Research Notes February 2026 > https://www.unum.capital/post/rfeb2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Price Action Model Sees Buy Trigger Follow-Through from ~R190 to R254 + The re-acceleration has materialized. Previous Post (29 September 2025): Actionable Areas: Discovery Holdings Lester Davids Senior Investment Analyst: Unum Capital

Research Notes February 2026 > https://www.unum.capital/post/rfeb2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Published on Wednesday 25 February (post-market) for Thursday 26 February. Trading at 20.35, just below the target of 20.70 Previous Post (26 September 2025) Global Buy Idea: Iberdrola Buy: 15.97 Stop-loss: 13.30 Target: 20.70 Spanish multinational electric utility Iberdrola stands as a pivotal player in the global energy infrastructure landscape.  The company has strategically positioned itself as a leader in the transition to a sustainable energy model, with a strong focus on renewable energy generation, the modernization and expansion of electricity networks, and the deployment of cutting-edge smart grid technologies. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes February 2026 > https://www.unum.capital/post/rfeb2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Published on Wednesday 25 February (post-market) for Thursday 26 February. Trading Notes/Resources (Where Applicable) 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.   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 being held by a trader while the probabilities are based on several factors which may include: short term rating, medium term regime, momentum, horizontal or diagonal support/resistance, candle structure, moving averages and standard deviation, among others. These are short term levels and may be in contrast to medium and long term outlooks which are based on the weekly and monthly charts and, which may be applicable to long term investors. These levels are subject to change  based on sentiment, the subsequent price action and company/sector specific or macro news flow. As always, while the levels are outlined, traders should be prepared to adjust in real-time  based on the aforementioned. "Strategy Alerts"  help clients identify trading opportunities . When a ticker's real-time or pre-market price action aligns with the criteria on a slide—such as a pullback to the 21-day EMA or a breakout from a consolidation base—it effectively "matches" that stock to the strategy, triggering an alert to a potential trading opportunity.  This approach transforms the playbook into a dynamic scanning tool, allowing you to instantly categorize active stocks by the specific technical thesis playing out , ensuring that every trading potential opportunity communicated is backed by a predefined, actionable setup. 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

Research Notes February 2026 > https://www.unum.capital/post/rfeb2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Published Wednesday 25 February (post-market) for Thursday 26 January. Previous Post (02 February): African Rainbow Minerals: Down 27% from Our Sell Alert Well done to traders which acted accordingly. Previous Post (Thursday 29 January): Mining Share: Sell/Reduce Medium Term Positions. Alternatively, Raise Stop-Loss (Medium Term Traders) African Rainbow Minerals (ARI) Recent: Take Profit: Long Term Target Reached at R240   https://www.unum.capital/post/ari2301 Extended vs Moving Averages + Deteriorating Candle Structure (Short Term); Medium Term Traders Consider Selling/Reducing Trading Notes/Resources (Where Applicable) 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.   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 being held by a trader while the probabilities are based on several factors which may include: short term rating, medium term regime, momentum, horizontal or diagonal support/resistance, candle structure, moving averages and standard deviation, among others. These are short term levels and may be in contrast to medium and long term outlooks which are based on the weekly and monthly charts and, which may be applicable to long term investors. These levels are subject to change  based on sentiment, the subsequent price action and company/sector specific or macro news flow. As always, while the levels are outlined, traders should be prepared to adjust in real-time  based on the aforementioned. "Strategy Alerts"  help clients identify trading opportunities . When a ticker's real-time or pre-market price action aligns with the criteria on a slide—such as a pullback to the 21-day EMA or a breakout from a consolidation base—it effectively "matches" that stock to the strategy, triggering an alert to a potential trading opportunity.  This approach transforms the playbook into a dynamic scanning tool, allowing you to instantly categorize active stocks by the specific technical thesis playing out , ensuring that every trading potential opportunity communicated is backed by a predefined, actionable setup. 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

