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+50 Take Profit Opportunities: Our Capabilities > https://www.unum.capital/post/capabilities Free Content: August 2026 > https://www.unum.capital/post/raug2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za NOTE: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes JSE Top 40 Index. +5300 points vs the buy re-entry range. JSE TOP 40 INDEX: Update: Friday's price action model on the JSE Top 40 Index is unfolding with the price seeing a two-day bearish reversal from short term overbought levels. That being said, the index remains above it's rising 8-day exponential moving average which may act as a level of interest for ultra short term traders. A break of this EMA is likely to push the share toward the support zone which is made up of the intersection of the 21-day and 75-day EMA. Previous Post (Friday 07 August): JSE Top 40 Index: The Reward-To-Risk From Current Levels STRUCTURAL RATING: ⭐⭐☆☆☆ The reward-to-risk profile is currently constrained near-term by overextended momentum. For a Buy/Long position, the reward-to-risk is Poor 🟥 because the index has pushed into overbought territory on lower time frames, rendering fresh long entries at current levels highly unattractive. Conversely, for a Short/Sell position, the reward-to-risk is Moderate 🟨; while the long-term regime has resumed a powerful bull move in a strong upward trend, localized overextension offers a tactical window to look for a failure to hold prior session lows to initiate a brief 1-2 day short setup. TACTICAL ACTION SCALE 🟥 At/approaching sell/reduce 🟧 Sell (continuation) 🟨 Sell on rally 🟠 Sell on sharp rally ⬜ Neutral 🔵 Buy on deeper pullback 🟢 Buy on pullback — Pending: Waiting for a standard counter-trend dip to execute a buy. ⬅️ J200 IS POSITIONED HERE 🟦 Buy (continuation) 🟩 At/approaching buy/add RATIONALE: While J200 is currently "Overbought" near-term and short-term long entries carry an "Unattractive" risk-reward profile, its 14-day trend is "Very Bullish" and its long-term baseline "Has Resumed A Bull Move In A Strong Upward Trend." Because entering fresh long allocations at current elevated levels is structurally dangerous, the primary bias is to wait for a counter-trend consolidation or pullback to digest recent gains before safely adding long exposure. SCENARIO MATRIX (BASE, BEAR & BULL CASE) Base Case (60% Probability): Overbought Digestion & Minor Pullback: The near-term tape remains highly extended, forcing a natural pause in upward velocity. The index fails to hold prior sessions, triggering the 1-2 day short setup, which allows the asset to safely bleed off overbought momentum and pull back into short-term moving averages before resuming its primary long-term bull move. Bear Case (25% Probability): Aggressive Technical Rejection: The anticipated failure to hold prior sessions attracts severe institutional distribution rather than standard profit-taking. A rapid unwinding of the "Very Bullish" 14-day trend forces the index into a deeper, highly volatile correction, pushing price well past standard pullback zones and threatening the underlying macro bull structure. Bull Case (15% Probability): Runaway Momentum Expansion: The index completely ignores its short-term "Overbought" condition. Relentless buying pressure forces an immediate continuation of the strong upward trend, denying short sellers their 1-2 day tactical setup and forcing sidelined capital to chase the rally at increasingly unattractive risk-reward metrics. What Can Go Right From Current Levels (Risk For Short Sellers) For Existing Sell/Short Positions: Macro Trend Steamroller: Existing shorts are fighting a tape that is officially marked by a "General Trend Up" in the medium-term and a "Strong Upward Trend" long-term. If the index refuses to pull back and simply grinds higher through overbought conditions, short positions will face immediate capital erosion and an unchecked momentum squeeze. For Potential (New) Sell/Short Positions: Front-Running the Rejection: Initiating a fresh 1-2 day short setup before the index explicitly shows a "Failure To Hold Prior Sessions" carries high tactical risk. Stepping in front of a "Very Bullish" 14-day trend without a confirmed localized breakdown exposes new capital to rapid upside variance. What Can Go Wrong From Current Levels (Risk For Buys/Longs) For Existing Buy/Long Positions: Immediate Mean Reversion: Investors holding long positions are actively riding an "Overbought" 7-day trend. As the asset naturally looks to establish a localized failure to trigger a 1-2 day short cycle, existing longs face an immediate, uncomfortable drawdown while price digests its recent vertical ascent. For Potential (New) Buy/Long Positions: Chasing the Apex: Entering fresh allocations at current levels explicitly defies the model's warning that the risk-reward is definitively "Unattractive." Buying here forces capital to absorb the brunt of the imminent pullback, guaranteeing compromised entry pricing and negative drift as the index seeks a structural floor. 