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Trade   JSE Shares   with Unum Capital. To get started, email   lester@unum.co.za First BTI and now VOD. Initially, we discussed these shares based on the model suggesting that sellers were becoming active. Previous Post: BTI Declines by R70 or -9% This morning BTI reached a low of R701 which brought the decline to 9%, in line with previous note i.e. (7 February) 2x Shares: Sellers Becoming Active + Extended vs VWAP) Previous Post: (7 February) 2x Shares: Sellers Becoming Active + Extended vs VWAP Short term sellers becoming active. BTI - British American Tobacco (yellow sloping line = quarterly VWAP) VOD - Vodacom Group (yellow sloping line = quarterly VWAP) Lester Davids Analyst: Unum Capital

Trade   AngloGold Ashanti with Unum Capital. To get started, email   lester@unum.co.za +5500c Rebound In Line With The Price Action Model Tuesday evening's model reading alerting traders to the potential for a buy off the 50-day EMA. On Wednesday, the sharp decline into the 50-day EMA (at te exact low) followed by a move from ~53600c to ~59400c. It's volatile, but there's opportunity! Previous Post (Wednesday 19 February): A substantial decline over the week from the publication of our note which alerted traders to the deterioration in candle structure as well as the model reading. (-8300c or -13%) from time of note to today's low. Previous Post (12 February): Trading Note: AngloGold Ashanti Preferred Strategies & Setups To Generate Cash Flow (Click To Enlarge) Lester Davids Analyst: Unum Capital

Trade   Mondi Plc   with Unum Capital. To get started, email   lester@unum.co.za MNP exceeded our target to trade as high as 30927c on Friday 14 February. The price action data, which helps to manage risk, read as follows at the end of the same day: "Aggressive buying, do not chase' i.e. do not buy as there is a risk of a pullback. The share has since declined from 30900c to 28200c. Below is the time-stamped readings as received by our traders. Well done to those who took profits and subsequently managed the risk. This opportunity was identified manually, as well as via the price action model (scroll down for the time-stamped readings) Edited: Friday 14 February. Currently running +15% Strong/improving candle structure. Trading at a 13-week high. Consider banking partial profits (full target is 29700c. Now 28758c) As always, traders could consider the following if/when the prices approaches the target: bank/take profit, partially scale out, adjust the stop-loss to protect profits. MNP Daily Chart as of Friday 31 January at 11h23 Price Action Model Buy Reading: Previous Day's Closing Comment (Time-Stamped, EOD 12-Nov) Previous Post: Trade Alert: Mondi Plc Wednesday 13 November 2024 (Time: 11h53) Share Code: MNP Below is the TEXT as per the accompanying image: HIGH RISK BUY IDEA therefore small-than-average position sizes may apply. The share has been sold off aggressively and is in a high bearish momentum regime while approaching oversold. I do not think that THIS is the exact low (i.e. I am expecting lower levels) however, this may be a RANGE to starting building a buy/long position with the expectation that a base starts to form over the near term followed by a potential bullish reversal. Buy at current levels or lower (traders could consider starting with a 1/3 of the position). As always, traders could consider the following if/when the prices approaches the target: bank/take profit, partially scale out, adjust the stop-loss to protect profits. Time stop: 09 May 2025. Trading Levels Suggested Entry: 26768c or better/lower (this was the price at the time of writing) Target: 29700c Stop-loss: 25400 MNP's Model Reading as of 11h46 Lester Davids Analyst: Unum Capital

1-Day Factor Performance as of last night's U.S. Close. This is an A.I. assisted summary of the factor performance relative to each other based on the above image: This graphic shows the 1-Day Performance of US Equity Factors , broken down by size (Large, Mid, Small)  and style (Value, Core, Growth) . Here's a summary of the key takeaways: Large-cap stocks performed positively overall , with Value leading the way at 0.4%, followed by Core at 0.2%, and Growth flat at 0.0%. Mid-cap and Small-cap stocks experienced losses across all styles.  Mid-cap Growth was the worst performer, down 0.7%, while Small-cap Value was down 0.5%. Value outperformed Growth in Large-cap stocks , while Growth slightly outperformed Value in Small-cap stocks. However, both were negative in the small-cap segment. Core stocks generally fell between Value and Growth in terms of performance  for each size category. In essence, the graphic suggests that on this particular day, large-cap stocks were the only segment showing positive returns, with a preference for Value. Mid and Small-cap stocks saw losses across the board.

