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Thank you for taking the time to follow our research. Our goal is to deliver insights that help traders increase their odds of profitability by identifying risks and opportunities. To trade with Unum Capital, email lester@unum.co.za To access a note, click on the text/link. Resource Centre (Strategy) How To Evaluate A Technical Trading Opportunity Resource Centre (Tools) Sibanye Stillwater: Right Reading, Right Time 14-Jan Actionable Areas: Absa Group 14-Jan SA Equities: Trading Commentary (Full Coverage) 14-Jan JSE Top 40 Index: 200-day Breached. Caution On Pressing Shorts 14-Jan In The Money: Tiger Brands , OUTsurance, Mr. Price, Kumba Iron Ore, Sasol, Dis-Chem Pharmacies 14-Jan BHP GROUP Is Starting To Outperform The Broader Market. Here's How Clients Were Prepared 14-Jan AVI Ltd: Shorts Getting Paid 14-Jan Relative To The Top 40, Naspers Is Trading In A Short Term Oversold Range ---OUT OF OFFICE: Monday, 13 January--- 12-Jan  Volatility Equals Opportunity. Here Are 5 Ways To Trade U.S. Consumer Price Index (CPI) 12-Jan  Before You Trade USD/ZAR, Read This. 12-Jan  JSE Top 40 Index: Approaching It's 200-Day But Vulnerable To A Breach 12-Jan  S&P 500 INDEX. Down by 280 Points From Model Reading. Well Done, Short Sellers 12-Jan  SA Equities: Trading Commentary (Full Coverage) 12-Jan  African Rainbow Minerals: Breaking Out On A Relative Basis (Bullish Setup) 12-Jan  Trading Sibanye Stillwater? Here's What You Need To Know 12-Jan  SPOT GOLD Price & Trend Analysis 12-Jan  BRENT CRUDE OIL: 7-Week Bullish Reversal + Further Gains Pushes Commodity Near S/T Overbought 12-Jan  Anglo American Platinum: Technical Improvement + Potential Change of Trend 12-Jan  Glencore Plc: Attempting A Bullish Reversal 12-Jan  JSE TECHNICAL SUMMARY Most Overbought/Oversold 12-Jan  Trading Firstrand? Here's What You Need To Know 12-Jan  British American Tobacco: Now +R100. Strong Upside Reversal 12-Jan  iShares China Large-Cap ETF 12-Jan  Clean Water ETF 10-Jan  Palladium’s Pattern Play 10-Jan SA Equities: Trading Commentary (Full Coverage) 10-Jan The Big 5: JSE Miners vs JSE Banks 09-Jan If You're Trading SILVER, Here's What You Need To Know 09-Jan Spot Gold. A mostly bullish bias + looking to break out of a range 09-Jan Sibanye Stillwater: Right Reading, Right Time 09-Jan Standard Bank Now Lower By Over 2000c 09-Jan Woolworths Holdings: Price & Trend Analysis 09-Jan JSE Technical Summary: Strongest/Weakest 09-Jan Thematic Opportunities: iShares AI & Tech ETF (ARTY)    09-Jan Thematic Opportunities: Global X Lithium (LIT) 09-Jan SA Equities: Trading Commentary (Full Coverage) 09-Jan JSE Sector Ratings: Technology, Miners, Healthcare & More 08-Jan Flash Comment  Nasdaq 100: Distance Divergence vs 200-Week / Bearish 08-Jan U.S. 10-YEAR BOND YIELD Bullish Momentum However, Approaching Short Term Overbought 08-Jan Major Markets: Moving Average Trends 08-Jan U.S. Factor Summary: Growth Over Value + Flight To Safety 08-Jan Market Sentiment Index 08-Jan SA Equities: Trading Commentary (Full Coverage) 08-Jan Nebius: European Artificial Intelligence Infrastructure 08-Jan Trading Diversified Miners? Here’s What The Price Action Data Says 08-Jan Invest in the Next Generation of Connective Technologies (SIXG ETF) 08-Jan Global X Uranium ETF 08-Jan Buyers/Sellers Were Most Aggressive In These Shares 07-Jan  Naspers: Well Done, Short Sellers 07-Jan  Brent Crude Oil: 7-Week Bullish Reversal 07-Jan  JSE Top 40 Index: Here’s What You Should Know 07-Jan  ARK Space Exploration & Innovation ETF (ARKX) 07-Jan SA Equities: Trading Commentary (Full Coverage) 07-Jan JSE Coal Miners: Relative Reversal (Monthly Time Frame) 07-Jan JSE Technical Summary Strongest/Weakest 07-Jan JSE Consumer Discretionary: Relative To The Top 40, Bullish Momentum Is Waning 07-Jan WORTH NOTING: 200-Day Developments (Tiger Brands, Outsurance, Mr. Price & More) 07-Jan Global Idea: Cisco Systems 07-Jan Global Ideas: ASML +17% in 9 Weeks 07-Jan Resource Centre: Trading Tip of the Day 06-Jan Nasdaq 100 Index: Buyers In Control + Stable Short Term Candle Structure 06-Jan   USD/ZAR Unwinding From S/T Overbought; 21-Day EMA at R18.32/18.39 In Focus 06-Jan Flash Comment  U.S. Dollar Index (DXY) 06-Jan Flash Comment Spot Gold (XAU/USD) 05-Jan S&P 500 Index: Pullback in Line With Model + 5844/5864 Defended, For Now 05-Jan Major Markets: Trends 05-Jan Trading The JSE Top 40 Index 05-Jan GOLD (XAU/USD) Rangebound But Potential To Re-Test The 8-EMA Around $2631 05-Jan SA Equities: Trading Commentary (Full Coverage) 05-Jan Trading The Numbers: U.S. Non-Farm Payrolls 05-Jan MTN Group: Strong Upside Move (+1300c) 05-Jan   JSE Technical Summary: Most Overbought/Oversold 05-Jan Naspers : Price & Trend Analysis 05-Jan   Trading Banks? Here's What The Price Action Models Reflect 05-Jan U.S. Factor Performance & Summary 05-Jan   iShares Expanded Tech-Software ETF 05-Jan   S&P SPDR Energy ETF 03-Jan US Dollar Index: Short Term Overbought 03-Jan Flash Comment: Aspen Pharmacare 03-Jan Flash Comment: USD/ZAR 02-Jan Flash Comment: EUR/USD 02-Jan Absa Relative Strength vs Financial Sector Peers 02-Jan Brent Crude Oil 02-Jan   FX: USD/ZAR 02-Jan Standard Bank 02-Jan Sibanye Stillwater 02-Jan Telco's vs Top 40 02-Jan JSE Sector Ratings 02-Jan Resource Centre: Trading Tip of the Day 02-Jan JSE Market Breadth (Monthly Time Frame)   02 Jan Glencore Plc   02 Jan Discovery Holdings 02 Jan U.S. Consumer Staples/Consumer Discretionary 02-Jan Investec Ltd 30-Dec S&P 500 Index Unum Research Attains 3rd Place In The 2024 Securities Broker Awards. Read more at the following link: https://www.unum.capital/post/unum-research-awards Lester Davids Analyst: Unum Capital

