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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 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 Previous Post: 🎥Watch: JSE Top 40 Index - Short Term Consolidation; Potential Further Corrective Phase 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 Retreating from upper boundary of multi-year channel. Previous Post (06 October): JSE Top 40 Index: Running +45% & 4 Charts To Assess The Current Reward-to-Risk (1) The index trades 19% above it's 200-day SMA. Recent peaks occurred between 17% and 19%. (2) The index trades 41% above it's 200-week SMA. Furthest distance from the 200-week since April 2015. (3) Monthly chart - trading outside of the upper boundary of a multi-year channel. (4) Monthly Time Frame: 14-Month RSI at 81 (highest since 2008). This points to high demand however, also suggests the index nearing/at overbought conditions. Note: The index is HIGHER by 45% from our note on Sunday 06 April (Volatility Equals Opportunity). 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 Subsequent to the view on the original note, the share reached the upper boundary of the multi-year channel and has since retraced from a high of R813 to the recent low of R603. Previous Post (Thursday 07 August): Avoid This Share Avoid buying this share at current levels. The reward-to-risk is becoming unappealing. This was a previous a buy/long idea (pattern-based). Let's do a trade. In exchange for the full PDF, we would love to have a few minutes of your time to explain our services. Specifically, if you are: New to financial markets and looking to start your trading journey. An experienced trader, but looking to elevate your trading. Interested in an ACTIVE TRADING approach. Interested in a high quality, award-winning research. Interested in insights that informs and identifies both risks and opportunities. Should you you fit into any of the above categories, we would love a few minutes of your time to be able to further explain why you should consider Unum Capital your trading partner. To access, e-mail your name and contact details to   lester@unum.co.za    To open a trading account, e-mail   lester@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 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 US Dollar strength is a possible reason for the current short term commodity market weakness. Also note, the SHORT exposure on the USD has been quite sizeable (short-covering underway?) Previous Post (01 July): US Dollar Index: Extended To The Downside vs 200-Day SMA + Approaching Oversold Monthly & Weekly Time Frames The chart considers the distance of the index vs it's 200-day SMA. At current levels the index is close 7% below it's 200-day, a distance (%) that has previously coincided with either the start of a consolidation phase, or a rebound. Multi-Time Frame Regime Snapshot S&P 500 Index vs US Dollar Index 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: Running +24% + New Highs + Multi-Month Highs In Line With Price Action Model Previous Post (29 June): Trading Redefine Properties 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 (16 October): 🎥Watch: Impala Platinum On The Run + New Price Action Probabilities 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