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, specifically by helping to determine the best potential times and levels to commit capital. 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 is being held by a trader, while the probabilities are based on several factors, which may include: Short-term ratings and medium-term regimes Momentum indicators Horizontal or diagonal support and resistance Candle structure Moving averages and standard deviation Please note that these are short-term levels and may contrast with medium- and long-term outlooks, which are based on the weekly and monthly charts and are generally more applicable to long-term investors. These levels are subject to change based on market sentiment, subsequent price action, and company/sector-specific or macroeconomic news flow. As always, while the levels are outlined to guide your capital deployment, traders should be prepared to adjust in real-time based on the aforementioned factors. 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. Lester Davids Senior Investment Analyst: Unum Capital

+50 Take Profit Opportunities: Our Capabilities > https://www.unum.capital/post/capabilities Free Content: August 2026 > https://www.unum.capital/post/raug2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za NOTE: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes 98% of our content has always been free. Our research is open, which means that whether you are a client or not, you can access our research, including our trade ideas. If you have been reading our research but use another trading services provider/broker to execute the trades, why not consider moving you trading account to Unum Capital? This note, however, is premium and available to readers who actively execute via the Unum Capital Trading Desk. To access the ticker, e-mail lester@unum.co.za 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, specifically by helping to determine the best potential times and levels to commit capital. 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 is being held by a trader, while the probabilities are based on several factors, which may include: Short-term ratings and medium-term regimes Momentum indicators Horizontal or diagonal support and resistance Candle structure Moving averages and standard deviation Please note that these are short-term levels and may contrast with medium- and long-term outlooks, which are based on the weekly and monthly charts and are generally more applicable to long-term investors. These levels are subject to change based on market sentiment, subsequent price action, and company/sector-specific or macroeconomic news flow. As always, while the levels are outlined to guide your capital deployment, traders should be prepared to adjust in real-time based on the aforementioned factors. 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. Lester Davids Senior Investment Analyst: Unum Capital

+50 Take Profit Opportunities: Our Capabilities > https://www.unum.capital/post/capabilities Free Content: August 2026 > https://www.unum.capital/post/raug2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za NOTE: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes It's unfortunate that the commodity did not trade into our buy re-entry range (which was slightly lower) however it now trades around +20% since the alert on 25 June. If you took the trade and continue to hold, the highs may be an opportunity to take profit. Previous Post (25 June): Spot Platinum: Nearing Short Term Buy Range (See Chart) + In-Depth View Short Term Takeaway: Watch $1390 to $1490 as a buy re-entry range for a short term oversold rebound trade. Analyst Disclosure: The commentary below was produced using an artificial intelligence tool, based on my own data. STATUS OVERVIEW TECHNICAL CONDITION: 🟥 SHARP CORRECTION / DOWNTREND CATEGORY: 🟥 BEARISH / EXTREME OVERSOLD WATCH TREND STATUS Daily Trend: 🟥 Steep Downtrend / Severely Oversold Weekly Trend: 🟥 Aggressive Correction / Momentum Reversal Monthly Trend: 🟩 Secular Bull / Deep Pullback Phase Primary Action: 🟨 Wait for Capitulation / 🟩 Prepare for Tactical Bounce CORE THESIS: Aggressive Unwind in a Secular Bull Market Spot Platinum (XPTUSD) is currently experiencing a violent corrective phase following a spectacular, multi-year parabolic rally. After surging from the 2020 lows (~$600) to an incredible peak near $2,800 in early 2026, the asset has entered a period of severe distribution. The price has cascaded downward, currently trading near the $1,550 level, representing a substantial haircut from its recent highs. While the immediate daily and weekly structural trends are decisively broken to the downside, this is occurring within the context of a massive secular bull run visible on the monthly chart. Crucially, short-term momentum (RSI) on both