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Research Notes For 28 July to 01 August > https://www.unum.capital/post/r2801august Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Lester Davids Senior Investment Analyst: Unum Capital

Research Notes For 28 July to 01 August > https://www.unum.capital/post/r2801august Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za High risk as the growth/story keeps attracting buyers. Zooming out, the share has the potential to test the upper boundary of it's multi-year channel. Prints above R4175 could see similar selling action emerge as in prior years (see red arrows). The yellow arrow on the chart is the POTENTIAL PRICE PATH. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes For 28 July to 01 August > https://www.unum.capital/post/r2801august Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Lester Davids Senior Investment Analyst: Unum Capital

Research Notes For 28 July to 01 August > https://www.unum.capital/post/r2801august Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za End of Day: Friday, 25 July 2025 Lester Davids Senior Investment Analyst: Unum Capital

Research Notes For 28 July to 01 August > https://www.unum.capital/post/r2801august Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Lester Davids Senior Investment Analyst: Unum Capital

Research Notes For 28 July to 01 August > https://www.unum.capital/post/r2801august Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za ◦ Remains in a bullish regime with the share having tested multi-month highs. ◦ The rising 8-week EMA is above it's rising 21-week EMA which confirms the bullish regime. ◦ Buy re-entry on a pullback to the rising 8-week EMA, which is likely to act a support zone for medium term traders ◦ Provisional Range: 15700c to 16300c Lester Davids Senior Investment Analyst: Unum Capital

Research Notes For 28 July to 01 August > https://www.unum.capital/post/r2801august Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Previous Post (21 June): Trading BHP Group: Contrarian Opportunity? High Bearish Momentum + Approaching Oversold Lester Davids Senior Investment Analyst: Unum Capital

Research Notes For 28 July to 01 August > https://www.unum.capital/post/r2801august Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Previous Post (Tuesday 22 July): Exxaro Resources: Bullish Structure & Approaching Target (R185) However, After A 23% Rally, Short Term Overbought Readings Have Started To Emerge Previous Post (15 July) As highlighted to clients on 28 April. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes For 28 July to 01 August > https://www.unum.capital/post/r2801august Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za At the beginning of last week, our analysis highlighted the index trading in short term overbought conditions. While this means it's in a high demand phase (high levels possible), it also increases the probability of a retracement. As noted at the time, the bull trend had become overextended, with some risk of retracement. On Monday it traded higher while the remainder of the week saw short term consolidation. Underneath the surface, breadth had deteriorated with a defensive shift followed by an acceleration of bearish breadth momentum by Thursday's close. On Friday, the index saw a sharp drop at the open, re-testing it's rising 8-day moving average before finding intraday support. Zooming out, the following it noted: (1) the rising 8-day EMA remains above it's rising 21-day EMA, which in turn remains above it's rising 75-day EMA. In the short term, a further pullback is likely to find support the 21-day EMA which is currently just above the previous breakout level. As noted in recent week's the upper boundary of the long term channel is (higher) in the neighborhood of 95,000 (cannot be ruled out). Previous Post (Monday 21 July): JSE Top 40 Index: Bull Trend Becoming Overextended; Risk of Retracement Lester Davids Senior Investment Analyst: Unum Capital

Research Notes For 28 July to 01 August > https://www.unum.capital/post/r2801august Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Eco Wave Power is a leading onshore wave energy company that developed a patented, smart and cost-efficient technology for turning ocean and sea waves into green electricity. Code: WAVE Buy Range: $8.80 - $9.20 Target: $13.00 Stop-loss: $6.30 Lester Davids Senior Investment Analyst: Unum Capital

Research Notes For 28 July to 01 August > https://www.unum.capital/post/r2801august Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Lester Davids Senior Investment Analyst: Unum Capital

Research Notes For 28 July to 01 August > https://www.unum.capital/post/r2801august Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Pre-Market, Friday, 25 July Overbought on Daily Time Frame Overbought on Weekly Time Frame Lester Davids Senior Investment Analyst: Unum Capital