Trade Absa Group  with Unum Capital. To get started, email lester@unum.co.za The model reading is as of Tuesday, January 14, 2025 at 12:31:12 PM. The 7-day trend is neutral. The 14-day trend is rangebound. 50-day EMA trending upward. 75-day EMA trending upward. 200-day SMA is turning upward. Q: What is the overall trend for ABSA Bank? A: The overall trend is upward, but there are some short-term fluctuations. Q: What is the short-term price action like? A: The short-term trend is steady upward, but it's weaker on a lower time frame. Look for support at or just below the 50/75-day-EMA range, followed by a reclaim to trigger a rebound buy. Q: What is the medium-term price action like? A: The medium-term price action is consolidating within an upward trend. Q: What is the long-term price action like? A: The long-term price action is in or commencing an upward trend. However, strongly consider the potential failure to hold prior session range highs, which will create a tactical short-sell opportunity. ABG Daily Chart as of 12h38 on Tuesday, 14 January 2025 Related Post: https://www.unum.capital/post/absa-group-voluntary-trading-upside-accelerates-fundamental-re-rating 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

Trade the Top 40 Index with Unum Capital. To get started, email lester@unum.co.za 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 the JSE Shares  with Unum Capital. To get started, email lester@unum.co.za Update Since highlighting the table below, the shares have performed as follows: Bearish view on TBS. Down from R297 to R284 ✔ Bearish view on OUT. Down from R66 to R63.45 (continues to unwind from overbought ✔ Bearish view on MRP down from R297 to R284 ✔ Bullish view on KIO. Up from R322 to R343 ✔ Bullish view on SOL. Up from R83 to R100 ✔ Bearish view on DCP. Down from R37.40 to R35.77 ✔ Reminder: You can also use the model to assess opportunity in real-time/end of day. Get in. Get Out. Get Paid! Previous Post (07-Jan): WORTH NOTING: 200-Day Developments (Tiger Brands, Outsurance, Mr. Price & More) 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 the AVI  with Unum Capital. To get started, email lester@unum.co.za This is an updated chart which reflects the price reaching the pre-determined sell range (R123), which was followed by a strong bearish rejection down to R102. Well done, short sellers. Previous Post: AVI Ltd: Bull Flag Target Exceeded, Now Approaching Overbought On Weekly Monday 11 November 2024 Time Published: Pre-Market Chart as a of after Friday's close. PENDING SELL IDEA. Potential for an upside 'overshoot' and retracement. Previous Discussed as a 'Premium Post' AVI was highlighted to Unum Capital clients as a buy idea in July 2023 at R65. Now, just 15 months later, it is trading over R113.

