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Research Notes For 14 to 18 July > https://www.unum.capital/post/r1418july Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Previous Post (Monday, 23 June): Sector Review: JSE Banks - Short Term Weakness The South African banking sector, as represented by its four largest constituents, is undergoing a period of uniform short-term weakness. A sharp, sector-wide pullback has shifted the immediate technical outlook to "Very Weak," necessitating a cautious, patient approach from investors and traders. However, beneath this surface-level weakness, a clear divergence in the longer-term technical health of the individual banks is apparent. Two distinct narratives are emerging: Constructive Pullback:  For market leaders like Capitec and Standard Bank, the current downturn appears to be a healthy and constructive pullback within a broader, established uptrend. Significant Weakness:  For the laggards, Nedbank and FirstRand, the price action is more concerning, showing signs of deeper technical damage that may prove more challenging to repair. The primary strategy across the sector is to wait for the current wave of selling to abate. Once stabilization occurs, the most prudent course of action would be to focus on the strongest names (Capitec, Standard Bank) for potential "buy the dip" opportunities, as they are best positioned to lead any subsequent recovery. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes For 14 to 18 July > https://www.unum.capital/post/r1418july Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Previous Post (01 July): US Dollar Index: Extended To The Downside vs 200-Day SMA + Approaching Oversold Monthly & Weekly Time Frames The chart considers the distance of the index vs it's 200-day SMA. At current levels the index is close 7% below it's 200-day, a distance (%) that has previously coincided with either the start of a consolidation phase, or a rebound. Multi-Time Frame Regime Snapshot S&P 500 Index vs US Dollar Index Lester Davids Senior Investment Analyst: Unum Capital

Research Notes For 14 to 18 July > https://www.unum.capital/post/r1418july Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za As highlighted to clients on 28 April. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes For 14 to 18 July > https://www.unum.capital/post/r1418july Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Th Russell 3000 has rallied by 27% since we highlighted the 'washed-out' breadth readings. Bearish divergence via % of shares above their 20-day & 50-day moving averages Previous Post (Sunday, 06 April): Russell 3000. These Chart Help Us Understand... The Russell 3000 Index (three thousand) measures the performance of 3,000 stocks and includes all large-cap, mid-cap and small-cap US equities, along with some microcap stocks. The index is designed to represent approximately 98% of investable US equities by market capitalization. In this note we consider the index breadth readings i.e. the percentage of shares above the 200, 50, 20 and 5-day moving averages. This helps us understand the breadth of the sell-off and whether the current readings is comparable to that of or (near) previous bottoms. % of Shares Above The 200-day Moving Average = 15.57% % of Shares Above The 50-day Moving Average = 7.41% % of Shares Above The 20-day Moving Average = 5.37% % of Shares Above The 5-day Moving Average = 2.44% The chart below highlights two items:(1) the Russell 3000 index (upper panel) and (2) the % of shares above their 200-day moving averages. Here, we also highlight the index lows over the past decade vs the low in the breadth (% vs 200-day). At current levels, the percentage of shares above their 200-day moving averages is 15.57% which is near the low. It's worth noting that in March 2020 the percentage of shares above their 200-day moving averages was just below 5% which indicates that breadth has the ability to further deteriorate from current levels. Lester Davids Analyst: Unum Capital

Research Notes For 14 to 18 July > https://www.unum.capital/post/r1418july Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Triple Bottom looking to develop a bullish reversal. Last Close: $47.12 Target: $58.00 Stop-loss: $42.20 Lester Davids Senior Investment Analyst: Unum Capital

Research Notes For 14 to 18 July > https://www.unum.capital/post/r1418july Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Previous Post (Monday 14 July): Running Our Technical Screen(s), Several Utility Sector Shares/ETFs Appear. Vanguard Utilities ETF Is One Of Them Strong candle structure below multi-month highs, breakout pending. Long term target = $200.00 Stop-loss = a weekly close below $167.00 Last close = $178.04 Lester Davids Senior Investment Analyst: Unum Capital

Research Notes For 14 to 18 July > https://www.unum.capital/post/r1418july 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 14 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

Research Notes For 14 to 18 July > https://www.unum.capital/post/r1418july 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 14 to 18 July > https://www.unum.capital/post/r1418july Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Constructive price action below multi-year resistance. Last Price: $70.52 Target: $85.00 Stop-loss: $64.20 Lester Davids Senior Investment Analyst: Unum Capital

Research Notes For 14 to 18 July > https://www.unum.capital/post/r1418july Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Pilbara Minerals (ASX) - re-testing multi-year confluence zone. QuantumScape Corp (NYSE) - false breakdown & multi-month base. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes For 14 to 18 July > https://www.unum.capital/post/r1418july Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Strong candle structure below multi-month highs, breakout pending. Long term target = $200.00 Stop-loss = a weekly close below $167.00 Last close = $178.04 Lester Davids Senior Investment Analyst: Unum Capital

Research Notes For 14 to 18 July > https://www.unum.capital/post/r1418july Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Previous Post (24 June) Trading Sasol: Further Pullback (-16%) Following Overbought Conditions & Resistance Into It's 50-Week EMA Updated Chart Shown Below. As discussed on Thursday 19 June: 'Trading Sasol: Short Term Overbought (50-Week Resistance)'. The current price action model reading is as follows: Previous Post (Thursday 19 June): Trading Sasol: Short Term Overbought (50-Week Resistance) + Price Action Probabilities Lester Davids Senior Investment Analyst: Unum Capital