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+40 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 Previous Post (03 August):Global Idea: Regeneron Pharmaceuticals Weekly Chart, powerful candle structure within a consolidation range + not extended Code: REGN Buy between $760 and $765 Stop-loss: $725 Target: $900 Lester Davids Senior Investment Analyst: Unum Capital

+40 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 INSTRUMENT: XPTUSD (Spot Platinum) DATE & TIME: Tuesday, August 18, 2026 | 3:49:51 PM STRUCTURAL RATING: ⭐⭐⭐☆☆ The reward-to-risk profile is constructive but currently requires patience due to localized weakness and low momentum conviction. For a Buy/Long position, the reward-to-risk is Moderate-to-Appealing 🟩; the asset maintains a 14-day bullish trend and a long-term general upward trend, but near-term execution requires waiting for a specific technical trigger—either a supported pullback to the 50-EMA or strong bids confirming a breakout near range highs. Conversely, for a Short/Sell position, the reward-to-risk is Poor 🟥; although the 7-day trend is neutral and medium-term conviction is low, attempting to short into a dominant macro upward trend just ahead of a major anticipated support zone (50-EMA) exposes capital to high probability mean-reversion squeezes. TACTICAL ACTION SCALE 🟥 At/approaching sell/reduce — Immediate/Urgent: Price has hit resistance or reached extreme overbought levels. 🟧 Sell (continuation) — Active: Selling into established, current downward momentum. 🟨 Sell on rally — Pending: Waiting for a standard counter-trend bounce to execute a sell. 🟠 Sell on sharp rally — Delayed/Weakest Sell: The asset is likely already beaten down, requiring a significant, oversized bounce to justify shorting or selling. ⬜ Neutral — No clear tactical action. 🔵 Buy on deeper pullback — Delayed/Weakest Buy: The asset is likely extended, requiring a significant, oversized drop to justify an entry. 🟢 Buy on pullback — Pending: Waiting for a standard counter-trend dip to execute a buy. ⬅️ XPTUSD IS POSITIONED HERE 🟦 Buy (continuation) — Active: Buying into established, current upward momentum. 🟩 At/approaching buy/add — Immediate/Urgent: Price has hit structural support or reached extreme oversold levels. RATIONALE: Spot Platinum is presenting a dual-conditional setup. While the 14-day trend is "Bullish" and the overarching structure is a "Steady Upward Trend," the asset is "Weaker On Lower Time Frame" with a "Neutral" 7-day trend and medium-term "Conviction Is Not High." The short-term model explicitly commands capital to "Look For Support At or Just Below 50-EMA Followed By A Reclaim To Trigger Rebound Buy." Therefore, the primary tactical posture is a Buy on pullback. Traders must patiently let the near-term weakness resolve into the 50-EMA support band and wait for a validated technical reclaim before initiating long exposure. Alternatively, long-term buyers can wait for "Strong Bids Near The High Of Range" to confirm a breakout. Lester Davids Senior Investment Analyst: Unum Capital

+40 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 Just under 1 year ago, on 31 August 2025, we asked the question: "Are you prepared for the move in energy?". Since then the sector has been the 2nd best performer over the period with a 38% gain. If you are a frequent reader of our research, but hold your account at one of our competitors, why not consider making Unum Capital your main services provider? To get started, get in in touch with me on lester@unum.co.za. Previous Post: Energy Sector: Leading & Generating Cash: Published on Sunday 08 march for Monday 09 March Previous Post (31 August 2025): 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

+40 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 NEDBANK GROUP (NED) exceeding our target and trading at a multi-month high of R303 this morning. A +15% return in 2 months. Consider moving your trading account to Unum Capital as your trading services provider. Anyone out there take advantage of this opportunity? Get in touch with me at lester@unum.co.za Previous Post (15 June): 🟩Take Profit: Target Range Reached at R275 to R278 Nedbank Group (NED). Today's high (thus far) = R277.11. Well done to clients who took advantage of the opportunity to trade. Previous Post (Monday 15 June) 💡JSE Trade Setup: Double Bottom Pending Trigger at ~R262 The share is attempting to emerge from a double bottom formation where the 2x lows are ~R251. Friday's candle was initially positive but was capped by the declining 75-day EMA. We could however see the share making another attempt to clear this level. Last close at 26050c. Trigger = R262 Temporary invalidated below R254 Target = R275 to R278 We highlighted the downside risk in NEDBANK at R309 on 26 February, with the price action model clearly measuring the (then) reward-to-risk. The share trade from R309 to the recent low of R251. 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: 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 The momentum matrix is an interactive webpage that acts as a scanner with various filters. To obtain copy, e-mail me at lester@unum.co.za 🎥 Play Video: Lester Davids Senior Investment Analyst: Unum Capital

