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+35 Take Profit Opportunities: Our Capabilities > https://www.unum.capital/post/capabilities Free Content: July 2026 > https://www.unum.capital/post/rjuly2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za NOTE: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes Lester Davids Senior Investment Analyst: Unum Capital

+35 Take Profit Opportunities: Our Capabilities > https://www.unum.capital/post/capabilities Free Content: July 2026 > https://www.unum.capital/post/rjuly2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za NOTE: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes Lester Davids Senior Investment Analyst: Unum Capital

+35 Take Profit Opportunities: Our Capabilities > https://www.unum.capital/post/capabilities Free Content: July 2026 > https://www.unum.capital/post/rjuly2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za NOTE: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes Lester Davids Senior Investment Analyst: Unum Capital

+35 Take Profit Opportunities: Our Capabilities > https://www.unum.capital/post/capabilities Free Content: July 2026 > https://www.unum.capital/post/rjuly2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za NOTE: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes Anyone take advantage of our trade setups/research/ideas? I'd love to hear from you. Get in touch at lester@unum.co.za Published on Monday 20 July at 13h23. INSTRUMENT: ARI (African Rainbow Minerals) DATE & TIME: Monday, July 20, 2026 | 1:13:40 PM Provisional Buy Re-Entry Range 14800c to 15800c STRUCTURAL RATING: ⭐⭐☆☆☆ The reward-to-risk profile is highly asymmetric but currently restricted by intense, high-velocity selling pressure. For a Buy/Long position, the reward-to-risk is becoming attractive 🟩 for a small tactical allocation, as the structural markdown has reached levels where medium-term risk-reward is favorable; however, deployment must be executed defensively by phasing in capital or waiting for selling momentum to slow. Conversely, for a Short/Sell position, the reward-to-risk is Poor 🟥 due to extreme multi-frame extension under "Very Aggressive Selling" conditions, leaving late-stage short sellers highly exposed to a sharp, reflexive short-covering event if selling pressure exhausts. TACTICAL ACTION SCALE 🟥 At/approaching sell/reduce 🟠 Sell on sharp rally 🟨 Sell on rally 🟧 Sell (continuation) ⬜ Neutral 🟦 Buy (continuation) 🟢 Buy on pullback 🔵 Buy on deeper pullback 🟩 At/approaching buy/add ⬅️ ARI IS POSITIONED HERE RATIONALE: With the 7-day trend "Weak" and the 14-day trend "Very Bearish," the index constituent is experiencing severe near-term technical capitulation. However, because the medium-term matrix explicitly notes that the "reward-to-risk is becoming attractive for a small buy/long position," the asset has officially entered a high-conviction value zone. The model authorizes market participants to either "Wait Until Downward Momentum Starts To Slow Before Buying In" or "Alternatively Phase In Buying." This justifies a strategic position at At/approaching buy/add, favoring scaled scale-in accumulation over chasing momentum. On 29 January we warned on the share at R267 (the peak). Currently trading ~R168. 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, specifically by helping to determine the best potential times and levels to commit capital. 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 is being held by a trader, while the probabilities are based on several factors, which may include: Short-term ratings and medium-term regimes Momentum indicators Horizontal or diagonal support and resistance Candle structure Moving averages and standard deviation Please note that these are short-term levels and may contrast with medium- and long-term outlooks, which are based on the weekly and monthly charts and are generally more applicable to long-term investors. These levels are subject to change based on market sentiment, subsequent price action, and company/sector-specific or macroeconomic news flow. As always, while the levels are outlined to guide your capital deployment, traders should be prepared to adjust in real-time based on the aforementioned factors. 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. Lester Davids Senior Investment Analyst: Unum Capital

Free Content: July 2026 > https://www.unum.capital/post/rjuly2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za NOTE: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes Anyone take advantage of our trade setups/research/ideas? I'd love to hear from you. Get in touch at lester@unum.co.za +35 Take Profit Opportunities: Our Capabilities > https://www.unum.capital/post/capabilities Lester Davids Senior Investment Analyst: Unum Capital

+35 Take Profit Opportunities: Our Capabilities > https://www.unum.capital/post/capabilities Free Content: July 2026 > https://www.unum.capital/post/rjuly2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za NOTE: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes Premium Content My strict requirement for this setup to trigger is improving/strong price action on the right shoulder of this inverse head and shoulder formation. Early access to the ticker/code is available to active trading clients. 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, specifically by helping to determine the best potential times and levels to commit capital. 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 is being held by a trader, while the probabilities are based on several factors, which may include: Short-term ratings and medium-term regimes Momentum indicators Horizontal or diagonal support and resistance Candle structure Moving averages and standard deviation Please note that these are short-term levels and may contrast with medium- and long-term outlooks, which are based on the weekly and monthly charts and are generally more applicable to long-term investors. These levels are subject to change based on market sentiment, subsequent price action, and company/sector-specific or macroeconomic news flow. As always, while the levels are outlined to guide your capital deployment, traders should be prepared to adjust in real-time based on the aforementioned factors. 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. Lester Davids Senior Investment Analyst: Unum Capital