the daily and weekly timeframes has reached extreme oversold territory. This suggests the current wave of selling pressure is mathematically exhausted and highly vulnerable to a sharp mean-reversion bounce. The strategic focus must shift from shorting the breakdown to identifying a tactical bottom for a relief rally. Verdict: 🟨 DO NOT CATCH THE FALLING KNIFE / 🟩 WATCH FOR MOMENTUM DIVERGENCE FOR A TACTICAL LONG / 🟥 DO NOT INITIATE NEW SHORTS. STRUCTURAL PROFILE (Based on Core Momentum Data) DAILY (Tactical): Short-Term Trend ➔ 🟥 WATERFALL DECLINE WEEKLY (Intermediate): Structural Trend ➔ 🟥 DEEP CORRECTION MONTHLY (Secular): Macro Cycle ➔ 🟩 SECULAR BULL (PULLBACK) Profile Alignment: We are observing a classic "boom and bust" correction within a larger macro uptrend. The Monthly chart confirms the sheer scale of the 2020-2026 rally; the current drop, while severe, is technically a pullback within that wider context. However, the Weekly and Daily charts dictate the current dominant action: aggressive liquidation. The unifying theme across the lower timeframes is extreme negative momentum (RSI ~21 on both Daily and Weekly), setting the stage for an imminent counter-trend reaction. STRUCTURAL TIME FRAME ANALYSIS 🟥 Daily Momentum (The Tactical Engine): The Daily chart reveals a relentless "waterfall" decline since the start of 2026. The price action is characterized by lower lows and lower highs with minimal relief. However, the 7-period RSI has plunged to ~21.27. This deep oversold condition historically precedes sharp, violent relief bounces as late shorts cover and tactical buyers step in. 🟥 Weekly Liquidation (The Structural Driver): The Weekly chart highlights the severity of the rejection from the $2,800 peak. The trend structure is broken, but the momentum reading is the key takeaway: the weekly RSI is at ~21.58. It is extremely rare for an asset to maintain this level of weekly selling pressure without triggering a multi-week consolidation or mean-reversion rally. 🟩 Monthly Volatility (The Secular Anchor): The Monthly chart zooms out to show the massive secular bull market. Despite the current bloodbath, the asset remains vastly higher than its historical base. The monthly RSI has cooled to ~42.59, returning to neutral territory after being extremely overbought. This timeframe suggests that once the current liquidation concludes, structural support should be found. INTERACTION VERDICT - Capitulation Watch: "You have a broken short-term trend, but the rubber band is stretched to its absolute limit to the downside on the daily and weekly charts. The structural trend is your enemy right now, but the momentum extremes offer a highly asymmetric tactical opportunity. 🟨 Patience is required. Wait for momentum divergence or a clear reversal candle before attempting to buy." CATEGORIZATION & STRATEGY Daily Timeframe (Tactical) Primary Category: 🟥 WATERFALL DECLINE Impending Transition: 🟩 RELIEF RALLY / SHORT SQUEEZE Strategic Overlay: 🟨 WAIT FOR BULLISH DIVERGENCE OR EXHAUSTION VOLUME Weekly Timeframe (Intermediate) Primary Category: 🟥 AGGRESSIVE DISTRIBUTION Impending Transition: 🟨 BASE BUILDING / MEAN REVERSION Strategic Overlay: 🟥 AVOID CORE LONG POSITIONS UNTIL A HIGHER LOW FORMS Monthly Timeframe (Secular) Primary Category: 🟩 SECULAR BULL PULLBACK Impending Transition: 🟨 SEEKING MACRO SUPPORT Strategic Overlay: 🟨 MONITOR FOR LONG-TERM ACCUMULATION ZONES STRATEGIC INTERPRETATIONS BY TIMEFRAME 🟩 TACTICAL (Next 1 to 3 Weeks): "The Daily chart is dangerously oversold with RSI near 21. A violent relief rally of $100-$200 is highly probable purely to reset momentum. Aggressive traders can look for a daily close that forms a reversal pattern (hammer, bullish engulfing) to play a quick bounce. Set extremely tight stops below the low." Action: 🟩 Trade the Mean-Reversion (Low Size, High Alert) 🟨 INTERMEDIATE (Next 3 to 9 Months): Action: 🟨 Wait for a Weekly Base 🟩 SECULAR (Next 1 to 3 Years): Action: 🟨 Preserve Capital / Wait for Macro Support KEY RISKS TO THESIS 🟥 The Falling Knife (Continuation Risk) Scenario: The oversold conditions remain embedded. The asset enters a capitulation cascade, slicing through the $1,500 level and dropping rapidly toward $1,300 before any meaningful relief occurs. Impact: Bottom-fishers get crushed. Strict stop-losses are mandatory if attempting to catch the bounce. 🟧 The Dead Cat Bounce (Trap) Scenario: The asset rallies sharply by $100+ over a few days. It hits declining moving averages or previous structural breakdowns on the Daily chart and immediately resumes the primary downtrend to make new lows. Impact: Requires tactical traders to take profits aggressively into the first sign of resistance and not overstay their welcome. DECISION LOGIC Current State: "Waterfall Decline & Extreme Momentum Exhaustion" Question: Has the Daily chart printed a bullish reversal candle or momentum divergence? 