, then trust the weekly trend. Comprehensive Summary The dashboard indicates a market transitioning from a 13-year base into a trending regime. The synchronization of indicators across all three timeframes represents total market consensus on the structural deficit. However, the recent $15 nominal plunge  proves the market is volatile; the setup favors buying pullbacks to the $70.00 - $72.00  zone rather than chasing vertical extensions. Multi-Timeframe Trend Analysis (Weekly Focus) Ultra Short Term : Indication: EXTREME MOMENTUM  | Slope: Sharply Upwards Short Term : Indication: HIGH BULLISH MOMENTUM  | Slope: Sharply Upwards Mid Term : Indication: STRONG  | Slope: Sharply Upwards Base Term : Indication: STRONG / TRENDING  | Slope: Sharply Upwards Breakouts, Breakdowns, and Reversals Bullish Confirmation : A weekly close above $86.00  confirms the next structural leg toward $100.00 . Bearish Invalidation : A close back below the $54.50  previous swing high would negate the current parabolic impulse. Key Actionable Zones Immediate Resistance : $82.00 – $86.00  (Current All-Time High / Climax Zone). Target 1 : $92.00 – $97.00  (Fibonacci Extension / 2026 Target). Pivot Support : $75.00 – $77.00  (Immediate Bull/Bear Pivot). Critical Structural Support : $68.00 – $70.00 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 Woolworths Holdings (WHL) Date: 08 January 2026 Time: 10h09 Key Takeaways: Primary Category : Bullish Breakout / Recovery Phase  🔵 Expected Path : Continuation toward 6,200c Pivot  ⚪ Strategic Overlay : Accumulate on Dips / Trend Follow  🟡 Highlights: (Multi-Time Frame View) Fractal Momentum Surge : A unified "Momentum Trinity" is forming. Ultra Short Term (2-period) indicators on the Daily, Weekly, and Monthly charts are simultaneously reclaiming the High Bullish Momentum  or Strong  tiers. This indicates a rare synchronization of buying interest from high-frequency traders to long-term institutional investors. Cyclical Turnaround : Unlike sector peers making new all-time highs, WHL is in the early stages of a cyclical recovery. The Monthly chart shows the Base Term trend curling upwards from deep 2024 lows. This "sleeping giant" signal suggests the long-term rally has significant runway before hitting structural exhaustion. Daily Overheat Warning : The Daily chart is the immediate focus. With the 2-period momentum reading pushing into the Overbought  tier (>90), the stock is statistically overextended in the Short Term (approx. 1 to 10 days) . Expect a minor pullback or lateral consolidation to reset the gauge near the 8-day EMA before further gains. The Weekly "Engine Room" : The Weekly chart provides the most compelling bullish argument. All four trend timeframes are sloping upwards, with the Base Term trend (14-week) reclaiming the Neutral/Strong  border. This confirms that the medium-term structural trend has successfully shifted from bearish to bullish. Breakout at Resistance : Price action is currently challenging the major multi-year pivot zone around 5,800c – 6,000c . A definitive monthly close above this level would confirm a massive "double bottom" reversal pattern, unlocking secular targets toward 6,500c - 7,000c . WHL Weekly Chart Best Action Timeline: 3 to 5 days (1 week): Wait / Trim.  Daily indicators suggest chasing here is risky. Expect choppy price action or a minor pullback to 5,600c - 5,650c . 6 to 10 days (2 weeks): Accumulate.  Once the daily "overbought" reading cools in the Medium Term (approx. 2 to 4 weeks) , look to enter long positions near the 75-day ema/21-week ema . 11 to 15 days (3 weeks): Ride the Trend.  If 5,600c  holds as support, the aligned Weekly momentum should drive the next impulsive leg higher towards 6,000c . 16 to 20 days (4 weeks): Monitor Monthly Close.  A monthly close above 5,850c  confirms the secular turnaround is active for the Long Term (approx. 5 to 8 weeks) . Scenarios: 🟢 Bullish Scenario: Blue Sky Breakout : Momentum blows through the 6,000c  resistance without pausing. Short sellers are forced to cover, driving the price rapidly toward the 6,350c  handle. ⚪ Base Scenario: Bull Flag Consolidation : The stock pauses at resistance to digest the recent festive trade rally. Price consolidates between 5,550c and 5,800c , allowing overheated momentum to reset to the 8-week  moving average. 