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+30 Take Profit Opportunities: Our Capabilities > https://www.unum.capital/post/capabilities Free Content: July 2026 > https://www.unum.capital/post/rjuly2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za NOTE: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes Brent Crude Oil. Now +11% vs Buy Re-Entry Range. Short Term Traders Consider Taking Profits On This Rebound Did you also notice it's rallying in line with the price action model? Anyone reading this capitalize on this opportunity? Previous Post (Sunday 28 June) 🟩🛢️At/Approaching Buy/Add Range. Look For Lower Levels Before Tactical Rebound + See Price Action Model Published on Sunday 28 June, for Monday 29 June. Please note: Due to unforeseen circumstances, I will not have access to my laptop on Monday 29 June. 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, specifically by helping to determine the best potential times and levels to commit capital. 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 is being held by a trader, while the probabilities are based on several factors, which may include: Short-term ratings and medium-term regimes Momentum indicators Horizontal or diagonal support and resistance Candle structure Moving averages and standard deviation Please note that these are short-term levels and may contrast with medium- and long-term outlooks, which are based on the weekly and monthly charts and are generally more applicable to long-term investors. These levels are subject to change based on market sentiment, subsequent price action, and company/sector-specific or macroeconomic news flow. As always, while the levels are outlined to guide your capital deployment, traders should be prepared to adjust in real-time based on the aforementioned factors. 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

+30 Take Profit Opportunities: Our Capabilities > https://www.unum.capital/post/capabilities Free Content: July 2026 > https://www.unum.capital/post/rjuly2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za NOTE: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes Prosus N.V +10% vs buy re-entry range. High of 75800c. Currently 75450 Previous Post (07 July): Prosus N.V (PRX) JSE Share: Solid Rebound (+5%) vs Buy Re-Entry Zone. Traded ~R684, High of ~R721 Previous Post (Friday 03 July): Approaching Multi-Year Polarity Range at R648 to R685....Take Note 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, specifically by helping to determine the best potential times and levels to commit capital. 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 is being held by a trader, while the probabilities are based on several factors, which may include: Short-term ratings and medium-term regimes Momentum indicators Horizontal or diagonal support and resistance Candle structure Moving averages and standard deviation Please note that these are short-term levels and may contrast with medium- and long-term outlooks, which are based on the weekly and monthly charts and are generally more applicable to long-term investors. These levels are subject to change based on market sentiment, subsequent price action, and company/sector-specific or macroeconomic news flow. As always, while the levels are outlined to guide your capital deployment, traders should be prepared to adjust in real-time based on the aforementioned factors. 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

+30 Take Profit Opportunities: Our Capabilities > https://www.unum.capital/post/capabilities Free Content: July 2026 > https://www.unum.capital/post/rjuly2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za NOTE: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes Tencent is higher by 13% vs our note on 25 June. This morning's +4% gain will positively impact Naspers & Prosus, both of which we updated yesterday. See links here: Naspers > https://www.unum.capital/post/npn0707 Prosus > https://www.unum.capital/post/prx0707 Previous Post (25 June): Tencent Holdings: Early Signs of Downward Momentum Slowing. Early signs of downward momentum slowing. Attempting to hold above the prior swing low. Previous Post (28 May):Tencent Holdings: Important For Naspers/Prosus Analyst Disclosure: This analysis was compiled using an artificial intelligence tool, with inputs based on the analyst's own data. STATUS OVERVIEW TECHNICAL CONDITION: 🟥 DEEP CORRECTION / SEVERE DOWNTREND CATEGORY: 🟥 BEARISH / MEAN-REVERSION WATCH TREND STATUS Daily Trend: 🟥 Steep Downtrend / Extremely Oversold Weekly Trend: 🟥 Aggressive Distribution / Capitulation Phase Monthly Trend: 🟥 Macro Consolidation / Bearish Momentum Primary Action: 🟨 Wait for Base / 🟩 Trade the Relief Bounce (High Risk) CORE THESIS: Severe Liquidation & Extreme Oversold Conditions Tencent Holdings (700) is currently enduring a brutal, synchronized sell-off. Following a massive recovery rally throughout 2024 and 2025 that brought the asset back near its 2021 all-time highs (~720+ HKD), it has suffered a relentless, six-month distribution phase. The asset has shed over 40% of its value from the 2025 peak, currently trading near the 420 HKD level. However, while the structural trend is decisively broken to the downside, the momentum profile is screaming exhaustion. With momentum