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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 HMY is currently undergoing a sharp, high-velocity technical correction following its recent highs above $20. Core Thesis and Trend Analysis The recent sharp selling has resulted in a breakdown of the short-term trend structure , as evidenced by the price slicing decisively beneath the entire MA Ribbon. The immediate thesis is one of bearish continuation , with the price likely heading toward the major structural support defined by the longest-term moving averages. The MA Ribbon itself is showing a significant deceleration and reversal  of the aggressive uptrend that defined the stock's movement for most of 2025. The current trend is definitively Bearish/Correction , as the ribbon structure begins to compress and turn downwards, which is a classic signal of a deep correction or trend reversal. A test of the $13.31 support level is now highly probable. Resistance and Structural Breakdown The stock faces immediate and strong resistance from the now-overhead moving averages. The short-term trend will remain bearish as long as the price trades below the first major resistance line, the Red MA, located at $17.41 This acts as the Immediate Resistance , and re-crossing this level would signal a short-term rebound. Above that, the Green and White moving averages provide the next layer of overhead supply, with the Major Resistance  located at $18.06. A sustained close above $18.06 would be required to negate the current structural breakdown. Key Actionable Zones for Support The focus is now on identifying where the selling pressure will find a long-term structural floor, as the short-term outlook is decisively bearish. The most critical test level is the Structural Support 1  at $13.31, which is defined by the longer-term solid yellow MA. This level is the likely immediate target for the current selling wave. Should selling intensify, the ultimate Base Support  is located at Structural Support 2 , defined by the longest-term dotted yellow MA, at $12.58. A break below $12.58 would confirm a full long-term trend reversal and open the path for a much deeper correction. The highest probability buy opportunity lies at these two structural support levels, as they provide the strongest historical base for the long-term uptrend. The bearish momentum is confirmed until the price can reclaim the $17.41 level. 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 (Tuesday 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 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 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 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 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 Lester Davids Senior Investment Analyst: Unum Capital

Research Notes 29 Sept - 03 Oct > https://www.unum.capital/post/r2903Oct Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Further update: Previous Post (28 September): British American Tobacco: Failure To Hold Prior Highs + Weekly Momentum Lost + RSI (14-Week) Breaking Down BTI Weekly Chart 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 Volatility Equals Opportunity. AngloGold Ashanti (ANG) is an example of such. In the video below, we highlighted a buy re-entry and sell re-entry range for short term traders. The share traded into the buy range, became oversold on an ultra short term basis, and rebounded by 12% within 4 sessions. Are you capitalizing on these opportunities? Well done to clients who are taking advantage of the opportunity to trade. (22 October): 🎥Watch: AngloGold Ashanti -Actionable Areas (Short Term Traders) BEFORE AFTER 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 (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 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 Lester Davids Senior Investment Analyst: Unum Capital