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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 Trading Anglo American Plc: Running +34% + Current Price Action Model Currently higher by 34% from our video on 26 August in which we discussed the R527 level as a trigger. Now trading in a short term 'Overbought' regime. Analyst's Price Action Model (Max = 5 to 8 week view) Regime:  Very Bullish / Overbought Primary Outlook:  At or approaching sell/reduce Executive Summary Anglo American is currently in a powerful, vertical move with "Very Strong" buyers firmly in control. However, the model issues a critical warning: "Don't Chase."  The stock has reached an "Overbought" 7-day trend status, and the probability of a failure to hold these highs is elevated. The setup suggests the easy money on the long side has been made, and the risk/reward now favors a tactical pullback or mean reversion trade. Detailed Trend Analysis 1. Short-Term Dynamics (1 - 10 Days) 7-Day Trend:  Overbought 14-Day Trend:  Very Bullish Outlook:  Very Strong Move / Buyers In Control. Analysis:  The market is running hot. While the trend is undeniably up, the explicit instruction is to avoid new long entries. The move is extended, and the "Overbought" reading suggests the rubber band is stretched too far. 2. Medium-Term Structure (2 - 4 Weeks) Status:  Very Strong Move (Risk of Exhaustion) Analysis:  The guidance is identical across all timeframes, reinforcing the singularity of the current condition. The stock is likely at a climax point where it may "Fail At Attempt To Hold The Highs." 3. Long-Term Trajectory (5 - 8 Weeks) Status:  Buyers In Control Analysis:  Even on the longer horizon, the advice remains tactical: the 8-EMA is identified not just as support, but as a "Short/Sell Target" if the highs fail to hold. This implies a correction back to the mean is expected. Strategic Action Plan Primary Strategy:   Fade the Failure (Mean Reversion). The Warning:  Do not buy at current levels ("Don't Chase"). The Trigger:  Watch the current highs. If price pushes up but fails to sustain the level (a "look above and fail"), it signals exhaustion. The Trade:  If the highs fail, the setup is a Tactical Short  targeting a reversion back to the 8-day Exponential Moving Average (8-EMA) . Previous Post (09 October): Take Profit: Anglo American Plc Running +30% & Generating Cash For Short Term Traders Previous Post (Tuesday 26 August): 🎥Watch: Discussing Anglo American Plc 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 Was +R19.50, now R16.31 See original note (further below) for the Price Action Model reading at the time. Closing Price : 16.3195 1D Change : -0.23% Multi-Time Frame Action : 🔴 Capitulation (D) 🔴 Breakdown (W) 🔴 Bearish Reversal (M) Technical Upside : Oversold Bounce to 16.70. Target: 16.00 (Downside). Major Support Failure. Momentum Signal : Extreme Liquidation (Daily & Weekly RSI < 5) Risk / Invalidation Level : Close above 16.70 Valuation : Undervalued USD (Short Term) / ZAR Strength Primary Driver : Commodity prices (Gold/PGMs) surging & Carry trade unwind. MARKET STRUCTURE & VOLUME VALIDATION Volume Profile : The pair has entered a "waterfall" decline, smashing through the critical multi-year support floor at 16.70 – 17.00. The breakdown is decisive, characterized by consecutive wide-range bearish candles. The market is currently in a "liquidation break," where bids are being pulled, forcing price to aggressively hunt for lower liquidity. Liquidity Zones : The 16.700 – 17.000 zone has now flipped from major structural support to a "ceiling" of heavy resistance. The price is currently in freefall with the next psychological magnet at the round number of 16.000. The sheer velocity of the move suggests a "margin call" dynamic where positions are being forcibly unwound. Divergences : There are no bullish divergences yet, but the RSI readings are historically extreme. The Daily Ultra Short Term (Yellow) is at 0.36, and the Weekly is at 0.78. These are mathematically "impossible" readings under normal conditions, signaling a total capitulation. While the trend is violently down, such readings almost invariably precipitate a sharp, violent "dead cat bounce" simply to relieve the mathematical tension. RELATIVE STRENGTH (SECTOR & INDEX) vs. DXY : Massive Divergence. While the DXY (Dollar Index) has been breaking out (as seen in previous analysis), the USDZAR is crashing. This indicates pure, idiosyncratic ZAR strength, likely driven by the exploding prices of South Africa's key exports (Gold, Platinum, Copper) rather than USD weakness. vs. EM Currencies : Leader. The ZAR is significantly outperforming its Emerging Market peers, acting as a proxy for the commodity super-cycle. SCENARIO ANALYSIS (RISK MANAGEMENT) Bull Case (Alternative) : A bounce is statistically guaranteed given the RSI < 1 reading; the question is the sustainability. If price snaps back above 16.50, it could squeeze late