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Research Notes December 2025 > https://www.unum.capital/post/rdec2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Previous Post (24 June): Global Idea: Citigroup's Multi-Year Base Lester Davids Senior Investment Analyst: Unum Capital

Research Notes December 2025 > https://www.unum.capital/post/rdec2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Previous Post (09 June) For Exposure, Consider The Physical Palladium Shares ETF Code: PALL Lester Davids Senior Investment Analyst: Unum Capital

Research Notes December 2025 > https://www.unum.capital/post/rdec2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za 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 December 2025 > https://www.unum.capital/post/rdec2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za ETFPLD Current Chart Below: Previous Post (05 October): Buy Idea: 1nvest Palladium ETF Medium Term Portfolio View Code: ETFPLD Buy: 20,995 or lower Stop-loss: 18,350 Target: 27,000 Lester Davids Senior Investment Analyst: Unum Capital

Research Notes December 2025 > https://www.unum.capital/post/rdec2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za (Previous Post, July 2025) Take Profit: African Rainbow Minerals Target Reached at R202 Updated Chart Below: Lester Davids Senior Investment Analyst: Unum Capital

Research Notes December 2025 > https://www.unum.capital/post/rdec2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Current Price Action Model Reading: Previous Post (10 January): Palladium's Pattern Play The price action model suggests that Palladium is currently attempting to move higher in a bullish regime over the short-term.  However, the 14-day trend is rangebound, indicating potential for consolidation or pullbacks. In such cases, traders can use the previous session's close or the 8-EMA as potential accumulation zones. The medium-term outlook is uncertain, while the long-term trend is showing signs of a potential reversal from a downward trend. Palladium (XPD/USD) Daily Chart ...Notice Anything? Lester Davids Senior Investment Analyst: Unum Capital

Research Notes December 2025 > https://www.unum.capital/post/rdec2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za The share has started to follow the 'potential price path'. Short term traders, take profit on this +5% move. Medium term traders, hold and raise your stop-loss for potentially further gains. Previous Post (19 November): Bid Corp: Early Buy Trigger (Lower Time Frame); Lower Levels Expected Before Potential Rebound Lester Davids Senior Investment Analyst: Unum Capital

Research Notes December 2025 > https://www.unum.capital/post/rdec2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za See our Medium Term Outlook & Probabilities Here > https://www.unum.capital/post/1xpt1712 Previous Post (10 February): Platinum: Zooming Out Weekly Chart - Constructive - Potential Change of Trend Lester Davids Senior Investment Analyst: Unum Capital

