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Research Notes For 26 to 30 May > https://www.unum.capital/post/r2630may Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Current Price Action Model Reading: A.I Interpretation of the above price action model: The 14-day trend is explicitly labeled "Very Bullish," which is a strong indicator of upward momentum. Furthermore, the short-term expectation suggests "Very Strong Move Buyers In Control." While it cautions against chasing the price if it fails to hold the highs, the underlying sentiment points towards continued buying pressure in the near term. Looking at the longer-term perspectives reinforces this bullish inclination. The medium-term outlook describes "Aggressive Buying," and the long-term anticipates a "Strong Attempt At A Bullish Reversal Following A Consolidation Phase." These descriptions suggest that despite potential short-term pullbacks, the broader expectation is for the price to move upwards. In summary, the analysis for Anglo American Platinum presents a predominantly bullish outlook across short, medium, and long-term timeframes, supported by indicators of strong buying interest and expectations of a bullish reversal. Previous Post (16 April) Previous Post (Sunday 12 January): Anglo American Platinum: Technical Improvement + Potential Change of Trend Analyst's Price Action Model Q: What is the current 7-Day Trend for Anglo American Platinum? A:  The 7-Day Trend is Strong. Q: What is the current 14-Day Trend for Anglo American Platinum? A:  The 14-Day Trend is Bullish. Q: What is the short-term price action reading for Anglo American Platinum? A:   It is attempting to advance while in a bullish regime. Use the prior session close or 8-EMA as an accumulation zone. Q: What is the medium-term price action reading for Anglo American Platinum? A:  It is attempting a bullish reversal following a consolidation phase. Q: What is the long-term price action reading for Anglo American Platinum? A:  It is attempting a rebound following a downward trend. It may consolidate further before continuing higher. Overall, the price action model suggests that Anglo American Platinum is currently in a bullish trend with a potential for further upside in the medium and potential for a bullish reversal in the long term. AMS Daily Chart Previous Buy Idea: 10 June at R576 (now R200 higher at R776) Previous Post: Anglo American Platinum: Long Term Charts & New Lows - Wednesday, 11 September 2024 • PRE-MARKET Ticker: AMS I'm old enough to remember when Anglo American Platinum traded above R2100 per share. Yes, there was a time when platinum shares were untouchable and when selling them was a no-no. Fast forward close to 3 years later and no-one wants to touch them again (remember 2015 - that's a story for another day). Here at Unum Capital we produce research that considers multiple time frames, from daily to weekly to monthly. While other consider monthly charts irrelevant, for us it is a valuable tool in assess reward-to-risks, especially from a portfolio perspective. Long-time subscribers of my research may recall Anglo American Platinum trading above R2100 per shares. Some may also recall my view to use the multi-year highs to reduce long term portfolio exposure. The time-stamped chart (Saturday 20 March 2021 for Monday 22 March) is shown below Fast forward 3.5 years later and AMS has gone from R2115 at the time to R570 (it did trade as low as R558 in recent months). After yesterday's market close, Anglo American announced that it would be conducting a bookbuild, offering 13 million AMS shares. This will no doubt put pressure on the already depressed AMS share and is likely to see it trade at fresh multi-year lows. Whilst we don't know what the extent of the selling will be, the R480 to R425 range is the previous swing lows which also coincides with the previous breakout. There will another opportunity to buy, but for now we watch and watch until the dust settles. For now, here's a sneak peek of my zoomed out (flash) view: Lester Davids 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 Last = $8.03 Stop-loss = $6.50 Target = $11.30 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 Trigger +$202 Stop-loss: $182 Trigger +$330 Stop-loss: $330 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 A Picture Paints A Thousand Words... To open a trading account and/or move from your existing service provider, email   tradingdesk@unum.co.za 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 Target(s) = $260 and $275 Stop-loss = $203 Last Close = $222.33 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 Last Price: $6.79 Stop-loss: $5.05 Target: $9.00 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 (21 June): Trading BHP Group: Contrarian Opportunity? High Bearish Momentum + Approaching Oversold 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 Last close: 2239c Stop-loss: weekly close below 1920c Medium Term Target: 2750c 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 share has rebounded sharply, rallying by 30% from the buy range of 5800c to 6000c. The current price action model reading as follows: Previous Post: Actionable Areas: FirsrRand (Published Saturday 05 April for Monday 07 April) Original Post: https://www.unum.capital/post/fsraction FirstRand (FSR) is down 29% from it's Sept-2024 peak, with the share trading near it's June lows. It's not inconceivable that the share could trade down at the 5800c to 6000c range , which is a medium term support range. At current levels, oversold conditions are already present which reflects aggressive selling pressure however, also raises the probability of an ultra short term rebound . Last close: 6293c FSR Daily Chart as of the close on Friday 04 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 Iris Energy Limited (NASDAQ: IREN) is a sustainable Bitcoin mining company that owns and operates its own institutional-grade data centers powered by 100% renewable energy. The company's core strategy is to leverage low-cost, surplus renewable energy to be an efficient and environmentally-conscious miner of Bitcoin. Expanding beyond its primary focus, IREN is increasingly utilizing its high-performance computing (HPC) infrastructure to serve the growing market for artificial intelligence (AI) cloud services, thereby diversifying its revenue streams by capitalizing on its existing data center and energy assets. Lester Davids Senior Investment Analyst: Unum Capital