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Research Notes For 30 June to 04 July > https://www.unum.capital/post/r3004july Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Strong candle structure below multi-month & all-time highs. Long term target = $530.00 Stop-loss = a weekly close below $443.00 Last close = $476.75 Lester Davids Senior Investment Analyst: Unum Capital

Research Notes For 30 June to 04 July > https://www.unum.capital/post/r3004july Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Further Update: Running 12.2%; Reaching a high of 7284c 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 30 June to 04 July > https://www.unum.capital/post/r3004july Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Recent post: https://www.unum.capital/post/kumio Lester Davids Senior Investment Analyst: Unum Capital

Research Notes For 30 June to 04 July > https://www.unum.capital/post/r3004july 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 Tuesday 01 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 30 June to 04 July > https://www.unum.capital/post/r3004july Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Multi-year cup and handle technical formation long term base. Long term target = $44.00 Stop-loss = a weekly close below $28.00 Current = $34.02 Lester Davids Senior Investment Analyst: Unum Capital

Research Notes For 30 June to 04 July > https://www.unum.capital/post/r3004july Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za 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 30 June to 04 July > https://www.unum.capital/post/r3004july 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 30 June to 04 July > https://www.unum.capital/post/r3004july Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Previous Post: Trading Clicks (13 June): Sharp Downside Reversal Off Sell Range (R404 to R365); Next-Best Probabilities. See circled area. Previous Post (15 May): Trading Clicks: bearish Reversal Off Sell Range: Update: Bearish reversal off sell range. Now trading 37807c vs 40500c Previous Post: Our recent buy long idea on Clicks worked out well for clients who latched onto the opportunity. Driven by a manual as well as an automated view (price action model), the share traded into the buy re-entry range (mid-point R315) which was followed by a sharp rebound to above R404 (+28%) . Scroll (further) down to view the original post. On Monday we set our sell re-entry range at 40513c to 41401c. Yesterday, the share continued it's rally, reaching a high of 40481c before retracing to test a low of 38593c. It's a pity that the share didn't trade fully into the sell re-entry range as the high was just shy of that. That's markets for you!!! Previous Post (Monday, 21 April): Click(s) Here To Take Profit If you bought Clicks in the actionable area, then you are in the money by 6000c. The share traded into the next best-probability buy range which was followed by a sharp rally. Recently, clients of Unum Capital were alerted to a trading opportunity in Clicks. The link to the original post is as follows: https://www.unum.capital/post/click-quality Our thesis at the time was driven by the appealing (pending) reward-to-risk, supported the price action model model which stated the following: Short Term (approx. 1 to 10 days): "The reward-to-risk is becoming attractive for a small buy/long position" Medium Term (approx. 2 to 4 weeks): "Aggressive selling underway. Wait for the lower time frames to stabilize". Long Term (approx. 5 to 8 weeks): "The share has been weak, with selling pressure however, there is a probability of a small rebound" Where to from here? The share closed the last session in ' HIGH BULLISH MOMENTUM / APPROACHING OVERBOUGHT ' regime. This means that it has experienced a strong rally over the short term. Where is the next (best probability) level to buy, and why? Should the price immediately retrace from current levels, the rising 8-day exponential moving average (EMA) as well as the 75-day exponential moving average (EMA) is the next best-probability re-accumulation range. The year-to-date VWAP is in a similar range. BLUE/TURQUOISE DASHED LINES ------- Where is the next (best probability) level to sell, and why? Should the price continue to immediately advance from current levels, the share is likely to face resistance (1) at or just above the prior swing highs (best probability R405 to R412) , (2) in addition, the share will likely be extended to the upside versus both it's 8-day and 21-day exponential moving averages (EMA). It is also likely to be trading in a short term overbought range. RED DASHED LINES ------- Zooming out further, R411 to R427 is an extreme range, from both a technical and fundamental valuation perspective. Previous Post (end of day, 18 March): Clicks Group: Quality Company Approaching Buy Range + Alert To Model Readings. Lester Davids Analyst: Unum Capital

