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Research Notes For 19 to 24 May > https://www.unum.capital/post/r1924may Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Short Term (1 to 10 trading days):  Northam Platinum is consolidating within an upward trend. If the 8-EMA has been breached, the 21-EMA is a potential buy range. Medium Term (next 2 to 4 weeks):  Northam Platinum is in or commencing an upward trend. However, strongly consider the potential failure to hold prior session range highs, which will create a tactical short-sell opportunity. Long Term (next 5 to 8 weeks):  Northam Platinum is attempting a bullish reversal following a consolidation phase. In the short term, Northam Platinum is consolidating within an upward trend, with the 21-EMA acting as a potential buy range if the 8-EMA has been breached. In the medium term, while in or commencing an upward trend, there's a significant consideration for a potential short-sell opportunity if prior session range highs fail to hold. Looking at the long term, the asset is attempting a bullish reversal after a period of consolidation. Lester Davids Senior Investment Analyst: Unum Capital

In our report on 05 May, we published market breadth data which highlighted the emergence of early weakness and bearish momentum as well as a notable increase in share with overbought conditions. While the index has continued to trade near all-time highs, the candle structure (since Monday 05 May) has reflected indecision between buyers and sellers, with selected parts of the market unwinding from short term overbought conditions. Well done to clients who may have capitalized on the index-level and/or sector-level opportunities. To open a trading account and/or move from your existing service provider, email   tradingdesk@unum.co.za Previous Post (Sunday, 06 April) April 2025: Volatility Equals Opportunity Talking Points: Macro Developments Currently Driving Sentiment/Outlooks What We Know Valuation Volatility Equals Opportunity Where Is The Bottom? / Timing Macro Developments Currently Driving Sentiment/Outlooks | This note runs the risk of communicating items you may already be familiar with. For example, you will be aware that global financial markets are under pressure. You will be aware that the trade war via tariffs are one of, if not the main driver of the decline in risk assets. You will also be aware that volatility is high and that most risk assets have sold off. The aforementioned, are some of the negative factors that are at play. What We Know | As analysts and traders, we will never have all of the information at hand in order to make a decision. In some cases, we will have 55% of the information while in other case, will have 78% of the information etc. What we do know is that lower prices are presenting us with opportunities to (1) be active and take advantage of volatility and both the buy (long) and sell (short) side and (2) Take advantage of lower prices to build medium to long term portfolios (both U.S and global). What we also recognize is that at an index level, the All Share and Top 40 indices are slightly off their long term highs, but underneath the surface there has been some have been businesses that have seen their share prices decline significantly over several weeks and months. Valuation | In the short term, valuation isn't a very good timing tool however, over the long term, it does add value and can help traders and investors accumulate pieces of businesses that have the ability to 're-rate' over several months and years. While it is a crude way of measuring value, it does help us identify potentially cheap stocks (to buy) or expensive ones (to sell). A quick screen will help to uncover potential opportunities. Take Absa , for example. At Friday's close the share traded on a price-to-earnings ratio of 6x , with a dividend yield of 8% . It also sported a price-to-book value of 0.82 . SA industrial group Bidvest's price-to-book ratio is at 1.98x , which is the lowest since October 2020. Old Mutual trades on 6 times it's trailing earnings, with a dividend yield of 7.6% . Cyclical share Sappi trades on a 4 price-to-earnings ratio and a 7.2% dividend yield . This is a non-comprehensive list and merely just examples of shares leaning toward fundamental value. Volatility Equals Opportunity | The spike in volatility is presenting traders and long term investors with opportunities to smartly allocate capital to take advantage of falling prices . Where is The Bottom? / Timing The Market |  With prices moving at a rapid pace, levels have and are being breached with new support and resistance zone being tested. In some case, support is taken out and reclaimed, creating an opportunity for the fast-fingered trader to generate cash. I'll be the first to admit that I don't know where the exact bottom is, however, I'll be monitoring real-time developments in price action in an attempt to ascertain whether the momentum is slowing down or accelerating as well as what the price action is signaling. Bottom Line | The next few days and weeks may present an opportunity gradually phase in positions i.e. rand or dollar-cost average into a medium to long term portfolio. The current sell-off represents some businesses going 'on sale', with prices that may offer value for a 'limited period only'. Others might have further to fall, which will offer opportunities at a later stage. Note: With prices moving fast, it might be that not all ideas/opportunity will be communicated in written format via the Unum Capital website. To avoid missing opportunities, open an account and connect directly with our traders on the desk. To get started, email tradingdesk@unum.co.za Lester Davids Analyst: Unum Capital

