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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 Further Update Woolworths Notes As Published/Communicated To Clients: 06-November https://www.unum.capital/post/woolwo   20 October https://www.unum.capital/post/wawool 19 August https://www.unum.capital/post/woolvi 08 July https://www.unum.capital/post/whldist Lester Davids Senior Investment Analyst: Unum Capital

Research Notes 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 Previous Post (04 November): Truworths: Lower Levels Expected, But Reward-to-Risk Becoming Attractive For A Buy Long Position We discussed the sector (clothing retailers) in September 2024, highlighting the unappealing buy/long reward-to-risk. Truworths is down From R109 to R50 with real-time readings on the price action model highlighting an appealing buy/long reward-to-risk on all three time frames. We are expecting lower levels in the short term with a base YET to be built, however, with potential for a bullish reversal. Patience will be required. Previous Post ( Monday, 23 September 2024) : Retailers Have Rallied. Here's What The Data Says - Pre-Market A global rate cutting cycle including action from the SARB has support strong moves in retail shares. In addition, early positive signs in the local economy has boosted confidence which has led to analyst upgrades. This is especially relevant in the Consumer Discretionary sector which may feel the effect of improved consumer spend. While the fundamentals are positive and, after a strong rally, the short term reward-to-risk does not appear appealing for new buy/long trades. For Consumer Discretionary shares, this is what the data says: MRP Mr. Price TFG Foschini TRU Truworths Clients of Unum Capital have had access to research which has flagged opportunities across in selected names. TRU, discussed at R56, has nearly doubled in price over 14 months. Truworths - as discussed in the report (Active Trading Plan, Monday 03 July 2023) Then at R56 - now nearly R110. Not a client yet? Get in touch today. ABOUT THE TACTICAL TRADING GUIDE: Technology + Proprietary Insights has helped to develop automated tools and strategies that   are used to identify potential trading opportunities as well as highlight potentially significant technical developments across various time frames. This page highlights readings from our Tactical Trading Guide (Price Action Tool) which   is also available as a live tool via the telegram group. The tool provides automated price analysis for any tradeable instrument across 3 time frames : short (short term), medium (medium term) and long (long term). Readings are subject to change , based on the development of the subsequent price action. The tool helps to determine and shed light on the some of the following: Whether the reward-to-risk is attractive for a buy/long position? Whether a share is weak or if aggressive buying is underway 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 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 Lester Davids 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 Running +29% (Further Comments in Video Below) Previous Post (22 October): 🎥Watch: AngloGold Ashanti -Actionable Areas (Short Term Traders) 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 As discussed (exhaustion zone circled in red). 🎥Watch: 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 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 Analyst's Disclosure: This following commentary was generated using artificial intelligence as well as the analyst's own data. High Five :Pepkor Holdings Ltd Perfect Equilibrium:  In a rare display of total indecision, all four momentum indicators—from the Ultra Short Term to the Base Term—are tightly clustered squarely in the middle of their respective "Neutral"  bands. Synchronized Drift:  All four indicators are also sloping gently downwards  in unison. This indicates that the minor buying pressure from the recent rally has evaporated, but sellers have not taken control. The market is simply drifting. Complete Lack of Conviction:  The absence of a single "Strong" or "Weak" signal across the dashboard points to a complete lack of conviction from both bulls and bears. This is the definition of a "wait-and-see" market. Range-Bound Price Action:  The indicators perfectly reflect the price chart, which shows the stock has stalled its uptrend below the ~2800c level and is now caught in a sideways consolidation range. The "Coiled Spring":  This state of total neutrality and low volatility often precedes a significant directional break. The market is building energy, and the first indicator to break decisively out of the neutral zone will likely signal the next tradable swing. Core Thesis PPH is in a perfect state of balance, resulting in a neutral stance. The recent uptrend has paused, and the market is now range-bound. The thesis is to remain on the sidelines, awaiting a confirmed directional break, as the current environment offers no clear momentum-based edge. Comprehensive Summary The momentum profile is one of the most neutral possible. All four timeframes are aligned in their "Neutral" zones, all pointing slightly down. This signals a non-trending, corrective, or consolidative phase. The immediate buying power has been exhausted, but no significant selling pressure has emerged to replace it. The stock is simply chopping sideways. Multi-Timeframe Trend Analysis The Ultra Short Term trend is NEUTRAL  and sloping Gently Downwards . The Short Term trend is NEUTRAL  and sloping Gently Downwards . The Mid Term trend is NEUTRAL  and sloping Gently Downwards . The Base Term trend is NEUTRAL  and sloping Gently Downwards . Breakouts, Breakdowns, and Reversals (Recent Range Focus) The stock is trapped in a well-defined short-term range. Bullish Continuation:  A decisive daily close above the 2800c  resistance level is required to signal that the consolidation is over and the primary uptrend is resuming. Bearish Breakdown:  A daily close below the 2600c  support level would break the immediate higher-low structure and signal a deeper correction. Key Actionable Zones Immediate Resistance  is clearly defined at ~2800c. Immediate Support  is at the recent swing low near ~2600c. Action is not recommended until the price breaks and holds outside of this 200-cent range. 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 Previous Post (Friday, 31 August): 🎥Watch: Are You Positioned For The Move In Energy? Previous Post (Friday, 22 August): 🎥Watch: iShares Global Energy ETF (IXC) 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 Woolworths Notes As Published/Communicated To Clients: 06-November https://www.unum.capital/post/woolwo   20 October https://www.unum.capital/post/wawool 19 August https://www.unum.capital/post/woolvi 08 July https://www.unum.capital/post/whldist Lester Davids Senior Investment Analyst: Unum Capital

