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Research Notes For 09 to 13 June > https://www.unum.capital/post/r0913june 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 09 to 13 June > https://www.unum.capital/post/r0913june 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 Friday 06 June. 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 09 to 13 June > https://www.unum.capital/post/r0913june Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Here's an analysis of the JSE sectors considering the weighting of the timeframes (Short > Medium > Long): Key: Strong:  Indicates outperformance relative to the Top 40. Neutral:  Indicates performance in line with the Top 40. Weak:  Indicates underperformance relative to the Top 40. Overbought:  Suggests the sector might be due for a pullback. Oversold:  Suggests the sector might be due for a bounce. High Bullish Momentum:  Strong upward price movement. High Bearish Momentum:  Strong downward price movement. Sector Analysis: 1. Technology vs Top 40 Short Term:  Neutral Medium Term:  Strong Long Term:  High Bullish Momentum / Approaching Overbought Analysis: Strength/Weakness:  The sector shows significant strength in the Long Term (High Bullish Momentum / Approaching Overbought) and Medium Term (Strong), but a more subdued, in-line performance in the Short Term (Neutral). Improvement/Deterioration:  There's a notable deceleration in momentum from the Long Term to the Short Term, moving from a highly positive outlook to a neutral one. This suggests a potential easing of the strong upward trend in the nearer term. 2. Miners vs Top 40 Short Term:  Neutral Medium Term:  Weak Long Term:  High Bearish Momentum / Approaching Oversold Analysis: Strength/Weakness:  This sector exhibits considerable weakness, especially in the Long Term (High Bearish Momentum / Approaching Oversold) and Medium Term (Weak). The Short Term is Neutral, indicating a pause in the decline but not a reversal. Improvement/Deterioration:  While the Short Term is neutral, the underlying weakness from the Long and Medium Term persists, indicating a challenging environment for this sector. No significant improvement is observed. 3. Banks vs Top 40 Short Term:  Neutral Medium Term:  Neutral Long Term:  Neutral Analysis: Strength/Weakness:  Consistently neutral across all timeframes, indicating performance generally in line with the Top 40. Improvement/Deterioration:  No significant changes or trends are apparent, maintaining a steady, in-line performance. 4. Insurers vs Top 40 Short Term:  Neutral Medium Term:  Neutral Long Term:  Neutral Analysis: Strength/Weakness:  Similar to Banks, Insurers are consistently neutral across all timeframes. Improvement/Deterioration:  No notable changes or trends. 5. Gold Miners vs Top 40 Short Term:  Neutral Medium Term:  Neutral Long Term:  Strong Analysis: Strength/Weakness:  The sector shows strength in the Long Term (Strong), but this does not translate into the Medium or Short Term, which are Neutral. Improvement/Deterioration:  The Long Term strength appears to be moderating as we move towards the shorter timeframes, suggesting a consolidation or pause in the strong performance. 6. Platinum Miners vs Top 40 Short Term:  Strong Medium Term:  Strong Long Term:  Neutral Analysis: Strength/Weakness:  This sector displays significant strength in the Short and Medium Term (Strong), which is a positive development from a Neutral Long Term outlook. Improvement/Deterioration:  A clear improvement is evident from a neutral Long Term to strong performance in the Medium and Short Terms, indicating increasing relative outperformance. 7. Consumer Staples vs Top 40 Short Term:  Neutral Medium Term:  Neutral Long Term:  Neutral Analysis: Strength/Weakness:  Consistently neutral across all timeframes. Improvement/Deterioration:  No significant changes or trends. 8. Consumer Disc. vs Top 40 Short Term:  Strong Medium Term:  Neutral Long Term:  Neutral Analysis: Strength/Weakness:  Shows strength in the Short Term (Strong) after being neutral in the Medium and Long Terms. Improvement/Deterioration:  A positive shift is observed in the Short Term, indicating an improvement in relative performance. 9. Healthcare vs Top 40 Short Term:  Neutral Medium Term:  Neutral Long Term:  Weak Analysis: Strength/Weakness:  While neutral in the Short and Medium Terms, the underlying weakness in the Long Term (Weak) suggests a challenging fundamental backdrop. Improvement/Deterioration:  No significant improvement from the Long Term weakness, though a neutral performance in the shorter terms indicates a stabilization rather than a reversal. 10. Hospitals vs Top 40 Short Term:  Neutral Medium Term:  Neutral Long Term:  Weak Analysis: Strength/Weakness:  Similar to Healthcare, exhibiting Long Term weakness (Weak) but neutral performance in the Medium and Short Terms. Improvement/Deterioration:  No clear improvement from the Long Term weakness. 