Research Notes February 2026 > https://www.unum.capital/post/rfeb2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Previous Post (17 February):🎥Video: Trading Silver (Short Term) Trading Notes/Resources (Where Applicable) 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.   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 being held by a trader while the probabilities are based on several factors which may include: short term rating, medium term regime, momentum, horizontal or diagonal support/resistance, candle structure, moving averages and standard deviation, among others. These are short term levels and may be in contrast to medium and long term outlooks which are based on the weekly and monthly charts and, which may be applicable to long term investors. These levels are subject to change  based on sentiment, the subsequent price action and company/sector specific or macro news flow. As always, while the levels are outlined, traders should be prepared to adjust in real-time  based on the aforementioned. "Strategy Alerts"  help clients identify trading opportunities . When a ticker's real-time or pre-market price action aligns with the criteria on a slide—such as a pullback to the 21-day EMA or a breakout from a consolidation base—it effectively "matches" that stock to the strategy, triggering an alert to a potential trading opportunity.  This approach transforms the playbook into a dynamic scanning tool, allowing you to instantly categorize active stocks by the specific technical thesis playing out , ensuring that every trading potential opportunity communicated is backed by a predefined, actionable setup. 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

Research Notes February 2026 > https://www.unum.capital/post/rfeb2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za On 28 December we recommended maintaining LONG exposure on higher time frames. Since then, the share is higher by 30%. In just under 2 years, the share is higher by over 200% from our BUY/LONG idea. See the TWO charts below. Well done to clients who have participated in both the long term and short term moves. Previous Post (28 December 2026): Valterra Platinum: Maintain Long Exposure On Higher Time Frames (Monthly) Analyst's Price Action Model Technical Take: Momentum-Based (Monthly Time Frame) By 24 December, Valterra Platinum closed at a multi-month high of R1485, advancing by 157% from our buy idea at R576 (18 months prior, June 2024). Previous Post (01 December): Take Profit on Trading Valterra Platinum (+30%): Strong Upside Follow-Through From 21-Week EMA Buy Range + Updated View REBOUNDING OFF THE 21-WEEK EMA WITH VERY DECENT UPSIDE FOLLOW-THROUGH. Highlights: Valterra Platinum Limited (Combined, UPDATED View) Daily "Super-Heat" Signal:  The Daily  chart is flashing an extreme velocity warning. The Ultra Short Term (2-Day) momentum indicator has hit deep into the "Overbought"  tier. This level of extension is statistically rare and typically precedes an immediate "cooling off" event—either a sharp volatility snap-back or a lateral pause to digest the gains. Secular Recovery Confirmation:  The Monthly  chart confirms a major change in the long-term character of the stock. The 14-Month Base Term trend has climbed back into the "Strong"  tier, joining the "High Bullish"  shorter-term monthly indicators. This signals that the multi-year correction is technically over, and a new secular bull phase is actively building. Weekly Trend Alignment:  The Weekly  chart serves as the perfect "bridge," showing a robust, healthy uptrend. All four weekly indicators are sloping upwards, with the Base Term trend sitting comfortably in the "Strong"  zone. This suggests that while the Daily chart is manic, the intermediate trend structure is stable and supports further upside on dips. The "Air Pocket" Risk:  Due to the vertical nature of the recent daily move (the melt-up), there is very little established technical support directly below the current price. If the daily momentum breaks, the price could swiftly retrace to the breakout zone around 110,000c  without damaging the weekly uptrend. Best Action Timeline: 3 to 5 days (1 week):   Protective Measures.  With Daily momentum in extreme "Overbought"  territory, the risk of a sudden intraday flush is high. Tighten stops or book partial profits into this strength. New entries here are statistically dangerous. 6 to 10 days (2 weeks):   Stalk the Dip.  Wait for the daily "Overbought"  condition to reset (dropping towards "Neutral" ). Look for stabilization near 115,000c - 118,000c . 11 to 15 days (3 weeks):   Accumulate Structure.  If the weekly trend holds firm, use the post-dip environment to position for the next leg higher, targeting the major resistance at 140,000c . 16 to 20 days (4 weeks):   Trend Following.  