Research Notes March 2026 > https://www.unum.capital/post/rmar2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Gold traded into our buy re-entry range (Monday, 02 February) and over the month rebounded +19% or +$800. Previous Post (Sunday 01 February 2026) Trading Spot Gold: Buy Re-Entry Range Trading Notes/Resources (Where Applicable) READY TO TRADE: ACTIONABLE AREAS:  For active traders who look to generate cash flow on a continuous basis, determining the ‘next best probability’ level to execute against may be of immense value.  The blue and red  horizontal lines on the chart  represent a next best probability buy re-entry range and a next best probability sell re-entry range  over the short term. The ranges assume no existing position being held by a trader while the probabilities are based on several factors which may include: short term rating, medium term regime, momentum, horizontal or diagonal support/resistance, candle structure, moving averages and standard deviation, among others. These are short term levels and may be in contrast to medium and long term outlooks which are based on the weekly and monthly charts and, which may be applicable to long term investors. These levels are subject to change  based on sentiment, the subsequent price action and company/sector specific or macro news flow. As always, while the levels are outlined, traders should be prepared to adjust in real-time  based on the aforementioned. "Strategy Alerts"  help clients identify trading opportunities . When a ticker's real-time or pre-market price action aligns with the criteria on a slide—such as a pullback to the 21-day EMA or a breakout from a consolidation base—it effectively "matches" that stock to the strategy, triggering an alert to a potential trading opportunity.  This approach transforms the playbook into a dynamic scanning tool, allowing you to instantly categorize active stocks by the specific technical thesis playing out , ensuring that every trading potential opportunity communicated is backed by a predefined, actionable setup. THE TACTICAL TRADING GUIDE (PRICE ACTION MODEL) :  UNCOVER OPPORTUNITIES & ASSESS REWARD-TO-RISK It helps helps clients determine and shed light on the some of the following: The CURRENT TECHNICAL POSITION  and a PRICE ACTION PROBABILITY  for multiple time frames. Three (3) ‘trading’ time frames are considered: Short Term (1 to 10 days) / Medium Term (2 to 4 weeks) and Long Term (5 to 8 weeks) Whether the reward-to-risk is attractive for a buy/long position Whether a share is weak. In this case, wait until the price stabilizes before looking to enter (i.e. want until it stops going down) Whether aggressive buying is underway. In this case, do not ‘chase’ (do not buy) but instead wait for a pullback to re-enter a buy or an overextension with deteriorating candle structure to sell/short. 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 or before continuing it’s bullish or bearish trend 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. The data set is available in real-time (on request) The readings are subject to change as the price action develops. TRADING TIP # 1 Let The Candle Confirm   Out of all those available, Candlestick Charts are the most widely used when it comes to analyzing price from a technical perspective.  The interpretation thereof helps traders to understand the interaction between market participants and informs who is in control between buyers and sellers. Various types of candle formation convey key information about the range of outcomes for a share for example, following a downward trend, a long lower tail, doji, piercing or bullish engulfing suggests that buyers have started to become active/started to take an interest while following an upward trend, a long upper tail, doji, dark cloud cover or bearish engulfing suggests that sellers have started to become active/started to take an interest. While information is conveyed pre-market, it is the intraday price action that will confirm any trade or opportunity. While we have a plan, we are also ready to switch gears as the price action develops. TRADING TIP # 2: Failure & Reclaim FAILURE to hold a prior session high/range  high may signal that the upside momentum is slowing and that an opportunity to short/sell may be at hand. This