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Research Notes For 21 to 25 July > https://www.unum.capital/post/r2125july Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Previous Post (07 July): The share rebounded from ~R370 to +R460, based on the model reading (scroll down) for previous post. Now, a potential bull flag with the potential for upside continuation. Previous Post: We had 4 days to build a position This is another example of how traders can use the data to capitalize on opportunities. We have been very consistent in re-publishing the Tactical Trading Guide (price action model) at the end of each day. Here, clients are able to obtain a reading for more than 60 shares for 3 time frames. At the end of day on Monday 12 May, the reading for Gold Fields was as follows: 'The share has recently been sold off. Expect a small rebound' . The time-stamped reading and updated chart is shown below: Previous Post (Monday, 12 May) Trade JSE Shares  with Unum Capital. To get started, email tradingdesk@unum.co.za Click on the image to enlarge. Readings as of the close of trade on Monday 12 May. These are subject to change as the price action develops. SHOULD YOU URGENTLY REQUIRE A READING FOR THE LONG TERM, YOU ARE WELCOME TO E-MAIL ME AT LESTER@UNUM.CO.ZA Short Term (approximately 1 to 10 days) Medium Term (approximately 2 to 4 weeks) Lester Davids Senior Investment Analyst: Unum Capital

Research Notes For 21 to 25 July > https://www.unum.capital/post/r2125july 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 21 to 25 July > https://www.unum.capital/post/r2125july Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Previous Post (16 June) Invesco WilderHill Clean Energy ETF (PBW) False breakdown, followed by a reclaim (weekly chart). Lester Davids Senior Investment Analyst: Unum Capital

Research Notes For 21 to 25 July > https://www.unum.capital/post/r2125july Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Trading Kumba Iron Ore (18 June): High Bearish Momentum, But Early Buy/Long Trigger On Lower Time Frame High Bearish Momentum, But Early Buy/Long Trigger On Lower Time Frame Lester Davids Senior Investment Analyst: Unum Capital

Research Notes For 21 to 25 July > https://www.unum.capital/post/r2125july Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za The chart is similar to the Silver Miners ETF we published several weeks ago (bull flag near the highs). Code: RING Last = $44.87 Target = $52.00 Stop-loss = $40.20 Lester Davids Senior Investment Analyst: Unum Capital

Research Notes For 21 to 25 July > https://www.unum.capital/post/r2125july Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za DRD Gold: At the time, out of the 4 gold mining shares, DRD Gold generated a BUY trigger based on the price action model reading. Subsequently, the share rallied by more than 15% to yesterday's high of 2683c. The original post is shown further below on this page. Previous Post (Friday 27 June)JSE Gold Miners: Technical Comparison JSE Gold Miners (Equally-Weighted): Lester Davids Senior Investment Analyst: Unum Capital

Research Notes For 21 to 25 July > https://www.unum.capital/post/r2125july Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Previous Post (15 July) As highlighted to clients on 28 April. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes For 21 to 25 July > https://www.unum.capital/post/r2125july 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 21 to 25 July > https://www.unum.capital/post/r2125july Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Previous Post (Thursday, 10 July): TGA - Igniting Bar Setting The Stage For A Recovery Previous Post (27 May): On The Watchlist: Recovery Play Targeting The 200-Day? Could we see an attempt to trade back to at least close to the 200-day SMA over the medium term? Lower levels possible? Yes however, this could be the early stages of a falling channel/wedge developing? Also, quite extended vs the 200-week SMA. This is a premium post. DID YOU KNOW? Year-to-date, we have published over 900 research notes. If you've been a consumer of our research but have not traded via the Unum Capital trading desk, why not consider making us your trading services provider? To open a trading account and/or move from your existing service provider, email   tradingdesk@unum.co.za   In exchange for the provisional levels, we would love to have a few minutes of your time to explain our services. Specifically, if you are: New to financial markets and looking to start your trading journey. An experienced trader, but looking to elevate your trading. Interested in an ACTIVE TRADING approach. Interested in a high quality, award-winning research. Interested in insights that informs and identifies both risks and opportunities. Should you you fit into any of the above categories, we would love a few minutes of your time to be able to further explain why you should consider Unum Capital your trading partner. To access, e-mail your name and contact details to   lester@unum.co.za    To open a trading account, e-mail   lester@unum.co.za    Lester Davids Senior Investment Analyst: Unum Capital

