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+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 Richemont Relative To The JSE Top 40 Index 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

+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

+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

+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

+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

+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 Gold developed a medium term base, then saw a +6% bullish reversal, in line with the price action model. Chart as of Monday 10 August at 14h01. Previous Post (10 June): Spot Gold Down $400. In Line With Last Week's 🟥Sell On Rally Call / Now Look For Lower Levels Before A 🟩Tactical Rebound. See Price Action Model Previous Post(04 June) Gold Spot (XAU/USD) [$4,464.76]. 🟥 Structural Breakdown 📉 Macro Markdown ⬇️ Sell on Rally 🟥 ⚖️ Tactically, long positions encounter severe friction as the asset navigates a deep macro correction from its $5,598 all-time high, pressing heavily against the critical $4,370 - $4,400 support shelf. Conversely, short positions must guard against aggressive mean-reversion bounces if this major structural floor holds. 🔭 Forecasting models indicate continued structural vulnerability and downside testing over the 1- to 3-month horizons (🔴), requiring a prolonged period of base-building and volatility compression (🟡) to repair the technical damage. 📊 Driven by a broken momentum profile where the Structural Trend remains firmly locked in a markdown phase, any tactical relief is currently capped by a heavy supply ceiling near $4,620. 🌍 With multi-timeframe distribution evident following the parabolic peak, the preferred strategic approach is to avoid premature accumulation and utilize short-term corrective bounces to reduce exposure or establish well-defined tactical shorts until a definitive macro floor is confirmed. Current Phase: 🔴 Structural Markdown / Support Search Next Best-Probability Phase: 🟡 Volatility Compression / Base Building Analyst Verdict: Markdown Continuation / Sell on Rally. Tactical Risk Assessment: Integrated Confluence Buying & Long Positions Risk for New Buy Entries: Falling Knife Risk. You are looking at an asset trapped in a major corrective descending triangle, hovering dangerously close to the critical $4,370 structural floor. With the Mid Term (Daily) momentum drifting weakly, entering before a confirmed floor is established carries extreme risk of catching a falling knife ahead of a capitulation flush. Risk for Existing Long Positions: Existential Drawdown. The breakdown from higher consolidation zones has transformed former support into heavy overhead resistance. If the immediate $4,370 liquidity pocket fails, positions will be exposed to a swift technical vacuum targeting the $4,000 - $4,100 macro anchor. What Can Change? A high-volume daily reversal session printing a prominent lower shadow directly off the $4,370 shelf, accompanied by a sharp positive hook in short-term momentum, would indicate early institutional absorption and a potential tactical bottom. Selling & Short Positions Risk for New Short Entries: The Mean-Reversion Snapback. While the primary path of least resistance is currently down, shorting directly into a major historical support boundary like $4,370 exposes capital to sudden, low-volume short-covering squeezes designed to reset fast tactical oscillators. Risk for Existing Short Positions: Profit Erosion. Existing short positions from the recent highs are highly profitable. The operational risk is complacency; failing to lock in partial gains near major support risks surrendering substantial unbooked premium during a mean-reversion bounce. What Can Change? A clean, high-volume weekly close below the $4,370 support floor would confirm a markdown continuation, signaling that sell-side gravity remains entirely un-bid. 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: 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 Global Idea: Global X Cloud Computing ETF (CLOU) Published Tuesday, 21 July at 15h33 (South African Time) Looking to emerge from a multi-month base Last close: $24.16 Stop-loss = a weekly close below $20.30 Target: $33.00 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 Analysis prepared on Friday 07 August at 13h47. Dis-Chem Pharmacies (DCP) has temporarily stopped declining while simultaneously seeing an uptick in volume. In addition, the candle structure reflects indecision, which could be a precursor for a bullish reversal following the sharp decline from above 3800c at the end of May to below 3000c in recent sessions. If you are looking to swing long, it may be best to wait for the break of the double trend line to initiate a position. Alternatively, we could see a false breakdown followed by a bullish reversal. 