Trust the Monthly/Weekly structural alignment to drive the price towards long-term targets. Bullish Scenario:   Parabolic Extension:  The "melt-up" defies gravity. Buyers ignore the overbought signals, driving the price vertically through 130,000c  to test the major liquidity zone at 140,000c  before any meaningful correction occurs. Base Scenario:   Bull Flag Consolidation:  The extreme daily momentum forces a pause. The price consolidates sideways to slightly lower, churning between 118,000c and 125,000c . This allows the Daily momentum to cool from extreme levels down to a sustainable "Strong/Neutral"  zone, resetting the engine for the next advance. Bearish Scenario:   Momentum Failure:  The daily exhaustion triggers a sharp reversal. Price fails to hold the immediate support levels and flushes back down to test the 110,000c  breakout base, shaking out late "FOMO" buyers. Core Thesis Valterra Platinum is in the early stages of a powerful secular turnaround, evidenced by the strength in the Monthly and Weekly charts. However, the Daily chart is running "too hot, too fast." The thesis is structurally bullish but tactically defensive: the trend is your friend, but the specific entry point at these daily extremes is poor. The smart play is to wait for the inevitable volatility to provide a better risk/reward entry into the structural uptrend. Comprehensive Summary The dashboard reveals a synchronized breakout across all timeframes, but with a warning flare on the Daily chart. The alignment of Weekly and Monthly Base trends in the "Strong"  tier is the most significant takeaway, confirming that institutions are active. However, a Daily reading pinned at the top of the "Overbought"  scale is a "ringing bell" for short-term exhaustion. Investors should look through the coming short-term volatility and focus on the bullish intermediate structure. Multi-Timeframe Trend Analysis (Weekly Focus) Note: This block focuses on the Weekly timeframe as the "bridge" between the Daily noise and Monthly macro. Ultra Short Term Indication: HIGH BULLISH MOMENTUM  Slope: Sharply Upwards Short Term Indication: HIGH BULLISH MOMENTUM  Slope: Sharply Upwards Mid Term Indication: STRONG  Slope: **Up Previous Post (28 October):🎥Watch: Valterra Platinum - Actionable Areas Lester Davids Senior Investment Analyst: Unum Capital

Research Notes February 2026 > https://www.unum.capital/post/rfeb2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za (1) Potentially advancing from consolidation; retracement to breakout remains possible. (2) Seven-day trend is neutral; fourteen-day remains strictly rangebound. (3) Medium-term regime leans bullish but lacks clear directional bias. (4) Consolidating within an upward trend over the longer term. (5) Ultra-Short and Short-Term daily momentum both register strong. (6) Mid-Term and Base-Term daily indicators currently remain entirely neutral. (7) Fair value structural support is estimated near 6,400 ZAC. (8) Primary tactical upside target is approximately 7,400 ZAC. (9) Holding prior session highs is critical for immediate continuation. (10) Strategy: Accumulate near fair value if upward trend holds. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes February 2026 > https://www.unum.capital/post/rfeb2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za +60% rebound since the beginning of February. Previous Post (01 February 2026): Actionable Trading Levels: AngloGold Ashanti Trading Notes/Resources (Where Applicable) 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.   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 being held by a trader while the probabilities are based on several factors which may include: short term rating, medium term regime, momentum, horizontal or diagonal support/resistance, candle structure, moving averages and standard deviation, among others. These are short term levels and may be in contrast to medium and long term outlooks which are based on the weekly and monthly charts and, which may be applicable to long term investors. These levels are subject to change  based on sentiment, the subsequent price action and company/sector specific or macro news flow. As always, while the levels are outlined, traders should be prepared to adjust in real-time  based on the aforementioned. "Strategy Alerts"  help clients identify trading opportunities . When a ticker's real-time or pre-market price action aligns with the criteria on a slide—such as a pullback to the 21-day EMA or a breakout from a consolidation base—it effectively "matches" that stock to the strategy, triggering an alert to a potential trading opportunity.  This approach transforms the playbook into a dynamic scanning tool, allowing you to instantly categorize active stocks by the specific technical thesis playing out , ensuring that every trading potential opportunity communicated is backed by a predefined, actionable setup. 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