is often reflected via a deteriorating candle structure which suggests that sellers are starting to take control. Examples of such candles are long upper tails, doji's, dark cloud covers, bearish engulfing candles etc. RECLAIMING a prior session low/range  may signal that the downside momentum is slowing and that an opportunity to buy may be at hand. This is often reflected via a improving candle structure which suggests that buyers have started to enter and are looking to take control of the price action. Examples of such candles are long lower tails, doji's, piercing candles, bullish engulfing candles etc. TRADING TIP # 3: Take Note of the 'Igniting Bar'   This is a large green or red candle which suggests that traders should: TAKE NOTE  note of the change in characters and potential change of the trend. TAKE NOTE  of a potential acceleration of the trend. TAKE NOTE  of potentially aggressive buy or selling Often, BIG MOVES start with BIG MOVES. Core Trading Principles: Short and Medium Term Trade with the primary trend. Volume Matters. This represents the interest of large institutional investors who have the ability to move a share, both up and down. Do not short/sell a share that is above, and in close proximity to it’s rising 8 and 21-day moving averages. This trend can persist for an extended period. Ultra short term traders, if a share has advanced strongly over a 3-7 day period, book profits. You can always re-enter and do the same trade at lower levels. If a share is printing a large bullish (green) candlestick following an extended move, use the strength to sell. The likelihood that the share retraces is high. If a share is printing a large bearish (red) candlestick following an extended move to the downside, use the weakness to start a long position. The likelihood that the share rebounds is high. Trade in the direction of the 20-day moving average, using the MA as a level to enter as well as a hard break thereof as a trailing stop-loss. The 8 and 21-day moving averages often act as support and resistance levels. When they are turning down, use them as levels to sell into. The opposite applies when they are turning up. The first back-test and undercut of the 50/75-day exponential moving average range has a high probability of holding as support or resistance. Buy or sell it for a 1-3 day move to generate cash flow. Stocks above a rising 200-day moving average spend the majority of their time trending higher. The opposite applies when the 200-day is trending down. Previous support can turn into resistance and previous resistance can turn to support. Use these zones as levels to trade against. Support and resistance levels and key moving averages are ranges rather than exact levels. They often overshoot these zones before occasionally reversing at these levels. Respect the FIB (Fibonacco) retracement zones. They often act as support and resistance levels. ‘PAY-tience Pays’, however be nimble to react to opportunity to cut when a trade hasn’t been working. Above all, know your time horizon . Lester Davids Senior Investment Analyst: Unum Capital

Research Notes March 2026 > https://www.unum.capital/post/rmar2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za THE DATA IS SUBJECT TO CHANGE AS THE NEWS FLOW AND PRICE ACTION DEVELOPS. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes March 2026 > https://www.unum.capital/post/rmar2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Lester Davids Senior Investment Analyst: Unum Capital

Research Notes March 2026 > https://www.unum.capital/post/rmar2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za FIRSTRAND LTD: (1) Executing massive secular melt-up into blue-sky territory. (2) Monthly Quarterly Pulse pinned at extreme overbought limits. (3) Weekly Tactical Momentum registers extreme overbought statistical conditions. (4) Daily momentum currently rests uniformly in the strong tier. (5) Bullish setup: strong daily momentum fuels the macro breakout. (6) Fair value structural support trails near 9,200 ZAC. (7) Primary tactical extension target sits at 11,000 ZAC. (8) Severe macro overheating warns of mean-reversion pullback risks. (9) Structural trend floor firmly located at 8,500 ZAC. (10) Strategy: Maintain long bias using tight trailing stops. FRIDAY 27/02 at 14H39 Lester Davids Senior Investment Analyst: Unum Capital

