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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 (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 Previous Post (01 December) 🎥Video: Trading Nedbank; Short/Sell Re-Entries Are In The Money + Next Best Buy Zone 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 Highlights: South32 Ltd (Multi-Time Frame View) Fractal Momentum Surge:  A powerful "Momentum Trinity" has formed. The Ultra Short Term (2-period) indicators on the Daily  (95.20), Weekly  (88.74), and Monthly  (91.87) charts are all simultaneously trading in the "High Bullish Momentum"  or "Overbought"  tiers. This indicates a concerted wave of buying pressure across every timeframe, from day traders to macro funds. Cyclical Turnaround:  Unlike stocks making new all-time highs, South32 is in the early stages of a massive cyclical recovery. The Monthly  chart shows the Base Term trend (48.40) curling upwards from deep lows. This "sleeping giant" signal suggests that while the short-term move is aggressive, the long-term rally has significant runway remaining before it hits structural exhaustion. Daily Overheat Warning:  The Daily  chart is the immediate concern. With the 2-Day momentum reading >95, the stock is statistically overextended in the very short term. Stocks rarely maintain this velocity without a "cooling off" lateral consolidation or a sharp intraday flush to reset the gauge. The Weekly "Engine Room":  The Weekly  chart provides the most compelling bullish argument. All four trend timeframes are sloping aggressively upwards, with the Base Term trend (14-week) successfully reclaiming the "Neutral/Strong"  border (57.62). This confirms that the medium-term trend has shifted from bearish to bullish. Breakout at Resistance:  The price action is currently challenging the major multi-year pivot zone around 3,700c - 3,750c . A definitive monthly close above this level would technically confirm a massive "double bottom" or accumulation reversal pattern, unlocking targets above 4,500c. Best Action Timeline: 3 to 5 days (1 week):   Wait / Trim.  The Daily RSI >95 suggests chasing here is dangerous. Expect choppy price action or a minor pullback to 3,550c - 3,600c . 6 to 10 days (2 weeks):   Accumulate.  Once the daily "overbought" reading cools (ideally resetting to ~50), look to enter long positions, using the Weekly  trend strength as your bias. 11 to 15 days (3 weeks):   Ride the Trend.  If 3,600c holds as support, the aligned Weekly momentum should drive the next impulsive leg higher towards 4,000c . 16 to 20 days (4 weeks):   Monitor Monthly Close.  A monthly close above 3,725c  confirms the secular turnaround is active. Bullish Scenario:   Blue Sky Breakout:  The sheer force of the "Fractal Surge" blows through the 3,750c  resistance without pausing. Short sellers are forced to cover, driving the price rapidly toward the psychological 4,000c  handle. Base Scenario:   Bull Flag Consolidation:  The stock pauses at resistance to digest the recent +15% move. Price consolidates between 3,550c and 3,750c , allowing the overheated Daily momentum to reset while the Weekly trend catches up. Bearish Scenario:   Resistance Rejection:  The stock fails to clear the 3,750c  ceiling. The overbought Daily signal triggers a sharp reversal, sending the price back down to retest the breakout base at 3,400c . Core Thesis South32 is an "early-stage recovery" play. While short-term indicators (Daily) are flashing "Overbought" warnings similar to other resource stocks, the long-term (Monthly) structure is far less extended, offering better long-term risk/reward. The thesis is bullish, but tactical patience is required to avoid buying the exact short-term top of this daily cycle. Wait for the dip, then trust the weekly trend. Comprehensive Summary The dashboard shows a market transitioning from "bottoming" to "trending." The synchronization of the fast-twitch indicators across all three timeframes is a rare signal of total market consensus. However, the Monthly Base Trend is still only "Neutral," meaning the stock still has to prove it can hold these gains to convince long-term asset managers. The setup favors buying dips rather than chasing breakouts. Multi-Timeframe Trend Analysis (Weekly Focus) Note: This block focuses on the Weekly timeframe as the "bridge" between the Daily noise and Monthly macro. 