+40 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 PSG Financial Services (Code: KST) A few weeks ago (13 July), the share traded higher by 23% from our buy idea. Now, there is potentially another opportunity to re-entry the share on this 'low volume pullback'. I am expecting lower levels before a tactical rebound. Previous Post (13 July): 🟩+23% in 5 Weeks (Ungeared). Move Your Trading Account To Unum Capital Today Previous Post (30 June) 🟩Take Profit: Target Reached at 3140c (+9.2% Gain/Price Move) PSG Financial Services (KST) - cup & handle formation measured move target reached. Well done to clients who latched onto the opportunity. Previous Post (05 June) 🔔 Volume Alert + Consolidating Below Resistance / 🟩Bullish Structure. Measured Move Target = 3140c PSG Financial Services (KST) Last Close = 2875c Stop-loss / Temporary failure below 2680c Target = 3140c 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: 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 North American Natural Resources ETF (IGE) Previous Post (17 June 2025) Global Idea: iShares North American Natural Resources ETF (IGE) The iShares North American Natural Resources ETF (IGE) offers investors a focused way to gain exposure to the vital natural resources sector within North America. This ETF tracks an index composed of North American equities involved in various facets of the natural resources industry, including oil and gas, mining, and forestry companies. For those looking to diversify their portfolio beyond traditional sectors or to capitalize on specific commodity trends, IGE presents a compelling option. One key reason to consider IGE is its targeted exposure to a critical sector. Natural resources are fundamental to global economic activity, and demand for energy, metals, and other raw materials remains consistently strong, albeit with cyclical fluctuations. By investing in IGE, investors gain access to a basket of established companies that are directly involved in the exploration, production, processing, and transportation of these essential resources. This can provide a degree of inflation hedge and potentially benefit from periods of rising commodity prices. The development and potential breakout of a 17-year base has piqued our interest and alerts us to get ready for a potential base breakout above $47.90. Lester Davids Senior Investment Analyst: Unum Capital

+40 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 🛜 Price Action Model Signal for: PPC LIMITED | CODE: PPC HARMONY GOLD - A 50% RETURN WITH THE INITIAL TRIGGER FROM THE PCIE ACTION MODEL THE TACTICAL TRADING GUIDE is a proprietary price action model, based on the analyst's understanding of momentum profiles. It helps helps clients UNCOVER OPPORTUNITIES & ASSESS REWARD-TO-RISK 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. Harmony Gold is a recent, real-time example of a cash-generating opportunity influenced by the reading on the price action model, which at the time (Thursday 19 March at 10h28), communicated the following: 7-Day Trend: High Bullish Momentum / Approaching Oversold 14-Day Trend: Very Bearish 1 to 10 Days: "The Reward-to-risks is becoming attractive for a buy/long position" 2 to 4 weeks: "Aggressive Selling Underway. Wait For Lower Time Frames To Stabilize" 5 to 8 weeks: "The Share Has Been Weak, With Selling Pressure Underway However, There IS A Possibility Of A Small Rebound". The original note was published at the following link > https://www.unum.capital/post/har1903 Extreme price movements often deserve closer inspection to determine whether an opportunity is at hand. This was exactly our approach on 19 March when JSE gold shares were under extreme selling pressure. Our first step? Check the price action model to determine the probabilities for the various time frames. At the time, the reading for Harmony Gold highlighted a BUY on the lowest time frame and the potential for a rebound on the highest time frame. This is exactly how the price action played out: a strong rebound followed by a consolidation, followed by a much bigger move of 50% in under 5 months. Well done to clients who took the opportunity to trade. The original post (which included the time-stamped price action model) is shown further below. Previous Post (Thursday, 19 March)💡Harmony Gold: Early Buy Trigger; Lower Levels Expected Before Potential Rebound Analyst's Price Action Model (Take Note of the Applicable Time Frames As Per The Model) Harmony Gold Daily Chart (15-min Delayed) Lester Davids Senior Investment Analyst: Unum Capital