Trade the Top 40 Index with Unum Capital. To get started, email lester@unum.co.za Previous Post: Trading JSE Top 40 Index: Currently +7300 Points / Reduce The candle structure reflects short term distribution with an overbought range. At an index level: reduce any buy/long positions. The Top 40 is currently higher by 5000 points from our comment which warned against being aggressively short as well as the real-time price action model reading which stated the following: "The reward-to-risk is becoming attractive for a small buy/long position (scroll down for original price action model reading at the Monday 13 January lows). *Note Published: Thursday, 13 February at 18h05.   Previous Post (Monday 13 January): JSE Top 40 Index: 200-Day Breached, But Caution On Pressing Shorts Too Hard (+ Price Action Model) Historical price action developments/trading setups have shown us that when a price has been in a downward trend, there is always a risk that the downward momentum slows, which can then be followed by the start of a 'base formation' or bullish reversal. Taking an ultra short term view, we are aware that the index has been in a downward trend, with ' high bullish momentum / approaching oversold ' being the current reading. For traders looking to enter short/sell positions, the current level may not be optimal. Why? One scenario is that the price could continue to trade lower in the following session (today, 14 January) which can be followed by a reclaim of the prior day lows and a bullish reversal. I know the popular saying is ' trade what you see ' however my goal as an analyst is to prepare you in order to recognize opportunities and risks, with various price action scenarios to consider . Bottom line: the index can trade lower in the short term, however, be careful to not press you shorts too aggressively around these level. Analyst's Price Action Model as of Monday 13 January at 13h55 Q: What is the overall trend of the JSE TOP 40 Index? A: The overall trend is bearish. This is indicated by the "Aggressive Selling" in both the medium and long-term price action readings. Q: What is the current 7-day trend? A: The 7-day trend is also bearish, with high bearish momentum and an approaching oversold condition. Q: What is the current 14-day trend? A: The 14-day trend is very bearish. Q: Is there any opportunity for a short-term buy/long position? A: Yes, the reward-to-risk ratio is becoming attractive for a small buy/long position, but this is only for the short-term (1 to 10 trading days). Q: What is a potential scenario for the medium term (2 to 4 weeks)? A: Aggressive selling is underway therefore, traders should wait for lower time frames to stabilize before considering any action. Q: What is a potential scenario for the long term (5 to 8 weeks)? A: Aggressive selling is underway however, traders should look for support at prior swing lows to capture minor rebounds. In summary: The JSE TOP 40 Index is currently in a bearish trend. While there is a short-term opportunity for a small buy/long position, aggressive selling is advised for the medium and long term. Traders should wait for lower time frames to stabilize before considering any action. JSE Top 40 Index Daily Chart as of 13h58 on Monday 12 January 2025 Previous Post (Sunday 12 January 2025): JSE Top 40 Index: Approaching It's 200-Day But Vulnerable To A Breach Update: Breached short term support Rally rejected into the declining 8-day EMA Trading below it's declining 21-day EMA Trading below it's 75-day EMA, which has started to turn lower Trading below it's 21-week EMA, which has started to turn lower Monthly time frame = Neutral Weekly time frame = Weak Daily time frame = Weak Above a gradually rising 50-week EMA Above a gradually rising 200-SMA SMA Analyst's Price Action Model Regime: Monthly, Weekly & Daily Top 40 Index Daily Chart as of the close on Friday 10 January 2025. Resistance and Support zones are subject to change as the price action and news flow develops. Previous Post: Update: Trading in a tight consolidation range Rejected into the declining 21-day EMA Rejected into the declining 75-day EMA Shifting to and consolidating below a flat 21-week EMA Deteriorating candle structure at short term support Above a rising 50-week EMA Above a rising 200-SMA SMA Previous Post: TRADING The JSE Top 40 Index On 27 September 2024, research highlighted the index trading in a short term overbought range, from which we subsequently saw a retracement and unwind from these overbought conditions. Over the 3 months, the index has traded in a sideways range, reflecting a period of distribution among several large and mid cap constituents. The following key developments are also noted: The price has shifted below it's 50-day EMA (the 50-day EMA has also lost it's upside momentum and is turning lower). The price is breaking below it's 21-week EMA - a level which previous held as support on retracements. The price continues to trade above it's 50-week EMA, which is sloping upwards. This is a positive development. The price continues to trade above it's 200-day SMA, which is sloping upwards. This is a positive development. The 50-week EMA and 200-day SMA are currently aligned. This range could act as a level of support on a further retracement. Do however note that the price has the ability to overshoot this range and test the swing low of 11 September at 72991. Lester Davids Analyst: Unum Capital

Trade   JSE Shares   with Unum Capital. To get started, email   lester@unum.co.za Levels To Note: 61.8% Fibonacci Retracement Previous support / swing lows. Previous Post: Trading Thungela: Generating Cash Through Price Volatility TGA's volatility has been a gift for active traders. Our research (manual and automated) has identified 4x opportunities to take advantage of both bullish (buy) and bearish (sell) trades. Are you capitalizing on the opportunities at hand? As always, all readings are time-stamped. 2x Manual / Notes Published (Long/Short) Rebound in line with model reading: Retracing in line with model reading: Lester Davids Analyst: Unum Capital Sunday 09-Feb-2025

