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Research Notes For 16 to 20 June > https://www.unum.capital/post/r1620june Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Here's a breakdown of the current price action: The 7-day trend is indicated as "Strong," while the 14-day trend is "Very Bullish." Comparison:  Both the short-term (7-day) and slightly longer short-term (14-day) trends indicate significant upward momentum ("Strong" and "Very Bullish" respectively). This suggests consistent and powerful buying pressure across these timeframes. The "Very Bullish" 14-day trend reinforces the "Strong" 7-day trend, indicating that the recent strength is part of a broader and accelerating upward movement. Overall Trading Considerations: Consistent Bullish Momentum:  Both short and slightly longer short-term trends are strongly bullish, supporting continued upward price action. Short-Term Caution:  Despite the powerful buying pressure, the model advises patience. Traders should look for pullbacks to defined moving averages as optimal buying opportunities rather than entering at peak prices. Medium-Term Consolidation:  The medium term reinforces the bullish sentiment but introduces the possibility of a pause or consolidation, which could offer further entry points. Long-Term Bullish Resumption:  The long-term view is the most bullish, indicating a resumption of a strong upward trend, which suggests substantial upside potential. In summary, for Silver (XAG/USD) , the current view is decisively bullish across short, medium, and long terms. However, short-term traders should exercise caution and look for strategic pullbacks as buying opportunities to align with the dominant trend. The model points to a general upward trend for the price of Silver (XAG/USD) . Lester Davids Senior Investment Analyst: Unum Capital

Research Notes For 16 to 20 June > https://www.unum.capital/post/r1620june Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Previous Post: Tuesday 22 October, 14h25 Ticker: QTUM Constructive technical setup looking to break above multi-month highs. Medium term portfolio buy idea. Source: https://www.defianceetfs.com/qtum/ Lester Davids Senior Investment Analyst: Unum Capital

Research Notes For 16 to 20 June > https://www.unum.capital/post/r1620june Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za In summary, for the iShares Expanded Tech-Software ETF (IGV) , the current view is bullish across short, medium, and long-term timeframes. However, short-term traders should be cautious and look for pullbacks as potential entry points. Overall Trading Considerations Here's a breakdown of the current price action: The 7-day trend is indicated as "Strong," while the 14-day trend is "Very Bullish." Comparison:  Both the short-term (7-day) and slightly longer short-term (14-day) trends indicate upward momentum ("Strong" and "Very Bullish" respectively). This suggests a consistent buying pressure across these timeframes. The "Very Bullish" 14-day trend reinforces the "Strong" 7-day trend, indicating that the recent strength is part of a broader upward movement. Potential Trading Approach for: iShares Expanded Tech-Software ETF (IGV) Short Term (Approximately Next 1 to 10 Trading Days):  The model notes, "Buyers In Control But Weakness On Lower Time Frame-Look For Pullback To 8 or 21-EMA (Buy Range) Before Next Move Higher." Approach:  While buyers are in control, there's a note of potential short-term weakness. The recommended approach is to look for a pullback to the 8 or 21-period Exponential Moving Average (EMA) to identify a buying range before the next move higher. This suggests a "buy the dip" strategy within an overall bullish short-term trend. Medium Term (Approximately Next 2 to 4 Weeks):  The model indicates a "Steady Upward Trend Possible Consolidation Around These Levels." Approach:  The medium term suggests a continuation of a steady upward trend, with the possibility of some consolidation around current price levels. This implies a generally bullish outlook for the next few weeks, with potential for periods of sideways movement. Long Term (Approximately Next 5 to 8 Weeks):  The model states, "Has Resumed A Bull Move In A Strong Upward Trend." Approach:  The long-term perspective points to a resumption of a bull move within a strong upward trend, suggesting a continuation of significant upward movement over the longer timeframe. Overall Trading Considerations: Consistent Bullish Momentum:  Both short and slightly longer short-term trends are bullish, supporting upward price action. Short-Term Caution:  Despite the buying pressure, the model advises looking for pullbacks as buying opportunities, rather than chasing the price. Medium-Term Steady Upward Trend:  The medium term reinforces the bullish sentiment with a steady upward trend. Long-Term Bullish Resumption:  The long term shows a resumption of a bull move, indicating a strong underlying upward trend. The model points to a general upward trend for the price of the iShares Expanded Tech-Software ETF (IGV) . Lester Davids Senior Investment Analyst: Unum Capital