+40 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 STANDARD BANK (SBK): The share reached the top of the sell re-entry range and subsequently sold off from this level. Previous Post💡Trade Setup: Continuation Sell Time of Note: 08h30am, Thursday 09 July 2026 Standard Bank (SBK) | As you already know, the red and blue shaded areas represent the next best-probability sell and buy-re-entry ranges. We discussed Standard bank previously with clear sell levels provided (32870c - 33681c, also see further below on this note). The NEW levels are subject to change in real-time as the price action, market sentiment and candle structure changes. Previous Post (01 July, Post Market): Standard Bank: Deteriorating Candle Structure & Unwinding From Medium Term Overbought Levels Analysis prepared and published on Wednesday, 01 July (post-market close) for Thursday 02 July. Notes on the chart. 2nd opportunity to sell SBK into that EXACT SAME range (32870c - 33681c)! Now with deteriorating candle structure as the results from one of it's peers (ABG). Sees sellers emerge. Remember, Banks have been overbought on a relative basis vs the broader market. We highlighted that on the relative strength and rotation notes. Scroll down for previous view. Previous Post (12 May): Standard Bank: Generating Cash For Short Sellers (~3000c); S/Term Traders Lock In Some Profits Here! On Sunday 15 February, we highlighted the opportunity in Standard Bank, to short/sell on a spike toward a specific range. Yesterday the share reached the range, TRADED EXACTLY INTO THE UPPER BOUNDARY and has since declined by between 3800c excluding the recent dividend (870c). The original note, with specific levels can be accessed at the following link (and if you scroll down) > https://www.unum.capital/post/sbk1602 We also discussed the share in a premium note > https://www.unum.capital/post/finsec0804 Below is the current/updated chart. Previous Post (Sunday 15 February): Near Term Spike Into Medium Term Overbought Conditions Could Create Short/Sell Opportunity Analyst's Price Action Model SBK Daily Chart 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: 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 Thungela Resources (TGA) Coal Mining Share: Bullish Trigger Above The R100 Level Analysis & chart prepared on Friday 07 August. Thungela Resources (TGA) is trading within a contraction phase that has the potential to evolve into an expansionary phase. On Friday, we some heavy intraday selling however, the share held within the range. Should we see a bullish reverse candle on Tuesday (11 August), this would support the case for a swing buy/long out of the consolidation range. Further confirmation is a close above the R99 to R100 level. 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: 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 Several comments were prepared intraday/eod on Friday 14 August 2026, while others were added subsequently | Published on Monday 17 August 2026 | The views reflect prices and price action at the time of writing. Coverage: Thungela Resources, Macro & Intermarket Overlay, S&P 500 Index, JSE Top 40 Index, Relative Rotation Graph, Relative Sector Breadth, Exxaro Resources, Naspers, Nedbank, Absa, MTN Group, Sasol, Sibanye Stillwater, Momentum Dashboard, Valterra Platinum, Spot Platinum, Spot Palladium, Sector Momentum: Neutral / Consolidating, Harmony Gold, Food Retail: Momentum, AngloGold Ashanti, Anglo American Plc, Glencore Plc, Vodacom Group, USDZAR, Jubilee Metals Group, JSE Gold Miners: Momentum, Technical Screen (Dips In Bull Trend), Market Explorer: Which Shares Continue To Act Well, Sector Momentum Gauges, Most Aggressive Buying, JSE Sector Relative Momentum Dashboard, JSE Internal Rotation, Chart Pack: Actionable Areas. Monday, 17 AUgust at 10h03 Thungela Resources (TGA) +8.3% vs our buy trigger. Take Profit. Original Post Here > https://www.unum.capital/post/tga0708 Macro & Intermarket Overlay A dramatic shift in market leadership is underway. We are witnessing a violent short-term reversal in Consumer Discretionary, rocketing into High Bullish territory despite structural long-term weakness. Conversely, a severe systemic crash has hit Technology, plunging it into extreme bearish momentum across short and long timeframes. Defensive havens like Gold Miners and heavyweights like Banks maintain structural strength but have neutralized in the near term. S&P 500 Index: The reward-to-risk profile is heavily compromised for new long entries due to extreme multi-timeframe vertical extension. For a Buy/Long position, the reward-to-risk is Poor 🟥 because while buyers are completely in control of a very strong move across short, medium, and long-term horizons, the index is actively approaching overbought conditions. The model strictly dictates "Don't Chase," as price action may fail in its attempt to hold the highs. Conversely, for a Short/Sell position, the reward-to-risk is Moderate 🟨; a failure at current peak levels provides a defined tactical window to execute a mean-reversion short/sell, utilizing a natural pullback to the 8-EMA as a direct downside target. JSE Top 40 Index: The index has continued to retreat in line with the previous price action model which warned against ultra short term buy/long positions. This unwind of price appears normal in relation to the previous overbought conditions and will allow the moving averages to catch up with price. For context the index is retreating toward it's flat 8-week and 21-week exponential moving averages which is likely to act as a short term support range. For ultra short term traders, this range, as well as the overshoot thereof may serve as an ultra short term buy re-entry range. Relative Sector Breadth: A measure of market participation tracking the distribution of the 14 JSE Sectors (excluding the Benchmark index) across momentum states. Exxaro Resources: Previously, my note highlighted R180 to R185 as a provisional buy re-entry range. Friday's market update by the company led institutional investors and traders to aggressively sell the share to the lowest levels this year which was below the buy re-entry range. As always, clients will adjust in real-time to accommodate the new information and price action developments. Market Explorer: Which Shares Continue To Act Well? Results: APN, SHP, HAR, RBO, ANG, VAL Naspers: Institutional selling pressure has seen the share once again trading near multi-month lows with the price moving back below it's 8 and 21-week exponential moving averages. The R780 to R785 level remains key to traders with a positive outlook as a break below that level is likely to accelerate selling pressure over the short to medium term. One scenario is that the price breaks below support and quickly reclaims the lows to produce a false breakdown followed by a bullish reversal. For now, sellers are in control. Technical Screen: Deep dips in bull trends (2 matches): Nedbank: We recommended the share as a buy re-entry at R262 with a 'double bottom' technical formation having been the structure at the time (12 June). In the last few days, the share reached a high of R300 and has since consolidated in a 'flag' formation. Zooming out, a large multi-month base is developing, one raises the potential for a breakout over the long term. From a valuation perspective, the share remains inexpensive. Absa Group: Following it's short term rebound, the share is trading in an ultra short term consolidation range. The 75-day exponential moving average as well as the 200-day simple moving average are current acting as a resistance range. For now, the R235 level remains supply until candle structure improves (i.e. a big break above resistance is required for buyers to regain full control of the price action). Should the share retreat, the prior breakout level is unlikely to hold which means the share could let the long term breakout level near R200 is likely to be tested. Note: This share remain inexpensive from a valuation standpoint. MTN Group: Above R220 (just under 3 weeks ago), we warned clients that the bearish engulfing candle may be the start of a bearish reversal. Since then the share has seen a major drop, with a ow of around R188. At current levels, the share is attempting to stabilize, with the formation of 3 'doji' candles. My assessment of the price action is that lower levels are likely before a tactical rebound takes place. We previously marked lower boundary of the range near ~R181 although this is likely to change as the news flow and price action develops (influenced by institutional investors and traders). JSE Gold Miners: Momentum Sasol: As mentioned last week, we are looking for a further pullback and break of trend line to trigger a new swing buy/long. At current levels the share remains in a consolidation/contraction phase with the moving averages clustered. JSE Sector Relative Momentum Dashboard The JSE sector momentum matrix highlights an aggressive rotation toward defensive and selective high-velocity plays, anchored by Consumer Staples and Platinum Miners, both of which have locked in a rare, multi-horizon Strong (#3) profile across Long, Medium, and Short-Term scales. Banks maintain a premier structural foundation, flashing Long-Term High Bullish Momentum (#2) / Approaching Overbought status alongside a Strong (#3) medium-term baseline. Meanwhile, a powerful near-term acceleration is visible in Consumer Discretionary, Hospitals, and Coal Miners, all printing Strong (#3) or High Bullish Momentum (#2) short-term marks. Conversely, absolute momentum breakdown is heavily concentrated in Technology, which remains deeply mired in a multi-horizon High