Research Notes February 2026 > https://www.unum.capital/post/rfeb2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Published on Tuesday 24 February (post-market) for Wednesday 25 February. Previous Post 19 February 2026: 💡Strategy Alert: Running +30% Over 10 Weeks. Short Term Traders Take (Partial) Profits Sasol Ltd (SOL) Previous Post (05 December 2025): Strategy Alert: Sasol This note is being published pre-market (Friday, 05 December) therefore there is no price action to provide confirmation. We do however, want to remain mindful of the potential for a 'PIERCING LINE (BULLISH REVERSAL)' TECHNICAL FORMATION. The pivot level for that is yesterday's low of 10409c. If the share remains below the pivot level, that would mean that there is no confirmation/trigger for the setup, yet. Trading Notes/Resources (Where Applicable) 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.  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 being held by a trader while the probabilities are based on several factors which may include: short term rating, medium term regime, momentum, horizontal or diagonal support/resistance, candle structure, moving averages and standard deviation, among others. These are short term levels and may be in contrast to medium and long term outlooks which are based on the weekly and monthly charts and, which may be applicable to long term investors. These levels are subject to change  based on sentiment, the subsequent price action and company/sector specific or macro news flow. As always, while the levels are outlined, traders should be prepared to adjust in real-time  based on the aforementioned. "Strategy Alerts"  help clients identify trading opportunities . When a ticker's real-time or pre-market price action aligns with the criteria on a slide—such as a pullback to the 21-day EMA or a breakout from a consolidation base—it effectively "matches" that stock to the strategy, triggering an alert to a potential trading opportunity.  This approach transforms the playbook into a dynamic scanning tool, allowing you to instantly categorize active stocks by the specific technical thesis playing out , ensuring that every trading potential opportunity communicated is backed by a predefined, actionable setup. 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. TRADING TIP # 1 Let The Candle Confirm   Out of all those available, Candlestick Charts are the most widely used when it comes to analyzing price from a technical perspective.  The interpretation thereof helps traders to understand the interaction between market participants and informs who is in control between buyers and sellers. Various types of candle formation convey key information about the range of outcomes for a share for example, following a downward trend, a long lower tail, doji, piercing or bullish engulfing suggests that buyers have started to become active/started to take an interest while following an upward trend, a long upper tail, doji, dark cloud cover or bearish engulfing suggests that sellers have started to become active/started to take an interest. While information is conveyed pre-market, it is the intraday price action that will confirm any trade or opportunity. While we have a plan, we are also ready to switch gears as the price action develops. TRADING TIP # 2: Failure & Reclaim FAILURE to hold a prior session high/range high may signal that the upside momentum is slowing and that an opportunity to short/sell may be at hand. This is often reflected via a deteriorating candle structure which suggests that sellers are starting to take control. Examples of such candles are long upper tails, doji's, dark cloud covers, bearish engulfing candles etc. RECLAIMING a prior session low/range may signal that the downside momentum is slowing and that an opportunity to buy may be at hand. This is often reflected via a improving candle structure which suggests that buyers have started to enter and are looking to take control of the price action. Examples of such candles are long lower tails, doji's, piercing candles, bullish engulfing candles etc. TRADING TIP # 3: Take Note of the 'Igniting Bar'   This is a large green or red candle which suggests that traders should: TAKE NOTE  note of the change in characters and potential change of the trend. TAKE NOTE  of a potential acceleration of the trend. TAKE NOTE  of potentially aggressive buy or selling Often, BIG MOVES start with BIG MOVES. Core Trading Principles: Short and Medium Term Trade with the primary trend. Volume Matters. This represents the interest of large institutional investors who have the ability to move a share, both up and down. Do not short/sell a share that is above, and in close proximity to it’s rising 8 and 21-day moving averages. This trend can persist for an extended period. Ultra short term traders, if a share has advanced strongly over a 3-7 day period, book profits. You can always re-enter and do the same trade at lower levels. If a share is printing a large bullish (green) candlestick following an extended move, use the strength to sell. The