Research Notes For 16 to 20 June > https://www.unum.capital/post/r1620june Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Invesco WilderHill Clean Energy ETF (PBW) False breakdown, followed by a reclaim (weekly chart). Lester Davids Senior Investment Analyst: Unum Capital

Research Notes For 16 to 20 June > https://www.unum.capital/post/r1620june Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Screen as of Friday 13 June 2025 as of close of trade. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes For 16 to 20 June > https://www.unum.capital/post/r1620june Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za In summary, for the FTSE 100 Index (UK100) , the current view is bullish across short, medium, and long-term timeframes. However, short-term traders should be cautious and look for pullbacks as buying opportunities. Overall Trading Considerations: Here's a breakdown of the current price action: The 7-day trend is indicated as "Strong," while the 14-day trend is "Very Bullish." Comparison:  Both the short-term (7-day) and slightly longer short-term (14-day) trends indicate upward momentum ("Strong" and "Very Bullish" respectively). This suggests a consistent buying pressure across these timeframes. The "Very Bullish" 14-day trend reinforces the "Strong" 7-day trend, indicating that the recent strength is part of a broader upward movement. Potential Trading Approach: Short Term (Approximately Next 1 to 10 Trading Days):  The model notes, "Buyers In Control But Weakness On Lower Time Frame-Look For Pullback To 8 or 21-EMA (Buy Range) Before Next Move Higher." Approach:  While buyers are in control, there's a note of potential short-term weakness. The recommended approach is to look for a pullback to the 8 or 21-period Exponential Moving Average (EMA) to enter a buying range before the next move higher. This suggests a "buy the dip" strategy within an overall bullish short-term trend. Medium Term (Approximately Next 2 to 4 Weeks):  The model indicates "Steady Upward Trend Possible Consolidation Around These Levels." Approach:  The medium term suggests a continuation of a steady upward trend, with the possibility of some consolidation around current price levels. This implies a generally bullish outlook for the next few weeks, with potential for periods of sideways movement. Long Term (Approximately Next 5 to 8 Weeks):  The model states, "Has Resumed A Bull Move In A Strong Upward Trend." Approach:  The long-term perspective indicates that the index has already re-established a strong upward trajectory. This suggests that the broader trend is firmly bullish, and the recent price action is a continuation of this significant upward move. Overall Trading Considerations for the FTSE 100 Index (UK100): Consistent bullish momentum:  Both short and slightly longer short-term trends are bullish, supporting upward price action. Short-term caution:  Despite the buying pressure, the model advises looking for pullbacks as buying opportunities, rather than chasing the price. Medium-term steady upward trend:  The medium term reinforces the bullish sentiment with a steady upward trend. Long-term resumption of bull move:  The long term shows that the index is already in a strong upward trend, suggesting confidence in the continuation of the bull market. The model points to a general upward trend for the price of the FTSE 100 Index (UK100) . Lester Davids Senior Investment Analyst: Unum Capital

Research Notes For 16 to 20 June > https://www.unum.capital/post/r1620june Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Overall Trading Considerations Here's a breakdown of the current price action for Mr. Price (MRP): The 7-day trend is indicated as "Oversold," while the 14-day trend is "Very Bearish." Comparison:  The short-term (7-day) "Oversold" condition suggests the price may have fallen too quickly and could be due for a pause or a minor bounce. However, the slightly longer short-term (14-day) trend is "Very Bearish," indicating significant and sustained selling pressure. This suggests that any short-term strength or stabilization might be temporary within a broader, more powerful downtrend. Potential Trading Approach: Short Term (Approximately Next 1 to 10 Trading Days): Model Note:  "Sellers In Control Wait For Stabilization Before Considering A Buy." Approach:  The dominant force is clearly sellers. The recommended approach