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Trade   FirstRand   with Unum Capital. To get started, email   lester@unum.co.za The share has rebounded sharply, with last week's high being 21% above the buy range. At current levels the share is 19% above the buy range. Short term traders could consider banking/taking profits. Previous Post: Actionable Areas: FirsrRand (Published Saturday 05 April for Monday 07 April) Original Post: https://www.unum.capital/post/fsraction FirstRand (FSR) is down 29% from it's Sept-2024 peak, with the share trading near it's June lows. It's not inconceivable that the share could trade down at the 5800c to 6000c range , which is a medium term support range. At current levels, oversold conditions are already present which reflects aggressive selling pressure however, also raises the probability of an ultra short term rebound . Last close: 6293c FSR Daily Chart as of the close on Friday 04 April Lester Davids Analyst: Unum Capital

Trade   Local & Global Financial Markets with Unum Capital. To get started, email   lester@unum.co.za This data/graphic helps us better understand the current market environment. Summary of the Sector Breadth Graphic This ranking indicates that Consumer Staples and Utilities are currently exhibiting the strongest breadth, with the highest percentage of their constituents trading above their short-term 20-day moving average. Conversely, the Energy sector shows the weakest breadth, with almost none of its constituents above this short-term trend indicator. The overall S&P 500 breadth (TTL) is at 31.53%, suggesting that less than a third of all stocks in the index are above their 20-day SMA. Key Takeaways Defensive Sectors Leading:  Consumer Staples and Utilities are showing the strongest breadth, suggesting investors are favoring defensive positions. Weakness:  Technology, Financials and Energy. This could be a sign of broader market concerns or sector-specific issues. Sector Breadth Explanation for Each Sector (as of the latest data on the right side of the chart): CNS (Consumer Staples):  73.68% of stocks in the consumer staples sector are trading above their 20-day SMA. UTL (Utilities):  70.96% of stocks in the utilities sector are trading above their 20-day SMA. COM (Communication Services):  34.78% of stocks in the communication services sector are trading above their 20-day SMA. IND (Industrials):  34.61% of stocks in the industrials sector are trading above their 20-day SMA. TTL (Total S&P 500):  31.53% of all stocks in the S&P 500 are trading above their 20-day SMA. This represents the overall market breadth. HLT (Health Care):  28.33% of stocks in the health care sector are trading above their 20-day SMA. CND (Consumer Discretionary):  23.52% of stocks in the consumer discretionary sector are trading above their 20-day SMA. MAT (Materials):  23.07% of stocks in the materials sector are trading above their 20-day SMA. REI (Real Estate):  22.58% of stocks in the real estate sector are trading above their 20-day SMA. TEC (Technology):  18.84% of stocks in the technology sector are trading above their 20-day SMA. FIN (Financials):  16.43% of stocks in the financials sector are trading above their 20-day SMA. ENE (Energy):  0.0100% (approximately 0.01%) of stocks in the energy sector are trading above their 20-day SMA. Sector Ranking from Strongest to Weakest (based on the latest data): Consumer Staples (CNS):  73.68% Utilities (UTL):  70.96% Communication Services (COM):  34.78% Industrials (IND):  34.61% Health Care (HLT):  28.33% Consumer Discretionary (CND):  23.52% Materials (MAT):  23.07% Real Estate (REI):  22.58% Technology (TEC):  18.84% Financials (FIN):  16.43% Energy (ENE):  0.01% Lester Davids Analyst: Unum Capital

Trade   Impala Platinum   with Unum Capital. To get started, email   tradingdesk@unum.co.za IMP Multi-Time Frame Regime Reading: IMP Price Action Model Reading: IMP Daily Chart, with moving averages: Lester Davids Analyst: Unum Capital

Trade   Gold   with Unum Capital. To get started, email   lester@unum.co.za Price Action Model Reading Spot Gold Daily Chart Previous Post (Friday 28 March at 22h11): Gold: Long Term Inflection Point No, we are calling the top, however it may be worth noting that the commodity is trading around key inflection point. A picture paints.... Lester Davids Analyst: Unum Capital

A Picture Paints... To open a trading account and/or move from your existing service provider, email   tradingdesk@unum.co.za Previous Post: Updates (Monday 14 April) Absa. Sharp rally off Monday's (07/04) lows, from 14700c to 17000c. Old Mutual. Sharp rally off Wednesday's (09/04) lows, from 937 to 1033c. Bidvest. Sharp rally off Monday's (07/04) lows, from 20200c to 22800c. Sappi. Sharp rally off Monday's (07/04) lows, from 2700c to 3600c. 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

Trade JSE Shares  with Unum Capital. To get started, email lester@unum.co.za Click on the image to enlarge. Readings as of the close of trade on Monday 14 April. These are subject to change as the price action develops. Short Term (approximately 1 to 10 days) Medium Term (approximately 2 to 4 weeks) SHOULD YOU URGENTLY REQUIRE A READING FOR THE LONG TERM, YOU ARE WELCOME TO E-MAIL ME AT LESTER@UNUM.CO.ZA Lester Davids Analyst: Unum Capital