Bearish Momentum (#6) / Approaching Oversold liquidation cycle, accompanied by structural weakness in Telecoms, Chemicals, and Luxury Goods. Sibanye Stillwater: The reward-to-risk for new buy/long entries have diminished, with the price having completed it's expansionary move off the lows (from R33 to R44). The share, however, remains above it's rising 8-day exponential moving average, which is above the rising 21-day exponential moving average. The next-best probability buy range is on a pullback toward the rising 21-day EMA. Resistance/supply is in the 4600c to 4800c range. Food Retail: Momentum Valterra Platinum: The share is unwinding from an expansionary phase, having trade higher by as much as 33% from our buy trigger (via the price action model). If you are looking to buy at current levels, I'd suggest waiting for a further pullback toward the rising 21-day exponential moving average, which is roughly in line with the 75-day exponential moving average. Should we see a rally from current levels, the R1550 to R1590 range could attract sellers and open up a tactical opportunity for those looking to participate on the short (sell) side). Spot Platinum (XPTUSD): Following it's short term recovery, the commodity has retreated only slightly while now consolidating on it's gradually rising 21-day exponential moving averages. We consider this a 'buy continuation' setup on a breakout above $1753, targeting $1850 over the short term. Spot Palladium (XPDUSD): The commodity has pulled back and is nearing it's rising trend line which extends back to the lows of 24 June. We consider $1255 to $1280 as a minor support zone with the break of the short term downward trend line as a trigger for bullish continuation. Here, the upside target is near the underside of the flat 200-day simple moving average. Change From Open (%): For The Week, Buying was Most Aggressive In The Following Shares: AngloGold Ashanti (ANG): Following an expansionary move, the share is consolidating near it's multi-week highs with buyers remaining largely in control over the short term. The next best probability buy range is around the confluence of the 21-day exponential moving average and 75-day exponential moving average which also coincides with the gap around ~R1448. Traders can expect a downside overshoot of this support range before another (potential) tactical rebound. Next bets probability buy range is ~R1344 to ~R1471. Sector Momentum: Neutral / Consolidating Harmony Gold: Rallied 50% from our buy trigger in March, so it's no surprise to see the 3-day bearish reversal. That being said, the share remains above it's rising 8-day EMA, reflecting a bullish sequence over the medium term. Anglo American Plc: the share has a developed a pattern not often seen: a bearish 'island reversal' that has seen the upside momentum being lost in the short term. The R900/R915 resistance level has become significant in recent months, reflecting the temporary control by sellers at that range. More broadly, there is no clear re-entry around current levels except the swing lows near R750 to R770. Via the weekly chart, the share has developed a bearish engulfing candle which further adds to the bearish development in the short term. Glencore Plc: Looking for a re-test of the rising trend line followed by a potential rebound. Provisional support is around the R113 to R116 range which is where expect institutional buyers to step up and support our view. Vodacom Group: The share failed to fined upside follow-through and has instead rolled over near the swing highs. The R140 to 145 range is where institutional buyers have historically stepped in, which may be a logical range for short term traders looking to take another shot at a buy/long. This is range is also in line with our previous buy/long idea (published 06 February and updated on 11 May) in which a 9.5% gain was seen. US Dollar / South African Rand (USDZAR): The pair traded just below our R17.00 target (high of R16.97) before retreating toward the lower boundary of the multi-month range. the past week's price action can be described as a consolidation near the lows however, it is difficult to determine whether the a sharp bullish reversal will unfold or whether the pair will break to new lows (i.e. a strong ZAR). For now, this appears as NEUTRAL. Sector Momentum Gauges Jubilee Metals Group: The share has developed a higher low and is looking to reverse a bearish trend which saw the share trade from a high of 115c to it's recent low of 48c. The ~61c level is where major short term supply is located while a break above the range brings 74c and 82c into questions as upside targets. JSE Internal Rotation PREMIUM CONTENT FOR DOWNLOAD: PDF CHART PACK: ACTIONABLE AREAS + TRIGGER LEVELS + MORE 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 Lester Davids Senior Investment Analyst: Unum Capital