+30 Take Profit Opportunities: Our Capabilities > https://www.unum.capital/post/capabilities Free Content: July 2026 > https://www.unum.capital/post/rjuly2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za NOTE: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes Premium Content Lester Davids Senior Investment Analyst: Unum Capital

+30 Take Profit Opportunities: Our Capabilities > https://www.unum.capital/post/capabilities Free Content: July 2026 > https://www.unum.capital/post/rjuly2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za NOTE: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes Published Monday, 20 July at 11h50 (South African Time) Strong weekly candle structure with a range/consolidation. Last close: $204.45 Stop-loss = a daily close below $185.00 Target: $240.00 Lester Davids Senior Investment Analyst: Unum Capital

+35 Take Profit Opportunities: Our Capabilities > https://www.unum.capital/post/capabilities Free Content: July 2026 > https://www.unum.capital/post/rjuly2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za NOTE: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes Published Sunday, 19 July for the week commencing Monday 20 July. Although the index trades near multi-month support, poor candle structure, lower highs, and a downward trending moving averages dominate the broader structure of this chart. To elaborate, the index trades below it's declining 8, 21-EMA which is below it's declining 75-day EMA. The index has also established itself below the 200-day simple moving average, a position it's held since early June. I'd like to say I called the bottom on this chart but the bottom line is this a bearish trend is yet to show signs of bottoming or buying interest. What do we need to see for us to become bullish at an index level? (1) The price needs to reclaim it's 8-day exponential moving average (2) the 8-day EMA needs to cross back up above the 21-day EMA. (3) the 75-day EMA needs to flatten out. (4) strong candle structure needs to be evident. What are the probabilities from current levels? (1) A break below support, which could be a flush, followed by a reclaim of the lows i.e. a false breakdown (2) a rally into the declining moving averages, followed by a further decline. JSE Top 40 Index Daily Chart JSE Top 40 Index Monthly Chart 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, specifically by helping to determine the best potential times and levels to commit capital. 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 is being held by a trader, while the probabilities are based on several factors, which may include: Short-term ratings and medium-term regimes Momentum indicators Horizontal or diagonal support and resistance Candle structure Moving averages and standard deviation Please note that these are short-term levels and may contrast with medium- and long-term outlooks, which are based on the weekly and monthly charts and are generally more applicable to long-term investors. These levels are subject to change based on market sentiment, subsequent price action, and company/sector-specific or macroeconomic news flow. As always, while the levels are outlined to guide your capital deployment, traders should be prepared to adjust in real-time based on the aforementioned factors. 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. Lester Davids Senior Investment Analyst: Unum Capital

+35 Take Profit Opportunities: Our Capabilities > https://www.unum.capital/post/capabilities Free Content: July 2026 > https://www.unum.capital/post/rjuly2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za NOTE: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes Published Sunday 19 July for the week commencing Monday 20 July. Lester Davids Senior Investment Analyst: Unum Capital

+35 Take Profit Opportunities: Our Capabilities > https://www.unum.capital/post/capabilities Free Content: July 2026 > https://www.unum.capital/post/rjuly2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za NOTE: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes Published Sunday, 19 July for the week commencing Monday 20 July. Lester Davids Senior Investment Analyst: Unum Capital

+35 Take Profit Opportunities: Our Capabilities > https://www.unum.capital/post/capabilities Free Content: July 2026 > https://www.unum.capital/post/rjuly2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za NOTE: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes Premium Content INSTRUMENT: 🔒 DATE & TIME: Sunday, July 19, 2026 | 2:03:10 PM STRUCTURAL RATING: ⭐⭐☆☆☆ The reward-to-risk profile is highly conflicted between near-term distribution and long-term structural support. For a Buy/Long position, the reward-to-risk is Poor 🟥 because near-to-medium-term momentum remains deeply depressed and very weak, keeping fresh long allocations entirely gated until price action stabilizes and triggers a clean break above current range highs on strong bids. Conversely, for a Short/Sell position, the reward-to-risk is Moderate 🟨; while the short-term trend is weak and bearish, the asset is actively descending toward a major macro upward trend cushion at or just below the 50-EMA, heavily restricting downside follow-through and elevating the risk of a sharp technical squeeze upon a successful reclaim. TACTICAL ACTION SCALE 🟥 At/approaching sell/reduce 🟠 Sell on sharp rally 🟨 Sell on rally 🟧 Sell (continuation) ⬜ Neutral 🟦 Buy (continuation) 🟢 Buy on pullback 🔵 Buy on deeper pullback ⬅️ THIS INSTRUMENT IS POSITIONED HERE 🟩 At/approaching buy/add RATIONALE: Although the near-term tape is dominated by a "Weak" 7-day and "Bearish" 14-day regime, the multi-month macro structure is still defined as a "Steady Upward Trend." The asset is currently washing out into deep structural support, creating a setup for a Buy on deeper pullback. However, because the intermediate velocity is "Very Weak," capital must remain patiently on the sidelines. Execution is strictly contingent on allowing the asset to interact with the 50-EMA zone, waiting for lower time frame stabilization, and entering only upon an official range breakout fueled by strong institutional bids. Lester Davids Senior Investment Analyst: Unum Capital