11. Coal Miners vs Top 40 Short Term:  Weak Medium Term:  High Bearish Momentum / Approaching Oversold Long Term:  High Bearish Momentum / Approaching Oversold Analysis: Strength/Weakness:  This sector is experiencing significant weakness across all timeframes, particularly in the Long and Medium Terms (High Bearish Momentum / Approaching Oversold). The Short Term is also Weak. Improvement/Deterioration:  No improvement is evident; rather, a sustained period of underperformance and strong downward momentum. 12. Telecoms vs Top 40 Short Term:  Neutral Medium Term:  Strong Long Term:  Strong Analysis: Strength/Weakness:  Exhibits strength in the Long and Medium Terms (Strong), but this tapers off to Neutral in the Short Term. Improvement/Deterioration:  The strong performance in the longer timeframes is moderating in the Short Term, suggesting a potential pause or consolidation. 13. Paper & Pulp vs Top 40 Short Term:  Weak Medium Term:  Weak Long Term:  High Bearish Momentum / Approaching Oversold Analysis: Strength/Weakness:  This sector is consistently weak across all timeframes, with the Long Term indicating strong downward momentum (High Bearish Momentum / Approaching Oversold). Improvement/Deterioration:  No improvement; rather, a sustained period of underperformance. 14. Chemicals vs Top 40 Short Term:  Weak Medium Term:  Neutral Long Term:  High Bearish Momentum / Approaching Oversold Analysis: Strength/Weakness:  Shows significant Long Term weakness (High Bearish Momentum / Approaching Oversold) and Short Term weakness (Weak), though the Medium Term is neutral. Improvement/Deterioration:  While the Medium Term is neutral, the overall trend is one of weakness, with a noticeable deterioration from the Medium to the Short Term. 15. Luxury Goods vs Top 40 Short Term:  High Bearish Momentum / Approaching Oversold Medium Term:  Weak Long Term:  Neutral Analysis: Strength/Weakness:  This sector is facing significant Short Term weakness (High Bearish Momentum / Approaching Oversold) and Medium Term weakness (Weak), despite a neutral Long Term outlook. Improvement/Deterioration:  A clear deterioration is observed from a neutral Long Term to weak and then significantly bearish in the Short Term, indicating a sharp decline in relative performance. Summary Ranking of Sectors by Preference (Highest to Lowest): This ranking prioritizes the Short Term, then Medium Term, then Long Term, and uses the defined hierarchy of strength. Platinum Miners vs Top 40:  (Short: Strong, Medium: Strong, Long: Neutral) - Strongest short-term outlook. Consumer Disc. vs Top 40:  (Short: Strong, Medium: Neutral, Long: Neutral) - Good short-term strength. Technology vs Top 40:  (Short: Neutral, Medium: Strong, Long: High Bullish Momentum / Approaching Overbought) - Strong underlying momentum, though short-term is neutral. Telecoms vs Top 40:  (Short: Neutral, Medium: Strong, Long: Strong) - Consistent strength in longer timeframes, neutral in short term. Banks vs Top 40:  (Short: Neutral, Medium: Neutral, Long: Neutral) - Consistent in-line performance. Insurers vs Top 40:  (Short: Neutral, Medium: Neutral, Long: Neutral) - Consistent in-line performance. Consumer Staples vs Top 40:  (Short: Neutral, Medium: Neutral, Long: Neutral) - Consistent in-line performance. Gold Miners vs Top 40:  (Short: Neutral, Medium: Neutral, Long: Strong) - Long-term strength not translating to short-term. Healthcare vs Top 40:  (Short: Neutral, Medium: Neutral, Long: Weak) - Underlying long-term weakness. Hospitals vs Top 40:  (Short: Neutral, Medium: Neutral, Long: Weak) - Underlying long-term weakness. Miners vs Top 40:  (Short: Neutral, Medium: Weak, Long: High Bearish Momentum / Oversold) - Significant weakness in longer timeframes. Chemicals vs Top 40:  (Short: Weak, Medium: Neutral, Long: High Bearish Momentum / Oversold) - Short-term weakness and long-term bearishness. Paper & Pulp vs Top 40:  (Short: Weak, Medium: Weak, Long: High Bearish Momentum / Oversold) - Consistent weakness. Coal Miners vs Top 40:  (Short: Weak, Medium: High Bearish Momentum / Oversold, Long: High Bearish Momentum / Oversold) - Severe and consistent weakness. Luxury Goods vs Top 40:  (Short: High Bearish Momentum / Oversold, Medium: Weak, Long: Neutral) - Most significant short-term deterioration and bearishness. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes For 09 to 13 June > https://www.unum.capital/post/r0913june Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za The total number of constituents has increased from 103 to 105 over the week. Comparing the readings from 30 May to 06 June, several shifts in market conditions are observable: Overbought:  The number of constituents in the 'Overbought' category has decreased slightly from 11 to 7. This suggests a minor reduction in extreme bullish sentiment. High Bullish Momentum / Approaching Overbought:  This category has seen a decrease from 14 to 12 constituents, indicating a slight cooling in strong bullish momentum. Strong:  The 'Strong' category has increased from 33 to 35, suggesting a modest strengthening of positive trends within the market. Neutral:  The most significant shift is seen in the 'Neutral' category, which has increased from 37 to 40 constituents. This indicates a growing number of stocks without a clear short-term trend. Weak:  The 'Weak' category has increased from 7 to 11, pointing to a rise in stocks exhibiting weaker price action. High Bearish Momentum / Approaching Oversold:  This category has decreased from 1 to 0, indicating a complete absence of constituents approaching oversold conditions with strong bearish momentum. Oversold:  Remains at 0 for both periods. Summary of Market Conditions: Overall, the market breadth readings from 30 May to 06 June suggest a subtle shift away from the stronger bullish and overbought conditions, with a notable increase in constituents exhibiting 'Neutral' and 'Weak' short-term trends. There is a reduction in both 'Overbought' and 'High Bullish Momentum' readings, while 'Strong' and 'Neutral' categories have expanded. The absence of 'High Bearish Momentum / Approaching Oversold' and 'Oversold' readings in both periods indicates that the market is not currently presenting broad near-term opportunities driven by oversold conditions. Conversely, with fewer constituents in the 'Overbought' and 'High Bullish Momentum' categories, there might be fewer immediate widespread selling opportunities compared to the previous week, as a greater majority of constituents are not closer to overbought readings. The shift towards 'Neutral' and 'Weak' suggests a market that is consolidating or losing some of its previous upward impetus, but is not yet displaying widespread bearishness that would suggest near-term opportunities from oversold conditions. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes For 09 to 13 June > https://www.unum.capital/post/r0913june 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 "High Bullish Momentum / Approaching Overbought," 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 ("High Bullish Momentum / Approaching Overbought" and "Very Bullish" respectively). This suggests a consistent buying pressure across these timeframes. The "Very Bullish" 14-day trend reinforces the "High Bullish Momentum / Approaching Overbought" 7-day trend, indicating that the recent strength is part of a broader upward movement, but with a note of approaching overbought conditions in the very short-term . Potential Trading Approach for BTI : 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 there are very strong buyers in control, avoid simply chasing the price higher. Look for potential short-sell opportunities if the price fails to hold the highs, targeting a move back down to the 8-period Exponential Moving Average (EMA). 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 : The medium term  suggests that the recent bullish activity is very strong, but with the same caution against chasing and a potential short/sell target at the 8-EMA if highs aren't held. This supports a bullish bias over the next few weeks but advises tactical entry. 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 indicates very strong buyer control, but it reiterates the same caution as the short  and medium terms : avoid chasing, and be aware that failure to hold highs could lead to a short/sell target at the 8-EMA. Overall Trading Considerations for BTI : Consistent bullish momentum: Both short  and slightly longer short-term  trends are bullish, supporting upward price action, with a note of approaching overbought conditions. Short-term  caution: Despite the buying pressure, the model advises against chasing and suggests looking for short-sell entries if highs are not held, with the 8-EMA as a potential target. Medium-term  and Long-term  consistency: Both medium  and long-term  outlooks echo the short-term  sentiment of very strong buyers but with the same critical caveat about not chasing and the potential for a retracement to the 8-EMA if highs aren't maintained. In summary, for BTI, the current view is bullish across short  to long terms , driven by very strong buyer control. However, traders should be cautious of potential overbought conditions in the very short-term  and the recurring warning across all timeframes to avoid chasing the price. Tactical short opportunities may arise if the stock fails to hold its highs, targeting the 8-EMA. Previous Post (04 April): Higher By 50% In 16 Months The extract below is from a note to clients on Wednesday, 06 December 2023 at 53198c, highlighting both a manual view (channel) as well as the price action model reading. Within