Thank you for your interest in our research. Year-to-date, we have published over 360 research notes , with the aim of conveying insights that help clients: (1) Manage Risks and (2) Uncover Opportunities. 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 Alternatively, Sign Up Here:   https://tradedesk.co/tenant/Unum/signup Major Themes Communicated To Clients of Unum Capital Silver   https://www.unum.capital/post/silveropp2501 Uranium   https://www.unum.capital/post/uraruni Junior Gold Miners ETF https://www.unum.capital/post/gdxj2501   Copper Miners ETF https://www.unum.capital/post/copx2212    Rare Earth Metals ETF   https://www.unum.capital/post/raeral Palladium: Physical ETF (PALL) https://www.unum.capital/post/pall2212 Palladium: 1nvest ETF (ETFPLD) https://www.unum.capital/post/etfpld1912 Palladium: Spot (XPDUSD) https://www.unum.capital/post/xpd1812 Spot Platinum https://www.unum.capital/post/xpt0112 Latest Research Notes (February 2026): 27/02 Global Idea: Novo Nordisk https://www.unum.capital/post/novo2702 27/02 Trading Woolworths Holdings https://www.unum.capital/post/whl2702 27/02 JSE Banks: Momentum Dashboard 🟢🟡🔴 https://www.unum.capital/post/banks2702 26/02 Trading Investec Ltd https://www.unum.capital/post/inl2602 26/02 MTN: Long Term Target Exceeded https://www.unum.capital/post/mtn2602 26/02 Global Idea: ABB https://www.unum.capital/post/abbn2602 26/02 Trading Nedbank Group https://www.unum.capital/post/ned2602 26/02 Trading Discovery Holdings https://www.unum.capital/post/dsy2602 26/02 Take Profit: Iberdrola Running +27% https://www.unum.capital/post/ibe2602 26/02 📝 Trading Notes: Diversified Miners https://www.unum.capital/post/dmine2602 26/02 Trading African Rainbow Minerals https://www.unum.capital/post/ari2602 25/02 Trading Silver: Extending Gains To +22% https://www.unum.capital/post/xag2502 25/02 Trading Valterra Platinum (Update) https://www.unum.capital/post/val2502 25/02 Trading Sibanye Stillwater https://www.unum.capital/post/ssw2502 25/02 🎥 Video: Sasol https://www.unum.capital/post/sol2502 25/02 Netcare: Portfolio View https://www.unum.capital/post/ntc2502 25/02 JSE Sector Rotation: YTD Changes https://www.unum.capital/post/sectytd2502 25/02 JSE Sector Rotation https://www.unum.capital/post/rota2502 24/02 🎥 Video: DRD Gold https://www.unum.capital/post/drd2402 24/02 JSE Top 40 Index https://www.unum.capital/post/j2002402 24/02 Trading Spot Gold https://www.unum.capital/post/xau2402 24/02 Trading Life Healthcare https://www.unum.capital/post/lhc2402 23/02 Trading BHP Group https://www.unum.capital/post/bhg2302 23/02 Trading Bid Corp https://www.unum.capital/post/bid2303 23/02 Take Profit: Running +46% https://www.unum.capital/post/inga2302 23/02 Global Risk Index https://www.unum.capital/post/rindex2302 23/02 Trading Chemicals (SOL / OMN / AFE) https://www.unum.capital/post/breadth2302 23/02 Trading Absa Group https://www.unum.capital/post/abg2302 23/02 Trade Setups: Buy on Pullback https://www.unum.capital/post/bop2302 23/02 Trade Setups: Buy Continuation https://www.unum.capital/post/bcon2302 23/02 Trade Setups: Sell Continuation https://www.unum.capital/post/ftse2302 23/02 Trade Setups: Sell on Rally https://www.unum.capital/post/sor2302 23/02 Factor Analysis: Results From Our Screeners https://www.unum.capital/post/factor2302 23/02 Scenario Analysis: Financials https://www.unum.capital/post/sdash2302 23/02 Scenario Analysis: Materials https://www.unum.capital/post/mdash2302 23/02 JSE Market Breadth: Weekly https://www.unum.capital/post/breadth2302 23/02 Trading Bidvest Group https://www.unum.capital/post/bvt2302 23/02 Trading Silver https://www.unum.capital/post/xag2302 23/02 Trading FTSE 100 Index https://www.unum.capital/post/ftse2302 20/02  🖥️ Technical Screen: Re-Emerging Strength https://www.unum.capital/post/reemerge2002 20/02 🖥️ Technical Screen: Technically Extended https://www.unum.capital/post/techexp2002 20/02 JSE Banks Index: Have You Seen....? https://www.unum.capital/post/banks2002 20/02 📝 Trading Notes: JSE Consumer Sectors https://www.unum.capital/post/consu2002 20/02 JSE Paper & Pulp: Relative Value https://www.unum.capital/post/pulp2002 19/02 Running +13%: Take Partial Profits (Global ETF Idea) https://www.unum.capital/post/xop1902 