🔴 Bearish Scenario: Resistance Rejection : The stock fails to clear the 6,000c  ceiling. The overbought Daily signal triggers a sharp reversal, sending the price back to retest the 50-week ema/200-day sma  base near 5,300c . Core Thesis  WHL is an "early-stage recovery" play. While short-term indicators (Daily) are flashing Overbought  warnings, the long-term (Monthly) structure is far less extended than mining peers, offering a better long-term risk/reward profile. The thesis is bullish, but tactical patience is required to avoid buying the immediate top of the daily cycle. Wait for a dip to the 8-day EMA, then trust the weekly trend. Comprehensive Summary  The dashboard shows a stock transitioning from "bottoming" to "trending." The synchronization of fast-twitch indicators across all three timeframes is a strong signal of market consensus. However, the Monthly Base Trend is still only Neutral , meaning the stock must prove it can hold current gains to convince long-term managers. The setup favors buying dips rather than chasing breakouts. Multi-Timeframe Trend Analysis (Weekly Focus) 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 Bullish Confirmation : A weekly close above 5,850c  confirms the major trend reversal. Bearish Invalidation : A close back below 5,200c  would negate the bullish impulse and suggest the stock remains range-bound. Key Actionable Zones Immediate Resistance : 5,800c – 6,000c  (Major Structural Pivot). Target 1 : 6,250c  (Fibonacci Retracement Level). Pivot Support : 5,550c  (Intraday Breakout Level). Critical Structural Support : 5,320c  (Weekly Higher Low / 200-Day SMA). Previous Post: 🎥Watch: Trading Woolworths - Running +11% Further Update 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 Date: 07 January 2026 Time: End of Day Closing Price : 33,676c 1D Change : -3.07% Trend Action : 🟡 Consolidation / Tactical Reset (Daily) Technical Upside : Resistance at 36,000c. Target: 38,000c. Trend Resumption. Momentum Signal : Neutral Reset (Fast Indicators at Midline) Risk / Invalidation Level : Close below 31,500c Valuation Basket : Healthy Correction Primary Driver : Spot Gold consolidation & Rand strength. MARKET STRUCTURE & VOLUME VALIDATION Volume Profile : The stock is pulling back from the recent 36,000c peak. The decline is orderly, characterized by a contraction in volatility rather than a panic liquidation. The price is retesting the breakout zone around 33,000c, which is now expected to act as a support floor. Liquidity Zones : The 33,000c – 33,500c zone is critical structural support. A successful defense here would confirm a "higher low." The market is washing out the late trend-followers before the next impulse leg. Divergences : A classic Momentum Reset  is in play. The fast momentum indicators have dropped from "Overbought" levels down to the 50-neutral line while price has only corrected nominally. This allows the trend to "recharge" without damaging the bullish structure. MOMENTUM PROFILE : Outlook : Tactical Pause Ultra Short Term : Neutral — The yellow line has dropped into the lower neutral band. It has relieved all immediate overheat pressure. Short Term : Neutral — The red line is hovering near the midline, indicating the short-term trend direction is currently flat/undefined. Mid Term : Neutral — The green line is holding the neutral zone. Base Term : Neutral/Bullish — The blue baseline is holding effectively at the 50 level, acting as the "line in the sand" for the primary uptrend. 