just 16 month, the share has gained 51% and trades above R800, it's highest level since January 2018. This post is a continuation of the commentary on the share at various points over the 13 months (beginning December 2023). It highlights both the manual views and automated tool used to take advantage of opportunities on both the buy (long) and sell (short) side. The share currently trades at a 2-year high. Well done to clients who may have capitalized on these opportunities. At current levels, the model reading is as follows: Previous Post: A Useful Tool For Uncovering Opportunity & Assessing Reward-To-Risk: BTI As An Example Monday 25 November 2024 (Time: 11h04) Are you taking advantage of the tools provided? On the back of a the model reading on Friday 18 October (end of day) : "The reward-to-risk is becoming attractive for a small buy/long position", BTI has rallied from R600 to R680 Both the previous long and short side posts are shown below ( scroll down for the previous posts ) Below is the reading for Fri 18-October, as mentioned above: Previous Post: Get Ready To Trade: British American Tobacco Date: Monday, 07 October 2024 Time Published: Pre-Market Ticker: BTI My model called for a pullback from overbought conditions, citing an unattractive reward-to-risk on the buy/long side. Since then, the share has retreated from R690 to below R610 Next Best Probability Entry Range is shown below. Previous Post: Thursday, 05 September 2024 Real-Time: 14h00 Ticker: BTI Previous Post(s) Real-Time: 10h53 Ticker: BTI BTI has been a profitable medium term trading opportunity for clients of Unum Capital. At current levels, the high bullish momentum conditions benefit existing shareholders however, it may also be an opportunity to reduce into strength. As re-iterated on Monday, 29 April: As discussed in December: Lester Davids Analyst: Unum Capital

Research Notes For 09 to 13 June > https://www.unum.capital/post/r0913june Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Strong upside follow-through from bull flag technical formation as previously discussed. The current price action model reading is as follows: Previous Post (Tuesday 26 November 2024): SATRIX INDUSTRIALS Holding It's Breakout Level + Developing A Bull Flag Code: STXIND Also note the 200-day SMA gradually trending up Lester Davids Senior Investment Analyst: Unum Capital

Research Notes For 09 to 13 June > https://www.unum.capital/post/r0913june Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Running +44%, as part of the European defense theme. Previous Post: Monday 24 February Sector: Aerospace & Defense Country: Norway Kongsberg Gruppen ASA engages in delivering technology systems and solutions to clients within the oil and gas industry, merchant marine, defence, and aerospace. It operates through the following segments: Kongsberg Maritime, Kongsberg Defence and Aerospace, and Other. Technical Multi-month base below multi-month highs. Trigger level = 13.90 Lester Davids Analyst: Unum Capital

Research Notes For 09 to 13 June > https://www.unum.capital/post/r0913june Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Analyst Disclosure: We asked A.I to summarize the group's results. Here are 20 key highlights:   Mr. Price Group reported resilient financial results for the 52 weeks ended March 29, 2025, showcasing the strength of its fashion-value business model . The company saw its total revenue increase by 7.9% to R40.9 billion , successfully gaining 50 basis points of market share . A key highlight was the expansion of the gross margin by 80 basis points to 40.5% , contributing to a record operating profit of R5.8 billion . This performance led to an operating margin increase of 20 basis points, reaching 14.2% . The group's earnings per share also showed robust growth , with basic earnings per share up 11.0% to 1,416.3 cents and headline earnings per share increasing by 10.7% to 1,424.0 cents. Diluted headline earnings per share rose 10.1% to 1,379.3 cents. Mr Price Group experienced a stronger second half of the financial year , with diluted headline earnings per share growing by 12.1%. This was achieved despite a challenging retail environment in February and the shift of school holidays and Easter. The improved second-half performance was attributed to better sales momentum and reduced markdowns , following a more subdued retail climate in the first half. The group's ability to provide value to customers was a consistent factor across varying economic conditions. In recognition of its strong performance, a final dividend of 593.5 cents per share was declared , representing a significant 12.7% increase from the previous year. This maintains the group's historical 63% dividend payout ratio of headline earnings. The company reached a significant milestone, with revenue exceeding R40 billion for the first time . Retail sales