19/02 Trading Naspers https://www.unum.capital/post/npn1902 19/02 Commodities Trade Idea: Take Profits: Running +7% https://www.unum.capital/post/xag1902 19/02 Trading Sasol https://www.unum.capital/post/sol1902 19/02 Trading FirstRand Ltd https://www.unum.capital/post/fsr1902 19/02 📝 Trading Notes: Breakout Levels https://www.unum.capital/post/note1902 19/02 Trading Dashboard: Base, Bull & Bear Case https://www.unum.capital/post/bbb1902 18/02 🎥 Video: Satrix Financials ETF https://www.unum.capital/post/stxfin1802 18/02 Trading Old Mutual https://www.unum.capital/post/omu1802 18/02 Running +10%. Take Profit on this Insurer https://www.unum.capital/post/out1802 18/02 JSE Sectors: Leaders & Laggards + Rotation https://www.unum.capital/post/leadlag1802 18/02 JSE Sectors: Relative Sector Analysis https://www.unum.capital/post/secta1802 18/02 JSE Sectors: Waking/Fading https://www.unum.capital/post/wakey1802 17/02 🎥 Video: Spot Silver https://www.unum.capital/post/xag1702 17/02 Trading Harmony Gold https://www.unum.capital/post/har1702 17/02 🎥 Video: Sasol's Relative Strength https://www.unum.capital/post/sol1702 17/02 BONUS NOTE: Base, Bull & Base Cases https://www.unum.capital/post/bbb1702 17/02 Trading Sibanye Stillwater https://www.unum.capital/post/ssw1702 17/02 Trading Absa Group https://www.unum.capital/post/abg1701 16/02 Trading Standard Bank https://www.unum.capital/post/sbk1602 16/02 Consumer: Momentum Dashboard 🟢🟡🔴 https://www.unum.capital/post/condash1602 16/02 Gold & Platinum Miners: Momentum Dashboard 🟢🟡🔴 https://www.unum.capital/post/gpdash1602 16/02 Financials: 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https://www.unum.capital/post/imp1302 13/02 FirstRand Ltd https://www.unum.capital/post/fsr1302 13/02 AB InBev https://www.unum.capital/post/abi1302 13/02 Trading Old Mutual https://www.unum.capital/post/omu1302 12/02 🎥 Video: Netflix Inc https://www.unum.capital/post/nflx1202 12/02 M/Term Traders Take Profit: Running +34% https://www.unum.capital/post/ned1202 12/02 U.S. Infrastructure ETF https://www.unum.capital/post/ifra1202 12/02 Prosus: Disappointing, For Now https://www.unum.capital/post/prx1202 12/02 Trading: Room to Run To ~R210 https://www.unum.capital/post/mtn1202 12/02 🎥 Video: Long Term Target R170 to R175 https://www.unum.capital/post/catchup1202 12/02 JSE Technology: Momentum Profile + R:R https://www.unum.capital/post/coal1202 12/02 JSE Coal Miners: Momentum Profile + R:R https://www.unum.capital/post/coal1202 12/02 JSE Banks: Momentum Profile + R:R https://www.unum.capital/post/banks1201 11/02 Trading Naspers https://www.unum.capital/post/npn1102 11/02 Channel Check: Capitec Bank https://www.unum.capital/post/cpi1102 11/02 Trading Discovery Holdings https://www.unum.capital/post/dsy1102 11/02 🎥 Video: Trading Anglogold Ashanti https://www.unum.capital/post/ang1102 11/02 Update: Trading Investec (INL) https://www.unum.capital/post/inl1102 10/02 Trading Harmony Gold (HMY) https://www.unum.capital/post/hmy1002 10/02 Trading JSE Top 40 Index https://www.unum.capital/post/j2001002 10/02 Trading Spot Gold https://www.unum.capital/post/xau1002 10/02 Richards Bay Coal Futures https://www.unum.capital/post/rbay1002 10/02 ☰ Trading Watchlist https://www.unum.capital/post/watch1002 10/02 Momentum Dashboard 🟢🟡🔴 https://www.unum.capital/post/dashw0902 09/02 Brent Crude Oil https://www.unum.capital/post/oil0902 09/02 Trading Shoprite Holdings https://www.unum.capital/post/shp0902 09/02 Take Profit: Spot Gold https://www.unum.capital/post/xau0902 09/02 Trading Anglo American https://www.unum.capital/post/agl0902 09/02 Trading Impala Platinum https://www.unum.capital/post/imp0902 09/02 Trading Northam Platinum https://www.unum.capital/post/nph0902 09/02 Trading Astral Foods https://www.unum.capital/post/arl0902 09/02 Trading Harmony Gold https://www.unum.capital/post/har0902 08/02 Featured Post: Silver: 1 Week + 2 Ideas = 30% https://www.unum.capital/post/xag0802 08/02 Trading Standard Bank https://www.unum.capital/post/sbk0802 08/02 Commodities: MTF Regimes https://www.unum.capital/post/comre0802 08/02 JSE Relative Rotation Graph https://www.unum.capital/post/rrg0802 08/02 JSE Sectors: Contrarian Sognals & Risk Factors https://www.unum.capital/post/cori0802 08/02 JSE Sector Rotation: Leaders & Laggards