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 Date: 07 January 2026 Time: 22h05 Price : 6,409c 1D Change : -0.97% Trend Action : 🟢 Buy Continuation (Daily) Technical Upside : Resistance at 6,600c. Target: 7,000c. Lagging Play. Momentum Signal : Strong Alignment (All RSIs > 60) Risk / Invalidation Level : Close below 6,000c Valuation Basket : Recovery Play / PGM Basket Strength Primary Driver : Platinum/Palladium recovery & Sector rotation. MARKET STRUCTURE & VOLUME VALIDATION Volume Profile : Sibanye is showing significant relative strength compared to Harmony. While HAR consolidates, SSW is holding near its highs. The trend is defined by a series of higher highs and higher lows. The shallow nature of the recent dip (-0.97%) indicates strong underlying demand. Liquidity Zones : The 6,000c level has been firmly established as a base. The price is currently probing the supply at 6,500c – 6,600c. A breakout here opens the path to the major psychological level of 7,000c. Divergences : The momentum profile is Bullish . Unlike HAR/HMY which have reset to neutral, SSW's indicators are holding in the "Strong" tier. This suggests the stock is currently in an active mark-up phase and has not yet reached exhaustion. MOMENTUM PROFILE : Outlook : Strong Uptrend / Continuation Ultra Short Term : Strong — The yellow line is holding in the "Strong" band, indicating active buying pressure is maintaining the price levels. Short Term : Strong — The red line is elevated, confirming the trend health. Mid Term : Strong — The green line is well-positioned in the bullish zone. Base Term : Strong — The blue baseline is trending up, supporting the "Buy Continuation" thesis. 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 This note analyzes Harmony Gold (HMY), listed in New York. Date: 07 January 2026 Time: 21h58 Closing Price : $20.67 1D Change : -3.25% Trend Action : 🟡 Consolidation / Tactical Reset (Daily) Technical Upside : Resistance at $21.50. Target: $23.00. Momentum Signal : Volatility Compression (All RSIs converged at 50) Risk / Invalidation Level : Close below $19.00 Valuation Basket : Fair Value Reset Primary Driver : Dollar Strength impacting ADR pricing. MARKET STRUCTURE & VOLUME VALIDATION Volume Profile : Similar to the local listing, the ADR is undergoing a consolidation phase. The price action is compressing into a tighter range, often a precursor to an expansion move. The ability to hold the $20.00 psychological level is key for buyer confidence. Liquidity Zones : The price is oscillating around the $20.50 pivot. The immediate resistance is the recent high at $21.50. A break above this level re-activates the "Blue Sky" potential toward $23.00. Divergences : The indicator panel shows Convergence . All four timeframe indicators (Yellow, Red, Green, Blue) are bunched tightly together around the 50 midline. This indicates a state of equilibrium—buyers and sellers are temporarily matched, awaiting the next catalyst (likely a move in Spot Gold). MOMENTUM PROFILE : HMY (DAILY VIEW) Outlook : Equilibrium / Awaiting Catalyst Ultra Short Term : Neutral — The yellow line is effectively flat at the midline, signaling zero directional bias in the immediate term. Short Term : Neutral — The red line is aligned with the tactical view. Mid Term : Neutral — The green line is holding steady. Base Term : Bullish — The blue baseline remains slightly above the midline, suggesting the longer-term bias remains to the upside despite the pause. 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 Date: Wed, 07 January 2026 Time: 21h54 (S/Africa) Closing Price : 4,454 1D Change : -0.98% Multi-Time Frame Action : 🟡 Consolidation / Reset (3 Days) 🟢 Buy Continuation (5 Days) 🟢 Buy Continuation (10 Days) Technical Upside : Resistance at 4,500. Target: 4,550. Bull Flag Formation. Momentum Signal : Tactical Reset (Fast Indicators Neutral) Risk / Invalidation Level : Close below 4,400 Valuation Basket : Healthy Correction Primary Driver : Technical profit-taking at psychological 4,500 level. MARKET STRUCTURE & VOLUME VALIDATION Volume Profile : The price has rejected sharply from the 4,500 psychological barrier, resulting in a healthy "cooling off" candle (down ~1%). This pullback is structurally constructive as it allows the market to digest the recent vertical gains without breaking the primary uptrend structure. The market is effectively verifying support at the 4,420 – 4,450 breakout zone. Liquidity Zones : The 4,500 level is the clear short-term ceiling (liquidity supply). The price is currently rotating down to find fresh demand. The 4,400 – 4,420 