Research Notes For 19 to 24 May > https://www.unum.capital/post/r1924may Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za The share traded right in the middle of the R720 to R730 range with a print of R725 before rebounding to a high of R974 as of today, Wednesday 14 May. The price action model reading as of today's close is as follows: Previous Post (Saturday, 05 April, 07h43) Actionable Area: Prosus N.V Prosus N.V (PRX).  The share has retreated from the upper boundary of it's rising channel, encountering distribution over the last 4 weeks. The 75-day EMA and 21-week EMA continue to trend up, however, the deteriorating candle structure does not rule out a move toward the lower boundary of the channel, which is in line with the rising 200-day SMA as well as the 50-week EMA. This comes in at approximately 72000c to 73000c. This range is subject to change as the price action and news flow develops. Last Close: 81094c   Lester Davids Analyst: Unum Capital

Research Notes For 19 to 24 May > https://www.unum.capital/post/r1924may Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Since highlighting the Market Risk Index on Wednesday 09 April, the S&P 500 has rebounded 20%. Current 7-day trend:   Overbought Current 14-day trend:   Very Bullish Opportunity for a short-term buy/long position?  Buyers are in control, but there is weakness. A lower time frame look for a pullback to the 8 or 21-EMA (buy range) before the next move higher is suggested. Opportunity for a short-term sell/short position?  Not explicitly mentioned for the short term. Current position & trend for the short term (1 to 10 days):  Buyers in control but with weakness, looking for a pullback to buy. Current position & trend for the medium term (2 to 4 weeks):  Steady upward trend with possible consolidation around these levels. Current position & trend for the long term (5 to 8 weeks):  Attempting to advance whilst in a bullish regime. If it pulls back use the prior session close or 8-EMA as an accumulation zone. 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.

A Picture Paints... To open a trading account and/or move from your existing service provider, email   tradingdesk@unum.co.za The Current Price Action Model Reading Is Shown Below: Previous Post (Sunday, 06 April) April 2025: Volatility Equals Opportunity Talking Points: Macro Developments Currently Driving Sentiment/Outlooks What We Know Valuation Volatility Equals Opportunity Where Is The Bottom? / Timing Macro Developments Currently Driving Sentiment/Outlooks | This note runs the risk of communicating items you may already be familiar with. For example, you will be aware that global financial markets are under pressure. You will be aware that the trade war via tariffs are one of, if not the main driver of the decline in risk assets. You will also be aware that volatility is high and that most risk assets have sold off. The aforementioned, are some of the negative factors that are at play. What We Know | As analysts and traders, we will never have all of the information at hand in order to make a decision. In some cases, we will have 55% of the information while in other case, will have 78% of the information etc. What we do know is that lower prices are presenting us with opportunities to (1) be active and take advantage of volatility and both the buy (long) and sell (short) side and (2) Take advantage of lower prices to build medium to long term portfolios (both U.S and global). What we also recognize is that at an index level, the All Share and Top 40 indices are slightly off their long term highs, but underneath the surface there has been some have been businesses that have seen their share prices decline significantly over several weeks and months. Valuation | In the short term, valuation isn't a very good timing tool however, over the long term, it does add value and can help traders and investors accumulate pieces of businesses that have the ability to 're-rate' over several months and years. While it is a crude way of measuring value, it does help us identify potentially cheap stocks (to buy) or expensive ones (to sell). A quick screen will help to uncover potential opportunities. Take Absa , for example. At Friday's close the share traded on a price-to-earnings ratio of 6x , with a dividend yield of 8% . It also sported a price-to-book value of 0.82 . SA industrial group Bidvest's price-to-book ratio is at 1.98x , which is the lowest since October 2020. Old Mutual trades on 6 times it's trailing earnings, with a dividend yield of 7.6% . Cyclical share Sappi trades on a 4 price-to-earnings ratio and a 7.2% dividend yield . This is a non-comprehensive list and merely just examples of shares leaning toward fundamental value. Volatility Equals Opportunity | The spike in volatility is presenting traders and long term investors with opportunities to smartly allocate capital to take advantage of falling prices . Where is The Bottom? / Timing The Market |  With prices moving at a rapid pace, levels have and are being breached with new support and resistance zone being tested. In some case, support is taken out and reclaimed, creating an opportunity for the fast-fingered trader to generate cash. I'll be the first to admit that I don't know where the exact bottom is, however, I'll be monitoring real-time developments in price action in an attempt to ascertain whether the momentum is slowing down or accelerating as well as what the price action is signaling. Bottom Line | The next few days and weeks may present an opportunity gradually phase in positions i.e. rand or dollar-cost average into a medium to long term portfolio. The current sell-off represents some businesses going 'on sale', with prices that may offer value for a 'limited period only'. Others might have further to fall, which will offer opportunities at a later stage. Note: With prices moving fast, it might be that not all ideas/opportunity will be communicated in written format via the Unum Capital website. To avoid missing opportunities, open an account and connect directly with our traders on the desk. To get started, email tradingdesk@unum.co.za Lester Davids Senior Investment Analyst: Unum Capital