https://www.unum.capital/post/lealag0802 08/02 JSE Sectors: The Why Behind The Flows https://www.unum.capital/post/whyflows0802 08/02 JSE Sector Breadth https://www.unum.capital/post/sebrea0802 08/02 JSE Gold/PGM Momentum Dashboard https://www.unum.capital/post/precidash0802 08/02 JSE Insurers Momentum Dashboard https://www.unum.capital/post/lifedash0802 08/02 JSE Banks Momentum Dashboard https://www.unum.capital/post/banksdash0802 08/02 Dow Jones Indutsrial Average https://www.unum.capital/post/djia0802 06/02 Take Profit on Silver Buy/Long Re-Entry https://www.unum.capital/post/xag0602 06/02 Trading Vodacom Group https://www.unum.capital/post/vod0602 06/02 R:R For Capitec, Ninety One, Standard Bank & More 🟢🟡🔴 https://www.unum.capital/post/reri0602 06/02 Trading JSE Gold Miners: Bull-Bear Pivot Levels 🟢🔴 https://www.unum.capital/post/jsegold0602 06/02 Trading JSE Platinum Miners: Bull-Bear Pivot Levels 🟢🔴 https://www.unum.capital/post/jseplat0602 06/02 JSE Sector Rotation: Where is the Money Flowing? https://www.unum.capital/post/sector0602 05/02 Target Reached at R386-R396 https://www.unum.capital/post/kio0502 05/02 🎥 Video: Trading AngloGold Ashanti https://www.unum.capital/post/ang0502 05/02 Take Profit on Silver Sell/Short Re-Entry https://www.unum.capital/post/xag0502 05/02 Trading Notes https://www.unum.capital/post/notes0502 05/02 R:R For Shoprite, FirstRand, Thungela Resources 🟢🟡🔴 https://www.unum.capital/post/reri0502 05/02 Trading BHP Group https://www.unum.capital/post/bhg0502 04/02 Trading Anglo American Plc https://www.unum.capital/post/agl0402 04/02 Global Idea: BP Plc https://www.unum.capital/post/bp0402 04/02 Update on Energy Sector https://www.unum.capital/post/xle0402 04/02 R:R For Pepkor, Grindrod, Ninety One & More 🟢🟡🔴 https://www.unum.capital/post/reri0402 Premium Content. Momentum Dashboard 🟢🟡🔴 https://www.unum.capital/post/dashd0402 03/02 Technical Screen: Where is the Money Flowing? https://www.unum.capital/post/flow0302 03/02 Take Profit: Rebounding +7.9% https://www.unum.capital/post/out0302 03/02 Trading Prosus 🟢 https://www.unum.capital/post/prx0302 03/02 Trading Spot Gold https://www.unum.capital/post/xau0302 03/02 Sector Breadth Dashboard 🟢🟡🔴 https://www.unum.capital/post/sedash0302 03/02 Trading Absa Group https://www.unum.capital/post/abg0302 03/02 Momentum Dashboard 🟢🟡🔴 https://www.unum.capital/post/dashd0302 02/02 Global Idea: Anheuser-Busch Inbev https://www.unum.capital/post/abi0202 02/02 Trading Spot Gold https://www.unum.capital/post/xau0202 Featured Post: Unum Capital Commentary For Bloomberg https://www.unum.capital/post/bloom0202 02/02 Update: Now Down 27% From Our Sell Alert https://www.unum.capital/post/ari0202 02/02 Take Profit On This 8% Rebound https://www.unum.capital/post/imp0202 02/02 Take The Money & Run! https://www.unum.capital/post/ssw0202 02/02 Take Profit On This 10% Rebound   https://www.unum.capital/post/ang0202 02/02 Trading Valterra Platinum https://www.unum.capital/post/val0202 02/02 Actionable Trading Levels: Spot Silver https://www.unum.capital/post/xag0202 02/02 Reward-To-Risk Profiles 🟢🟡🔴 https://www.unum.capital/post/reri0202 01/02 Actionable Trading Levels: AngloGold Ashanti https://www.unum.capital/post/ang0102 01/02 Chart of the Week https://www.unum.capital/post/j2030102 01/02 Trading British American Tobacco https://www.unum.capital/post/bti0102 01/02 Trading Spot Gold https://www.unum.capital/post/xau0102 01/02 Actionable Trading Levels: Buy Re-Entry $17.70/$18.60 🟢 https://www.unum.capital/post/hmy0102 01/02 Actionable Trading Levels: Sell Re-Entry R76/R80 🔴 https://www.unum.capital/post/ssw0102 01/02 Actionable Trading Levels: Buy Re-Entry R250/R260 🟢 https://www.unum.capital/post/imp0102 30/01 JSE Top 40 Index: Target Reached 118/120k; Updated Comment https://www.unum.capital/post/j2003001 30/01 Trading Valterra Platinum https://www.unum.capital/post/val3001 30/01 Market Internals: Breadth, factors & Positioning https://www.unum.capital/post/internals3001 30/01 Reward-To-Risk Profiles: Monthly https://www.unum.capital/post/rerimonth3001 30/01 Trading Kumba Iron Ore https://www.unum.capital/post/kio3001 30/01 Trading Glencore Plc https://www.unum.capital/post/gln3001 30/01 Trading BHP Group https://www.unum.capital/post/bhg3001 30/01 Materials: Momentum Dashboard 🟢🟡🔴 