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: 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 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: 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 STRUCTURAL RATING: ⭐⭐☆☆☆ The reward-to-risk profile is currently constrained near-term by overextended momentum. For a Buy/Long position, the reward-to-risk is Poor 🟥 because the index has pushed into overbought territory on lower time frames, rendering fresh long entries at current levels highly unattractive. Conversely, for a Short/Sell position, the reward-to-risk is Moderate 🟨; while the long-term regime has resumed a powerful bull move in a strong upward trend, localized overextension offers a tactical window to look for a failure to hold prior session lows to initiate a brief 1-2 day short setup. TACTICAL ACTION SCALE 🟥 At/approaching sell/reduce 🟧 Sell (continuation) 🟨 Sell on rally 🟠 Sell on sharp rally ⬜ Neutral 🔵 Buy on deeper pullback 🟢 Buy on pullback — Pending: Waiting for a standard counter-trend dip to execute a buy. ⬅️ J200 IS POSITIONED HERE 🟦 Buy (continuation) 🟩 At/approaching buy/add RATIONALE: While J200 is currently "Overbought" near-term and short-term long entries carry an "Unattractive" risk-reward profile, its 14-day trend is "Very Bullish" and its long-term baseline "Has Resumed A Bull Move In A Strong Upward Trend." Because entering fresh long allocations at current elevated levels is structurally dangerous, the primary bias is to wait for a counter-trend consolidation or pullback to digest recent gains before safely adding long exposure. SCENARIO MATRIX (BASE, BEAR & BULL CASE) Base Case (60% Probability): Overbought Digestion & Minor Pullback: The near-term tape remains highly extended, forcing a natural pause in upward velocity. The index fails to hold prior sessions, triggering the 1-2 day short setup, which allows the asset to safely bleed off overbought momentum and pull back into short-term moving averages before resuming its primary long-term bull move. Bear Case (25% Probability): Aggressive Technical Rejection: The anticipated failure to hold prior sessions attracts severe institutional distribution rather than standard profit-taking. A rapid unwinding of the "Very Bullish" 14-day trend forces the index into a deeper, highly volatile correction, pushing price well past standard pullback zones and threatening the underlying macro bull structure. Bull Case (15% Probability): Runaway Momentum Expansion: The index completely ignores its short-term "Overbought" condition. Relentless buying pressure forces an immediate continuation of the strong upward trend, denying short sellers their 1-2 day tactical setup and forcing sidelined capital to chase the rally at increasingly unattractive risk-reward metrics. What Can Go Right From Current Levels (Risk For Short Sellers) For Existing Sell/Short Positions: Macro Trend Steamroller: Existing shorts are fighting a tape that is officially marked by a "General Trend Up" in the medium-term and a "Strong Upward Trend" long-term. If the index refuses to pull back and simply grinds higher through overbought conditions, short positions will face immediate capital erosion and an unchecked momentum squeeze. For Potential (New) Sell/Short Positions: Front-Running the Rejection: Initiating a fresh 1-2 day short setup before the index explicitly shows a "Failure To Hold Prior Sessions" carries high tactical risk. Stepping in front of a "Very Bullish" 14-day trend without a confirmed localized breakdown exposes new capital to rapid upside variance. What Can Go Wrong From Current Levels (Risk For Buys/Longs) For Existing Buy/Long Positions: Immediate Mean Reversion: Investors holding long positions are actively riding an "Overbought" 7-day trend. As the asset naturally looks to establish a localized failure to trigger a 1-2 day short cycle, existing longs face an immediate, uncomfortable drawdown while price digests its recent vertical ascent. For Potential (New) Buy/Long Positions: Chasing the Apex: Entering fresh allocations at current levels explicitly defies the model's warning that the risk-reward is definitively "Unattractive." Buying here forces capital to absorb the brunt of the imminent pullback, guaranteeing compromised entry pricing and negative drift as the index seeks a structural floor. 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

Friday, 07 August 2026. If you're trading with another broker but would like to receive research (including trade ideas on a regular basis, why not consider Unum Capital as your primary trading services provider? Over the past 13 weeks alone (since the start of May), there have been over 45 take profit opportunities available to clients of Unum Capital. Read about it here > https://www.unum.capital/post/capabilities If you participated in any of these, I'd like to hear from you. Get in touch at lester@unum.co.za Lester Davids Senior Investment Analyst: Unum Capital