likelihood that the share retraces is high. If a share is printing a large bearish (red) candlestick following an extended move to the downside, use the weakness to start a long position. The likelihood that the share rebounds is high. Trade in the direction of the 20-day moving average, using the MA as a level to enter as well as a hard break thereof as a trailing stop-loss. The 8 and 21-day moving averages often act as support and resistance levels. When they are turning down, use them as levels to sell into. The opposite applies when they are turning up. The first back-test and undercut of the 50/75-day exponential moving average range has a high probability of holding as support or resistance. Buy or sell it for a 1-3 day move to generate cash flow. Stocks above a rising 200-day moving average spend the majority of their time trending higher. The opposite applies when the 200-day is trending down. Previous support can turn into resistance and previous resistance can turn to support. Use these zones as levels to trade against. Support and resistance levels and key moving averages are ranges rather than exact levels. They often overshoot these zones before occasionally reversing at these levels. Respect the FIB (Fibonacco) retracement zones. They often act as support and resistance levels. ‘PAY-tience Pays’, however be nimble to react to opportunity to cut when a trade hasn’t been working. Above all, know your time horizon . Lester Davids Senior Investment Analyst: Unum Capital

Research Notes February 2026 > https://www.unum.capital/post/rfeb2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Published on Tueday 24 February (post-market) for Wednesday 25 February. Previous Post (01 January 2026) Netcare: Long Term Recovery Instrument:  NTC (Netcare) Sector:  HEALTHCARE Closing Price:  1,584c 1W Change:  +0.25% Multi-Frame Action:  🟢 Bullish (D) 🟢 Bullish (W) 🟢 Bullish (M) Technical Upside:  Resistance at 1,650c. Target:  1,750c (~10%). Trend Extension. Momentum Signal:  High Bullish (Overbought Watch) Risk / Invalidation:  Close below 1,480c Valuation:  Value / Recovery Primary Driver:  Operational leverage from digitization & share buybacks. MARKET STRUCTURE & VOLUME VALIDATION Volume Profile:  Volume has remained healthy during the ascent, supporting the breakout above the 1,500c level. There is no sign of exhaustion yet, though the pace of buying may slow as it hits overhead resistance. Liquidity Zones:  The 1,450c – 1,500c zone is now a critical demand floor (support). Price is extending away from this base. A sustained hold above 1,550c keeps the path open toward the 1,650c – 1,750c liquidity pools. Divergences:  No major bearish divergences on the daily, but the weekly indicators are becoming stretched (approaching overbought). This suggests a strong trend that may need a brief consolidation or "flagging" period before the next leg higher. NTC Monthly Chart RELATIVE STRENGTH (SECTOR & INDEX) vs. JSE All Share:  Bullish. NTC is outperforming the broader index, showing relative strength as the market rotates into defensive growth/value plays. vs. Healthcare Sector:  Strong. Netcare is leading or performing in-line with the sector recovery, driven by specific internal efficiency narratives. SCENARIO ANALYSIS (RISK MANAGEMENT) Bull Case (Primary):  The trend is undeniably up across all timeframes. A daily close above 1,600c would clear the last local hurdles, opening a vacuum move toward 1,700c – 1,750c. Bear Case (Alternative):  The overbought weekly signals warn of a potential pullback. If price slips back below 1,550c, we could see a rotation down to retest the 1,480c breakout level. A close below 1,480c neutralizes the immediate bullish bias. MOMENTUM PROFILE:   Daily Chart (Standard) Outlook:  Bullish Continuation Ultra Short Term:  Neutral — The 2-period volatility gauge is centering within the neutral band (61.17), allowing price to catch up to the moving averages without breaking the trend. Short Term:  Strong — The 3-period indicator is maintaining its position in the “Strong” tier (61.38), confirming active buyer interest on dips. Mid Term:  Strong — The 7-period trend is firmly established in the upper bullish zones (64.10). Base Term:  Strong — The 14-period baseline (62.04) is rising, supporting the trend. Weekly Chart (Slower / Macro) Outlook:  High Momentum / Overbought Tactical Momentum:  High Bullish — The indicator is elevated in the “High Bullish” tier (91.16), approaching the overbought ceiling. This implies aggressive momentum but limited immediate runway. Fast Weekly:  High Bullish — Momentum is exceptionally strong (84.94), sitting in the “High Bullish” zone. Structural Trend:  High Bullish — The 7-period structure (76.05) has accelerated into the high momentum bands. Primary Trend:  Strong — The long-term baseline (67.87) has crossed into the “Strong” tier, confirming the macro recovery is real. Monthly Chart (Long Term / Secular) Outlook:  Secular Recovery Quarterly Pulse:  Overbought — The ultra-fast monthly pulse (97.63) is maxed out in the “Overbought” tier, reflecting the sharpness of the recent quarter's rally. Fast Monthly:  Overbought — Approaching the upper limits (90.02), signaling extreme strength. Secular Cycle:  Strong — The 7-period cycle (70.51) is rising through the “Strong” tier. Core Baseline:  Strong — The 14-period baseline (59.69) is recovering from the lows and pushing into positive territory. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes February 2026 > https://www.unum.capital/post/rfeb2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Published on Tuesday 24 February (post-market), for Wednesday, 25 February. 31 December 2025 24 February 2026 This multi-time frame analysis tracks shifting momentum profiles across 14 equally-weighted JSE sectors relative to the Top 40 index over an eight-week trading period. 🔄 Overall, the JSE breadth has experienced a massive expansion in volatility; the total number of "Neutral" readings across all timeframes has plummeted from approximately 45% of the board in December down to just 33% today. 📈 Bullish momentum has essentially doubled across the broader market, with the total count of "Strong" regime classifications jumping from just 7 instances at the end of 2025 to 14 instances by late February. 📉 Conversely, deep oversold extremes are expanding, highlighting a bifurcated market where capital is rapidly fleeing laggards to chase emerging cyclical strength. 💻 The Technology sector has seen a distinct deterioration since the end of 2025. What was previously a "Weak" long-term trend has now collapsed entirely into an "Oversold" state, with short-term momentum reaching highly bearish extremes. [Multi-Time Frame (Long) Reward-to-Risk: High Risk / High Reward (Contrarian mean-reversion setup)] 📉 Statistically, Technology is currently the worst-performing relative sector on the board, being the only group to register an "Oversold" medium-term regime alongside its deeply oversold long-term baseline. ⛏️ General Miners have staged a massive bullish turnaround. Upgrading from a weak long-term stance in December, they now boast a "Strong" long-term position and highly bullish medium-term momentum. [Multi-Time Frame (Long) Reward-to-Risk: Moderate (Strong momentum, but elevated medium-term pullback risk)] 🚀 The sheer velocity of the Miners' move is statistically significant, representing a rare "triple-upgrade" across long, medium, and short-term profiles in just 39 trading days. 🏦 Banks have also enjoyed a very solid upgrade in their underlying trends. Their previously neutral long and medium-term regimes have successfully transitioned into a definitively "Strong" status over the last eight weeks. [Multi-Time Frame (Long) Reward-to-Risk: Good (Strong trend with favorable short-term consolidation for entry)] 📊 This signifies a major institutional accumulation phase for Banks, shifting 66% of their trend metrics from stagnant to actively bullish without overextending their short-term oscillator profiles. 🛡️ Insurers, however, have not participated in this broader financial sector uplift. Their positioning remains completely static, stuck in a weak long-term trend with neutral medium and short-term indicators. [Multi-Time Frame (Long) Reward-to-Risk: Poor (Lacking directional momentum and baseline strength)] 📉 The statistical divergence between Banks and Insurers is glaring; while Banks captured strong relative flows, Insurers experienced exactly zero momentum shifts across all three measured time horizons. 🥇 Gold Miners have experienced an acceleration in their upward trajectory. Their long-term momentum, previously approaching overbought levels, has now officially triggered an "Overbought" regime, while short-term strength has strongly returned. [Multi-Time Frame (Long) Reward-to-Risk: Low (Overbought extremes present high pullback risk for new entries)] ⚠️ Statistically, Gold Miners are currently printing the most extended upper-bound readings on the board, holding the singular "Overbought" long-term rating across all 14 tracked sectors. 💎 Platinum Miners stand out as the most consistent performers on the board. They have maintained a completely unbroken "Strong" regime across all three timeframes since the end of last year. [Multi-Time Frame (Long) Reward-to-Risk: Excellent (Full bullish alignment across all measured time frames)] 🏆 With a 100% hold rate on their "Strong" classifications from December to February, Platinum Miners boast the lowest momentum volatility and highest relative trend stability of the entire group. 🛒 Consumer Staples are showing the first signs of a potential breakout. While their long and medium-term trends remain stubbornly neutral, their short-term momentum has upgraded from neutral to "Strong." [Multi-Time Frame (Long) Reward-to-Risk: Moderate (Short-term breakout requires longer-term confirmation)] 📈 This represents a 33% improvement in the Staples' overall trend profile, suggesting early defensive rotations are beginning to gain traction on shorter time horizons. 