https://www.unum.capital/post/matdash3001 30/01 Retailers: Momentum Dashboard 🟢🟡🔴 https://www.unum.capital/post/retdashm3001 30/01 Financials: Momentum Dashboard 🟢🟡🔴 https://www.unum.capital/post/findashm3001 30/01 Buy Continuation (M): Momentum Dashboard 🟢 https://www.unum.capital/post/bcdash3001 30/01 Sell Continuation (M): Momentum Dashboard 🔴 https://www.unum.capital/post/scdash3001 30/01 Buy On Pullback (M): Momentum Dashboard 🟢 https://www.unum.capital/post/bop3001 30/01 Sell On Rally (M): Momentum Dashboard 🔴 https://www.unum.capital/post/sordash3001 30/01 Approaching Buy/Add (M): Momentum Dashboard 🟢 https://www.unum.capital/post/abadash3001 30/01 Approaching Sell/Reduce (M): Momentum Dashboard 🔴 https://www.unum.capital/post/asrdash3001 Archive: Year-To-Date January 2026 https://www.unum.capital/post/rjan2026 Share the following link to our website with your social circle: https://unum.capital/blog/ Lester Davids Senior Investment Analyst: Unum Capital

Research Notes February 2026 > https://www.unum.capital/post/rfeb2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Buy at 238.60 or lower Stop-loss: 198.00 Target(s): 350.00 Code: NOVO_B Lester Davids Senior Investment Analyst: Unum Capital

Research Notes February 2026 > https://www.unum.capital/post/rfeb2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Momentum Analysis Candle Structure Base, Bull & Bear Case Probabilities Lester Davids Senior Investment Analyst: Unum Capital

Research Notes February 2026 > https://www.unum.capital/post/rfeb2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Click on the images to enlarge Lester Davids Senior Investment Analyst: Unum Capital

Research Notes February 2026 > https://www.unum.capital/post/rfeb2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Short term expectation = Pullback Medium Term expectation = High Bullish Momentum Phase Long Term Breakout Target = R178 Accumulate at current levels or lower Share: Investec Ltd (INL) Lester Davids Senior Investment Analyst: Unum Capital

Research Notes February 2026 > https://www.unum.capital/post/rfeb2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Full move of +38% vs the buy re-entry range. Please see the previous post (further below) where the R203 target is mentioned. Previous Post: 18 January (Link To Post > https://www.unum.capital/post/mtn1801 Medium Term Regime: High Bullish Momentum Biggest Technical Risk: A false breakout, a slowdown in upward momentum and a bearish reversal. The share is due a pullback however, the long term target is near the R203 level (prior swing highs). Previous Post (02 January 2026) Take Profits on MTN Group: Running +12% (Short Term Traders) The share traded into the buy re-entry range (R148 - R151) with a strong rebound a high of R172 on the first trading day of 2026. Well done short term traders. Previous Post (12 December): 2x Opportunities: One Sell. One Buy. Same Share MTN has given clients opportunities on both the Sell (Short) and Buy (Long) side. Intraday Traders: Take Profits on this MTN Group rebound out of the buy re-entry range. Strong rebound from 14950c to above R158. Ultra Short Term and Short Term Traders: Hold Previous Post (30 November) MTN Group: Shorts in the Money + Where to Buy Next (Short Term Traders) Update on 30-Nov: MTN is now R18 lower from the sell re-entry range, with the share having sold off further on Friday (-2.61%). The candle structure continues to deteriorate, reflecting aggressive selling pressure. For short term/active traders, the next best provisional buy re-entry range (for a small rebound) is 14800c - 15100c. The updated chart, as of Friday's close is shown below: Previous Post (Friday, 28 November, Pre-Market): MTN Group: Shorts in the Money + Where to Buy Next In the previous note, our CORE THESIS was that the share was 'Structurally Bullish, But Extremely Overbought' with 17160c to 17500c was marked as a key resistance level. Since then the share was rejected off this range on multiple occasions with a new multi-week low of 16105c being reached during yesterday's session. The 8 and 21-day EMA has been breached while the price close the session below a flat to rising 8-week EMA. The next best provisional buy re-entry range is marked at the rising 21-week EMA which is roughly in line with the previous breakout level (14867c to 15128c but subject to change as the news flow and price action develops. Trading Notes (Where Applicable): READY TO TRADE: ACTIONABLE AREAS:  For active traders who look to generate cash flow on a continuous basis, determining the ‘next best probability’ level to execute against may be of immense value.  