shorts toward the 16.70 breakdown point. This would be a "selling opportunity" rather than a reversal signal. Bear Case (Primary) : The trend is a falling knife. Until a daily candle closes with a long lower wick, the path remains down. The target is a test of the 16.000 psychological level. A weekly close below 16.30 cements the long-term trend change. MOMENTUM PROFILE : USDZAR (US DOLLAR / SOUTH AFRICAN RAND) Daily Chart (Standard) Outlook : Extreme Capitulation / Panic Ultra Short Term : Oversold Weekly Chart (Slower / Macro) Outlook : Structural Breakdown Tactical Momentum : Oversold Monthly Chart (Long Term / Secular) Outlook : Major Correction Quarterly Pulse : Oversold. Previous Post (07 April 2025) USD/ZAR: Ultra Short Term Sees Poor Buy/Long Reward-To-Risk Current price action model reading + updated chart. We saw the share temporarily hold the the R18.23 to R18.36 zone before trading lower, then reclaiming it for a rally to the current multi-week highs nears R19.44. 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 ETF: 1nvestRhodium Code: ETFRHO High of 153,250 Close: 148,000 Previous Post (18 July): Rhodium ETF: Early Stages of Accelerating Price Momentum / Cup & Handle In Development 1NVESTRHODIUM ETF - Triggers above 106,100 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 Closing Price : 6,910.96 1D Change : +0.19% Multi-Time Frame Action : 🟢 Impulse (D) 🟢 Bullish (4H) 🟢 Extreme (2H) Technical Upside : Blue Sky. Psychological Target: 7,000. Trend Extension. Momentum Signal : Parabolic Intraday (2H RSI ~ 90) Risk / Invalidation Level : Close below 6,830 Valuation : Growth Premium / AI Secular Trend / Broadening Out Primary Driver : Tech sector strength & "January Effect" liquidity. MARKET STRUCTURE & VOLUME VALIDATION Volume Profile : The index is in a robust "Price Discovery" phase, having cleared all historical resistance. The steady grind higher on the Daily chart, characterized by small-bodied candles with little overlap, indicates a "low volatility melt-up." This is often driven by systematic flows and a lack of willing sellers rather than explosive news. Liquidity Zones : The 6,800 – 6,830 zone has transitioned into a major structural floor. Current price action is holding near the 6,910 highs, showing acceptance of value. The market is magnetically drawn to the round number of 7,000, which serves as the next major liquidity event and psychological barrier. Divergences : No bearish divergences are active. On the 2H chart, momentum is accelerating into the highs (Yellow line approaching 90), which suggests the trend is currently "locked in" but running hot. The Daily RSI is also expanding upwards (75.89), signaling that the primary trend has sufficient energy to sustain the move without an immediate deep correction. RELATIVE STRENGTH (SECTOR & INDEX) vs. Global Indices : Leader. The US market continues to outperform European and Emerging Market indices, attracting global capital seeking safety and growth in large-cap tech while broadening out to other sectors. vs. Volatility (VIX) : Divergent. The VIX remains suppressed, confirming that hedging demand is low and complacency is high—a classic hallmark of a strong bull run. SCENARIO ANALYSIS (RISK MANAGEMENT) Bull Case (Primary) : The trend is unmistakably bullish. As long as the 2H chart holds the 6,880 support zone, the path of least resistance is toward 6,950 and then 7,000. The "Extreme" state on the 2H chart suggests a minor consolidation is healthy, but betting against the trend is low probability. Bear Case (Alternative) : A "bull trap" is the main risk at these elevated levels. If price spikes to 6,950 and rapidly reverses to close below 6,850, it could signal exhaustion. A close below 6,800 is required to break the bullish market structure and trigger a correction. MOMENTUM PROFILE : SPX500 (S&P 500) Daily Chart (Standard) Outlook : Strong Uptrend / Breakout 4-Hour Chart (Tactical) Outlook : Overbought / Aggressive 2-Hour Chart (Intraday) Outlook : Parabolic / Near Exhaustion 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/Time: 06 January 2025 / 07h18 Closing Price : $78.79 Intraday Change : -0.05% Multi-Time Frame Action : 🟢 Buy Continuation (2H) 🟢 Buy Continuation (4H) 🟢 Buy Continuation (8H) 🟢 At or approaching buy/add (12H) Technical Upside : Resistance at 79.11 (Session High). Target: 80.00. Blue Sky Expansion. Momentum Signal : Extreme Velocity (2-Period RSI > 90) Risk / Invalidation Level : Close below 77.50 Valuation : High Beta / Industrial Reflation Primary Driver : Gold correlation & Breakout chasing. Spot Silver 2-Hour Chart MARKET STRUCTURE & VOLUME VALIDATION Volume Profile : Silver is exhibiting classic "runaway" price action. The breakout above the 77.00 – 78.00 consolidation zone was clean, and the market is now accepting higher prices. The current pullback from the 79.11 intraday high is shallow, indicating that profit-taking is being met with immediate buying