DID YOU KNOW? Year-to-date, we have published over 900 research notes. If you've been a consumer of our research but have not traded via the Unum Capital trading desk, why not consider making us your trading services provider? To open a trading account and/or move from your existing service provider, email   tradingdesk@unum.co.za Richemont: Short/Long; Gap Filled & Rebound +20% https://www.unum.capital/post/richrbnd Trading Clicks https://www.unum.capital/post/clsreversal These 3 Shares Closed In Oversold Territory https://www.unum.capital/post/threeovb +60 Shares Commentary (incl. APN, EXX & MNP) https://www.unum.capital/post/sixtyapn Market Risk Index: Daily & Weekly https://www.unum.capital/post/riskdw USD/ZAR: Reward-To-Risk Becoming... https://www.unum.capital/post/randlong How Cool Is This? https://www.unum.capital/post/omucool Trading OUTsurance https://www.unum.capital/post/outbear Trading Spot Gold (XAU/USD) https://www.unum.capital/post/xauthree +60 Shares Commentary (incl. ANH, CFR & SBK) https://www.unum.capital/post/sxtyanh US10Y: Rebound In Yield In Line With Model Reading https://www.unum.capital/post/yieldrbnd Prosus: Running +34%, However Now In Overbought Range https://www.unum.capital/post/prxwinner European Financials ETF: Running +23% https://www.unum.capital/post/eufinetf Update: Brazil Equities ETF, Running +19.8% https://www.unum.capital/post/brally Short Term Traders, Caution on Naspers https://www.unum.capital/post/naspmodel Sasol: Here's What The Data Says https://www.unum.capital/post/httsol Nasdaq / US 100 Index: Short Term Overbought Range https://www.unum.capital/post/usonehun Trading Spot Platinum https://www.unum.capital/post/spotxpt Top 40 Index: Update + Current Model Reading https://www.unum.capital/post/twentyone Spot Silver: Analysis of Price Action https://www.unum.capital/post/xagspot Trading UBER Technologies https://www.unum.capital/post/uberally +60 Shares Commentary (incl. TFG, MTN & OUT) https://www.unum.capital/post/sxtytfg African Rainbow: Using Data To Recognize (& Assess) Risk https://www.unum.capital/post/rainbowrisk Market Risk Index: Current Sentiment Reading https://www.unum.capital/post/mktrsk Trading Glencore https://www.unum.capital/post/glnupdt Trading South 32 https://www.unum.capital/post/sthirty Spot Gold: $200 Decline + In Line With Model Reading https://www.unum.capital/post/goldtwo Pepkor's Power Move. Now Running 26% https://www.unum.capital/post/pphpower Mondi Plc: Three-Day Rebound From Buy Zone https://www.unum.capital/post/mnprbnd Breadth: Interpretation of Market Conditions https://www.unum.capital/post/inbreadth FirstRand Running 28%: Where To From Here? https://www.unum.capital/post/fsrunning +60 Shares Commentary (incl. ABG, CLS & GRT) https://www.unum.capital/post/sxtycmnts Russell 3K: +18% Rally Following 'Washed-Out' Breadth Readings https://www.unum.capital/post/r3krally S&P 500: Overshoots 200d / Resistance In Focus https://www.unum.capital/post/spfivetw DAX Index: Short Term Overbought; Early Sellers Emerging https://www.unum.capital/post/daxovbo Top 40: +20% Rally = Cash Flow For Active Traders https://www.unum.capital/post/frtyrally Trading US Dollar Index https://www.unum.capital/post/dllrbnd Trading Prosus (PRX) https://www.unum.capital/post/prxtwight Generating Cash: AngloGold / Gold Fields / Harmony https://www.unum.capital/post/genang +60 Shares Commentary (incl. ARI, N91 & SSW) https://www.unum.capital/post/sixtycomments Full Report : The Sum of the Charts (Coverage Below) https://www.unum.capital/post/sotc1205 Market Risk Index JSE Top 40 Index Short Term Cycle JSE Relative Sector Ratings Market Breadth: Opportunity vs Risk JSE Market Breadth JSE Regime Trend S&P Regime Trend EUR/USD: Update Actionable Areas: Naspers Actionable Areas: Richemont Actionable Areas: British American Tobacco Actionable Areas: Prosus Actionable Areas: Glencore Actionable Areas: Anglo American Plc Actionable Areas: Anglogold Ashanti Actionable Areas: Firstrand Group Update: Spot Gold (XAU/USD) JSE Technical Summary Seclected Currencies: Regimes Seclected Commodities: Regimes Sector In Focus: Food Retailers Recent Opportunities: Bid Corp Recent Opportunities: Tiger Brands Lester Davids Senior Investment Analyst: Unum Capital Archive/Year-To-Date Research Links 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

