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Trade   JSE Shares   with Unum Capital. To get started, email   lester@unum.co.za 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 JSE Shares  with Unum Capital. To get started, email lester@unum.co.za An 'Igniting Bar' is a powerful candle that helps a trader identify a potential change in trend, or the acceleration of a trend (bullish or bearish). Northam Platinum's igniting bar is a great example of how a candle formation combined with unbiased price action analysis can help to identify a potential move and help a trader generate cash flow. The time-stamped reading and chart (see yellow circled area) is shown below: Model Reading: "Attempting a rebound following a downward trend. May consolidate before continuing higher" In less than a month, the share rallied from R103 to R130 (+26%) Previous Post: 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. You may be asking: 'Why are we looking back?' My Answer: "To determine whether the system provided traders with the ' RIGHT SIGNAL ' at the ' RIGHT TIME '. No model or system of automation in the financial markets, anywhere in the world works 100% of the time, and neither does this one . It may however help to improve an existing process for a market participants who require timely, non-biased insights. Below, I provide recent an ACTUAL and REAL-TIME example of the readings (Northam Platinum), all of which are time-stamped as proof. Northam Platinum Opportunity Number 1 Friday 13 December (just before it started to form a base). Model Reading "Reward-To-Risk Becoming Attractive For Small Long Position" Subsequently, a base from R96 to R100, followed by a rally R114.   Below is the time-stamped reading. Marked number 1 on the chart Northam Platinum Opportunity Number 2 Thursday 24 October (just before it started to peak).   Model Reading "Extremely Overbought..." Subsequently, it peaked around R145, followed by a rapid decline to below R100. Below is the time-stamped reading. Marked number 2 on the chart Northam Platinum Opportunity Number 3 Monday 09 September (just before it developed a bullish reverse).  Model Reading "Has been sold aggressively. Look for a continued decline before a minor rebound..." Subsequently, the share printed two doji candles (not a major decline from the reading), then rallied from R90 to R145. Below is the time-stamped reading. Marked number 3 on the chart Other real-time examples include: BTI: https://www.unum.capital/post/opportunities-reward-to-risk Gold Shares: https://www.unum.capital/post/3-factors-gold-shares IMP: https://www.unum.capital/post/analysis-from-the-tactical-trading-guide-impala-platinum-as-an-example-friday-13-september-2024 ABG: https://www.unum.capital/post/let-the-data-speak-absa-and-capitec-bank-as-real-time-examples-thursday-27-june-2024 DSY: https://www.unum.capital/post/recognizing-opportunity-and-managing-risk-dsy-as-an-example Lester Davids Analyst: Unum Capital

Trade JSE Shares  with Unum Capital. To get started, email lester@unum.co.za BHG - discussed yesterday: https://www.unum.capital/post/bhg-thursday-06-feb 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. Lester Davids Analyst: Unum Capital (Data as of end of day Thursday 06 February 2025)

Trade   Exchange Traded Funds (ETFs)   with Unum Capital. To get started, email   lester@unum.co.za Multi-Month High + Bullish (Positive) Trend Continued Our initial view on the Satrix Resources ETF (STXRES) was published just under one year ago (13 February) in which we overlayed the ETF with the Chinese Yuan. Subsequently, the ETF experienced a sharp bullish reversal, which was followed by a call to reduce into strength. Long term, the ETF is looking to continue it's recovery as it looks to develop a change of trend (from neutral to bullish). Previous Post: Reduce Into Strength (Wednesday, 10 April 2024 | 13h56) Reading Time: 2 Minutes To trade, or open a new account, contact the Unum Capital Trading Desk: E-mail: tradingdesk@unum.co.za  | Call: 011 384 2923 Key Points The ETF is higher by 26% from the 13 February research note (see yellow vertical line) which highlighted the divergence between the price and the Chinese Yuan. Short Term Technical Rating: Overbought Previous Session Short Term Technical Rating: Overbought The ETF has advanced into a FLAT 200-WEEK SMA. The ETF is extended by 10% above it's 21-day EMA. This is the largest extension since November 2022. The ETF is approaching two key levels: (1) the previous swing high (Aug-2023) and (2) 50-61.8% Fibonacci Extension range (measured from the January 2023 high to the February 2024 low. Bottom Line: For short term traders, it may be an opportunity to reduce some of the position into this strength and key levels. Current Chart The original comment, as published on Tuesday 13 February for Unum Capital clients, is shown below (Was 5274c, now nearing 6684c). Lester Davids Analyst: Unum Capital

Access Global ETFs  with Unum Capital. To get started, e-mail lester@unum.co.za Full Name: Invesco Dorsey Wright Healthcare Momentum ETF (Code: PTH) PTH provides an alternate take on US healthcare firms, with a lot of emphasis on the biotech and research sector compared to our more pharma and provider-focused neutral benchmark. PTH has been around for a while but changed indexes in 2014 to adopt a momentum-weighted Dorsey-Wright relative strength index. This has contributed to the fund's sharp pivot away from neutral segment exposure toward growth sectors. Unsurprisingly, the fund tilts small and carries considerably more risk. The fund selects the top, at least 30 stocks, with the highest momentum scores in the healthcare space. The fund uses a full replication indexing strategy. Overall, PTH offers a different, growth-focused take on healthcare. Investors should consider all-in costs of holding the fund. The fund is reconstituted and rebalanced quarterly. Prior to August 28, 2023, the ETF's name was Invesco DWA Healthcare Momentum ETF. Lester Davids Analyst: Unum Capital