is to remain on the sidelines and wait for the price to show signs of stabilizing (i.e., the selling pressure eases and the price stops falling) before even considering a purchase. This is a cautious, "wait-and-see" strategy. Medium Term (Approximately Next 2 to 4 Weeks): Model Note:  "Has Been Sold Aggressively-Look For A Continued Dip Before Minor Rebound." Approach:  The outlook for the medium term continues to be bearish. The model anticipates that the aggressive selling will continue, pushing the price lower. It suggests looking for this final dip to complete before a small, corrective rebound might occur. This implies that the primary trend remains downward. Long Term (Approximately Next 5 to 8 Weeks): Model Note:  "The Share Has Been Weak, With Selling Pressure However There is a Probability of a Small Rebound." Approach:  The long-term perspective confirms a weak trend dominated by selling pressure. However, it introduces the possibility of a "small rebound." This suggests that while the overall environment is negative, the persistent weakness could eventually lead to a minor relief rally, but it does not yet indicate a major trend reversal. Summary of Trading Considerations: Consistent Bearish Momentum:  Both the 7-day and 14-day trends point to significant weakness and selling pressure. Short-Term Patience Required:  The immediate advice is to avoid buying and wait for the price to find a floor and stabilize. Medium-Term Weakness Expected:  The trend of aggressive selling is likely to continue in the coming weeks, suggesting further downside before any notable rebound. Long-Term Weakness with Rebound Potential:  The overarching trend is weak, but the potential for a minor rebound exists. This is not a signal of a long-term bottom but rather a potential short-lived price increase against the primary trend. In summary, the current view for Mr. Price (MRP)  is bearish across all timeframes. The model suggests that sellers are firmly in control, and any buying considerations should be delayed until clear signs of price stabilization emerge. The potential for a "rebound" is mentioned but appears to be minor and corrective in nature, rather than a significant shift in the overall downward trend. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes For 16 to 20 June > https://www.unum.capital/post/r1620june Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Overall Trading Considerations Here's a breakdown of the current price action: The 7-day trend is indicated as "Neutral," while the 14-day trend is "Bearish." Comparison:  The underlying short-to-medium term (14-day) trend for the bond yield is bearish, indicating downward pressure. However, the more immediate 7-day trend has shifted to "Neutral," which suggests the downward momentum has paused and the market is now in a consolidation phase. Potential Trading Approach: Short Term (Approximately Next 1 to 10 Trading Days):  The model notes, "General Trend Down Now Consolidating-Needs To Show Conviction On Lower Time Frame." Approach:  The primary trend for the yield is down, but it is currently moving sideways. The recommended approach is to wait for a clear, convincing move on a lower time frame to confirm the next direction. This implies patience is required before committing to a trade, as the market currently lacks conviction. Medium Term (Approximately Next 2 to 4 Weeks):  The model indicates the market "Lacks Directional Bias." Approach:  This reinforces the short-term view. The market is expected to remain in a range without a clear trend. The appropriate strategy is to wait on the sidelines until the consolidation resolves and a new, clear trend emerges. Long Term (Approximately Next 5 to 8 Weeks):  The model states the yield is "Weak In A Consolidation Phase." Approach:  The long-term perspective confirms the underlying weakness but emphasizes that the market is stuck in a consolidation. A long-term trader would wait for a definitive break from this phase to signal the start of the next major move. Overall Trading Considerations: Underlying bearish momentum:  The 14-day trend is bearish, and the long-term view is weak, supporting lower yields over time. Widespread consolidation:  All timeframes point to a current sideways consolidation, indicating a pause in the primary trend. Patience is key:  The model consistently advises waiting for a clear signal or "conviction" before entering a trade, as the market currently lacks direction. In summary, for the ZA10Y , the current view is bearish but stalled. The dominant strategy across all timeframes is to wait for the current consolidation to end before making a trading decision. The model points to a general downward trend for the yield of the South African 10-Year Bond .