Trade BHP Group  with Unum Capital. To get started, email lester@unum.co.za 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

South African retailers have had a challenging start to 2025, as seen in the rebasing chart for the year so far. Despite these pressures, the sector is gearing up to release its December trading updates, which typically highlight the festive season’s impact on revenues. Here’s a quick look at how some key players have performed year-to-date and what to watch: Rebasing chart year-to-date with the retailers as well as the Top 40 index. Clicks (CLS):  Down 1.03%  YTD, Clicks has demonstrated relative resilience compared to its peers. Its defensive nature and focus on health and beauty continue to make it a go-to during uncertain times. Mr Price (MRP):  Down 7.41% , Mr Price has struggled under consumer pressure but could see a rebound if its value-oriented approach attracted festive shoppers. Shoprite (SHP):  Down 4.01% , Africa’s largest food retailer has outperformed most of its peers, supported by its defensive profile and low-price strategy. December updates will likely highlight steady footfall despite economic challenges. Foschini Group (TFG):  Down 1.27% , TFG’s performance reflects a mixed bag. International diversification and festive promotions might have provided support, but overall discretionary spending remains under pressure. Truworths (TRU):  Down 8.12% , Truworths has been the hardest hit among this group. Higher-end apparel may have faced challenges amid constrained consumer wallets, but festive season promotions could bring surprises. Market Themes to Watch: · Will December updates indicate a rebound, or are structural pressures too strong? · Can retailers sustain growth into 2025, or will the YTD downward trend continue? · How will these numbers affect investor sentiment and sector momentum? What’s your outlook? Will South African retailers defy the downward trend or remain under pressure? Share your thoughts in the comments! Let's hear your thoughts: 1.  The retailers will rebound and end the month higher. 2.  The Trading updates will confirm the year-to-date performance, and retailers will continue their downward trend. 3.  The retailers will be unaffected by any reports released from December. Stay ahead of the markets with Unum Trade! Contact luke@unum.co.za to take advantage of these opportunities.

Trade iShares China Large Cap ETF with Unum Capital. To get started, email lester@unum.co.za To trade global instruments, you will need an offshore account. To get started, contact the Unum Capital Trading Desk: E-mail: tradingdesk@unum.co.za | Call: 011 384 2923 FXI, one of the oldest China-focused ETFs on the market, is a concentrated portfolio of 50 large cap H-shares, P-chips and Red Chips listed in Hong Kong. Notably, mainland-listed A-shares and US-listed Chinese mega-caps (classified as an N-share) are excluded from the funds portfolio. FXI draws its selection universe from the FTSE All World Index. Stocks are further screened for liquidity to ensure that the market-cap-weighted index is tradable. To avoid overconcentration in the index, stock weights are capped at 9% and company weights at 38%. The index is reconstituted and rebalanced quarterly. AI-Assisted Insights FXI, the iShares MSCI China ETF, faces a mix of headwinds and tailwinds that investors should consider: Headwinds: Geopolitical tensions: The ongoing trade war between the US and China, as well as other geopolitical issues, create uncertainty and can negatively impact investor sentiment towards Chinese equities.   Regulatory risks: The Chinese government's increasing regulatory scrutiny over various sectors, including technology and education, can create uncertainty and potential losses for companies operating in those sectors.   Economic slowdown: China's economic growth has been slowing down in recent years, which can negatively impact corporate earnings and, in turn, stock prices.   Currency fluctuations: The Chinese yuan's exchange rate can fluctuate significantly against other major currencies, which can impact the returns of FXI for investors outside of China. Tailwinds: Long-term growth potential: China remains a major economic power with a large and growing middle class, offering significant long-term growth potential for many Chinese companies.   Government support: The Chinese government has implemented various policies to support economic growth and innovation, which can benefit Chinese companies.   Valuation: Compared to other major markets, Chinese equities can be relatively undervalued, offering potential upside for investors.   Diversification: FXI offers investors exposure to a diversified basket of Chinese companies across various sectors, which can help to reduce portfolio risk. It's important to note that these are just some of the potential headwinds and tailwinds facing FXI. Investors should conduct their own research and consider their individual investment objectives and risk tolerance before making any investment decisions. Lester Davids Analyst: Unum Capital