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 (Combined Range Focus) Bullish Confirmation:  A weekly close above 3,750c  confirms the major trend reversal. Bearish Invalidation:  A close back below 3,400c  would negate the current bullish impulse and suggest the stock is still stuck in its long-term range. Key Actionable Zones Immediate Resistance:   3,750c  (Major Structural Pivot). Target 1:   4,000c  (Psychological). Pivot Support:   3,550c  (Intraday Breakout Level). Critical Structural Support:   3,400c  (Weekly Higher Low). Previous Post (08 October): South 32: Running +14%. Short Term Traders Consider Taking (Partial) Profits Previous Post (21 September): 🎥Watch (Video): A Bit of Mean Reversion Due...? To access this name, you need to be an ACTIVE  trading client of Unum Capital, having traded via the desk in the last 7 trading days. 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 The share broke out from the 22800c level and traded up to 24300c. Now back at the previous breakout level of 22800c. Lower levels can be expected however, if Friday's low of 22765c is lost, we would like to see it being reclaimed to indicate that the share can regain it's medium term bullish momentum. Below is the analysis for the monthly chart. Below is the daily chart. Previous Post (08 November): Trading Levels: Bidvest Group *Bidvest Group (Code: BVT) *Price levels are displayed on the chart. Provisional Sell Re-Entry Range = (1) Previous Swing Highs Provisional Buy Re-Entry Range = (1) Previous Short Term Swing Lows + (2) Previous Breakout Level 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 FOR THE SECOND TIME IN RECENT WEEKS, HARMONY GOLD HAS REBOUNDED STRONGLY FROM THE BUY RE-ENTRYH RANGE. WITHIN THIS PERIOD, CLIENTS WE ALSO NOTIFIED TO A SELL RE-ENTRY OPPORTUNITY. SEE PREVIOUS POST FURTHER BELOW. Current Price Action Model Summary of Price Action Model: HAR (Harmony Gold) - WEEKLY CHART/TIME FRAME: The stock has initiated a powerful new impulsive wave within its long-term uptrend. Explosive Trend Resumption:  Harmony Gold has staged a massive +14% breakout this week, effectively ending its multi-week consolidation phase. The sheer size of the bullish candle indicates a definitive return of aggressive institutional accumulation. Momentum Rocket:  The Ultra Short Term (2-Week) momentum indicator has surged vertically, rocketing from neutral levels deep into the "High Bullish Momentum"  tier. This confirms an immediate and intense shift in sentiment, with buyers chasing price indiscriminately. Structural Confirmation:  The 14-Week Base Term trend, which had previously cooled into neutrality, has successfully hooked upwards and reclaimed the "Strong"  tier. This is a vital signal that the core long-term uptrend is intact and gaining fresh traction. Full Spectrum Alignment:  All four momentum timeframes—from the 2-week fast twitch to the 14-week steady hand—are now sloping sharply upwards  in unison. This "Momentum Lock" creates a powerful tailwind for price, often leading to sustained trend extensions. Breakout Clearance:  The price action has decisively cleared the psychological and structural resistance around the 30000c level. This area, previously a ceiling, has now flipped into a major support floor for the next leg of the bull market. Core Thesis The bull market in Harmony Gold has resumed with conviction. The decisive breakout above the 30000c level, powered by synchronized rising momentum across all timeframes, suggests the correction is complete. The thesis is aggressively bullish, targeting a test and potential break of the recent cycle highs, with any pullbacks to the breakout zone likely to be bought. Comprehensive Summary The momentum profile illustrates a textbook "V-shaped" recovery. The fast indicators led the charge, detecting the shift early, while the slower structural indicators provided the safety net. Now, with the Base Term trend