Research Notes December 2025 > https://www.unum.capital/post/rdec2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Core Thesis Spot Platinum (XPTUSD) is currently in a state of high-velocity expansion , reaching a 14-year high above $1,950  as of mid-December 2025. This aggressive rally is fueled by a profound structural supply deficit—estimated at approximately 850,000 to 1,000,000 ounces  for the third consecutive year—and a massive "debasement trade" lifting the entire metals complex. However, the vertical nature of the current move has pushed momentum indicators into extreme overbought  territory. The strategic focus is to fade immediate parabolic spikes  and wait for a structural mean-reversion retest of the breakout base to secure sustainable long-term exposure. Categorization & Strategy ◦ Primary Category : Parabolic Breakout / Climax Phase ◦ Impending Transition : Technical Mean-Reversion / Structural Reset ◦ Strategic Overlay : Fade the immediate climax; buy structural pullbacks to validate the new high base. Target re-entry at previous breakout zones or major moving averages. ◦ Decade-High Breakout : Platinum has decisively cleared the $1,700 - $1,750  range, which served as a major resistance ceiling since 2013. ◦ Breakout Velocity : The ongoing move is exceptionally steep, with the asset surging over 90% year-to-date . This reflects a sudden rotation of capital away from fully-priced metals like gold into structurally undervalued platinum. ◦ Deficit Floor : The market is currently operating under its most severe supply-demand imbalance in years, with annual deficits averaging 600-800 koz  expected to persist through 2029. ◦ Momentum Exhaustion : Technical indicators show significant bearish divergence  and overbought readings, signaling that the current trajectory is unsustainable without a pause. Key Actionable Zones ◦ Immediate Resistance : $1,950 – $2,000  (Recent 14-Year High / Psychological Barrier). ◦ Pivot Support : $1,850  (Retest of the 2025 ascending channel upper bound). ◦ Critical Structural Support : $1,705 – $1,740  (Previous Multi-Year Resistance turned Floor). ◦ Trend Floor : $1,500 – $1,620  (Major High-Timeframe Pivot and FOMC Support). 🟢 Bullish Scenario: Blue Sky Extension : Price ignores extreme technical readings and charges toward $2,100 - $2,170 , driven by continued industrial restocking and physical supply squeezes. ⚪ Base Scenario: Pullback to Base : The metal executes a necessary correction back to the $1,705 - $1,850  zone to reset momentum. This "healthy" profit-taking allows the structural trend to solidify before the next leg higher toward $2,300 in 2026. 🔴 Bearish Scenario: False Breakout : A violent rejection at $1,950  leads to a high-volume flush back below $1,500 , signaling a "blow-off top" and returning the asset to its long-term range-bound state. Best Action Timeline/Price Action Probability ◦ 1 to 10 days : 70% Probability of Technical Churn . Due to extreme overextension, a lateral reset or minor retracement toward $1,850  is likely as profit-taking occurs at 14-year highs. ◦ 2 to 4 weeks : 65% Probability of Structural Test . Anticipate a test of the $1,705  level to confirm it as a reliable long-term support base for 2026. ◦ 5 to 8 weeks : 60% Probability of Cycle Resumption . If structural support holds through January, seasonal strength typically drives price toward new extension targets through February. Momentum Profile (Weekly Focus) The momentum structure is at extreme historical levels, indicating a climax phase within a confirmed bull trend: ◦ Ultra Short Term : Indication: OVERBOUGHT  | Slope : FLAT (Climax Testing) ◦ Short Term : Indication: HIGH BULLISH MOMENTUM / APPROACHING OVERBOUGHT  | Slope : UP ◦ Mid Term : Indication: STRONG  | Slope : UP ◦ Base Term : Indication: STRONG  | Slope : UP Lester Davids Senior Investment Analyst: Unum Capital

Research Notes December 2025 > https://www.unum.capital/post/rdec2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Into the buy re-entry range with a strong rebound. Well done short term traders. Previous Post (12 December): 2x Opportunities: One Sell. One Buy. Same Share MTN has given clients opportunities on both the Sell (Short) and Buy (Long) side. Intraday Traders: Take Profits on this MTN Group rebound out of the buy re-entry range. Strong rebound from 14950c to above R158. Ultra Short Term and Short Term Traders: Hold Previous Post (30 November) MTN Group: Shorts in the Money + Where to Buy Next (Short Term Traders) Update on 30-Nov: MTN is now R18 lower from the sell re-entry range, with the share having sold off further on Friday (-2.61%). The candle structure continues to deteriorate, reflecting aggressive selling pressure. For short term/active traders, the next best provisional buy re-entry range (for a small rebound) is 14800c - 15100c. The updated chart, as of Friday's close is shown below: Previous Post (Friday, 28 November, Pre-Market): MTN Group: Shorts in the Money + Where to Buy Next In the previous note, our CORE THESIS was that the share was 'Structurally Bullish, But Extremely Overbought' with 17160c to 17500c was marked as a key resistance level. Since then the share was rejected off this range on multiple occasions with a new multi-week low of 16105c being reached during yesterday's session. The 8 and 21-day EMA has been breached while the price close the session below a flat to rising 8-week EMA. The next best provisional buy re-entry range is marked at the rising 21-week EMA which is roughly in line with the previous breakout level (14867c to 15128c but subject to change as the news flow and price action develops. Trading Notes (Where Applicable): READY TO TRADE: ACTIONABLE AREAS:  For active traders who look to generate cash flow on a continuous basis, determining the ‘next best probability’ level to execute against may be of immense value.  The blue and red  horizontal lines on the chart  represent a next best probability buy re-entry range and a next best probability sell re-entry range  over the short term. The ranges assume no existing position being held by a trader while the probabilities are based on several factors which may include: short term rating, medium term regime, momentum, horizontal or diagonal support/resistance, candle structure, moving averages and standard deviation, among others. These are short term levels and may be in contrast to medium and long term outlooks which are based on the weekly and monthly charts and, which may be applicable to long term investors. These levels are subject to change  based on sentiment, the subsequent price action and company/sector specific or macro news flow. As always, while the levels are outlined, traders should be prepared to adjust in real-time  based on the aforementioned. Previous Post MTN Group: Sharp Pullback (-1000c) From Exhaustion Zone (In Line With Note As discussed (exhaustion zone circled in red). 🎥Watch Video: MTN Group - Bullish Reversal From 21-Week EMA (+24%) + Updated View Previous Post (03 September) 🎥Watch: Discussing MTN Group (21-Week EMA Strategy) Lester Davids Senior Investment Analyst: Unum Capital