Trade the Clean Water ETF  with Unum Capital. To get started, email lester@unum.co.za To trade global instruments, you will need an offshore account. To get started, contact the Unum Capital Trading Desk: E-mail: tradingdesk@unum.co.za | Call: 011 384 2923 ETF Summary The Global X Clean Water ETF (AQWA) seeks to invest in companies advancing the provision of clean water through industrial water treatment, storage and distribution infrastructure, as well as purification and efficiency strategies, among other activities. ETF Objective The Global X Clean Water ETF (AQWA) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global Clean Water Industry Index. Reasons to Consider AQWA High Growth Potential The global water and wastewater treatment market is expected to pass $328bn in 2023. Forecasts suggest it could reach over $575bn by 2032.1 Global Tailwinds Despite its apparent abundance, freshwater is a scarce and finite resource. As the global population grows, investment in clean water technologies may be essential to sustaining and improving standards of living. Unconstrained Approach Clean water is a dynamic theme, supporting a long-term challenge of providing safe and accessible water sources. AQWA invests accordingly, with global exposure across multiple sectors and industries. Lester Davids Analyst: Unum Capital

Developments around labor, inflation and the broader US economy are some of the key data points which the U.S Federal Reserve considers in it's decision to either hold, cut or raise interest rates. For example, a buoyant labor market is associate with a strong economy, which has the ability to place upward pressure on inflation and in turn, requires higher interest rates. This economic scenario is a positive for those looking for a higher US Dollar which will benefit from higher interest rates and possibly higher interest rate differentials. Conversely, a weak labor market is associate with a slowing economy, which has the ability to place downward pressure on inflation and in turn, leaves room for the lower interest rates. This economic scenario is a positive for those looking for a lower US Dollar which becomes a casualty of lower interest rates and possibly lower interest rate differentials. For example, versus the European Union. This week, the most anticipated data point is U.S. Consumer Price Index (CPI), which will be released at 3:30pm on Wednesday 15 January. The reaction to the release creates volatility around selected instruments, however this also creates opportunities to trade and potentially derive at a profit. The consensus is for the Core CPI to rise by 0.2% for the month of December while the consensus is for year-on-year inflation to increase by 3.3%. A print below consensus is likely to place selling pressure on the USD while print well above this figure could support continued buying activity in the USD. Among others, here are five instruments by which traders can participant in and potentially profit from as the market positions and reacts to the release. Shown below are the daily charts, with potential direction should the payrolls come in line, miss or exceeded consensus expectations. 1. FX: EUR/USD 2. Spot Gold XAUUSD 3. FX: USD/ZAR 4. S&P 500 Index (US500 Index) 5. US30 Index To trade , or open a new account , contact the Unum Capital Trading Desk : E-Mail: tradingdesk@unum.co.za | Call: 011 384 2923 Lester Davids Analyst: Unum Capital

Trade FX: USD/ZAR  with Unum Capital. To get started, e-mail lester@unum.co.za Analyst's Price Action Model What is the overall trend for USD/ZAR? The overall trend for USD/ZAR is bullish across all timeframes. What is the short-term (1 to 10 days) price action reading? The short-term price action is very strong and bullish. Buyers are in control, but it's advised not to chase the price. If the price fails to hold the highs, the 8-EMA could be a short-sell target. What is the medium-term (2 to 4 weeks) price action reading? The medium-term price action is also very strong and bullish. Buyers are in control, but again, it's advised not to chase the price. If the price fails to hold the highs, the 8-EMA could be a short-sell target. What is the long-term (5 to 8 weeks) price action reading? The long-term price action is showing aggressive buying underway. However, it's advised not to chase the price. Look for an opportunity to short-sell back to the 8-EMA if the price fails to hold prior session range highs. In summary, the USD/ZAR is in a strong uptrend across all timeframes. Traders should be cautious and avoid chasing the price. Short-selling opportunities may arise if the price fails to hold key levels or becomes extended vs key moving averages. Points To Ponder: The pair is trading at an extended level above it's 75-day exponential moving average. Although extended, it is not extreme compared to historical distance readings. The pair is above a rising 8-day EMA. The pair is above a rising 21-day EMA. The 75-day EMA has turned upward. The 21-week EMA has turned upward. The 50-week EMA has started to turn upward. The 200-day SMA is trading sideways. Regime for each time frame Daily time frame = High bullish momentum/ Approaching overbought Weekly time frame = Overbought Monthly time frame = Strong Lester Davids Analyst: Unum Capital