Research Notes For 21 to 25 July > https://www.unum.capital/post/r2125july Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Old Mutual. Sharp rally off Wednesday's (09/04) lows, from 937 to above 1155c as of yesterday's close (Monday 21 July). The share was a NON-COMPREHENSIVE list of shares which clients were alert to coming into the week commencing 07 April. Previous Post (Sunday, 06 April) April 2025: Volatility Equals Opportunity Talking Points: Macro Developments Currently Driving Sentiment/Outlooks What We Know Valuation Volatility Equals Opportunity Where Is The Bottom? / Timing Macro Developments Currently Driving Sentiment/Outlooks | This note runs the risk of communicating items you may already be familiar with. For example, you will be aware that global financial markets are under pressure. You will be aware that the trade war via tariffs are one of, if not the main driver of the decline in risk assets. You will also be aware that volatility is high and that most risk assets have sold off. The aforementioned, are some of the negative factors that are at play. What We Know | As analysts and traders, we will never have all of the information at hand in order to make a decision. In some cases, we will have 55% of the information while in other case, will have 78% of the information etc. What we do know is that lower prices are presenting us with opportunities to (1) be active and take advantage of volatility and both the buy (long) and sell (short) side and (2) Take advantage of lower prices to build medium to long term portfolios (both U.S and global). What we also recognize is that at an index level, the All Share and Top 40 indices are slightly off their long term highs, but underneath the surface there has been some have been businesses that have seen their share prices decline significantly over several weeks and months. Valuation | In the short term, valuation isn't a very good timing tool however, over the long term, it does add value and can help traders and investors accumulate pieces of businesses that have the ability to 're-rate' over several months and years. While it is a crude way of measuring value, it does help us identify potentially cheap stocks (to buy) or expensive ones (to sell). A quick screen will help to uncover potential opportunities. Take Absa , for example. At Friday's close the share traded on a price-to-earnings ratio of 6x , with a dividend yield of 8% . It also sported a price-to-book value of 0.82 . SA industrial group Bidvest's price-to-book ratio is at 1.98x , which is the lowest since October 2020. Old Mutual trades on 6 times it's trailing earnings, with a dividend yield of 7.6% . Cyclical share Sappi trades on a 4 price-to-earnings ratio and a 7.2% dividend yield . This is a non-comprehensive list and merely just examples of shares leaning toward fundamental value. Volatility Equals Opportunity | The spike in volatility is presenting traders and long term investors with opportunities to smartly allocate capital to take advantage of falling prices . Where is The Bottom? / Timing The Market |  With prices moving at a rapid pace, levels have and are being breached with new support and resistance zone being tested. In some case, support is taken out and reclaimed, creating an opportunity for the fast-fingered trader to generate cash. I'll be the first to admit that I don't know where the exact bottom is, however, I'll be monitoring real-time developments in price action in an attempt to ascertain whether the momentum is slowing down or accelerating as well as what the price action is signaling. Bottom Line | The next few days and weeks may present an opportunity gradually phase in positions i.e. rand or dollar-cost average into a medium to long term portfolio. The current sell-off represents some businesses going 'on sale', with prices that may offer value for a 'limited period only'. Others might have further to fall, which will offer opportunities at a later stage. Note: With prices moving fast, it might be that not all ideas/opportunity will be communicated in written format via the Unum Capital website. To avoid missing opportunities, open an account and connect directly with our traders on the desk. To get started, email tradingdesk@unum.co.za Lester Davids Senior Investment Analyst: Unum Capital

Research Notes For 21 to 25 July > https://www.unum.capital/post/r2125july Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Our expectation was for lower levels, into the 50-week EMA and trend line, following by a bullish reversal. HAR is now higher by 3000c (from R237 to R267). Trading Harmony Gold: Geopolitical Tensions Makes The Setup Viable Scroll down for the previous PREMIUM POST which looked at a buy setup on HAR. 🔒Premium Post (11 June): Buy Re-Entry Idea, On Watchlist This is a premium post. The yellow candles in the block represent a potential short term price path for the share, capturing a potential simultaneous rebound off rising trend line and 50-week EMA. To clarify, a further pullback from current levels followed by a potential rebound. We will be monitoring the price action in real-time for confirmation. Should the price fail to act accordingly, the idea will be considered temporarily invalid. Thank you for your interest in our research. Our aim is to convey insights that help clients: (1) Manage Risks and (2) Uncover Opportunities. Year-to-date we have published over 1000 research notes that helps clients do just that. If you've been a consumer of our research but have not traded via the Unum Capital trading desk, why not consider making us your trading services provider? To open a trading account and/or move from your existing service provider, email   tradingdesk@unum.co.za   In exchange for the provisional levels, we would love to have a few minutes of your time to explain our services. Specifically, if you are: New to financial markets and looking to start your trading journey. An experienced trader, but looking to elevate your trading. Interested in an ACTIVE TRADING approach. Interested in a high quality, award-winning research. Interested in insights that informs and identifies both risks and opportunities. Should you you fit into any of the above categories, we would love a few minutes of your time to be able to further explain why you should consider Unum Capital your trading partner. To access, e-mail your name and contact details to   lester@unum.co.za    To open a trading account, e-mail   lester@unum.co.za    Lester Davids Senior Investment Analyst: Unum Capital

Research Notes For 21 to 25 July > https://www.unum.capital/post/r2125july Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Click on the image to enlarge. Readings as of the close of trade on Monday 21 July. These are subject to change as the price action develops. Short Term (approximately 1 to 10 days) Medium Term (approximately 2 to 4 weeks) Long Term (approximately 5 to 8 weeks) Lester Davids Senior Investment Analyst: Unum Capital