interest (absorption). Liquidity Zones : The price has smashed through previous structural resistance. The 78.00 level has now flipped into a short-term support floor. The market is aggressively hunting liquidity at the psychological 80.00 handle. The "air" between 78.00 and 80.00 is thin, allowing for rapid price expansion. Divergences : No bearish divergences are present. The momentum profile is exceptionally strong. The Ultra Short Term indicator (Yellow) hitting 91.70 confirms an "Impulse" phase. While this level is mathematically "overbought," in a breakout scenario, it acts as a confirmation of strength (High Bullish Momentum) rather than a sell signal. RELATIVE STRENGTH (INTRADAY) vs. Gold : Outperformer. Silver is leveraging its "high beta" nature to outperform Gold on a percentage basis. The steepness of the Silver trend channel is sharper than Gold's, indicating confident speculative capital flow. SCENARIO ANALYSIS (INTRADAY TRADING) Bull Case (Primary) : The trend is vertical. As long as price holds above the 78.00 breakout zone, the probability favors a continuation to 80.00. The "Buy Continuation" signal on the 2H/4H frames remains active. Bear Case (Alternative) : A failure to hold 78.00 would suggest a "bull trap" at the highs. This would shift the immediate bias to "Buy on Pullback," targeting the 76.50 base for a reload. MOMENTUM PROFILE : SILVER (2-HOUR VIEW) 2-Hour Chart (Tactical) Outlook : Extreme Impulse / Aggressive Bullish 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/Time: 06 January 2025 / 07h04 Closing Price : $20.28 1D Change : +3.63% Multi-Time Frame Action : 🟢 Bullish Rotation (D) 🟡 Consolidation (W) 🟢 Secular Breakout (M) Technical Upside : Resistance at $21.00. Target: $23.00 (~13%). Catch-up Trade. Momentum Signal : Bullish Reset (Weekly RSI Neutral) Risk / Invalidation Level : Close below $18.50 Valuation Basket : Operational Leverage / Gold Beta Primary Driver : Spot Gold Record Highs (> $4,460) & Margin Expansion. MARKET STRUCTURE & VOLUME VALIDATION Volume Profile : The stock is emerging from a healthy consolidation phase. The recent bounce from the $18.50 – $19.00 zone was accompanied by a solid daily range expansion (+3.63%), indicating renewed institutional interest. The price is reclaiming the $20.00 psychological level, which serves as a key pivot for the next leg higher. Liquidity Zones : The $19.00 level has been successfully defended, flipping from a potential breakdown zone into a support floor. The market is now hunting liquidity above the recent local highs at $21.00. A clearance of that supply block opens the path to "blue sky" discovery toward $23.00, aligning with the secular breakout on the monthly timeframe. Divergences : A constructive "Bullish Hidden Divergence" is visible on the Weekly chart. While Spot Gold has been hitting new highs, HMY consolidated, allowing its Weekly tactical momentum (Yellow line) to cool all the way back to the 50 neutral midline (50.63) without damaging the price trend. This "reset" suggests the stock has built up potential energy for a new impulse move to catch up with the underlying commodity. RELATIVE STRENGTH (SECTOR & INDEX) vs. Spot Gold : Lagging / Catch-up. While Gold (XAU) is parabolic, HMY has been consolidating. This divergence often resolves with the miner acting as a "high beta" slingshot, aggressively rallying to close the performance gap. vs. Peers : Outperformer. Harmony's monthly structure (near all-time highs) is significantly stronger than many peers which are still recovering from deeper drawdowns. SCENARIO ANALYSIS (RISK MANAGEMENT) Bull Case (Primary) : The Weekly momentum reset to 50 is the ideal launchpad. With Daily momentum (Yellow) crossing back into the "Strong" tier (69.71), the immediate probability is a retest of $21.00. A breakout there confirms the end of the consolidation and targets $23.00+. Bear Case (Alternative) : If the $20.00 reclaim fails and price rolls over, the $18.50 support becomes critical. A loss of that level would break the sequence of higher lows and suggest a deeper rotation toward $16.00 is needed to find buyers. MOMENTUM PROFILE : Daily Chart (Standard) Outlook : Bullish Rotation / Recovery Weekly Chart (Slower / Macro) Outlook : Constructive Pause / Reset Monthly Chart (Long Term / Secular) Outlook : Secular Strength 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/Time: 06 January 2025 / 06h51 Closing Price : $4,466 Intraday Change (2H) : -0.08% Multi-Time Frame Action : 🟢 Buy continuation (2H) 🟢 Buy continuation (4H) 🟢 Buy continuation (8H) 🟢 At or approaching buy/add (12H) Technical Upside : Resistance at 4,475. Target: 4,500. Channel Extension. Momentum Signal : Strong Bullish Alignment (All RSIs > 65) Risk / Invalidation Level : Close below 4,440 Valuation Basket : Momentum Premium Primary Driver : Technical breakout of consolidation & Trend alignment. MARKET STRUCTURE & VOLUME VALIDATION Volume Profile : The price