Trade Richemont   with Unum Capital. To get started, email tradingdesk@unum.co.za Further Update: Strong results out this morning. Richemont traded into the buy re-entry range and rallied 20% . Prior to this, a warning on 05 February. Previous Post (Tuesday 08 April): Update: On 27 March we discussed the potential for a gap fill which coincided with the 200-day SMA. On Friday, the share traded into this range followed by an overshoot on Monday (with a recovery) as well as further gains today (Tuesday). CFR Daily Chart as of Tuesday 08 April at 20h39 Richemont Risk (05 February) Previous Post: (27 March): Trading Richemont. Potential Gap Fill + Re-Test of Breakout Level Into and at the recent highs, the price action model alerted traders to overbought conditions with the subsequent unwind and lower levels. The candle structure continues to reflect short term distribution. Note: An unfilled gap at R2927 has the potential to be filled with is in line with the 61.8% Fibonacci retracement range. Provisional next best actionable area: 21-WEEK EMA [R2934 - R3019] Previous Post (07 March): Getting (or Staying) Rich With Richemont On Wednesday 03 February we discussed Richemont, highlighting the price action model's unfavorable reward-to-risk on the buy/long side. Bear in mind, this has been a massive winner since our note on 26 November, alerting traders to monitor for a change of trend to go from neutral to bullish. To recap the 2 to 4 week reading ('do not enter a buy/long at current levels. the reward-to-risk is unattractive') while the 5 to 8 week reading stated ('aggressive buying is underway however the share is overbought on the lower time frame. expect a consolidation or a minor retracement'). At the recent peak (03 March), the price action model was prescient in identifying the overbought conditions and potential for a pullback. Over the last two sessions, the share has been under significant selling pressure. Well done to traders who may have capitalized on both the long and (then) short side. Previous Post (Wednesday 05 February) Trading Richemont: Model Reading Points To Unfavorable Reward-To-Risk CFR Daily Chart as of Wednesday 05 February at 08h52 Previous Post: Relative To The JSE Top 40 Index, The Share Is Approaching Overbought The chart below highlights the relative/ratio charts price distance versus it's medium term 75-day EMA. Previous Post: Richemont: Sharp Bullish Reversal, In Line With Trading Comment & Model Reading The comment below is an extract from our note on Richemont, dated 26 November 2024. "While it the trend is down and the fundamental outlook is bearish, it may be worthwhile to keep an open mind for a potential change of trend following this multi-month consolidation" - Lester Davids, 26-Nov-2024. The chart below highlights the share price development since: CFR chart as of Thursday 16 January at 09h16 You may also recall the end of day model reading (26-Nov) stating the following: "Attempting a rebound following a downward trend. The share may consolidate further before continuing, higher" . The share has since risen by 34%. Previous Post: Tuesday 26 November 2024 (Time Published: 06h09) The current price trend (down) reflects the automatic price action reading which clearly states the share is weak (ST & MT) while the 8-week and 21-week EMA may act as resistance ranges on any short term rally. The fundamental impact on price is known, with the impact of the Chinese slowdown having filtered through to almost all global luxury peers, resulting in muted growth prospects which has caused market participants to sell down the shares. The share was previous a short/sell idea on 07 June when it traded into extreme short term overbought territory at a high of R3194 before retreating by 27% to it's recent low of R2309. While it the trend is fundamental outlook is bearish and the price is trending down, it may be worthwhile to keep an open mind for a potential change of trend following this multi-month consolidation . What do we need to see? Strong price action with volume would be an early indicator that the market's sentiment toward the share is starting to change + clear/reclaiming the downward trend line in place since the recent peak of 07 June 2024. View as of Thursday 21 November at 10h52. Previous Post: Richemont Is Retreating In Line With Model Reading - Wednesday, 18 September 2024 Real-Time: 10h45 Ticker: CFR Currently lower by R415 or 15.4% Potential target is the unfilled gap at ~R2380 Previous Post (22 August 2024) • REAL-TIME: 15h30 ABOUT THE TACTICAL TRADING GUIDE: Technology + Proprietary Insights has helped to develop automated tools and strategies that   are used to identify potential trading opportunities as well as highlight potentially significant technical developments across various time frames. This page highlights readings from our Tactical Trading Guide (Price Action Tool) which   is also available as a live tool via the telegram group. The tool provides automated price analysis for any tradeable instrument across 3 time frames : short (short term), medium (medium term) and long (long term). Readings are subject to change , based on the development of the subsequent price action. The tool helps to determine and shed light on the some of the following: Whether the reward-to-risk is attractive for a buy/long position? Whether a share is weak or if aggressive buying is underway Whether a trader can look to buy a pullback into a key moving average (continuation trade) Whether a share needs to break a range for a new trend to be determined (bullish or bearish) Whether a traders needs to monitor for a change of character that could lead to a bullish or bearish reversal Whether a share could start a consolidation phase Whether the upward momentum is slowing (if it's in a bullish phase) Whether buyers can look to 'phase in' to a position (if it's in a bearish phase) Whether a share lacks directional bias Lester Davids Analyst: Unum Capital