🟩 Yes (Price makes a lower low, RSI makes a higher low) ➔ 🟩 EXECUTE TACTICAL BOUNCE TRADE 🟨 No, but holding steady (Price is chopping sideways at lows) ➔ 🟨 WAIT AND MONITOR 🟥 No, price continues to plunge (Red candles closing on their lows) ➔ 🟥 STAND ASIDE. DO NOT BUY YET. PRICE PROJECTIONS: FORWARD MODELING 🟩 BULL CASE ("Mean Reversion Rally"): Target ~$1,750-$1,800 | Probability: 45% The extreme oversold conditions trigger aggressive short-covering. Price snaps back violently to re-test recent breakdown levels on the Daily chart. This is a counter-trend bounce, not a new bull market. 🟧 BASE CASE ("Grinding Base"): Target ~$1,400-$1,600 | Probability: 35% The aggressive selling stops, but buyers remain hesitant. The asset chops sideways in a volatile range for several months to slowly work off the depressed momentum and build a foundation. 🟥 BEAR CASE ("Macro Capitulation"): Target ~$1,200-$1,300 | Probability: 20% The $1,500 level breaks decisively. Panic selling ensues, driving the asset down to test deeper macro structural support zones established during the 2021-2024 period. SCENARIO PLANNING 🟩 Trading the Bounce: If executing a mean-reversion trade, use the capitulation wick or swing low as a hard stop. Target the first major declining moving average or obvious resistance level. Take profits quickly and trail stops aggressively. 🟥 Respecting the Structural Trend: Remember that the Weekly timeframe is pointing straight down. Any long position right now is a counter-trend trade against severe momentum. EXECUTION PROTOCOL PRIMARY: 🟨 Stand aside for core long-term holds, 🟩 Prepare to trade tactical bounces with strict risk management. 🟥 Step 1: Do not initiate any new short positions. The risk-to-reward ratio is exceptionally poor here due to the threat of a violent short-squeeze. 🟨 Step 2: For tactical longs, wait for daily momentum to tick upward, ideally accompanied by a bullish divergence or a strong reversal candle. 🟩 Step 3: If triggered, size down. Only risk a fraction of standard capital on counter-trend trades. Set hard stops strictly below the low of the entry candle. CONCLUSION Spot Platinum (XPTUSD) is enduring a severe corrective phase following a historic multi-year rally. The asset has been aggressively distributed, resulting in exceptionally rare oversold momentum readings (RSI ~21) on both the Daily and Weekly charts. While the immediate structural trend remains highly bearish and warns against buying for long-term holds just yet, the short-term rubber band is stretched to an extreme limit. A sharp, tactical relief rally is highly probable to relieve this pressure. 🟨 Investors should remain patient and let the asset find a macro floor, while tactical traders should be on high alert to capitalize on an imminent mean-reversion bounce, provided they use strict risk management. Lester Davids Senior Investment Analyst: Unum Capital

+50 Take Profit Opportunities in 15 Weeks: Our Capabilities > https://www.unum.capital/post/capabilities Free Content: August 2026 > https://www.unum.capital/post/raug2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za NOTE: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes Published after market close on Thursday 20 August 2026. 98% of our content has always been free. Our research is open, which means that whether you are a client or not, you can access our research, including our trade ideas. If you have been reading our research but use another trading services provider/broker to execute the trades, why not consider moving you trading account to Unum Capital? This note, however, is premium and available to readers who actively execute via the Unum Capital Trading Desk. To access the tickers, e-mail lester@unum.co.za The trade setups/key levels below represent a fraction of the current opportunities on our watchlist: 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, specifically by helping to determine the best potential times and levels to commit capital. 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 is being held by a trader, while the probabilities are based on several factors, which may include: Short-term ratings and medium-term regimes Momentum indicators Horizontal or diagonal support and resistance Candle structure Moving averages and standard deviation Please note that these are short-term levels and may contrast with medium- and long-term outlooks, which are based on the weekly and monthly charts and are generally more applicable to long-term investors. These levels are subject to change based on market sentiment, subsequent price action, and company/sector-specific or macroeconomic news flow. As always, while the levels are outlined to guide your capital deployment, traders should be prepared to adjust in real-time based on the aforementioned factors. Lester Davids Senior Investment Analyst: Unum Capital

