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This page will be updated on a continuous basis as the market develops and as opportunities are identified in real-time. 08 Jan 14h38 | Nasdaq 100 Index | Distance Divergence on weekly chart (price vs 200-week) = bearish. 06 Jan 13h44 | U.S. Dollar Index (DXY) | Unwinding from overbought (ref: https://www.unum.capital/post/dxy-overbought-03-jan 06 Jan 13h43 Spot Gold (XAUUSD) | Rallying +$15 from support zone on the back of US Dollar unwind. https://www.unum.capital/post/xauusd-05-jan-2024 03 Jan 11h13 Aspen Pharmacare (APN) | Improving price action (stabilizing after strong downward trend) + 21-day EMA is in the early stages of flattening out (downward momentum no longer as strong). 03 Jan 11h01 USD/ZAR | Extended vs it's 75-day, but continues to hold above the rising 8-day EMA (bullish trend, for now) 02 Jan 15h38 EUR/USD | Approaching oversold levels + extended vs the 75-day EMA Lester Davids Analyst: Unum Capital

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

Lester Davids Analyst: Unum Capital

1-Day Factor Performance as of last night's U.S. Close. Here's a AI-Assisted summary of the factor performance relative to each other based on the above image: Top Performers: Large-Cap Value: 0.9% Mid-Cap Value: 0.9% High Dividend Yield: 0.9% Underperformers: IPOs: -1.4% Growth: -0.9% Momentum: -0.3% Interpretation of Risk Sentiment: The 1-day performance suggests a mixed risk sentiment. While value-oriented factors like Large-Cap Value, Mid-Cap Value, and High Dividend Yield are showing positive returns, growth-oriented factors like IPOs, Growth, and Momentum are experiencing losses. Possible Explanations: Flight to Safety: The outperformance of value factors, particularly those associated with more stable and dividend-paying companies, could indicate a flight to safety. Investors might be seeking shelter in less risky assets amid concerns about economic or market volatility. Growth Concerns: The underperformance of growth factors could suggest worries about the sustainability of high growth rates, especially in the context of rising interest rates and potential economic slowdowns. Rotation from Growth to Value: The divergence between value and growth factors might be a sign of a rotation trade. Investors could be shifting their allocations from growth stocks to value stocks, anticipating a change in market conditions.

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) IS SHOWN HERE, WHICH IS 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

Short Term (Daily Chart): Recently oversold, from which we saw a minor rebound back to 'neutral', followed by a 'rollover' back to ' weak' . Medium Term (Weekly Chart): Sentiment is deteriorating, having shifted from strong to weak. Long Term (Monthly Chart): Sentiment is neutral, having shifted from a high bullish momentum regime. With reference to the short term comment above, this is how sentiment has development: Index Components 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 JSE Mining Shares  with Unum Capital. To get started , email lester@unum.co.za Anglo American Plc (AGL) Overall Trend: Short-Term (1-10 Trading Days): Attempting a bullish reversal after a consolidation phase. This suggests a potential upward move in the very near future. Medium-Term (2-4 Weeks): Attempting to rebound within a range. This implies a sideways movement with a general upward bias. Long-Term (5-8 Weeks): Sideways range but attempting to advance, though conviction is not high. This suggests a potential upward move, but it may be slow and uncertain. Key Takeaways: The price action model indicates a mixed outlook for AGL. In the short term, there's a positive signal suggesting a possible upward move. In the medium-term, the price is expected to move sideways with a slight upward bias. In the long term, there's potential for an upward move, but it's uncertain. BHG Group (BHG) Overall Trend: Extremely Weak: The price action is currently very weak across all timeframes (7-day, 14-day, and long-term). Short-Term (1-10 Trading Days): Very Weak: The price is in a clear downtrend. It is advised to wait for the price to stabilize on a lower timeframe before making any trading decisions. Medium-Term (2-4 Weeks): Very Weak: The price is also in a downtrend in the medium term. Again, it is recommended to wait for stabilization on a lower timeframe. Long-Term (5-8 Weeks): Very Weak: The long-term trend is also bearish. The advice is the same: wait for the price to stabilize on a lower timeframe. Key Takeaways: The price is currently in a strong downtrend across all timeframes. It is not advisable to initiate any new trades until the price stabilizes. Traders should focus on lower timeframes to identify potential entry points. Glencore Plc (GLN) Overall Trend: Short-Term (1-10 Trading Days): Neutral. Medium-Term (2-4 Weeks): General trend down now consolidating. Needs to show conviction on lower time frames. Long-Term (5-8 Weeks): Very weak. Wait until it stabilizes on the lower time frame. Key Takeaways: The price is currently in a range-bound state. A recovery is possible, but only if there's a strong bid and break of the current range high. Long-term, the trend is weak, and it's best to wait for stabilization before considering buying. Kumba Iron Ore (KIO) Overall Trend: Very Weak Short-Term Trend (1-10 Trading Days): Weak Bearish Medium-Term Trend (2-4 Weeks): Very Weak Wait Until It Stabilizes On The Lower Time Frame Long-Term Trend (5-8 Weeks): Very Weak Wait Until It Stabilizes On The Lower Time Frame Key Takeaways: The current trend for KIO is very weak across all timeframes. The short-term trend shows a weak bearish bias. The medium and long-term trends are also very weak, and the model suggests waiting for stabilization on lower timeframes before making any decisions. South 32 (S32) Overall: Short-Term (1-10 Trading Days): S32 is attempting a rebound following a downward trend. It may consolidate further before continuing higher. Medium-Term (2-4 Weeks): Lacks directional bias. Long-Term (5-8 Weeks): Weak in a consolidation phase. Key Points: The short-term trend is bullish, suggesting a potential upward move. The medium-term trend is unclear, indicating indecision in the market. The long-term trend is bearish, suggesting a weaker market overall. 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