For Clients Trading: SBK Trade Local & Global Instruments  with Unum Capital. To get started, e-mail lester@unum.co.za THIS PAGE WILL BE UPDATED (TICKERS ADDED) AS THE ANALYST CONDUCTS THEIR RESEARCH. Discovery Ltd (DSY) Glencore Plc (GLN) Standard Bank Group (SBK) 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 the analyst's Tactical Trading Guide (Price Action Tool) . The tool provides automated price analysis of over 90 JSE-listed equities across 17 sectors and 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.

Trade   Local & Global Instruments with Unum Capital. To get started, email   lester@unum.co.za Lester Davids Analyst: Unum Capital

Trade   AngloGold Ashanti with Unum Capital. To get started, email   lester@unum.co.za A substantial decline over the week from the publication of our note which alerted traders to the deterioration in candle structure as well as the model reading. (-8300c or -13%) from time of note to today's low. Previous Post (12 February): Trading Note: AngloGold Ashanti Preferred Strategies & Setups To Generate Cash Flow (Click To Enlarge) Lester Davids Analyst: Unum Capital

Trade Global Shares  with Unum Capital. To get started, email lester@unum.co.za The share rallied to a high of €48.00 - a 47% gain from the time of publication. Previous Post: Nebius Group: European Artificial Intelligence Infrastructure The stock was uncovered by the analyst. The commentary below was generate by A.I Nebius Group is a European AI infrastructure company that is benefiting from several tailwinds in the current market. Tailwinds: The rapid growth of the AI market: The global AI market is expected to grow at a compound annual growth rate (CAGR) of over 37% from 2023 to 2030. This growth is being driven by a number of factors, including the increasing availability of data, the development of new AI algorithms, and the falling cost of computing power. The increasing demand for AI infrastructure: As the AI market grows, so too does the demand for AI infrastructure. This includes hardware such as GPUs and TPUs, as well as software such as AI frameworks and tools. Nebius Group is well-positioned to capitalize on this demand, as it is one of the leading providers of AI infrastructure in Europe. The increasing focus on sustainability: Nebius Group is committed to building sustainable AI infrastructure. This is becoming increasingly important as the environmental impact of AI is becoming more widely recognized. Nebius Group's focus on sustainability is a key differentiator in the market. The increasing geopolitical tensions: The increasing geopolitical tensions between the United States and China are creating a more favorable environment for European AI companies. This is because European companies are seen as more trustworthy by many customers, as they are not subject to the same geopolitical risks as American companies. These tailwinds are expected to continue to drive Nebius Group's growth in the years to come. The company is well-positioned to become a leading player in the global AI infrastructure market. In addition to the tailwinds mentioned above, Nebius Group is also benefiting from a number of other factors, such as: Its strong management team: Nebius Group has a strong management team with a proven track record in the technology industry. Its strong financial position: Nebius Group has a strong balance sheet and is well-capitalized to invest in its growth. Its strong customer relationships: Nebius Group has strong relationships with a number of leading AI companies. Overall, Nebius Group is a well-positioned company with a bright future. The company is benefiting from a number of tailwinds in the current market, and it has a strong management team, a strong financial position, and strong customer relationships. These factors give Nebius Group a good chance of becoming a leading player in the global AI infrastructure market. Headwinds One of the main headwinds facing Nebius Group is the intense competition in the AI infrastructure market. The company competes with a number of large and well-established companies, such as Amazon, Google, and Microsoft. These companies have significant resources and experience in the cloud computing market, and they are investing heavily in their AI infrastructure offerings. Another headwind facing Nebius Group is the risk of technological disruption. The AI industry is evolving rapidly, and new technologies are constantly being developed. This could make it difficult for Nebius Group to keep up with the latest trends and maintain its competitive advantage. Finally, Nebius Group is also facing regulatory challenges. The company operates in a highly regulated industry, and new regulations could impact its business. Despite these headwinds, Nebius Group has a number of strengths that could help it to succeed. The company has a strong team of experienced professionals, a proven track record of success, and a differentiated product offering. Nebius Group is also well-positioned to benefit from the continued growth of the AI industry. Overall, Nebius Group is a company with a bright future, but it also faces a number of challenges. The company's ability to overcome these challenges will be critical to its long-term success. Lester Davids Analyst: Unum Capital

