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Research Notes For 02 to 06 June > https://www.unum.capital/post/r0206june Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Just over three months ago (16-February) we discussed the long term setup on Platinum, highlighting the potential for a breached of the downward trend. We have started to see some outsized moves in the metal. Previous Post (16 February) Platinum: Zooming Out Weekly Chart - Constructive - Potential Change of Trend Lester Davids Senior Investment Analyst: Unum Capital

Research Notes For 02 to 06 June > https://www.unum.capital/post/r0206june Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Update: On Wednesday morning (10:21am) at a price of 22380c, we ran the model for an assessment of the price action. The share traded just a few cents higher at 22460c and this morning reached a low of 21462c. Depending on your entry, traders are sitting on a gain of at least 800c over. Trading Discovery (Wednesday 04 June): Following Our Price Path (Higher), But In Overbought Territory (See Updated Model) Current Price Action Model Reading: (scrolls down for previous views/comments) Previous Post (26 May): Trading Discovery: Megaphone Formation + Approaching Overbought Conditions) Discovery Holdings (DSY) has previously given clients opportunities on both the buy (long) and sell (short) side. There's a chance that the share could lose short term momentum and fail to hold it's highs however, traders should also be open to the possibility of a test of the upper boundary of what appears to be a MEGAPHONE technical formation. This range is approximately between R223 and R230 - a level at which it could become extremely overbought in the short term. If it trades at that range, we should be considering a short/sell trade meaning, potentially taking a position which takes advantage of a bearish reversal from overbought conditions. Let's stay flexible & let's get ready to trade. Note: Levels subject to change as the news flow and price action develops. Last Close: 21347c Previous Post: Trading Discovery (+20%): 'We Had An Opportunity To Build A Position' DSY now higher by 20%. Lester Davids Senior Investment Analyst: Unum Capital

DID YOU KNOW? Year-to-date, we have published over 950 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 Free Discovery: Generating Cash For Shorts (+800c) https://www.unum.capital/post/dsygcash Free +60 Shares Commentary (incl. 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VOD, REM & TRU) https://www.unum.capital/post/sxyslm Recent Opportunities For Active Trading Clients > https://www.unum.capital/post/8wkrally Share This Link With Your Network > https://unum.co.za/trade/ Also, Visit Us Daily At > https://www.unum.capital/blog Archive: Year-To-Date 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 02 to 06 June > https://www.unum.capital/post/r0206june 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 Thursday 05 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 02 to 06 June > https://www.unum.capital/post/r0206june Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Previous Post (Wednesday, 04 June): Adding to the previous post: Pan American Silver Corp (PAAS) - initial target is the previous short term swing high of $30. Last: $26.26. Temporary failure/stop is a close below $22.70. Note: Precious metal have the ability to display elevate volatility. Previous Post (21 May): Global X Silver Miners ETF - Multi-Month Base + Bull Flag A break above $42.50 targets $47.00 and $50.00 Stop-loss $37.60 Previous Post (17 April): Offshore: Wheaton Precious Metals - Target Exceeded The surge in precious metals has supported our trade idea on Wheaton Precious Metals which is higher by 40% over the 7 months . To open a trading account and/or move from your existing service provider, email   tradingdesk@unum.co.za Trade Alert: Wheaton Precious Metals - Friday, 13 September 2024 Offshore Ticker: WPM Pre-Market: U.S Trading Session S/African Time: 15h09 Lester Davids Analyst: Unum Capital

Research Notes For 02 to 06 June > https://www.unum.capital/post/r0206june Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Updated Chart Below: Scroll down for all original posts: Previous Post (Monday 02 June): 10% Rally, Then Consolidation, Now Re-Emerging Strength Notice the strong candle structure with the potential development of a bull flag technical formation? Previous Post (23 May): Anglo American Plc: Generating Cash For Short Term Traders (+Model Follow-Through) Updated chart as of Friday, 23 May at 10h18 (South African Time): This is a great example of a reading we don't often discuss: the bullish reversal trade! A +5.5% gain from around Monday's lows (now +7% as of 11h03) Some decent cash flow for the active trader. The time-stamped model reading is shown below Previous Post (Monday 19 May): Trading Anglo American Plc Current Price Action Model Reading: Current Daily Chart Lester Davids Senior Investment Analyst: Unum Capital

