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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 (09 April): Market Risk Index: The Weekly Reading Is Worth Noting! *Weekly Time Frame* - Current *Monthly Time Frame* - Current The indicator is a custom-built risk and sentiment index, designed to assess market risk appetite, including whether sentiment is at an extreme position (i.e. excessively bullish or excessively bearish). Components: Copper: Copper often serves as a proxy for global economic activity. A decline in copper prices could signal slowing economic growth, increasing risk. High Beta vs Low Beta: High beta stocks tend to be more volatile than low beta stocks. A widening spread between high and low beta returns might indicate increased risk aversion. Growth vs Value: Growth stocks typically outperform value stocks in bull markets. A shift towards value stocks could suggest investors are becoming more cautious. EM Currencies: Emerging market currencies can be sensitive to risk appetite. A weakening of EM currencies could signal increased risk aversion. AUD/USD: The Australian Dollar is often used as a proxy for global risk sentiment. A decline in AUD/USD could indicate increased risk aversion. Consumer Staples vs Consumer Discretionary: Consumer staples are generally considered defensive assets. A shift towards consumer staples could suggest investors are seeking safety. Semiconductors vs S&P 500: The semiconductor sector is cyclical and sensitive to economic downturns. Underperformance of semiconductors relative to the broader market could signal increased risk. Russell 2000 ETF: This ETF tracks small-cap stocks, which are generally considered riskier than large-cap stocks. Underperformance of the Russell 2000 could suggest increased risk aversion. U.S. Dollar Index (Inverse): A strengthening US Dollar often signals a flight to safety, suggesting increased risk aversion.

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 Previous Post (03 July): Spar Group: Short Term Cash Flow; Bullish Reversal Off Engulfing Candle Previous Post (24 June): Spar Group: Weak Trend But Positive Ultra Short Term Candle Structure Emerging 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 (27 May): Coal Miners: Relative Performance On Watch; Look For False Breakdown (Monthly) Chart = JSE Coal Miners Equally-Weighted Relative To The JSE Top 40 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 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

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 * Disclosure:  To compliment our existing research, we have started incorporating automated tools such as Artificial Intelligence (A.I). Here are three ways in which it helps us: (1) SORT  (large data sets); (2) SPEED  (get/sort the information, quicker); (3) SIGHT  (enhance the visual appeal of our charts/data).   This page is updated daily, as and when key developments and opportunities are identified. 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Visit us daily at: https://www.unum.capital/blog Archive: Year-To-Date 30 June to 04 July https://www.unum.capital/post/r3004july 23 June to 27 June https://www.unum.capital/post/r2327june 16 June to 20 June https://www.unum.capital/post/r1620june 09 June to 13 June https://www.unum.capital/post/r0913june 02 June to 06 June https://www.unum.capital/post/r0206june 26 May to 30 May   https://www.unum.capital/post/r2630may 19 May to 23 May https://www.unum.capital/post/r1923may 12 May to 16 May   https://www.unum.capital/post/research-12-16-may-2025 05 May to 09 May   https://www.unum.capital/post/research-05-09-may-2025 28 April to 02 May   https://www.unum.capital/post/research-28-april-02-may-2025 21 April to 25 April   https://www.unum.capital/post/212504 14 April to 18 April   https://www.unum.capital/post/research-14-18-april-2025 07 April to 11 April   https://www.unum.capital/post/research-07-11-april-2025 31 March to 04 April   https://www.unum.capital/post/research-31-march-04-april-2025 24 March to 28 March   https://www.unum.capital/post/research-24-28-march-2025 17 March to 21 March   https://www.unum.capital/post/research-17-21-march-2025 10 March to 14 March   https://www.unum.capital/post/research-10-14-march-2025 02 January to 07 March   https://www.unum.capital/post/latest-research-january-2025 Lester Davids Senior Investment Analyst: Unum Capital

Research Notes For 07 to 11 July > https://www.unum.capital/post/r0711july 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 07 to 11 July > https://www.unum.capital/post/r0711july Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za We discussed EXX on 28 April, looking at R146 to R148 as a provisional buy range. The share traded into this range and slightly below that (giving traders an opportunity to re-accumulate). We are now seeing a test of the horizontal resistance with a potential break. As highlighted to clients on 28 April. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes For 07 to 11 July > https://www.unum.capital/post/r0711july Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Further Update: Running 15%; Reaching a high of 7511c Per Share. Strong upside follow-through on the simultaneous pennant/flag and 50-day EMA break. Well done to clients who may have participated in the move. Previous Post (Monday 02 June), Glencore: Relative Outperformance, Adding +440c (or +6.7%) Today, (Friday 30-May), the share stood out among it's peers, adding over 3% for the session. Over the week and since last week Friday's post, we saw a 6.7% gain, with the share also advancing in line with the price action model. Previous Post (Friday 23 May): Trading Glencore Plc: Technical Regime + Price Action Probabilities The 50-day EMA is losing downside momentum. Reclaiming the 50-EMA + clearing the downward trend line resistance opens up a path back toward the 200-day SMA. Fundamentally, the Copper bull case (supply shortage) remains in tact. Analyst Disclosure: The summary below (based on the price action guide above), has been written with an A.I tool. Summary The overall setup for Glencore PLC appears to be mildly bullish to neutral with a potential for bullish development . In the short term (1-10 trading days) , the analysis indicates that Glencore PLC is "Attempting A Bullish Reversal Following A Consolidation Phase." This suggests that after a period of sideways movement, there is an emerging upward momentum being observed. This points to a potential for a bullish move in the near term. Looking at the medium term (next 2 to 4 weeks) , the expectation is that Glencore PLC is "Attempting A Rebound Following A Downward Trend May Consolidate Further Before Continuing Higher." This implies that while there might have been a recent downtrend, the analysis anticipates a recovery. The mention of potential further consolidation suggests a cautious optimism, indicating a possible pause before a more sustained upward movement. In the long term (next 5 to 8 weeks) , the outlook is "Range-Bound In A Weak Regime - Recovery Buy/Long Is Triggered On Strong Bids And Break of Current Range High." This suggests that the price is currently confined within a certain range. However, the strategy outlined indicates a bullish bias, with buy or long positions being considered upon the appearance of strong buying interest or a breakout above the current range's upper limit. Summary:  While the 7-day and 14-day trends are currently neutral and range-bound respectively, the analysis across the short, medium, and long term shows a leaning towards potential bullish developments. The short term highlights an attempted bullish reversal, the medium term anticipates a rebound, and the long term suggests a bullish entry point upon specific conditions being met. Therefore, the overall tone is cautiously optimistic with a bullish tilt. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes For 07 to 11 July > https://www.unum.capital/post/r0711july 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 07 to 11 July > https://www.unum.capital/post/r0711july Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Previous Post (Friday 04 July): Trading Bidvest: Here's What The Data Says Lester Davids Senior Investment Analyst: Unum Capital

Research Notes For 07 to 11 July > https://www.unum.capital/post/r0711july Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Lester Davids Senior Investment Analyst: Unum Capital