Trade Capitec Bank   with Unum Capital. To get started, email lester@unum.co.za The share is rallying in line with OVERSOLD SCREEN (scroll further down) and PRICE ACTION MODEL READING (time-stamped). Subsequent to the reading, traders had 3 days build a position. The share has since rallied by 9%. Previous Post (28 January): 7x Oversold Shares Screen as of end of day on Monday 27 January 2025 Lester Davids Analyst: Unum Capital

Trade BHP Group  with Unum Capital. To get started, email lester@unum.co.za Previous Post (13 January): BHP GROUP Is Starting To Outperform The Broader Market. Here's How Clients Were Prepared. BHP GROUP Is Starting To Outperform The Broader Market. As highlighted in the note further below on 02 December, the positive divergence via the 14-day RSI was a key indicator which alerted traders to the potential for a bullish reversal. Can you see the relative outperformance starting to unfold? BHG Daily Chart as of 15h18 on Monday 13 January 2025 Previous Post: BHP GROUP In Terms Of Relative Positioning, This Chart Is Important Monday 02 December 2024 (Pre-Market) This is a ratio chart of BHG Group relative to the JSE Top 40 Index Key Features: Trading at support + Bullish Divergence as per the 14-Day RSI Interpretation: From or at around current levels, the share could potentially outperform the broader market. Lester Davids Analyst: Unum Capital

Trade   FirstRand Ltd   with Unum Capital. To get started, email   lester@unum.co.za Lester Davids Analyst: Unum Capital

Trade   TLT & Other Fixed Income ETFs   with Unum Capital. To get started, email   lester@unum.co.za Bond bulls are in the money, with the US10Y down over 30 basis points from 4.74% to 4.42%. This move is in line with the price action model reading. Reminder: Lower bond yields = higher bond prices. Overall Summary The image presents a price action analysis for the US 10-Year Bond Yield, focusing on three timeframes: Short Term (1-10 days), Medium Term (2-4 weeks), and Long Term (5-8 weeks). Key Observations 7-Day Trend: High Bullish Momentum, Approaching Overbought 14-Day Trend: Very Bullish Short Term (1-10 days): Price Action Reading: Very Strong Move, Buyers in Control, but Don't Chase - May Fail to Hold the Highs; If it doesn't hold, the 8-EMA may be a short-sell target. Medium Term (2-4 weeks): Price Action Reading: Aggressive Buying but Do Not Chase - Look for Overshoot or Failure to Hold Prior Session Highs to Short-Sell Back to the 8-EMA. Long Term (5-8 weeks): Price Action Reading: Attempting to Advance Whilst in a Bullish Regime - If it Pulls Back, Use Prior Session Close or 8-EMA as an Accumulation Zone. Interpretation Bullish Momentum: The price of the US 10-Year Bond Yield has been rising strongly in the short term. Caution: The momentum is approaching overbought territory, suggesting a potential reversal. Trading Strategy: Short-term traders: Be cautious of chasing the price higher. Look for signs of weakness (like a failure to hold recent highs) to potentially short-sell. Medium-term traders: Avoid chasing aggressive buying. Look for opportunities to short-sell if the price overshoots or fails to hold prior session highs. Long-term traders: Maintain a bullish bias. If the price pulls back, consider accumulating (buying) near the prior session close or the 8-EMA support level. Lester Davids Analyst: Unum Capital

Trade   the US Dollar & other currencies   with Unum Capital. To get started, email   lester@unum.co.za The US Dollar Index is unwinding from overbought levels, as highlighted to clients on 03 January. 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 Active Traders Consider Reducing 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). 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

The provided image depicts the market breadth  of the JSE Mid & Large Caps, indicating the overall health and direction of the market based on the number of constituents in different technical trend categories. Here's a summary: Bullish Sentiment Dominates but with Caution:   A significant portion (31 out of 99 constituents) are in "Overbought," "High Bullish Momentum," or "Strong" categories. This suggests overall positive market sentiment. However, the high number of "Overbought" stocks (8) indicates potential for a pullback or correction. Neutral Sentiment is Significant:   A large portion (41 constituents) are in the "Neutral" category, suggesting uncertainty and indecision in the market. This could mean the market is consolidating or waiting for catalysts to drive further movement. Weakness Present but Limited:   While a notable number (26 constituents) are classified as "Weak," the number in "Oversold" or "High Bearish Momentum" categories is relatively low (only 6). This suggests that while some stocks are experiencing weakness, broad-based bearish sentiment is not yet dominant. Overall:  The market shows a predominantly bullish sentiment , but the high number of overbought stocks and the significant neutral category suggest potential caution . Traders should be aware of the possibility of a pullback or consolidation and monitor for signs of weakening momentum. Lester Davids Analyst: Unum Capital