confirming strength, the market is firing on all cylinders. The absence of "Overbought" readings on the 7-week and 14-week horizons suggests there is still significant runway left for this rally before it becomes structurally stretched. Multi-Timeframe Trend Analysis The Ultra Short Term trend is in HIGH BULLISH MOMENTUM / APPROACHING OVERBOUGHT  and sloping Sharply Upwards , reflecting the panic-buying nature of the current move. The Short Term trend is STRONG  and sloping Sharply Upwards , confirming the immediate breakout is robust. The Mid Term trend is STRONG  and sloping Upwards , indicating the intermediate trend has fully recovered. The Base Term trend is STRONG  and sloping Upwards , confirming the long-term bull trend is dominant. Breakouts, Breakdowns, and Reversals (Recent Range Focus) The stock has just executed a major weekly breakout. Bullish Continuation:  A weekly close above the previous cycle high (approx. 34000c ) would confirm a "Blue Sky" breakout, likely accelerating the move toward 36000c and beyond. Bearish Reversal Risk:  A failure to hold the breakout level and a close back below 30000c  would be a massive "bull trap" signal, invalidating the current thesis. Key Actionable Zones Immediate Resistance  is at the recent cycle highs near 34000c . Psychological Support  is now firmly established at 30000c . Structural Support  sits lower at the consolidation lows of 26000c . As long as 30000c holds, the path of least resistance is higher. Previous Post:🎥Video: Trading Harmony Gold: Strong Rebound Off Buy Re-Entry Range (3 Opportunities To Generate Cash) Previous Post (18 November): Take Profit on Harmony Gold: Price Lower by 18% vs Sell Re-Entry Range Previous Post (13 November)🎥Watch: Harmony Gold - Solid Rebound (+23%). Now Watch The Sell Side! 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 (30 November): Trading Harmony Gold: Price Action Model + Analysis of Weekly Structure FOR THE SECOND TIME IN RECENT WEEKS, HARMONY GOLD HAS REBOUNDED STRONGLY FROM THE BUY RE-ENTRYH RANGE. WITHIN THIS PERIOD, CLIENTS WE ALSO NOTIFIED TO A SELL RE-ENTRY OPPORTUNITY. SEE PREVIOUS POST FURTHER BELOW. Current Price Action Model Summary of Price Action Model: HAR (Harmony Gold) - WEEKLY CHART/TIME FRAME: The stock has initiated a powerful new impulsive wave within its long-term uptrend. Explosive Trend Resumption:  Harmony Gold has staged a massive +14% breakout this week, effectively ending its multi-week consolidation phase. The sheer size of the bullish candle indicates a definitive return of aggressive institutional accumulation. Momentum Rocket:  The Ultra Short Term (2-Week) momentum indicator has surged vertically, rocketing from neutral levels deep into the "High Bullish Momentum"  tier. This confirms an immediate and intense shift in sentiment, with buyers chasing price indiscriminately. Structural Confirmation:  The 14-Week Base Term trend, which had previously cooled into neutrality, has successfully hooked upwards and reclaimed the "Strong"  tier. This is a vital signal that the core long-term uptrend is intact and gaining fresh traction. Full Spectrum Alignment:  All four momentum timeframes—from the 2-week fast twitch to the 14-week steady hand—are now sloping sharply upwards  in unison. This "Momentum Lock" creates a powerful tailwind for price, often leading to sustained trend extensions. Breakout Clearance:  The price action has decisively cleared the psychological and structural resistance around the 30000c level. This area, previously a ceiling, has now flipped into a major support floor for the next leg of the bull market. Core Thesis The bull market in Harmony Gold has resumed with conviction. The decisive breakout above the 30000c level, powered by synchronized rising momentum across all timeframes, suggests the correction is complete. The thesis is aggressively bullish, targeting a test and potential break of the recent cycle highs, with any pullbacks to the breakout zone likely to be bought. Comprehensive Summary The momentum profile illustrates a textbook "V-shaped" recovery. The fast indicators led the charge, detecting the shift early, while the