The blue and red  horizontal lines on the chart  represent a next best probability buy re-entry range and a next best probability sell re-entry range  over the short term. The ranges assume no existing position being held by a trader while the probabilities are based on several factors which may include: short term rating, medium term regime, momentum, horizontal or diagonal support/resistance, candle structure, moving averages and standard deviation, among others. These are short term levels and may be in contrast to medium and long term outlooks which are based on the weekly and monthly charts and, which may be applicable to long term investors. These levels are subject to change  based on sentiment, the subsequent price action and company/sector specific or macro news flow. As always, while the levels are outlined, traders should be prepared to adjust in real-time  based on the aforementioned. Previous Post MTN Group: Sharp Pullback (-1000c) From Exhaustion Zone (In Line With Note As discussed (exhaustion zone circled in red). 🎥Watch Video: MTN Group - Bullish Reversal From 21-Week EMA (+24%) + Updated View Previous Post (03 September) 🎥Watch: Discussing MTN Group (21-Week EMA Strategy) Lester Davids Senior Investment Analyst: Unum Capital

Research Notes February 2026 > https://www.unum.capital/post/rfeb2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Buy at $71.40 or lower Stop-loss: $63.00 Target(s): $88.00 Code: ABBN ABB reported a record-breaking performance for the fourth quarter and full year of 2025, driven by a surge in orders from data centers and the energy transition. The company capped the year with its strongest annual results to date, prompting an increased dividend and a new $2.0 billion share buyback program. Q4 2025 Performance Highlights The fourth quarter was a "landmark" period for ABB, as it exceeded the $10 billion order level for the first time in its history. Full Year 2025 Summary ABB achieved all-time highs across its primary financial metrics for the 2025 calendar year. Total Revenue:  Reached $33.2 billion , a 9% increase over 2024. Record Margins:  The annual operational EBITA margin hit 19.0% , supported by internal efficiency gains and high volumes. Cash Flow:  Free cash flow reached a record $4.6 billion , allowing the company to propose a higher dividend of CHF 0.94  per share. Backlog Growth:  The order backlog remains robust at over $25 billion , providing high revenue visibility for the coming year. Key Growth Drivers & Outlook The results reflect strong demand in segments aligned with global "megatrends": AI & Data Centers:  This was the standout performer, particularly in the Electrification segment. ABB’s collaboration with NVIDIA  on 800V DC architecture for next-gen data centers is a major focal point. Infrastructure & Marine:  Large-scale project bookings, such as the system to power 32 container ships in Rotterdam, boosted the Automation and Motion divisions. Regional Strength:  While global performance was strong, ABB India  reported its highest fourth-quarter order intake in five years, though it faced some margin pressure from rising labor and material costs. 2026 Guidance:  ABB anticipates 2026 to be another "all-time-high" year. It projects comparable revenue growth of 6%–9%  and expects further improvement in operational EBITA margins. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes February 2026 > https://www.unum.capital/post/rfeb2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Previous Post (12 February): Take Profits on Nedbank: Running +34% (Medium Term Traders) Previous Post (13 November): Take Partial Profits on Nedbank: Running +21% (Short Term Traders) If you are a LONG TERM TRADER who can stomach a pullback, then further upside may be at hand. Either take partial profits, or implement a trailing stop-loss. Previous Post (05 September): Trading Nedbank: Bear Trend Nearing Exhaustion? Lester Davids Senior Investment Analyst: Unum Capital