Research Notes For 16 to 20 June > https://www.unum.capital/post/r1620june Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Overall Trading Considerations for Woolworths (WHL) The current price action for Woolworths (WHL) is characterized by significant weakness across all evaluated timeframes. The model indicates a bearish sentiment, though it points to specific conditions that could signal a potential reversal or an attractive long-term entry point. Price Action Analysis: 7-Day Trend: Oversold This indicates that the price has moved sharply lower in the short term and may be due for a pause or a minor bounce. 14-Day Trend: Very Bearish This confirms the broader negative momentum over the last two weeks, suggesting that the recent selling pressure is significant and sustained. Comparison:  The "Oversold" 7-day condition exists within a "Very Bearish" 14-day trend. This suggests that while a short-term bounce is possible due to the oversold state, the prevailing trend is strongly negative. Any immediate upward movement should be viewed with caution as it could be a temporary reaction rather than a reversal of the dominant bearish trend. Potential Trading Approach: Short Term (Approximately Next 1 to 10 Trading Days): The model notes, "Aggressive Selling Recently But Long Risk Reward May Be Attractive." Approach:  The recent price action has been dominated by aggressive selling. However, for traders willing to take a contrarian view (going against the trend), the potential reward for a long position (a bet on the price rising) might be attractive compared to the risk, precisely because the stock is so beaten down. This suggests a high-risk, potentially high-reward scenario for a bounce. Medium Term (Approximately Next 2 to 4 Weeks): The model indicates, "Has Been Sold Aggressively-Look For A Continued Dip Before Minor Rebound." Approach:  The outlook for the medium term remains negative. The expectation is that the price will likely continue to fall further before staging a minor rebound. This suggests that patience is required, and traders might anticipate lower prices in the coming weeks. Long Term (Approximately Next 5 to 8 Weeks): The model states the trend is, "Persistently Weak But Monitor If Price Can Reclaim Prior Session Lows For A Bullish Reversal Trade." Approach:  The long-term trend is weak. However, the model provides a specific technical signal to watch for: a potential bullish reversal. If the price can move above the low points of previous trading sessions, it could be an early indicator that the bearish momentum is fading and a more sustained recovery could begin. Summary of Trading Considerations: Prevailing Bearish Momentum:  The dominant trend for WHL is negative across short, medium, and long-term perspectives. Short-Term Contrarian Opportunity:  The "Oversold" condition combined with an attractive risk-reward profile may tempt traders to look for a short-term bounce, though this is a high-risk strategy against the primary trend. Anticipated Further Weakness:  The medium-term outlook suggests that lower prices are likely before any meaningful rebound occurs. Conditional Bullish Reversal:  The long-term view remains weak but offers a clear signal to monitor. A reclaim of prior session lows would be the first sign of a potential bottoming process and a possible entry for a bullish reversal trade. In summary, the trading model for Woolworths (WHL)  points to a stock under significant selling pressure. The recommended approach is one of caution, either waiting for prices to dip further in the medium term or watching for a specific bullish reversal signal in the longer term before committing to a long position. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes For 16 to 20 June > https://www.unum.capital/post/r1620june 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 16 to 20 June > https://www.unum.capital/post/r1620june Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za On 23 May, the published price action model highlighted the following: "Strong, Bullish, Look for a pullback to the 8/21-EMA before a move higher. On Frida, the share reached R100, just shy of the R107 to R112 target. The model reading, as of Friday's close, if as follows: Overall Trading Considerations: Current Price Action & Trends: 7-Day Trend:  Overbought 14-Day Trend:  Very Bullish Comparison:  While the 14-day trend is "Very Bullish" indicating strong upward momentum, the 7-day trend being "Overbought" suggests that the recent short-term buying pressure has been quite intense, possibly leading to a stretched condition in the very short term. This implies that while the underlying trend is strong, a temporary breather might be due. Potential Trading Approach: Short Term (Approximately Next 1 to 10 Trading Days): Model Notes:  "Very Strong Move Buyers In Control But Don't Chase-May Fail At Attempt To Hold The Highs-If It Doesn't Hold Then The 8-EMA May Be A Short/Sell Target." Approach:  Buyers are clearly in control with a very strong move, but the "Overbought" 7-day trend aligns with the caution not to "chase" the price. Instead, consider waiting for a potential pullback. If the current high levels are not sustained, the 8-period Exponential Moving Average (EMA) could become a short-term sell target or a level to watch for a possible entry if it acts as support. This suggests a cautious "buy the