🛍️ Consumer Discretionary presents a highly mixed and volatile picture. The long-term trend remains heavily bearish, but a sudden surge of buying has pushed the short-term regime into highly bullish territory. [Multi-Time Frame (Long) Reward-to-Risk: High Risk (Conflicting extremes between long and short-term trends)] ⚡ This sector is displaying the widest statistical momentum spread in the market, pinning the needle at "High Bearish" on the long-term while simultaneously hitting "High Bullish" in the short-term. 🏥 Hospitals have mounted an impressive recovery over the past two months. While still fighting a weak long-term trend, both their medium and short-term regimes have flipped from neutral to "Strong." [Multi-Time Frame (Long) Reward-to-Risk: Moderate to Good (Developing counter-trend recovery)] 📈 Hospitals represent one of the most statistically robust short-term reversals, converting 66% of their trend profile from neutral stagnation into active relative outperformance. ⬛ Coal Miners remain entirely unchanged and uninspiring. They continue to languish with a weak long-term outlook and entirely neutral medium and short-term indicators, showing no real momentum either way. [Multi-Time Frame (Long) Reward-to-Risk: Poor (Stagnant momentum and weak underlying trend)] 📉 Along with Insurers, Coal Miners are the only other sector to register a 0% change across all momentum indicators between the December and February closing readings. 📡 Telecoms have seen a slight smoothing of their momentum curves. Their short-term strength from December has cooled to neutral, but this energy seems to have transferred into a newly "Strong" medium-term trend. [Multi-Time Frame (Long) Reward-to-Risk: Good (Constructive medium-term strength currently consolidating)] 📊 This sector displays classic rotational consolidation, trading a 100% drop in short-term strength for a 100% upgrade in medium-term trend stability. 📄 The Paper & Pulp sector continues to struggle under persistent selling pressure. The long-term picture remains deeply oversold, and short-term momentum has actively deteriorated from neutral to "Weak." [Multi-Time Frame (Long) Reward-to-Risk: Poor (Persistent downward momentum across time frames)] 📉 Statistically, Paper & Pulp is locked in a negative feedback loop, with 100% of its timeframes now registering in the bottom tier of momentum (Oversold/Weak/Weak). 🧪 Chemicals offer perhaps the most dramatic recovery story of the new year. Shaking off a highly bearish long-term and weak medium-term setup in December, they are now printing "Strong" medium and short-term regimes. [Multi-Time Frame (Long) Reward-to-Risk: Good (Emerging bullish alignment on shorter time frames)] 🚀 This structural turnaround is the most statistically aggressive on the board, shaking off a "High Bearish" long-term anchor to capture dual-strong readings in the faster timeframes. 👜 Luxury Goods have unfortunately lost further ground since the close of 2025. Their medium-term indicator has slipped from neutral to "Weak," aligning with their ongoing long-term weakness. [Multi-Time Frame (Long) Reward-to-Risk: Poor (Entrenched weakness with no signs of reversal)] 📉 This sector is showing a 33% degradation in its momentum profile, steadily leaking relative strength as it slides deeper into multi-timeframe weakness. 📊 Looking at the broader transition matrix, 35% of the tracked timeframes experienced a positive upgrade between December and February, indicating an overarching bullish tilt in JSE sector internals. 📉 Conversely, only 14% of the tracked timeframes suffered a momentum downgrade, confirming that buying pressure is currently outpacing selling pressure on a relative basis. ⚡ Extreme readings (High Bullish/Overbought or High Bearish/Oversold) have increased from 11% of all signals in December to 19% in February, pointing to rising institutional conviction. ⚖️ The data reveals a strong preference for resources and heavy industry over the last two months, while rate-sensitive sectors like Tech and Luxury are absorbing the brunt of the capital flight. 🔄 Mid-term timeframes showed the highest degree of regime volatility, acting as the primary transition zone where early year rotations were first confirmed. 🏁 In conclusion, the JSE sector landscape has aggressively transitioned from a state of broad neutrality in late 2025 into a highly polarized, high-velocity rotational market in 2026. 📈 Investors are clearly favoring established cyclical strength and aggressive counter-trend recoveries, completely abandoning sectors that fail to maintain upward relative momentum. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes February 2026 > https://www.unum.capital/post/rfeb2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Published on Tuesday 24 February (post-market), for Wednesday, 25 February. Domestic Economic Indicators (SA Inc) 🏦 The SARB Easing Cycle is Underway:  Banks moving into the Weakening  quadrant while Consumer sectors move into Improving  strongly signals an active interest rate cutting cycle. This compresses banking net interest margins (NIMs) but provides vital relief to consumers. 