Research Notes For 12 to 16 May > https://www.unum.capital/post/research-12-16-may-2025 Trade   Clicks Group   with Unum Capital. To get started, email   tradingdesk@unum.co.za 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

Trade JSE Shares   with Unum Capital. To get started, email tradingdesk@unum.co.za Daily Time Frame Lester Davids Senior Investment Analyst: Unum Capital

Trade JSE Shares  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 15 May. 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

Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za SHORT TERM: Daily Time Frame (as of Thursday, 15 May at 20h20, South African Time) MEDIUM TERM: Weekly Time Frame (as of Thursday, 15 May at 20h21, South African Time) 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.

The motivation behind the Tactical Trading Guide ( price action model ) was to systematically uncover opportunities and assess reward-to-risk, saving time in the process! In essence, the model is the analyst's thought process, on paper.   Here, clients have access  to a process that has help to guide traders in order to generate cash and which has helped to manage risk. OLD MUTUAL  is one of those names where the model stated: (1) "The general trend is up, however, look for a failure to hold the prior sessions highs to initiate a 1-2 day short setup" Scroll down to view the reading for the close of business on Friday 09 April. On Monday 12 April, traders had the opportunity to initiate a position, which was followed by a move from 1220c to 1157c. Previous Post (Published Saturday 10 May for Monday 12 May): +60 Shares Commentary (incl. African Rainbow Minerals, Ninety One & Sibanye Stillwater) Trade JSE Shares  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 09 May. These are subject to change as the price action develops. SHOULD YOU URGENTLY REQUIRE A READING FOR THE LONG TERM, YOU ARE WELCOME TO E-MAIL ME AT LESTER@UNUM.CO.ZA Short Term (approximately 1 to 10 days) Medium Term (approximately 2 to 4 weeks) Lester Davids Senior Investment Analyst: Unum Capital