Research Notes For 30 June to 04 July > https://www.unum.capital/post/r3004july 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 30 June to 04 July > https://www.unum.capital/post/r3004july Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za The bull flag discussed on 26 May has see strong upside follow-through. Traded above 5.00 earlier in this session. Previous Post (21 May): Copper Futures: Bull Flag Emerging? A break above 4.73 targets 5.15. Previous Post (20 March): Copper: Repeating It's Mid 2000s Cycle? We have a long history discussing Copper, since the lows during Covid at $2.31. This is an update. What we saw then... (the potential for a post 2001 to 2003 cycle run-up). How it's developed thus far... Previous Posts Previous Post: Copper - Your Questions Answered (14 January 2025) Analyst's Price Action Model Here's a summary of the price action model for Copper Futures: Q: What is the overall trend of Copper Futures? A: The overall trend is Bullish. Q: What is the current 7-day trend? A: The current 7-day trend is Overbought. Q: What is the current 14-day trend? A: The current 14-day trend is Very Bullish. Q: Is there any opportunity for a short-term buy/long position? A: Yes, there is a potential opportunity for a short-term buy/long position. The model suggests looking for a pullback to the 8 or 21 EMA (Exponential Moving Average) as a potential entry point for the next move higher. Q: What is the outlook for the medium term (2 to 4 weeks)? A: For the medium term, the advice is to expect a steady upward trend. It's recommended to apply daily/weekly moving averages where applicable. Q: What is the outlook for the long term (5 to 8 weeks)? A: In the long term, the advice is to anticipate a continuation of the bullish regime. If Copper Futures pull back, the model suggests using the prior session close or the 8-EMA as an accumulation zone. It's recommended to apply weekly moving averages and time frames (not daily). In summary: The price action model for Copper Futures indicates a bullish overall trend with a short-term overbought condition. Traders are advised to look for potential pullbacks to enter long positions. The medium-term outlook is for a steady upward trend, while the long-term expectation is for a continuation of the bullish regime. Copper Futures Daily Chart Previous Post: This Is How I'm Looking At Copper + Updated Target Thursday, 03 October 2024 Time Published: 19h26 Great comeback on the back of the Chinese stimulus announcement, with the continued development of a +3 year base. Measured move target (medium/long term) = $6.60 Previous Post: Tuesday, 24 September at 11H16 The People's Bank of China (PBoC) introduced several measures to boost the economy amid concerns that the official growth target of around 5% might be out of reach due to recent weak data. Governor Pan Gongsheng said in a media briefing today that the central bank will cut the reserve requirement ratio (RRR) by 50bps, which will inject CNY 1 trillion into the financial system, with the possibility of another reduction of 0.25 to 0.5 ppts later this year. In addition, the PBoC will lower the seven-day reverse repo rate by 20bps to 1.5%, aiming to reduce short-term borrowing costs for banks. This move is accompanied by a 30bps reduction in borrowing costs of the medium-term lending facility. Mortgage rates will also be trimmed, with an expected average drop of 50bps, and the minimum down payment for second homes will be cut to 15% from 25%. Pan did not specify when the moves will take effect. Tuesday's action came after the US Fed started its monetary easing cycle with a large rate cut - Source: TradingEconomics Previous Post (26 August 2024) US Trading Session (Mon, 26-Aug-2024), Time: 19h00 (S/Africa) Was $3.95 vs a multi-week high of $4.23 today. Previous Post (07 August 2024) Real-Time: 14h36 Trading at it's previous breakout level. Previous Post: UPDATE: Copper has retraced from it's short and medium term overbought levels, having traded above $5.00. This follows an impressive run, one that we discussed on 16 November 2023. The automated model gave us a reading on 15 May, warning of an unappealing reward-to-risk on the upside i.e. expect a pullback. At current levels, the commodity trades in a high bearish momentum regime, approaching short term oversold levels. In addition, it is trading at or around the rising 21-week exponential moving average (EMA), a level at which bulls could re-emerge. The short term trend remains down, however active traders would want to monitor for early signs of price stabilization which could signal the start of a base and potentially a bullish reversal. Downside risk, as highlighted on 15 May: Upside Opportunity on 16 November 2023: I've been a copper bull since May 2020. This was the setup, as I highlighted and discussed at the time. Lester Davids Analyst: Unum Capital

Research Notes For 30 June to 04 July > https://www.unum.capital/post/r3004july Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Long Term Upward Trend, Followed By Multi-Month Base + Short Term Strength Last Close: $107.41 Target: 123.00 Stop-loss = a weekly close below $98.00 Lester Davids Senior Investment Analyst: Unum Capital

Research Notes For 30 June to 04 July > https://www.unum.capital/post/r3004july Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Breakout off long term base. Long term target = $82.00 Stop-loss = a weekly close below $54.00 Last close = $62.64 Lester Davids Senior Investment Analyst: Unum Capital