Research Notes For 02 to 06 June > https://www.unum.capital/post/r0206june Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Thus far today, a multi-month high of 2913c Now trading higher by 105%. Current Price Action Model Reading Previous Post: Sibanye Stillwater - Long Term Cycle Ready To Unfold? SSW Monthly Chart - as of Thursday 27 February at 13h13 #EarlyAccess Upper Panel: SSW Relative To JSE Top 40 Index (Weekly Chart) - as of Thursday 27 February at 13h10 Lower Panel: Distance vs 200-Week SMA. The ratio is trading 67% below it's 200-week, which is an extreme disconnect from the long term average. In July we discussed a potential scenario for the share, with the potential path being a drop down to a potential range 1264c to 1353c before a potential rally off the long term channel support. The share dropped to 1400c which was followed by a rally to 2300c. Taking a step back, are we seeing the long term cycle unfolding? The slide below is from report: "Active Trading Plan: Monday 29 July 2024". Related Post: Sibanye Stillwater: Right Reading, Right Time Lester Davids Senior Investment Analyst: Unum Capital

Research Notes For 02 to 06 June > https://www.unum.capital/post/r0206june 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 02 to 06 June > https://www.unum.capital/post/r0206june Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za The R660 level has held, with a strong rebound as a result. Previous Post (Monday, 02 June): Valterra Platinum: Unwinding From Overbought (R785 to R700) + Next-Best Actionable Areas The price action model alerted us to overbought conditions with the short term reading warning traders NOT to chase/chase into the highs. Watch R660 to R675 as a potential short term re-entry range (subject to change as the price action and news flow develops!) Previous Post (Friday 23 May, Close of Trade):Trading Anglo American Platinum: Bullish Reversal For Long Term Traders Current Price Action Model Reading: A.I Interpretation of the above price action model: The 14-day trend is explicitly labeled "Very Bullish," which is a strong indicator of upward momentum. Furthermore, the short-term expectation suggests "Very Strong Move Buyers In Control." While it cautions against chasing the price if it fails to hold the highs, the underlying sentiment points towards continued buying pressure in the near term. Looking at the longer-term perspectives reinforces this bullish inclination. The medium-term outlook describes "Aggressive Buying," and the long-term anticipates a "Strong Attempt At A Bullish Reversal Following A Consolidation Phase." These descriptions suggest that despite potential short-term pullbacks, the broader expectation is for the price to move upwards. In summary, the analysis for Anglo American Platinum presents a predominantly bullish outlook across short, medium, and long-term timeframes, supported by indicators of strong buying interest and expectations of a bullish reversal. Previous Post (16 April) Previous Post (Sunday 12 January): Anglo American Platinum: Technical Improvement + Potential Change of Trend Analyst's Price Action Model Q: What is the current 7-Day Trend for Anglo American Platinum? A:  The 7-Day Trend is Strong. Q: What is the current 14-Day Trend for Anglo American Platinum? A:  The 14-Day Trend is Bullish. Q: What is the short-term price action reading for Anglo American Platinum? A:   It is attempting to advance while in a bullish regime. Use the prior session close or 8-EMA as an accumulation zone. Q: What is the medium-term price action reading for Anglo American Platinum? A:  It is attempting a bullish reversal following a consolidation phase. Q: What is the long-term price action reading for Anglo American Platinum? A:  It is attempting a rebound following a downward trend. It may consolidate further before continuing higher. Overall, the price action model suggests that Anglo American Platinum is currently in a bullish trend with a potential for further upside in the medium and potential for a bullish reversal in the long term. AMS Daily Chart Previous Buy Idea: 10 June at R576 (now R200 higher at R776) Previous Post: Anglo American Platinum: Long Term Charts & New Lows - Wednesday, 11 September 2024 • PRE-MARKET Ticker: AMS I'm old enough to remember when Anglo American Platinum traded above R2100 per share. Yes, there was a time when platinum shares were untouchable and when selling them was a no-no. Fast forward close to 3 years later and no-one wants to touch them again (remember 2015 - that's a story for another day). Here at Unum Capital we produce research that considers multiple time frames, from daily to weekly to monthly. While other consider monthly charts irrelevant, for us it is a valuable tool in assess reward-to-risks, especially from a portfolio perspective. Long-time subscribers of my research may recall Anglo American Platinum trading above R2100 per shares. Some may also recall my view to use the multi-year highs to reduce long term portfolio exposure. The time-stamped chart (Saturday 20 March 2021 for Monday 22 March) is shown below Fast forward 3.5 years later and AMS has gone from R2115 at the time to R570 (it did trade as low as R558 in recent months). After yesterday's market close, Anglo American announced that it would be conducting a bookbuild, offering 13 million AMS shares. This will no doubt put pressure on the already depressed AMS share and is likely to see it trade at fresh multi-year lows. Whilst we don't know what the extent of the selling will be, the R480 to R425 range is the previous swing lows which also coincides with the previous breakout. There will another opportunity to buy, but for now we watch and watch until the dust settles. For now, here's a sneak peek of my zoomed out (flash) view: Lester Davids Analyst: Unum Capital