dip" or even a short-term reversal trade if the highs aren't held. Medium Term (Approximately Next 2 to 4 Weeks): Model Notes:  "Aggressive Buying But Do Not Chase-Look For Overshoot or Failure to Hold Prior Session Range Highs To Short-Sell Back To The 8-EMA." Approach:  The aggressive buying continues into the medium term. However, the strong emphasis on "Do Not Chase" is reiterated. The strategy suggests looking for an "overshoot" (price moving too far too fast) or a "failure to hold prior session range highs." In such scenarios, a short-sell back to the 8-EMA is suggested, indicating that the 8-EMA might serve as a potential support level after a corrective move, or as a profit-taking target for short positions initiated at overextended highs. This implies an opportunistic approach, potentially fading extreme moves within the broader upward trend. Long Term (Approximately Next 5 to 8 Weeks): Model Notes:  "Strong Candle Structure (Bullish Attempt) Following A Generally Weaker Trend." Approach:  The long-term view indicates a significant bullish attempt through strong candle structures, especially after a period of general weakness. This suggests a potential reversal of a prior downtrend or a strong continuation of a new uptrend on the longer timeframe. This points towards a more sustained bullish outlook in the coming weeks, potentially indicating that any short or medium-term pullbacks could be opportunities within a larger upward trajectory. Overall Trading Considerations: Consistent Bullish Momentum (Medium to Long Term):  The 14-day trend is "Very Bullish," and the long-term outlook shows a "Strong Candle Structure (Bullish Attempt) Following A Generally Weaker Trend." This indicates a sustained underlying upward bias for SASOL over the next several weeks. Short-Term Caution & Opportunity:  The 7-day trend being "Overbought" and the short/medium-term advice to "Do Not Chase" suggests that while buyers are in control, the price may be extended in the immediate future. Traders should look for pullbacks (e.g., to the 8-EMA) as potential buying opportunities or even consider short-term fades if highs are not held, before the next leg higher. Strategic Entries:  The emphasis on waiting for pullbacks or failures at highs rather than chasing the price is a key theme across the shorter timeframes, aiming for more optimal entry points. Potential for Significant Upward Movement:  The strong bullish attempt in the long term, following a weaker trend, suggests that SASOL could be entering a more significant upward phase. In essence, the current view is bullish across the medium to long terms, with strong underlying momentum. However, short and medium-term traders should exercise caution regarding current price levels, looking for strategic entries on pullbacks or potential short-term reversals from overextended positions, within the context of the broader upward trend. Previous Post (Tuesday 10 June): Trading Sasol: Pullback To 8-EMA Followed By Upside Follow-Through + Updated Model Reading. The share is in line with the model reading which stated that the 8/21-day EMA range was a level to which the share could retrace into before potentially moving higher. Since then we saw the price consolidate, re-test the 8-day EMA then rally to a multi-month high today (Tuesday, 10 June). the 200-day simple moving average and 50-week exponential moving average is a possible resistance range in the ultra short term. Above that R107 to R112 is a broader selling/resistance range while a pullback into R76 to R79 could offer another re-accumulation range. Previous Post (26 May) How To Trade Sasol, and Recent Opportunities via the Price Action Model The share has had a strong rebound off the 09 April lows (5301c) to it's recent high of 8662c. In the process, the 50-day EMA was reclaimed with strong candle structure reflecting strong buying interest. The current two-day retracement (from +8600c to 7900c) appears to be the start of a re-test of the 50-day exponential moving average (which has now started to turn up). For active traders looking for a buy re-entry range, the 50-day EMA (at or just below) is a provisional range. We are marking 6900c to 7300c for now. The 200-day SMA continues to trend down, which could act as a temporary resistance range. Recent Opportunities: Time-stamped examples from the price action model. INTO THE LOWS (04 April): "Aggressive selling underway, however the buy/long reward-to-risk may be attractive". INTO THE HIGHS (20 & 21 May): "Aggressive buying underway but overbought on the lower time frames. Expect a consolidation or a minor retracement". Lester Davids Senior Investment Analyst: Unum Capital