Trade   Absa Group   with Unum Capital. To get started, email   lester@unum.co.za Absa: Gave traders 2x opportunities to enter a buy/long position, with the share trading in our re-entry buy range (see point #3 on the chart/image below). This was a great opportunity for short term traders to generate cash. Ultra short term traders could consider taking full or partial profits.   Well done to clients who may have capitalized on the opportunity. Lester Davids Analyst: Unum Capital Sunday 09-Feb-2025 Previous Post: How To Trade: Absa Group (ABG) (Wednesday 22 January at 15h53) Key Takeaways : 1. Fundamentals Remain Appealing 2. Currently Unwinding From An Overbought Range 3. The next-best probability re-accumulation range is between 17930c and 18150c. This range is subject to change as the price action and news flow develops. In recent months, we have expressed our views around buy/long side opportunities in ABSA, with these short to medium term structures coming to fruition as the group reported results that were above analyst consensus expectations. The surge to above R195 placed the share in short term overbought territory, with the price action model confirming that the reward-to-risk for the short term traders had become unappealing. Below, the time-stamped model is shown: What has transpired since? As noted, the share traded into the 19600c/19900c range and has since experienced a period of distribution (selling) to below 18700c. Note the short term deteriorating candle structure. Where is the next best level to accumulate? Both the 50-day and 75-EMA continue to trend higher, with the price trading above these areas. The share price is also trading above it's rising 21-week EMA. There is an unfilled gap at 18203c, which is broadly in line with both the 75-day and 21week EMA. These are approximate areas meaning that the price can overshoot to the downside (or not reach it at all). For now, my next-best probability re-accumulation range is between 17930c and 18150c. This range is subject to change as the price action and news flow develops. Analyst's Price Action Model Previous Post: ABSA GROUP Voluntary Trading Upside Accelerates Fundamental Re-Rating Coming off a low base, materially stronger earnings growth is expected for 2024. The share has materially outperformed it's peer group this week but remains muted over the long term. This gives the share room to advance over the medium. To re-iterate, my long term target is R220. Please scroll down for the previous posts. Previous Post: ABSA GROUP: Absolute & Relative Re-Rating Thursday 05 December 2024 (Time: 06:21) In March, below R145, Clients were alerted to an opportunity to accumulate, driven by the model reading. Yesterday, the share was the strongest performer amongst the financials. On an absolute basis, the share is trading at multi-week highs. On a relative basis, the share is looking to breach it's downward trend vs the JSE Top 40 Index. To me, it looks the like the start of a re-rating and the potential start of relative outperformance. Remember, it's been very cheap with an appealing valuation. The ratio chart is shown below: Previous Post: Absa Group: Relative Value Monday 25 November 2024 (Time Published: 06h28) Fundamentally undervalued + has not participated in the re-rating of South African equities. Whilst it is trading off the Q2 lows, the share remains in a multi-year consolidation phase and off it's all-time highs. Long Term Target = R220. View as of Thursday 21 November at 09h59. Previous Post: TRADER'S TOOLBOX: Absa's 3 Major Turning Points - Tuesday, 20 August 2024 The major turning points in the share were late March, mid June and early in August. These 2 longs and 1 short triggers helped traders position for the subsequent moves to take advantage of cash-flow generating opportunities. BUY/LONG Discussed in detail, along with the Tactical Trading Guide on Monday, 25 March. The charts below are also adjusted to include dividends. Short/Sell (Reading/Chart 1) Warning that a buy/long was unappealing. Short/Sell (Reading/Chart 2) Alerting to a 1 to 2 day/week short/sell setup. Buy/Long - Monitor For Bullish Reversal Opportunity V-Shaped reversal followed by massive gap up during yesterday's session (earnings release). Clients of Unum Capital are often alerted to key technical developments which include readings from the Tactical Trading Guide. This acts as a guide which helps to identify both opportunities and risk. To become a client, contact the Unum Capital Trading Desk: E-mail: tradingdesk@unum.co.za | Call: 011384 2923 Lester Davids Analyst: Unum Capital

Access Global ETFs  with Unum Capital. To get started, email lester@unum.co.za IDMO offers a momentum play on large- and mid-cap developed market stocks, ex-US. To determine a momentum score, the fund uses 12-month returns, skipping past the most recent month. It also makes an adjustment for volatility, favoring stocks with lower vol per unit of return. Only stocks in the highest quintile of momentum scores are selected. Stocks are weighted by the product of momentum score and market-cap. IDMO has the potential for significant deviation from market cap-weighted exposure and performance given its methodology and the absence of sector and country constraints. The index is rebalanced semi-annually. Note: IDMO began tracking its momentum index on March 21, 2016. Prior to that it tracked a high-beta index of international stocks under a different name (PowerShares S&P International Developed High Beta) and ticker (IDHB). Prior to May 31, 2024, the fund tracked the S&P Momentum Developed ex-U.S. & South Korea LargeMidCap Index. Top 10 Holdings Lester Davids Analyst: Unum Capital