Research Notes 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 Screen as of Wednesday 12 November 2025 (Pre-Market) *Subject to change as the price action develops. 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 Pre-Market, Wednesday, 12 November 2025 Overbought on Daily Time Frame 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 Previous Post (09 October) BUY IDEA: The ALPS Medical Breakthroughs ETF (SBIO) provides exposure to small- and mid-cap stocks of biotechnology companies that have one or more drugs in either Phase II or Phase III of the US Food and Drug Administration clinical trials. Constituents must have a market capitalization of no less than $200 million and no more than $5 billion. Buy: $40.89 (or better/lower) Stop-loss: $36.20 Target: $50.00, $54.00 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 Brazil ETF Running +42%. Medium Term Traders Take Partial Profits Previous Post (Sunday 19 January): Brazilian Equities Offer Relative Value + Will Benefit If Cyclicals Are To Rally Why EWZ? 1. Exposure to large and mid-sized companies in Brazil 2. Targeted access to the Brazilian stock market 3. Use to express a single country view Analyst's Price Action Model Overall Strategy for iShares Brazil ETF (EWZ) Combining the short-term, medium-term, and long-term trends, the overall outlook for the iShares Brazil ETF is cautiously optimistic. While the short-term trend is attempting a bullish reversal, the medium-term outlook is uncertain. The long-term trend, however, is showing signs of attempting to turn around after a period of strong selling pressure. This suggests that there might be potential for long-term upside, but investors should remain cautious in the near term. Current 7-Day Trend: Strong Current 14-Day Trend: Attempting a Bullish Reversal Following a Consolidation Phase Short-Term Outlook (1 to 10 days): The short-term view points to a potential for a buy/long position as the 7-day trend is strong and the 14-day trend is attempting a bullish reversal. However, the recent consolidation phase suggests that caution is warranted. Medium-Term Outlook (2 to 4 weeks): The medium-term outlook is uncertain, as there is no reading available for this time frame. Long-Term Outlook (5 to 8 weeks): The long-term outlook is cautiously optimistic. The previously strong selling pressure is now attempting to turn around, suggesting potential for long-term upside. However, it is important to monitor the situation closely as the long-term trend is still developing. Lester Davids 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 Trading Standard Bank: Further Upside Follow-Through + Re-Emerging Strength Raises Potential For Move To Prior High of R255 (1) On 18 April 2024 at R167, we presented the share as a buy idea. Subsequently, the share rallied to a high of R252. (2) One year ago, following a strong post-election run, we highlighted the share's unappealing reward-to-risk. Over the 12 months, our view has been vindicated with the share trading at the same price since then. At current levels the share is looking to break out, with short term strength re-emerging for a potential break of the medium term range. This view is in line with the recent note highlighting the relevance of the 50-Week EMA. Ref: Previous Opportunity/Warning Previous Post (29 July) Trading Standard Bank: 1000c Bullish Reversal In Line With Price Action Model i.e. Re-Test of 50-Week EMA & Rebound Our last post on SBK came to the following conclusion: " The model points to a general downward trend for the share price in the immediate future, with the potential for a long-term reversal at or just below the 50-week EMA." Subsequently, the share consolidated, undercut the 50-week EMA before reclaiming the level with a bullish reversal. Previous Post (19 June) Overall Trading Considerations: Dominant short-term weakness:  Both short and slightly longer short-term trends are negative, signaling continued downward pressure. Patience is key:  The model strongly advises against entering new positions in the short to medium term, emphasizing the need to wait for price stabilization. Long-term conditional opportunity:  A potential buying opportunity may arise in the longer term, but it is strictly conditional on the price finding support at a key technical level (50-EMA) and subsequently showing signs of a rebound. Overall Trading Considerations Here's a breakdown of the current price action for Standard Bank (SBK) : The 7-day trend is indicated as "Weak," while the 14-day trend is "Bearish." Comparison:  The short-term (7-day) weakness is confirmed and intensified by the "Bearish" 14-day trend. This alignment suggests consistent and building downward pressure on the price across these initial timeframes. The recent weakness is part of a broader negative sentiment. Potential Trading Approach Short Term (Approximately Next 1 to 10 Trading Days):  The model notes, "Very Weak Wait Until It Stabilizes On The Lower Time Frame." Approach:  The outlook is explicitly weak. The recommended approach is to take no action and remain on the sidelines. Traders should wait for the price to show clear signs of stabilization on a lower timeframe before considering any new positions. This indicates a high-risk environment for both buyers and sellers. Medium Term (Approximately Next 2 to 4 Weeks):  The model indicates, "Very Weak Wait Until It Stabilizes On The Lower Time Frame." Approach:  The medium-term outlook mirrors the short-term view, suggesting that the period of pronounced weakness is expected to persist. The strategy remains the same: to wait for the price action to consolidate and form a base, signaling that the downward momentum may be subsiding. Long Term (Approximately Next 5 to 8 Weeks):  The model states, "Steady Upward Trend But Weaker On Lower Time Frame Look For Support At Or Just Below 50-EMA Followed By A Reclaim To Trigger Rebound Buy." Approach:  Despite the short-term weakness, the underlying long-term trend is viewed as steadily upward. The current price action is seen as a pullback within that larger trend. The recommended strategy is to watch for the price to find support at or slightly below the 50-period Exponential Moving Average (EMA). A buying opportunity, or a "rebound buy," would only be triggered after the price finds this support and then decisively moves back above ("reclaims") that level. In summary, the current view is bearish for the short to medium term. However, long-term investors should monitor for a potential rebound opportunity off the 50-WEEK EMA after the current period of weakness subsides. The model points to a general downward trend for the share price in the immediate future, with the potential for a long-term reversal at or just below the 50-week EMA . Lester Davids Senior Investment Analyst: Unum Capital