+50 Take Profit Opportunities: Our Capabilities > https://www.unum.capital/post/capabilities Free Content: August 2026 > https://www.unum.capital/post/raug2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za NOTE: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes Published Thursday, 20 August at 17h32 (South African Time / US Trading Session) Archer-Daniels-Midlands Last close: $83.42 Stop-loss = a weekly close below $76.00 Target: $98.00 Bunge Last close: $118.11 Stop-loss = a weekly close below $108.50 Target: $133.00 Nutrien Last close: $100.33 Stop-loss = a weekly close below $94.20 Target: $120.00 Lester Davids Senior Investment Analyst: Unum Capital

+50 Take Profit Opportunities: Our Capabilities > https://www.unum.capital/post/capabilities Free Content: August 2026 > https://www.unum.capital/post/raug2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za NOTE: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes Published 12h28 (South African Time) on 20 August 2026. Key Drivers: The surge in US (and global) bond yields has not been a problem for equities however, intervention by the officials may raise cause for concern. Our technical screeners (using ETFs) reflect an extreme lack of oversold instruments and a vast number of overbought instruments S&P 500 Index +38% above it's 200-week SMA (2nd highest reading since the year 2000). In addition, a bearish distance divergence is present. 72% of S&P 500 shares trade above their 200-day simple moving averages. While this is healthy, this is at the upper boundary of a 5-year range. Volatility seasonality - nearing a period (measured over 20 years of data) where the VIX has shown historical elevation. Buy at current levels (15.15) or lower Stop-loss: 12.20 Target: 20.00 Lester Davids Senior Investment Analyst: Unum Capital

+50 Take Profit Opportunities: Our Capabilities > https://www.unum.capital/post/capabilities Free Content: August 2026 > https://www.unum.capital/post/raug2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za NOTE: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes 98% of our content is free. Our research is open, which means that whether you are a client or not, you can access our research, including our trade ideas. If you have been reading our research but using another trading services provider/broker to execute the trades, why not consider moving you trading account to Unum Capital? This note, however, is premium. To access the ticker, e-mail lester@unum.co.za 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, specifically by helping to determine the best potential times and levels to commit capital. 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 is being held by a trader, while the probabilities are based on several factors, which may include: Short-term ratings and medium-term regimes Momentum indicators Horizontal or diagonal support and resistance Candle structure Moving averages and standard deviation Please note that these are short-term levels and may contrast with medium- and long-term outlooks, which are based on the weekly and monthly charts and are generally more applicable to long-term investors. These levels are subject to change based on market sentiment, subsequent price action, and company/sector-specific or macroeconomic news flow. As always, while the levels are outlined to guide your capital deployment, traders should be prepared to adjust in real-time based on the aforementioned factors. 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. Lester Davids Senior Investment Analyst: Unum Capital

+50 Take Profit Opportunities: Our Capabilities > https://www.unum.capital/post/capabilities Free Content: August 2026 > https://www.unum.capital/post/raug2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za NOTE: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes Update: Over the 2 months, gold is higher by just over 11%. This move is in line with the view at the time, which was support by price action model (a rebound over 5 to 8 weeks). The original note (including the time-stamped price action model) is shown further below. Previous Post (10 June): Spot Gold Down $400. In Line With Last Week's 🟥Sell On Rally Call / Now Look For Lower Levels Before A 🟩Tactical Rebound. See Price Action Model Previous Post(04 June) Gold Spot (XAU/USD) [$4,464.76]. 🟥 Structural Breakdown 📉 Macro Markdown ⬇️ Sell on Rally 🟥 ⚖️ Tactically, long positions encounter severe friction as the asset navigates a deep macro correction from its $5,598 all-time high, pressing heavily against the critical $4,370 - $4,400 support shelf. Conversely, short positions must guard against aggressive mean-reversion bounces if this major structural floor holds. 🔭 Forecasting models indicate continued structural vulnerability and downside testing over the 1- to 3-month horizons (🔴), requiring a prolonged period of base-building and volatility compression (🟡) to repair the technical damage. 📊 Driven by a broken momentum profile where the Structural Trend remains firmly locked in a markdown phase, any tactical relief is currently capped by a heavy supply ceiling near $4,620. 