Research Notes For 02 to 06 June > https://www.unum.capital/post/r0206june 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 25% 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" . 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 02 to 06 June > https://www.unum.capital/post/r0206june 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 "Bullish." Comparison: Both the short-term ( 7-day ) and slightly longer short-term ( 14-day ) trends indicate upward momentum ("Strong" and "Bullish" respectively). This suggests a consistent buying pressure across these timeframes. The "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 Anheuser-Busch Inbev: Short Term ( Approximately Next 1 to 10 Trading Days ): The 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: While there is aggressive buying, avoid simply chasing the price higher. Look for potential short-sell opportunities if the price overshoots or fails to hold above the prior session's high, targeting a move back down to the 8-period Exponential Moving Average (EMA). Medium Term ( Approximately Next 2 to 4 Weeks ): The model indicates "Strong Attempt At A Bullish Reversal Following A Consolidation Phase." Approach: The medium term suggests that the recent bullish activity is likely a strong attempt to reverse from a prior consolidation. This supports a bullish bias over the next few weeks. Long Term ( Approximately Next 5 to 8 Weeks ): The model states, "Recently Advanced From A Sideways Consolidation. If It Doesn't Hold Prior Session Highs Then Consider Potential For Retracement To Retest The Range Breakout." Approach: The long-term perspective indicates a breakout from a sideways consolidation. However, there's a caution: if the price fails to hold prior session highs, there's a possibility of a retracement to retest the breakout level. Overall Trading Considerations for Anheuser-Busch Inbev: 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 against chasing and suggests looking for short-sell entries on weakness relative to the prior session's high. Medium-term bullish reversal: The medium term reinforces the bullish sentiment following a consolidation. Long-term breakout with a caveat: The long term shows a breakout, but highlights the importance of holding prior session highs to avoid a retest of the breakout level. In summary, for Anheuser-Busch Inbev, the current view is bullish across short to medium terms, with a long-term bullish sentiment following a breakout. However, short-term traders should be cautious of potential overshoots and failures at prior session highs for tactical short opportunities. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes For 02 to 06 June > https://www.unum.capital/post/r0206june Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Update: During last night's U.S. trading session, the ETF reached the 1st target of $47.00. Previous Post (21 May): Global X Silver Miners ETF: Bull Flag A break above $42.50 targets $47.00 and $50.00 Stop-loss $37.60 Previous Post (17 April): Offshore: Wheaton Precious Metals - Target Exceeded The surge in precious metals has supported our trade idea on Wheaton Precious Metals which is higher by 40% over the 7 months . To open a trading account and/or move from your existing service provider, email   tradingdesk@unum.co.za Trade Alert: Wheaton Precious Metals - Friday, 13 September 2024 Offshore Ticker: WPM Pre-Market: U.S Trading Session S/African Time: 15h09 Lester Davids Analyst: Unum Capital