slower structural indicators provided the safety net. Now, with the Base Term trend confirming strength, the market is firing on all cylinders. The absence of "Overbought" readings on the 7-week and 14-week horizons suggests there is still significant runway left for this rally before it becomes structurally stretched. Multi-Timeframe Trend Analysis The Ultra Short Term trend is in HIGH BULLISH MOMENTUM / APPROACHING OVERBOUGHT  and sloping Sharply Upwards , reflecting the panic-buying nature of the current move. The Short Term trend is STRONG  and sloping Sharply Upwards , confirming the immediate breakout is robust. The Mid Term trend is STRONG  and sloping Upwards , indicating the intermediate trend has fully recovered. The Base Term trend is STRONG  and sloping Upwards , confirming the long-term bull trend is dominant. Breakouts, Breakdowns, and Reversals (Recent Range Focus) The stock has just executed a major weekly breakout. Bullish Continuation:  A weekly close above the previous cycle high (approx. 34000c ) would confirm a "Blue Sky" breakout, likely accelerating the move toward 36000c and beyond. Bearish Reversal Risk:  A failure to hold the breakout level and a close back below 30000c  would be a massive "bull trap" signal, invalidating the current thesis. Key Actionable Zones Immediate Resistance  is at the recent cycle highs near 34000c . Psychological Support  is now firmly established at 30000c . Structural Support  sits lower at the consolidation lows of 26000c . As long as 30000c holds, the path of least resistance is higher. Previous Post:🎥Video: Trading Harmony Gold: Strong Rebound Off Buy Re-Entry Range (3 Opportunities To Generate Cash) Previous Post (18 November): Take Profit on Harmony Gold: Price Lower by 18% vs Sell Re-Entry Range Previous Post (13 November)🎥Watch: Harmony Gold - Solid Rebound (+23%). Now Watch The Sell Side! 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 (Sunday, 30-Nov): Strategy Alert: Standard Bank 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 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   tradingdesk@unum.co.za Lester Davids Senior Investment Analyst: Unum Capital

Research Notes November 2025 > https://www.unum.capital/post/rnov2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Update on 30 November: Astral Foods rallied by 55% to it's recent highs. Previous Post: The original post and model reading is show further below. The updated chart with post reference is shown directly below. Previous Post (16 July): Astral Foods: High Risk, However, The Sell-Off Has Created An Early Buy Trigger For Potential Rebound (See Price Action Model Reading) Lester Davids Senior Investment Analyst: Unum Capital

November consisted of 20 trading days. Out the 20 days, there were 20 opportunities to generate cash. Here were the 20 recent opportunities to take profits :   > JSE Top 40 Index https://www.unum.capital/post/j2002111 > Sasol https://www.unum.capital/post/sol2011 > Astral Foods https://www.unum.capital/post/parlm > Nedbank: Price Action Action Model Trigger https://www.unum.capital/post/ned1711 > Redefine Properties: Price Action Action Model Trigger https://www.unum.capital/post/rdf1711 > Harmony Gold (3x) https://www.unum.capital/post/har2611 > Johnson & Johnson https://www.unum.capital/post/jnj2411 > Invesco Pharmaceutical ETF   https://www.unum.capital/post/pjp2511 > Truworths   https://www.unum.capital/post/tru2011 > Cisco Systems https://www.unum.capital/post/csco1311 > Tiger Brands https://www.unum.capital/post/tbs2611 > Impala Platinum https://www.unum.capital/post/imp1811 > SBIO ETF https://www.unum.capital/post/sbio2411 > Absa https://www.unum.capital/post/abg2411 > Valterra Platinum https://www.unum.capital/post/val1811 > Prosus https://www.unum.capital/post/prx2411 > Invesco healthcare Momentum ETF https://www.unum.capital/post/pth2711 > Northam Platinum https://www.unum.capital/post/nph2711 > Sibanye Stillwater   https://www.unum.capital/post/ssw1811 > FirstRand (2x) https://www.unum.capital/post/fsr2811 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Lester Davids Senior Investment Analyst: Unum Capital