Research Notes December 2025 > https://www.unum.capital/post/rdec2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za The share traded into the sell re-entry range with a sharp rejection from the highs of today. Previous Post (07 December) Trading Impala Platinum IMP has rebounded strongly from our previous buy re-entry range of 15100c to 15400c, reaching a high of +23600c in the subsequent weeks. Highlights The "Goldilocks" Breakout:  Unlike some of the other charts reviewed recently (which are flashing "Extreme Overbought" warnings), Impala Platinum is in the momentum "sweet spot." The Ultra Short Term (2-Day) indicator is reading in the "High Bullish Momentum / Approaching Overbought"  tier. It is hot enough to confirm aggressive institutional buying, but not so extreme that it guarantees an immediate crash. This is the healthiest type of high-velocity trend. Full Spectrum Synchronization:  There is powerful alignment across the board. The Short Term and Mid Term indicators have also pushed into the "High Bullish Momentum"  tier. When three out of four timeframes are synchronized in this specific zone, it typically signals a sustained "impulse wave" where dips are shallow and rapidly bought. Structural Runway:  The 14-Day Base Term trend acts as the anchor. It is sitting comfortably in the "Strong"  tier. This is critical: while the fast money is chasing the breakout, the structural trend is nowhere near exhaustion. It has significant statistical headroom to rise towards the upper tiers, supporting a move to higher prices over the coming weeks. Price Discovery:  The stock is breaking out of a consolidation pattern, clearing the 22,000c  handle. The lack of bearish divergence in the indicators suggests this breakout is genuine. 🟢 Bullish Scenario:   Clean Breakout:  The stock exhibits "runaway gap" behavior. It ignores the minor overbought reading and powers straight through 22,500c , drawing in late-cycle buyers and targeting 23,500c  within the week. ⚪ Base Scenario:   High-Level Flag:  The price churns between 21,800c and 22,400c  for a few days. This allows the 2-Day momentum to cool from the "Approaching Overbought" levels down to "Strong," effectively reloading the energy for the next leg higher without damaging the chart structure. 🔴 Bearish Scenario:   False Breakout:  The stock fails to hold the 21,500c  breakout zone. A close below 21,000c  would drag the fast indicators out of the "High Bullish" tier and signal a "bull trap," targeting a retest of 20,000c . Analyst's Price Action Model: Technical Take: Momentum-Based (Expanded) Trading Impala Platinum: Rebounding +30% From Buy Re-Entry Range (R151 to R198). Well Done Short Term Traders! ◦ Remains in a bullish regime with the share having tested multi-month highs. ◦ The rising 8-week EMA is above it's rising 21-week EMA which confirms the bullish regime. ◦ Buy re-entry on a pullback to the rising 75-day EMA/21-Week EMA, which is likely to act a support zone for medium term traders ◦ Provisional Range: 15100c to 15400c Lester Davids Senior Investment Analyst: Unum Capital

Research Notes December 2025 > https://www.unum.capital/post/rdec2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Previous Post: Take Profits on Northam Platinum (Running +14%) + Next Best Sell Range If the share immediately continues it's bullish trend/acceleration, then then it could be extended vs it's 8 and 21-day EMA. Look for an overshoot of the previous swing high combined with deteriorating candle structure in the ultra short term. If it pulls back immediately, then we would look to buy dips. Previous Post (Friday, 28 November): Take (Partial) Profits on Northam Platinum. Running +10% vs Buy Re-Entry (R275 to R302) Previous Post: 🎥Video: Profiting with Northam Platinum Previous Post (Wednesday, 19 November)🎥Watch: Trading Northam Platinum Previous Post (18 November)🎥Watch: Price Action Models Valterra Platinum & Northam Platinum Lester Davids Senior Investment Analyst: Unum Capital