Trade Global Shares  with Unum Capital. To get started, email lester@unum.co.za 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

Thematic Opportunities 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 Index Description: The BlueStar® Connective Technologies Index is a thematic index tracking the performance of US-listed companies offering hardware, software, or services to the rollout of 5G, or 6G networks, and other connective technologies. The index includes companies whose business activity, products, or services meet the technical standards for, are used in the development of, or are otherwise instrumental in the rollout of 5G, or 6G networks, and other connective technologies so long as companies derive at least 50% of their revenue from the following technologies: Core carrier grade networking equipment including cellular antennas, routers, related semiconductor devices and satellite-based internet technology/providers, Mobile network operators, Enhanced mobile broadband chips and smart phone manufacturers, New radio technology, wireless network test and optimization equipment, Cloud computing equipment, Software defined networking or network functions virtualization, including network/cloud analytics and monitoring platforms, and/or Cell tower or data center real estate investment trusts (”REITs”). What's In The Fund Lester Davids Analyst: Unum Capital

Thematic Opportunities 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 Reasons to Consider URA High Growth Potential Uranium will likely play a key role in the global energy transition. Forecasts suggest that reactor demand could rise from an estimated 65,650 metric tonnes in 2023 to nearly 130,000 in 2040.1 Emerging Energy Opportunity Nuclear energy is a dependable method for generating clean electricity, emitting zero direct emissions during operations.2 As governments pledge to reduce fossil fuel reliance, nuclear could be a viable bridge while more renewable capacity is built. ETF Efficiency In a single trade, URA delivers efficient access to a basket of companies involved in mining uranium and producing nuclear components. ETF Summary The Global X Uranium ETF (URA) provides investors access to a broad range of companies involved in uranium mining and the production of nuclear components, including those in extraction, refining, exploration, or manufacturing of equipment for the uranium and nuclear industries. AI-Assisted Insights Several factors are driving investment in uranium:   Growing demand for clean energy: Nuclear power is a reliable, low-carbon energy source that can help meet global climate goals. As countries seek to decarbonize their energy sectors, nuclear power is becoming an increasingly attractive option. Geopolitical considerations: The war in Ukraine has highlighted the need for energy security and diversification. Uranium is a strategic commodity, and investors are increasingly interested in securing supplies of this critical resource.   Supply constraints: Uranium production has been relatively flat in recent years, while demand is expected to grow. This could lead to supply shortages and higher prices in the future. Technological advancements: New technologies, such as small modular reactors (SMRs), are making nuclear power more affordable and accessible. This could lead to a resurgence in nuclear power construction and increased demand for uranium.   Industry consolidation: The uranium industry is consolidating, with larger companies acquiring smaller ones. This could lead to improved efficiency and profitability for the sector. Lester Davids Analyst: Unum Capital

DOMINANT BUYING FROM OPEN TO CLOSE (DAILY) DOMINANT SELLING FROM OPEN TO CLOSE (DAILY) Lester Davids Analyst: Unum Capital

Trade Naspers  with Unum Capital. To get started, email lester@unum.co.za Naspers: The share has fallen sharpy, in line with the model reading (published 05 January) which showed that the declining 8/21-EMA could be used as a level into which to initiate short/sell positions. On the back of geopolitical company-related developments (China/military etc.), the share declined by over 9%, reached it's rising 50-week moving average and it's 200-day simple moving average. The candle structure remains poor, with potential for further weakness. For traders looking to re-enter, it would be best to wait until there is stabilization on the lower time frames (1-hour and 4-hour etc.). The pullback is also in line with the Tactical Trading Guide seen at the peak on 02 October, which warned traders that the reward-to-risk was unappealing and that a consolidation and pullback can be expected. See the time-stamped reading below: Previous Post: Naspers Price and Trend Analysis (Sunday, 05 January 2025) Price Action Model with 3x Time Frames AI-Assisted Summary of the above Price Action Model Overall, the price action model suggests a bearish short-term trend with a potential for bullish momentum in the medium and long term. Traders should be cautious in the short term and look for opportunities to sell on rebounds. In the medium and long term, they should look for minor support levels to buy into for a potential rebound. Price Chart With Moving Average Trends Technical Trend Ratings (Monthly, Weekly & Daily) Lester Davids Analyst: Unum Capital