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Trade   JSE Shares   with Unum Capital. To get started, email   lester@unum.co.za Tickers Discussed: PIK, SHP, SPP, WHL Lester Davids Analyst: Unum Capital

Trade   Truworths   with Unum Capital. To get started, email   lester@unum.co.za In September, our research alerted to a poor buy/long reward-to-risk for the sector risk. The share is now trading in a high bearish momentum regime while approaching oversold. Previous Post: (28 January): Trading Truworths September 2024 Reference + Current Chart Below Previous Post: Retailers: Selling Off In Line With The Model Readings This is the 2nd update on the original post. For the previous posts, please scroll down. In the original post, I highlighted the real-time reading from the Tactical Trading Guide. It alerted clients about a poor reward-to-risk on the buy/long side . Since then, performance has been as follows: TFG down from R158 to R146 (recent low) TRU down from R109 to R98 (recent low) MRP rallied to 272 then traded down to 253 (recent low) CLS was at R399, then sold off sharply down to R360. SHP (see insert below) was a setup which clients were well prepared for . The idea was to look for a print ABOVE R314, followed by a pullback. The price traded above R314 and retreated to reach a low of R278 during yesterday's trading session. Well done to clients who have been correctly positioned to take advantage of these moves. Previous Post: Retailers: Unwinding From Overbought Thursday, 03 October 2024 Time Published: 12h29 The Tactical Trading Guide has been very useful in assessing reward-to-risk. The model has given traders timeous readings helping to prepare for opportunity. To add, CLS Clicks is acting in line with the model, which alerted traders that sellers were becoming active. Note the reading at the end of day on 25 September. Previous Post: " Retailers Have Rallied. Here's What The Data Says - Monday, 23 September 2024" Pre-Market A global rate cutting cycle including action from the SARB has support strong moves in retail shares. In addition, early positive signs in the local economy has boosted confidence which has led to analyst upgrades. This is especially relevant in the Consumer Discretionary sector which may feel the effect of improved consumer spend. While the fundamentals are positive and, after a strong rally, the short term reward-to-risk does not appear appealing for new buy/long trades. For Consumer Discretionary shares, this is what the data says: MRP Mr. Price TFG Foschini TRU Truworths Clients of Unum Capital have had access to research which has flagged opportunities across in selected names. TRU, discussed at R56, has nearly doubled in price over 14 months. Truworths - as discussed in the report (Active Trading Plan, Monday 03 July 2023) Then at R56 - now nearly R110. Not a client yet? Get in touch today. ABOUT THE TACTICAL TRADING GUIDE: 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 our Tactical Trading Guide (Price Action Tool) which   is also available as a live tool via the telegram group. The tool provides automated price analysis for any tradeable instrument 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. The tool helps to determine and shed light on the some of the following: Whether the reward-to-risk is attractive for a buy/long position? Whether a share is weak or if aggressive buying is underway 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 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 Lester Davids Analyst: Unum Capital

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

Trade   Kumba Iron Ore   with Unum Capital. To get started, email   lester@unum.co.za The share has traded from ~R320 on 07 January, spiking to above R404 this week. This is current price action model reading. I used Artificial Intelligence to provide an explanation on why the 200-day SMA is significant. Here's what it had to say: The 200-day Simple Moving Average (SMA) is a widely used technical indicator in trading. It calculates the average closing price of an asset over the past 200 trading days, providing a smoothed representation of price movements. This smoothing effect helps traders identify longer-term trends amidst daily price fluctuations. Key Developments and Implications: Support and Resistance: When the price of an asset is above the 200-day SMA, it often acts as a support level. Conversely, when the price is below the 200-day SMA, it can act as resistance. Trend Confirmation: A sustained move above the 200-day SMA can signal a bullish trend, while a sustained move below it can indicate a bearish trend. Crossovers: Crossovers between the price and the 200-day SMA can generate trading signals. For example, a price crossing above the 200-day SMA might be interpreted as a bullish signal, while a cross below could be seen as bearish. Time Frame: The 200-day SMA is a long-term indicator, typically used to analyze trends over several months or even years. In Summary: The 200-day SMA is a valuable tool for traders and investors to: Identify long-term trends Determine support and resistance levels Generate trading signals Assess the overall market sentiment By understanding the 200-day SMA and its implications, traders can make more informed decisions about their investment strategies. Lester Davids Analyst: Unum Capital

Trade   Exxaro Resources   with Unum Capital. To get started, email   lester@unum.co.za This note highlights the benefit of the price action model. As proof, the readings are time-stamped. Following the reading, traders had 4 days (before the bullish reversal) to build a position. The most recent published buy/long idea for EXX was 03 September, with additional short term commentary in between (scroll down to view) Previous Post: Trade Alert (Buy/Long) Tuesday 03 September 2024 Real-Time: 11h21 Ticker: EXX ABOUT THE TACTICAL TRADING GUIDE: Lester Davids Analyst: Unum Capital