specifically grew by 7.8% (9.9% in the second half), and the group successfully opened 184 new stores , increasing its weighted average space by 4.3%. Cash generated from operations amounted to R8.7 billion , contributing to a healthy cash balance of R4.1 billion. The group remains debt-free, indicating strong financial health and effective cash management. The group's omni-channel strategy proved effective , as both group store sales and online sales increased by 7.8% and 7.9% respectively. Momentum for both channels improved in the second half, with sales growing by 9.5% and 11.5%. During the period, Mr Price Group surpassed 3,000 stores , reaching a total footprint of 3,030 across its 15 trading chains. The new stores delivered returns that exceeded the group's investment thresholds. Cash sales continued to dominate , constituting 89.3% of group retail sales and increasing by 7.9%. While cautiously managed, the improving credit environment in the second half led to an increase in the group's credit approval rate. The gross profit margin expansion to 40.5%  was driven by strong merchandise execution and lower markdowns across all trading segments. Acquired businesses also showed an upward margin trajectory due to improved sourcing and operational efficiencies. Profit from operating activities rose 8.9% to R5.8 billion , with a notable 11.7% growth in the second half. Despite a 10.0% increase in total expenses, the operating margin expanded to 14.2%, falling within the group's medium-term target range. The Apparel segment performed strongly , increasing retail sales by 7.9% to R31.4 billion and gaining 50 basis points of market share for the second consecutive year. Divisions like Power Fashion and Studio 88 were key contributors to this growth. The Homeware segment continued its recovery , with retail sales growth of 6.4% to R6.7 billion. All divisions within this segment showed accelerating sales growth and significant improvements in gross and operating margins. The Telecoms segment delivered another year of market share gains , with combined retail sales from Mr Price Cellular and Powercell increasing by 13.2% to R1.3 billion. This segment, selling handsets and accessories, continues to boost profitability and customer engagement. The Financial Services segment saw its revenue increase by 5.7% to R918 million . Despite a reduction in the repo rate, debtors' interest and fees increased, and the group maintained a prudent approach to credit granting. Looking ahead, Mr Price Group acknowledges the uncertain global and domestic economic environment , including revised downward GDP growth forecasts for South Africa. The consumer environment remains volatile despite some short-term relief from lower inflation and petrol prices. Despite these challenges, the group remains committed to its differentiated fashion-value merchandise  and expects to outperform the market due to its proven business model and strong brand power. The focus will be on extracting maximum value from its trading chains and investing in strategic enablement projects. For the first quarter of FY2026 (to May 31), group retail sales increased by 11.6% , with all trading divisions gaining market share in April 2025. The group plans significant capital expenditure for FY2026, focusing on new stores, revamps, supply chain, and technology, while also continuing to evaluate new growth opportunities. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes For 09 to 13 June > https://www.unum.capital/post/r0913june Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za 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

Research Notes For 09 to 13 June > https://www.unum.capital/post/r0913june Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Short term: starting to unwind from an overbought range. Long term: looking to emerge from a 4-year base. Code: EEMA Current Price (pre-market Friday, 06 June): $62.51 Stop-loss: A weekly Close Below $53.20 Target: $78.00 Strategy: Buy on a pullback Lester Davids Senior Investment Analyst: Unum Capital

Research Notes For 09 to 13 June > https://www.unum.capital/post/r0913june Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Short term: high bullish momentum/approaching overbought. Long term: looking to emerge from a multi-month consolidation as well as a base. Code: XSW Current Price (pre-market Friday, 06 June): $183.66 Stop-loss: A weekly Close Below $168.20 Target: $215.00 Strategy: Buy on a pullback Lester Davids Senior Investment Analyst: Unum Capital

Research Notes For 09 to 13 June > https://www.unum.capital/post/r0913june Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Chart as of Friday 14h58 (Pre-Market US Trading Session, Friday, 06 June) Previous Post (07 February) Rally from a re-test after breaking out of a multi-year base. Lester Davids Senior Investment Analyst: Unum Capital