zone represents a major structural "floor" where institutional buy orders are likely stacked. The market is washing out late leverage before attempting the next leg up. Divergences : There is a notable "Momentum Reset." The Ultra Short Term indicators (Yellow/Red) have dropped significantly from their previous "Overbought" highs down into the "Neutral" zone. Crucially, they have done this while the Base Trend (Blue) remains in the "Strong" tier. This suggests the pullback is a temporary pause (bull flag) rather than a reversal. RELATIVE STRENGTH (DAILY) vs. Trend : Resilient. Despite the sharp daily drop, the primary uptrend remains steeper than the correction. The Base Term momentum (Blue line) holding in the bullish zone confirms that the dominant force is still buying interest. SCENARIO ANALYSIS (SWING TRADING) Bull Case (Primary) : The "Buy Continuation" signal remains valid for the 5-10 day outlook because the Base Trend is strong. The immediate 3-day window is a "Consolidation" phase. Buyers will look for the 2/3 RSIs to hook up from this neutral zone to trigger the next entry, targeting a retest of 4,500. Bear Case (Alternative) : If the pullback deepens and the Base Trend indicator drops into the "Weak" tier (below neutral), it would signal a deeper correction is underway. A close below 4,400 would invalidate the immediate bullish thesis and target 4,350. MOMENTUM PROFILE : Daily Chart (Standard) Outlook : Bullish Consolidation / Tactical Reset Ultra Short Term : Neutral — The yellow line (2-period) has dropped sharply back into the middle range. It has relieved the "Overbought" pressure, creating headroom for the next rally. Short Term : Neutral/Strong — The red line (3-period) is hovering just below the strong threshold, indicating the immediate heat has come out of the market. Mid Term : Strong — The green line (7-period) remains in the bullish tier, confirming the multi-day trend is healthy. Base Term : Strong — The blue baseline (14-period) is holding steady in the "Strong" zone, supporting the "Buy Continuation" thesis for the 10-day horizon. 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 i Shares MSCI Global Metals & Mining Producers (Code: PICK) ________________________________________________________________________________ Previous Post (03 September) ETF Buy Idea: iShares MSCI Global Metals & Mining Producers (Code: PICK) Buy between $41.00 and $41.50 Stop-loss: $35.20 Target: $54.00 Previous Post (Premium) Weekly Chart. Time Frame: Medium Term. Let's do a trade. In exchange for the name, we would love to have a few minutes of your time to explain our services. Specifically, if you are: New to financial markets and looking to start your trading journey. An experienced trader, but looking to elevate your trading. Interested in an ACTIVE TRADING approach. Interested in a high quality, award-winning research. Interested in insights that informs and identifies both risks and opportunities. Should you you fit into any of the above categories, we would love a few minutes of your time to be able to further explain why you should consider Unum Capital your trading partner. To access, e-mail your name and contact details to   lester@unum.co.za    To open a trading account, e-mail   lester@unum.co.za    The ETF idea is similar to that of the SPDR Metals & Mining ETF (XME) highlighted at $53.00 in November 2023. The ETF now traded just below $80.00. 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 Charts don't provide answers but they help us ask better questions. The chart below is a monthly of the relative performance of the Paper & Pulp (MNP, SAP) sector relative to the JSE Top 40 Index. If the stocks were to stop underperforming the index, would this not be be a logical place to start? Extreme oversold conditions with a slight improvement in candle structure raises questions around the potential start of a medium term base formation which could be followed by a bullish reversal. This is not a daily or weekly story, but rather a multi-month view. I'm putting this on your watchlist as a recovery play. 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