Trade   Local & Global Financial Markets with Unum Capital. To get started, email   lester@unum.co.za The indicator is a custom-built sentiment index, designed to assess market risk appetite, including whether sentiment is at an extreme position (i.e. excessively bullish or excessively bearish). Components: Copper: Copper often serves as a proxy for global economic activity. A decline in copper prices could signal slowing economic growth, increasing risk. High Beta vs Low Beta: High beta stocks tend to be more volatile than low beta stocks. A widening spread between high and low beta returns might indicate increased risk aversion. Growth vs Value: Growth stocks typically outperform value stocks in bull markets. A shift towards value stocks could suggest investors are becoming more cautious. EM Currencies: Emerging market currencies can be sensitive to risk appetite. A weakening of EM currencies could signal increased risk aversion. AUD/USD: The Australian Dollar is often used as a proxy for global risk sentiment. A decline in AUD/USD could indicate increased risk aversion. Consumer Staples vs Consumer Discretionary: Consumer staples are generally considered defensive assets. A shift towards consumer staples could suggest investors are seeking safety. Semiconductors vs S&P 500: The semiconductor sector is cyclical and sensitive to economic downturns. Underperformance of semiconductors relative to the broader market could signal increased risk. Russell 2000 ETF: This ETF tracks small-cap stocks, which are generally considered riskier than large-cap stocks. Underperformance of the Russell 2000 could suggest increased risk aversion. U.S. Dollar Index (Inverse): A strengthening US Dollar often signals a flight to safety, suggesting increased risk aversion.

Trade   Aspen Pharmacare   with Unum Capital. To get started, email   lester@unum.co.za 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. As published in on 28 November, the 5 to 8 week reading (at R166) stated: "Look for a dip before a minor rebound" (see below). Now trading above R180. Previous Post: Trade Idea - Buy Aspen Pharmacare Text from the image above: HIGH RISK BUY IDEA therefore small-than-average position sizes may apply. The share has been sold off aggressively and was previously in a high bearish momentum regime while approaching oversold. A base has developed and this may be a RANGE to starting building a buy/long position with the expectation that the base is maintained 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 June 2025. TRADING LEVELS: Entry: 17124 (or better) Target: 19000 Stop-loss: 15900 Previous Post: ASPEN PHARMACARE Noted: Above-Average Volume (4.5m Shares) + Value Traded (R779m) Tuesday 10 December 2024 (Time: Pre-Market) 10-day average volume: 1.4m shares 30-day average volume: 1.2m shares Yesterday's volume: 4.5m shares Value trade: R779m Previous Post: ASPEN PHARMACARE The Bull, Bear & Base Case Thursday 28 November 2024 (Time: Pre-Market, 06h32) This is an update. Please scroll down for the previous posts. The price action remains unhealthy, with strong selling pressure, with my view being that is that it is too early to buy, however, it may be worthwhile adding it to your watchlist for when the price action stabilizes/improves. Bear Case = A print lower, with a very slow recovery which includes opportunity cost. Base Case = A print lower, with a slower, but eventual recovery. Bull Case = A print lower, followed an overshoot of the ~R160-ish support range, followed by a relatively quick price recovery. The dotted arrow represents my best-probability price action scenario. Bear Case = A print lower, with a very slow recovery which includes opportunity cost. Base Case = A print lower, with a slower, but eventual recovery (possible little downside from here). Bull Case = A print lower, followed an overshoot (false breakdown) of the ~R160-ish support range, followed by a relatively quick price recovery (possible little downside from here). Adding to the above, as of yesterday's close, the price action data was as follows: Previous Post: Aspen Pharmacare: Unhealthy Price Action, But Flashing For Opportunity Wednesday 23 October 2024 Time Published: Pre-Market Ticker: APN I am fully aware of the heavy selling pressure and poor price action, however, I am starting to notice readings coming through which states that the reward-to-risk is becoming attractive for a small buy/long position. While the readings are there, it may just be sensible to wait until the price stops going down and starts to form a base...or gives us a 'flush low' and a V-shaped reversal setup. Notice the 5 to 8 week reading also stating that selling is aggressive and that we should wait for the price to stabilize? I drew these lines a few weeks ago, thinking R160 or thereabout would be a level of interest. Previous Post: Aspen Pharmacare: The Long and Short of It - Thursday, 05 September 2024 Pre-Market Ticker: APN Within the span of 19 months, the share has provided clients of Unum Capital with two opportunities to profit. These opportunities came on both the long (buy) and short (sell) side, benefiting from a rising and falling share price. The short leg provided short term traders with 3x opportunities to sell above 23500c. Although the share briefly test the stop-loss level (a spike), the share pullback was in line with the view. The updated chart, with the time-stamped ideas, is shown below. Lester Davids Analyst: Unum Capital