🌍 With multi-timeframe distribution evident following the parabolic peak, the preferred strategic approach is to avoid premature accumulation and utilize short-term corrective bounces to reduce exposure or establish well-defined tactical shorts until a definitive macro floor is confirmed. Current Phase: 🔴 Structural Markdown / Support Search Next Best-Probability Phase: 🟡 Volatility Compression / Base Building Analyst Verdict: Markdown Continuation / Sell on Rally. Tactical Risk Assessment: Integrated Confluence Buying & Long Positions Risk for New Buy Entries: Falling Knife Risk. You are looking at an asset trapped in a major corrective descending triangle, hovering dangerously close to the critical $4,370 structural floor. With the Mid Term (Daily) momentum drifting weakly, entering before a confirmed floor is established carries extreme risk of catching a falling knife ahead of a capitulation flush. Risk for Existing Long Positions: Existential Drawdown. The breakdown from higher consolidation zones has transformed former support into heavy overhead resistance. If the immediate $4,370 liquidity pocket fails, positions will be exposed to a swift technical vacuum targeting the $4,000 - $4,100 macro anchor. What Can Change? A high-volume daily reversal session printing a prominent lower shadow directly off the $4,370 shelf, accompanied by a sharp positive hook in short-term momentum, would indicate early institutional absorption and a potential tactical bottom. Selling & Short Positions Risk for New Short Entries: The Mean-Reversion Snapback. While the primary path of least resistance is currently down, shorting directly into a major historical support boundary like $4,370 exposes capital to sudden, low-volume short-covering squeezes designed to reset fast tactical oscillators. Risk for Existing Short Positions: Profit Erosion. Existing short positions from the recent highs are highly profitable. The operational risk is complacency; failing to lock in partial gains near major support risks surrendering substantial unbooked premium during a mean-reversion bounce. What Can Change? A clean, high-volume weekly close below the $4,370 support floor would confirm a markdown continuation, signaling that sell-side gravity remains entirely un-bid. 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, specifically by helping to determine the best potential times and levels to commit capital. 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 is being held by a trader, while the probabilities are based on several factors, which may include: Short-term ratings and medium-term regimes Momentum indicators Horizontal or diagonal support and resistance Candle structure Moving averages and standard deviation Please note that these are short-term levels and may contrast with medium- and long-term outlooks, which are based on the weekly and monthly charts and are generally more applicable to long-term investors. These levels are subject to change based on market sentiment, subsequent price action, and company/sector-specific or macroeconomic news flow. As always, while the levels are outlined to guide your capital deployment, traders should be prepared to adjust in real-time based on the aforementioned factors. 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. Lester Davids Senior Investment Analyst: Unum Capital

+50 Take Profit Opportunities: Our Capabilities > https://www.unum.capital/post/capabilities Free Content: August 2026 > https://www.unum.capital/post/raug2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za NOTE: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes JSE Top 40 Index. +2600 points vs the buy re-entry range. JSE TOP 40 INDEX: Update: Friday's price action model on the JSE Top 40 Index is unfolding with the price seeing a two-day bearish reversal from short term overbought levels. That being said, the index remains above it's rising 8-day exponential moving average which may act as a level of interest for ultra short term traders. A break of this EMA is likely to push the share toward the support zone which is made up of the intersection of the 21-day and 75-day EMA. Previous Post (Friday 07 August): JSE Top 40 Index: The Reward-To-Risk From Current Levels STRUCTURAL RATING: ⭐⭐☆☆☆ The reward-to-risk profile is currently constrained near-term by overextended momentum. For a Buy/Long position, the reward-to-risk is Poor 🟥 because the index has pushed into overbought territory on lower time frames, rendering fresh long entries at current levels highly unattractive. Conversely, for a Short/Sell position, the reward-to-risk is Moderate 🟨; while the long-term regime has resumed a powerful bull move in a strong upward trend, localized overextension offers a tactical window to look for a failure to hold prior session lows to initiate a brief 1-2 day short setup. TACTICAL ACTION SCALE 🟥 At/approaching sell/reduce 🟧 Sell (continuation) 🟨 Sell on rally 🟠 Sell on sharp rally ⬜ Neutral 🔵 Buy on deeper pullback 🟢 Buy on pullback — Pending: Waiting for a standard counter-trend dip to execute a buy. ⬅️ J200 IS POSITIONED HERE 🟦 Buy (continuation) 🟩 At/approaching buy/add RATIONALE: While J200 is currently "Overbought" near-term and short-term long entries carry an "Unattractive" risk-reward profile, its 14-day trend is "Very Bullish" and its long-term baseline "Has Resumed A Bull Move In A Strong Upward Trend." Because entering fresh long allocations at current elevated levels is structurally dangerous, the primary bias is to wait for a counter-trend consolidation or pullback to digest recent gains before safely adding long exposure. SCENARIO MATRIX (BASE, BEAR & BULL CASE) Base Case (60% Probability): Overbought Digestion & Minor Pullback: The near-term tape remains highly extended, forcing a natural pause in upward velocity. The index fails to hold prior sessions, triggering the 1-2 day short setup, which allows the asset to safely bleed off overbought momentum and pull back into short-term moving averages before resuming its primary long-term bull move. Bear Case (25% Probability): Aggressive Technical Rejection: The anticipated failure to hold prior sessions attracts severe institutional distribution rather than standard profit-taking. A rapid unwinding of the "Very Bullish" 14-day trend forces the index into a deeper, highly volatile correction, pushing price well past standard pullback zones and threatening the underlying macro bull structure. Bull Case (15% Probability): Runaway Momentum Expansion: The index completely ignores its short-term "Overbought" condition. Relentless buying pressure forces an immediate continuation of the strong upward trend, denying short sellers their 1-2 day tactical setup and forcing sidelined capital to chase the rally at increasingly unattractive risk-reward metrics. What Can Go Right From Current Levels (Risk For Short Sellers) For Existing Sell/Short Positions: Macro Trend Steamroller: Existing shorts are fighting a tape that is officially marked by a "General Trend Up" in the medium-term and a "Strong Upward Trend" long-term. If the index refuses to pull back and simply grinds higher through overbought conditions, short positions will face immediate capital erosion and an unchecked momentum squeeze. For Potential (New) Sell/Short Positions: Front-Running the Rejection: Initiating a fresh 1-2 day short setup before the index explicitly shows a "Failure To Hold Prior Sessions" carries high tactical risk. Stepping in front of a "Very Bullish" 14-day trend without a confirmed localized breakdown exposes new capital to rapid upside variance. What Can Go Wrong From Current Levels (Risk For Buys/Longs) For Existing Buy/Long Positions: Immediate Mean Reversion: Investors holding long positions are actively riding an "Overbought" 7-day trend. As the asset naturally looks to establish a localized failure to trigger a 1-2 day short cycle, existing longs face an immediate, uncomfortable drawdown while price digests its recent vertical ascent. For Potential (New) Buy/Long Positions: Chasing the Apex: Entering fresh allocations at current levels explicitly defies the model's warning that the risk-reward is definitively "Unattractive." Buying here forces capital to absorb the brunt of the imminent pullback, guaranteeing compromised entry pricing and negative drift as the index seeks a structural floor. 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, specifically by helping to determine the best potential times and levels to commit capital. 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 is being held by a trader, while the probabilities are based on several factors, which may include: Short-term ratings and medium-term regimes Momentum indicators Horizontal or diagonal support and resistance Candle structure Moving averages and standard deviation Please note that these are short-term levels and may contrast with medium- and long-term outlooks, which are based on the weekly and monthly charts and are generally more applicable to long-term investors. These levels are subject to change based on market sentiment, subsequent price action, and company/sector-specific or macroeconomic news flow. As always, while the levels are outlined to guide your capital deployment, traders should be prepared to adjust in real-time based on the aforementioned factors. 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. Lester Davids Senior Investment Analyst: Unum Capital