Trade FX: USD/ZAR  with Unum Capital. To get started, e-mail tradingdesk@unum.co.za EDIT/FURTHER UPDATE: The pair continued it's retreat, hitting at a low of R18.81 today. Chart as of 20h26 (South African Time / U.S. Trading Session). Our view on 20 January was that R18.23 to R18.36 would be a best probability range as support or a buy re-entry range. The level held, traded slightly below, recovered, which was followed by a sharp rally to just below the R20 level. At current levels the rising 8 and 21-day makes the pair retain it's bullish bias but with the ultra short term seeing a pullback (as discussed in the previous note: Monday 07 April). In the ultra short term, a period of consolidation, with support from the 21-day EMA, is likely. Date and time of chart below: Friday 11 April at 12h49 (S/Africa). Previous Post (Monday 07 April, 11h32): USD/ZAR: Ultra Short Term Sees Poor Buy/Long Reward-To-Risk Current price action model reading + updated chart. We saw the share temporarily hold the the R18.23 to R18.36 zone before trading lower, then reclaiming it for a rally to the current multi-week highs nears R19.44. Lester Davids Analyst: Unum Capital

Trade   JSE Shares   with Unum Capital. To get started, email   tradingdesk@unum.co.za During the last session (Monday, 14 April), buyers were most aggressive from open to close, in the following shares: Below we highlight the end of day price action model readings for each listed above: Lester Davids Analyst: Unum Capital

Trade   JSE Shares   with Unum Capital. To get started, email   tradingdesk@unum.co.za We have seen a strong rebound in the share with gains between 9.9% and 13.9%. The bullish reversal is also in line with the model reading at the time (scroll down to view). Chart as of end of day on Monday 14 April. Previous Post: (Tuesday 08 April at 11h12): Trading South 32 South 32 Zooming In on the 2-day candle structure which reflects early buying interest out of a deeply oversold range. Price Action Model Reading South 32 (S32) | Zooming out, highlighting the share trading at/near a long term inflection point.

Trade   the US Dollar & other currencies   with Unum Capital. To get started, email   lester@unum.co.za The US Dollar Index (now 99.47) has unwound sharply from overbought levels, as highlighted to clients on 03 January. Below is the daily chart as well as the current model reading. Daily Chart Previous Post: U.S. DOLLAR INDEX Short Term Overbought Overall Trend: 7-Day Trend:  Strong 14-Day Trend:  Very Bullish Short-Term Price Action Reading (1 to 10 Trading Days): Do Not Enter Long Here:  The risk-reward is considered unattractive at this point. Medium-Term Price Action Reading (2 to 4 Weeks): Aggressive Buying but Overbought:  The index is showing aggressive buying, but it is also overbought. Expect Consolidation or Minor Retracement:  Due to the overbought condition, a period of consolidation or a minor retracement is anticipated.    Long-Term Price Action Reading (5 to 8 Weeks): Aggressive Buying, But Do Not Chase:  The trend remains bullish, but it's advised not to chase the price. Look for Overshoot or Failure to Hold Prior Session Range Highs to Short-Sell Back to the 8-EMA:   To identify potential short-selling opportunities, traders should look for instances where the price overshoots or fails to hold the previous session's range highs. Key Takeaways: The U.S. Dollar Index is currently in a strong bullish trend, both in the short and medium term.    However, the overbought condition suggests a potential consolidation or minor retracement in the near future.    Traders are advised to exercise caution and avoid chasing the price at this time. Short-selling opportunities may arise if the price overshoots or fails to hold previous session highs. Lester Davids Analyst: Unum Capital Note Added on 03 January 2025 at 12h20

Trade the Top 40 Index with Unum Capital. To get started, email lester@unum.co.za JSE Top 40 Index: Higher By 10,000 Points Rally; From 'Oversold' To 'Strong' As of Friday's close (11 April), the Monthly, Weekly and Daily regimes were as follows: By the end of the week saw further upside follow-though, with the index extending it's gains while the oversold conditions as of last week Friday's close continued to unwind. We also saw the index rebound sharply off the channel support, as highlighted in the previous note (scroll down to view). As per the note coming into this past week, our nearest, next-best probability price action as per the price action model was to buy on a pullback. The index now trades 11% above the channel support and is 9000 points higher than the low seen on Monday. It should also be noted that the index is move in line with the oversold reading as per the price action model as well as strategy alerting traders to look for support at the prior swing lows. JSE Top 40 Index Daily Chart as of the close on Friday 11 April 2025 Top 40: Zooming In.... Previous Post (Saturday 05 April at 14h37) : 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 Analyst: Unum Capital

Trade JSE Shares  with Unum Capital. To get started, email tradingdesk@unum.co.za A key part of our research is preparing you, the client, for trading opportunities. This involves identifying actionable areas i.e. the next-best probability buy or sell ranges. This will of course be subject to change as the price action and news-flow develops. For example if a buy range is identified but the macro backdrop undergoes a massive change in the short to medium term, then traders need to hold off on buying until the reward-to-risk is much more favorable. In other words, when the facts/circumstances change, you need to change your mind! This is an update on our 15 January note which simultaneously highlighted actionable areas for all three shares below. The original post can be access below and at the following link: https://www.unum.capital/post/actionable-areas-spp-nph-shp SPAR GROUP (SPP) The share traded into the re-entry sell range of R143 - 144 which was followed by a strong sell-off to R102. At the time, share was closer to a sell re-entry. ✅ NORTHAM PLATINUM (NPH) The share traded from R108 to R130 before retreating and rallying again to R148. At the time, share was closer to a buy re-entry. ✅ SHOPRITE HOLDINGS (SHP) The share traded into the sell re-entry range of R297 which was followed by a sharp sell-off to R234. At the time, share was closer to a sell re-entry. ✅ Previous Post (15 January): ACTIONABLE AREAS Spar Group | Northam Platinum | Shoprite Holdings Spar Group (SPP) Northam Platinum (NPH) Shoprite Holdings (SHP) Lester Davids Analyst: Unum Capital