Trade   Absa Group   with Unum Capital. To get started, email   lester@unum.co.za Ultra short term traders could consider taking full or partial profits. Absa: Reached our buy re-entry range, followed by a strong intraday rebound, generating cash for active/opportunistic traders. Well done to clients who may have capitalized on the opportunity. 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

To access the list of latest research, please visit the following link: https://www.unum.capital/post/latest-research-january-2025 Lester Davids Analyst: Unum Capital

Trade Brent Crude Oil  with Unum Capital. To get started, email lester@unum.co.za No, I didn't call the exact top, but we recognized the poor upside reward-to-risk and potential for a pullback. Scroll down to see the model reading at the time: "Expect a minor retracement" Previous Post (Sunday 12 January): BRENT CRUDE OIL: 7-Week Bullish Reversal + Further Gains Pushes Commodity Near Short Term Overbought Analyst's Price Action Model What is the overall trend for Brent Crude Oil? The overall trend is bullish, but the market is currently nearing an overbought range. What is the short-term price action reading? Aggressive buying is underway, but the market is overbought on the lower time frame. Consolidation or a minor retracement is likely. What is the medium-term price action reading? Aggressive buying is underway, but traders should not chase the market higher. Look for an opportunity to short-sell back to the 8-EMA if there is an overshoot or failure to hold prior session range highs. What is the long-term price action reading? A strong attempt at a bullish reversal is expected following a consolidation phase. Previous Post: Strong price action over 2 weeks and a strong reversal in the 7 weeks since the 'Strategy Alert' (see below). Previous Post: Strategy Alert: Brent Crude Oil Wednesday 13 November 2024 (Time: 15h42) Potentially Bullish: Inverse Hammer Candle Formation In Development. Lester Davids Analyst: Unum Capital

Trade JSE Shares  with Unum Capital. To get started, email lester@unum.co.za 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. MEDIUM TERM (APPROXIMATELY 2 to 4 WEEKS) - SUBJECT TO CHANGE AS THE PRICE ACTION DEVELOPS NOTE: THE SHORT TERM (1 TO 10 DAYS) AND LONG TERM (5 TO 8 WEEK) READINGS ARE ALSO AVAILABLE. SHOULD YOU URGENTLY REQUIRE A READING FOR THE S/TERM or L/TERM, YOU ARE WELCOME TO E-MAIL ME AT LESTER@UNUM.CO.ZA Lester Davids Analyst: Unum Capital (Data as of end of day Wednesday 29 January 2025)

Trade Clicks Group (CLS) with Unum Capital. To get started, email lester@unum.co.za Clicks has been a great short/sell opportunity, as it sold off sharply from just below R400 to R337. Published here: https://www.unum.capital/post/clicks-high-bullish-momentum-approaching-overbought-new-shorts-take-note As I mentioned on Sunday: "Oversold + Very Bearish = Consider covering some of your short/sell positions . 7-day RSI is 13 (rare to see this kind of reading)...so one can expect a rebound or a stabilization of price from at or around  these levels" From Tuesday, we saw the share rebound from R337 to a high of R364. There are some phenomenal opportunities to get in, get out and get paid. Previous Post: Trading: Clicks Group (CLS) - Sunday 26 January. Recognition and communication of downside risk from both manual as well as automated views (Tactical Trading Guide). A decline of between 5300c and 5500c from our 02 December note warning on downside risk. No readings for all 3 time frames. Reflects how fast the 'rate of change' has been! Oversold + Very Bearish = Consider covering some of your short/sell positions . 7-day RSI is 13 (rare to see this kind of reading)...so one can expect a rebound or a stabilization of price from at or around these levels Automated/Model Reading (Time-Stamped): Warning on the poor reward-to-risk. "Strong upside move, but momentum slowing with sellers becoming active". Automated/Model Reading (Time-Stamped): Warning on the poor reward-to-risk. "Do not enter a buy/long here. The reward-to-risk is unattractive". Previous Post: Clicks Now R45 Lower. Well Done Traders Declining further on the back of it's trading update. Previous Post: CLICKS High Bullish Momentum & Approaching Overbought. New Shorts Take Note Monday 02 December 2024 (Time: Pre-Market) For new short sellers, the level/range shown on the chart below may be relevant. On a weekly basis, the share is in a high bullish momentum regime, however, is approaching an overbought range. Key range is between 41200c and 42500c . Lester Davids Analyst: Unum Capital