Research Notes For 16 to 20 June > https://www.unum.capital/post/r1620june Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Friday's candle is worth noting. As noted on Wednesday: "...SHORT TERM DISTRIBUTION CANDLES". Previous Post (Wednesday 11 June): JSE Top 40 Index: Short Term Distribution Candles Flash Comment/Further Update: Tight consolidation in an overbought range. Take note of these candles here. As noted on Friday, the model points to an OVERBOUGHT range! Previous Post (Friday 06 June): JSE Top 40 Index: The index is higher by 26% versus the low on Monday 07 April. The move is in line with the price action model reading at the time (included in the original note) where the long term reading (approximately 5 to 8 weeks) stated the following: "Aggressive selling is underway following a steady upward trend. Look for support at the prior swing lows to capture minor rebounds" . Here's a breakdown of the current price action: The 7-day trend  is indicated as " Overbought ," while the 14-day trend  is " Very Bullish ." Comparison : The 7-day trend  being "Overbought" suggests that the price has risen significantly in a short period and might be due for a pause or pullback. Conversely, the 14-day trend  being "Very Bullish" indicates strong upward momentum over a slightly longer timeframe. This implies that while the immediate short-term might see some exhaustion from being "Overbought," the underlying momentum over the past two weeks remains strongly bullish. The "Overbought" 7-day trend could be a temporary condition within the broader "Very Bullish" 14-day trend. Potential Trading Approach: Short Term (Approximately Next 1 to 10 Trading Days):  The model notes, "Very Strong Move Buyers In Control But Don't Chase-May Fail At Attempt To Hold The Highs-If It Doesn't Hold Then The 8-EMA May Be A Short/Sell Target." Approach : While buyers are in strong control, avoid chasing the price higher. Look for potential short-sell opportunities if the price fails to hold the recent highs, targeting a move back down to the 8-period Exponential Moving Average (EMA). This suggests a tactical approach of fading strength if it shows signs of exhaustion. Medium Term (Approximately Next 2 to 4 Weeks):  The model indicates "Very Strong Move Buyers In Control But Don't Chase-May Fail At Attempt To Hold The Highs-If It Doesn't Hold Then The 8-EMA May Be A Short/Sell Target." Approach : Similar to the short-term, buyers are in strong control, but the same cautionary advice applies. Do not chase the price. Be prepared for potential failures to hold highs, and consider the 8-EMA as a short/sell target if such failures occur. This implies a continuation of the strong bullish sentiment but with an ongoing emphasis on tactical risk management around overextended moves. Long Term (Approximately Next 5 to 8 Weeks):  The model states, "Very Strong Move Buyers In Control But Don't Chase-May Fail At Attempt To Hold The Highs-If It Doesn't Hold Then The 8-EMA May Be A Short/Sell Target." Approach : The long-term perspective also shows buyers firmly in control. The consistent advice across all timeframes is not to chase the price and to be mindful of potential failures to hold highs, where the 8-EMA could serve as a short/sell target. This suggests a sustained bullish outlook, but with an underlying strategy that prioritizes patience and tactical selling into strength if momentum falters at key levels. Overall Trading Considerations: Consistent bullish momentum : Both short and slightly longer short-term trends are bullish, supporting upward price action. Caution against chasing : A crucial and consistent theme across all timeframes is the warning against chasing the price. This suggests that while the overall trend is up, the market might be prone to short-term pullbacks or corrections. Tactical short opportunities : The repeated mention of "May Fail At Attempt To Hold The Highs-If It Doesn't Hold Then The 8-EMA May Be A Short/Sell Target" across all timeframes indicates that even within a strong bullish trend, tactical short-selling opportunities back to the 8-EMA are likely to arise. 8-EMA as a key level : The 8-EMA is identified as a potential target for short/sell positions if the price fails to hold higher levels, making it a critical level to monitor. In summary , for JSE TOP 40 INDEX, the current view is strongly bullish across all timeframes. Buyers are in control, suggesting continued upward momentum. However, a significant and repeated caveat is the strong advice against chasing the price. Instead, the model emphasizes looking for potential short-selling opportunities if the market fails to hold recent highs, with the 8-EMA serving as a key target. This indicates a strategy of participating in the bullish trend but with a tactical approach to manage overbought conditions or temporary pullbacks. Previous Post (Sunday 06 April): JSE Top 40 Index: Weekly Chart Analysis JSE Top 40 Index Analysis: Short Term (1 to 10 days):  The short-term reading is Oversold . This suggests that the index has likely experienced a significant decline and may be due for a rebound or consolidation. However, being oversold alone doesn't guarantee an immediate reversal. Medium Term (2 to 4 weeks):  The medium-term reading is Weak . This implies that the index has been trending downwards over the past few weeks, indicating underlying selling pressure. Long Term (5 to 8 weeks):  The long-term reading is Neutral . This suggests that over a broader timeframe, the index hasn't established a clear upward or downward trend. Overall Assessment: Taking into account the weighted importance (short-term being the most significant), the JSE Top 40 Index exhibits deteriorating  price action. While the oversold reading in the short term might offer a temporary bounce, the weakness in the medium term, coupled with the lack of a strong long-term trend, suggests caution. The recent price action is more aligned with the medium-term weakness than the potential for a short-term recovery. JSE TOP 40 WEEKLY CHART Lester Davids Senior Investment Analyst: Unum Capital