action on the 2-hour timeframe is constructive, characterized by a steady series of higher highs and higher lows. The market has successfully absorbed the selling pressure seen at the 4,320 lows and is now grinding higher in a defined bullish channel. The recent minor dip to 4,464 represents a shallow pullback within a strong trend, indicating buyers remain in control. Liquidity Zones : The price has cleared minor resistance levels and is holding comfortably above the 4,440/4,450 zone. The next major liquidity pool is likely sitting above the 4,475 level (recent local peaks). The market is effectively "climbing the ladder" of liquidity, using previous resistance levels as new support floors. Divergences : There are no bearish divergences visible. The momentum indicators are rising in tandem with the price or holding high levels. The RSI complex is "stacked" positively, with all lines (Yellow, Red, Green) hovering above the 70 level, confirming that the trend is supported by legitimate, sustained momentum. RELATIVE STRENGTH (INTRADAY) vs. Recent Trend : Accelerating. The slope of the recovery from the 4,400 retest is healthy. The asset is showing resilience by quickly buying up shallow dips, indicating underlying demand is strong across the 4H and 8H horizons. SCENARIO ANALYSIS (INTRADAY TRADING) Bull Case (Primary) : The "Buy Continuation" signal is valid as long as price remains within the ascending channel. The immediate target is a test of 4,475. If momentum sustains (RSI stays > 65), an extension to the psychological 4,500 level is the next logical step. Bear Case (Alternative) : A failure to hold the 4,440 zone would signal a break of the immediate trend channel. This would shift the probability to "Buy on Pullback," targeting a deeper retest of the 4,420 breakout level. MOMENTUM PROFILE : GOLD (2-HOUR VIEW) 2-Hour Chart (Tactical) Outlook : Strong Uptrend / Continuation Ultra Short Term : Strong — The yellow line (2-period) is at 71.36, indicating strong bullish momentum. It is holding high ground without spiking to extreme exhaustion levels (>90), suggesting the trend has durability. Short Term : Strong — The red line (3-period) is at 72.98, confirming the immediate trend is robust and aligned with the tactical view. Mid Term : Bullish — The green line (71.19) is firmly in the strong tier, showing consistent medium-term buying pressure. Base Term : Bullish — The blue baseline (65.52) is trending upward, supporting the "Buy/Add" thesis on higher timeframes. 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 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 Note: Reading are subject to change as the news flow and the price action develops Lester Davids Senior Investment Analyst: Unum Capital

Research Notes January 2026 > https://www.unum.capital/post/rjan2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Kumba Iron Ore is higher by 32% from our 18 June note (see reference on chart). The share is has also advance from our updated view most recently at R328 where we highlighted the strong strong and potential for upside continuation. The daily and weekly time frames reflects a high bullish momentum (approaching overbought) phase while the monthly time frame can be categorized as a 'buy continuation'. While short term pullbacks are likely, we remain constructive over the medium term with an upside target of 3863c to 39626c Previous Post (19 November 2025): Impressive Price Action ~R328. Potential Upside Continuation Lester Davids Senior Investment Analyst: Unum Capital

Research Notes January 2026 > https://www.unum.capital/post/rjan2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Previous Post (14 December) JSE Insurer: Bullish Alignment on Weekly Chart OMU DAILY OMU WEEKLY 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 Capitec Bank's 2023 Weekly Breakout. Now, a similar pattern has emerged on another JSE listed share. In Q3 of last year, we called a BUY at ~R214, which was followed by a massive rebound to above 26700c. Can it pull back in the short term? Yes. Does it have the potential to advance over the medium to long term? Yes. This is what the weekly chart looks like. Below is an extract from the Buy Idea in Q3 of last year. Thank you for your interest in our work. While the vast majority of our notes are free, this premium analysis is provided exclusively for our active  trading clients. We believe our best insights should directly benefit those who entrust us with their trade execution. To access the current note and all future premium content, simply activate a trading relationship with us . If you are ready to align your trading with our research, contact us to open an account or move your existing service to Unum Capital by emailing   tradingdesk@unum.co.za If you are an existing, active trading client and would like to access the ticker name, email me DIRECTLY at lester@unum.co.za Lester Davids Senior Investment Analyst: Unum Capital