🛍️ South African Consumer Revival:  Consumer Discretionary and Staples surging with strong short-term momentum highlights a recovery in household disposable income, driven by lower inflation and easing borrowing costs. ⚡ Fading Local Energy Crisis Premium:  Coal Miners dropping to the Neutral  quadrant confirms that the acute premium on thermal coal—previously driven by extreme SA loadshedding and global energy fears—has completely dissipated. 🏭 Stabilizing Local Supply Chains:  Chemicals entering the Leading  quadrant acts as a proxy for stabilized local manufacturing, agriculture, and supply chains, indicating that crippling local logistical bottlenecks (like port and rail issues) are easing. 🏥 Defensive Domestic Anchors Remain Relevant:  Hospitals in the Leading  quadrant suggest that while investors are getting more optimistic about "SA Inc," they are doing so cautiously by choosing defensive, non-cyclical local cash flows. 🌾 Lower Local Input Inflation:  Consumer Staples crossing into the Improving  quadrant reveals that extreme input cost pressures (fuel, agricultural commodities) for retailers have subsided, allowing for margin expansion. 📶 Peak Yield Defensive Rotation:  Telecoms slipping into the Weakening  quadrant shows that local investors are abandoning traditional high-dividend defensive plays as they take on more risk in a recovering economic cycle. 💳 Maturing Credit Expansion:  Banks losing short-term momentum often signals that the credit expansion cycle has peaked locally; non-performing loans (NPLs) might be temporarily capping banking outperformance before rate cuts fully repair balance sheets. ☂️ Yield Curve Normalization:  Insurers remaining Neutral  while Banks weaken suggests the yield curve is steepening or normalizing, which is less immediately punishing to long-term investment floats than to short-term bank lending margins. 🇿🇦 The "SA Inc" Rebound:  With domestic retail improving and local industrials leading, the market is pricing in structural improvements in the domestic South African economy, signaling fading pessimism. Global Macro & Commodity Cycles ⛏️ Global Commodity Resurgence:  Diversified Miners anchored in the Leading  quadrant indicate robust global industrial demand and a definite upswing in the global manufacturing PMI cycle. 🇨🇳 Bifurcated China Macro Narrative:  The strength in Diversified Miners (iron ore/base metals) combined with extreme weakness in Luxury Goods ( Lagging ) suggests China is heavily stimulating its industrial/infrastructure engine, while its domestic consumer spending remains deeply depressed. 🥇 Sticky Global Geopolitical & Inflation Risks:  Gold Miners retaining "High Bullish" momentum in the Leading  quadrant shows investors are maintaining strong macro hedges against global inflation stickiness, currency devaluation, or geopolitical fragmentation. 🔄 Rotation from Global Growth to Value:  Technology (heavily weighted by Naspers/Prosus on the JSE) deeply lodged in the Lagging  quadrant signifies a broad global macro rotation away from high-duration growth equities into cyclical, cash-generative value stocks. 🌿 Green Energy Transition Demand:  Platinum’s strong placement in the Leading  quadrant underscores continued macro tailwinds from the global green energy transition, the hydrogen economy, and stabilized automotive supply chains. 💱 Potential ZAR Weakness / Rand-Hedge Appeal:  A leading resource and chemical sector often acts as a rand-hedge. Their strong performance indicates either a depreciating ZAR boosting local earnings or highly favorable global export pricing. 📦 Softness in Global E-commerce Logistics:  Paper and Pulp stuck in the Lagging  quadrant indicates softness in global fast-moving consumer goods (FMCG) and global shipping/packaging volumes, hinting at a global goods recession despite industrial strength. 🤖 Regulatory and Monetization Headwinds in Tech:  The "High Bearish" momentum in Technology points to macroeconomic headwinds specific to the Chinese tech sector (regulatory tightening) or global AI monetization fatigue affecting valuations. 🛡️ Risk-On Sentiment with an Insurance Policy:  The simultaneous bid for aggressive cyclical recovery (Miners, Consumer Discretionary) and extreme safety (Gold) paints a macro picture of "guarded optimism"—the market expects growth but is actively protecting against systemic shocks. 🌅 Classic Early-Cycle Recovery Blueprint:  The exact pairing of leading basic materials (Miners/Chem) and vigorously improving consumer sectors, alongside lagging tech and weakening financials, is the textbook macro signature of an economy transitioning from a late-stage slowdown into a fresh, early-cycle economic expansion. Lester Davids Senior Investment Analyst: Unum Capital