+50 Take Profit Opportunities: Our Capabilities > https://www.unum.capital/post/capabilities Free Content: August 2026 > https://www.unum.capital/post/raug2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za NOTE: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes 98% of our content is free. Our research is open, which means that whether you are a client or not, you can access our research, including our trade ideas. If you have been reading our research but using another trading services provider/broker to execute the trades, why not consider moving you trading account to Unum Capital? This is a premium note. To access the ticker, e-mail lester@unum.co.za 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, specifically by helping to determine the best potential times and levels to commit capital. 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 is being held by a trader, while the probabilities are based on several factors, which may include: Short-term ratings and medium-term regimes Momentum indicators Horizontal or diagonal support and resistance Candle structure Moving averages and standard deviation Please note that these are short-term levels and may contrast with medium- and long-term outlooks, which are based on the weekly and monthly charts and are generally more applicable to long-term investors. These levels are subject to change based on market sentiment, subsequent price action, and company/sector-specific or macroeconomic news flow. As always, while the levels are outlined to guide your capital deployment, traders should be prepared to adjust in real-time based on the aforementioned factors. 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. Lester Davids Senior Investment Analyst: Unum Capital

+50 Take Profit Opportunities: Our Capabilities > https://www.unum.capital/post/capabilities Free Content: August 2026 > https://www.unum.capital/post/raug2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za NOTE: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes Published after market close on (Wednesday, 19 August) for Thursday, 20 August. The annotations on the chart gives you insight into our thinking around tactical opportunities and is NOT reflective of trade ideas. 98% of our content is free. Our research is open, which means that whether you are a client or not, you can access our research, including our trade ideas. If you have been reading our research but using another trading services provider/broker to execute the trades, why not consider moving you trading account to Unum Capital? This is a premium note. To access the ticker, e-mail lester@unum.co.za 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, specifically by helping to determine the best potential times and levels to commit capital. 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 is being held by a trader, while the probabilities are based on several factors, which may include: Short-term ratings and medium-term regimes Momentum indicators Horizontal or diagonal support and resistance Candle structure Moving averages and standard deviation Please note that these are short-term levels and may contrast with medium- and long-term outlooks, which are based on the weekly and monthly charts and are generally more applicable to long-term investors. These levels are subject to change based on market sentiment, subsequent price action, and company/sector-specific or macroeconomic news flow. As always, while the levels are outlined to guide your capital deployment, traders should be prepared to adjust in real-time based on the aforementioned factors. 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. Lester Davids Senior Investment Analyst: Unum Capital

+40 Take Profit Opportunities: Our Capabilities > https://www.unum.capital/post/capabilities Free Content: July 2026 > https://www.unum.capital/post/raug2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za NOTE: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes Impala Platinum (IMP): +11.8% Rebound vs Buy Re-Entry ... traded just about at the top of the re-entry range (19931c) so not a huge dip before rebounding. This is an example of buying on a pullback/retracement. Previous Post (12 August): Impala Platinum: Actionable Areas For Short Term Traders 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, specifically by helping to determine the best potential times and levels to commit capital. 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 is being held by a trader, while the probabilities are based on several factors, which may include: Short-term ratings and medium-term regimes Momentum indicators Horizontal or diagonal support and resistance Candle structure Moving averages and standard deviation Please note that these are short-term levels and may contrast with medium- and long-term outlooks, which are based on the weekly and monthly charts and are generally more applicable to long-term investors. These levels are subject to change based on market sentiment, subsequent price action, and company/sector-specific or macroeconomic news flow. As always, while the levels are outlined to guide your capital deployment, traders should be prepared to adjust in real-time based on the aforementioned factors. 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. Lester Davids Senior Investment Analyst: Unum Capital