at incredibly depressed levels across both daily and weekly timeframes, the selling pressure is mathematically unsustainable in the short term. The asset is likely in the final throes of capitulation. Shorting at these levels carries immense risk of a violent short-squeeze. The strategic focus must shift from trend-following to identifying a tactical mean-reversion (relief rally) setup. Verdict: 🟨 DO NOT CATCH THE FALLING KNIFE / 🟩 WATCH FOR REVERSAL CANDLES TO PLAY A TACTICAL BOUNCE / 🟥 DO NOT INITIATE NEW SHORTS. STRUCTURAL PROFILE (Based on Core Momentum Data) DAILY (Tactical): Short-Term Trend ➔ 🟥 SEVERE DOWNTREND WEEKLY (Intermediate): Structural Trend ➔ 🟥 DEEP CORRECTION MONTHLY (Secular): Macro Cycle ➔ 🟥 BEARISH CHOP Profile Alignment: The timeframe stack is highly destructive but universally overextended to the downside. The Monthly chart shows a volatile macro range (boom in 2021, bust in 2022, boom in 2025, bust in 2026). The Weekly chart dictates the current dominant structural move, which is a massive liquidation. The Daily chart confirms heavy, ongoing selling. The unifying theme across all three timeframes is extreme negative momentum, setting the stage for a counter-trend reaction. STRUCTURAL TIME FRAME ANALYSIS 🟥 Daily Momentum (The Tactical Engine): The Daily chart reveals a steep "waterfall" decline since late 2025. Price action is consistently printing lower lows and lower highs with virtually no meaningful relief rallies. However, downside momentum has reached extreme limits. Such deep oversold conditions historically precede sharp, sudden, and violent relief bounces as late shorts cover and bottom-fishers step in. 🟥 Weekly Liquidation (The Structural Driver): The Weekly chart highlights the severity of the rejection from the 2025 double-top. Downside momentum is historically extreme. It is exceedingly rare for an asset of Tencent's market capitalization to maintain this level of selling pressure without triggering at least a multi-week consolidation or mean-reversion rally to reset. 🟨 Monthly Volatility (The Secular Anchor): The Monthly chart zooms out to show extreme boom-and-bust cycles. After recovering brilliantly from the late-2022 lows (~190 HKD) to peak again in 2025, it is now unwinding that entire move. At ~420 HKD, it is approaching the midpoint of its macro multi-year range, which may offer psychological and structural support. INTERACTION VERDICT - Capitulation Watch: "You have a broken asset in a severe downtrend, but the rubber band is stretched to its absolute limit to the downside. The structural trend is your enemy right now, but the momentum extremes offer a tactical opportunity. 🟨 Patience is required. Wait for momentum divergence before attempting to buy." CATEGORIZATION & STRATEGY Daily Timeframe (Tactical) Primary Category: 🟥 WATERFALL DECLINE Impending Transition: 🟩 RELIEF RALLY / DEAD CAT BOUNCE Strategic Overlay: 🟨 WAIT FOR BULLISH DIVERGENCE Weekly Timeframe (Intermediate) Primary Category: 🟥 AGGRESSIVE DISTRIBUTION Impending Transition: 🟨 BASE BUILDING Strategic Overlay: 🟥 AVOID CORE LONG POSITIONS UNTIL TREND REVERSES Monthly Timeframe (Secular) Primary Category: 🟨 MACRO CONSOLIDATION RANGE Impending Transition: 🟥 APPROACHING RANGE SUPPORT Strategic Overlay: 🟨 REDUCE EXPOSURE / HEDGE STRATEGIC INTERPRETATIONS BY TIMEFRAME 🟩 TACTICAL (Next 1 to 3 Weeks): "The Daily chart is dangerously oversold. A relief rally of 10-15% is highly probable purely to reset momentum. Aggressive traders can look for a daily close that forms a reversal pattern (like a hammer or bullish engulfing) to play a quick bounce. Set extremely tight stops." Action: 🟩 Trade the Mean-Reversion (Low Size, High Alert) 🟨 INTERMEDIATE (Next 3 to 9 Months): "The Weekly chart is broken. Even if we get a tactical bounce, it will likely be sold into to form a lower high. Do not mistake a 3-week bounce for a new bull market. The asset needs months of sideways grinding to build a new base." Action: 🟨 Wait for a Weekly Base 🟨 SECULAR (Next 1 to 3 Years): "The Monthly chart shows Tencent trapped in a massive, multi-year volatile range. It is currently in the destructive phase of that cycle. Core investors should wait for the macro dust to settle closer to the 300-350 HKD level before accumulating long-term holds." Action: 🟨 Preserve Capital / Wait for Macro Support KEY RISKS TO THESIS 🟥 The Falling Knife (Continuation Risk) Scenario: The oversold conditions remain embedded. Instead of bouncing, the asset enters a capitulation cascade, dropping another 15-20% rapidly towards the 300 HKD level before any relief occurs. Impact: Bottom-fishers and early buyers get crushed. Strict stop-losses are mandatory if attempting to catch the bounce. 🟧 The Dead Cat Bounce (Trap) Scenario: The asset rallies sharply by 10-12% over a few days, convincing retail that the bottom is in. It hits declining moving averages on the Daily chart and immediately resumes the primary downtrend to make new lows. Impact: Requires tactical traders to take profits aggressively into the first sign of strength and not overstay their welcome. DECISION LOGIC Current State: "Waterfall Decline & Momentum Exhaustion" Question: Has the Daily chart printed a bullish reversal candle or momentum divergence? 🟩 Yes (Price makes a lower low, momentum makes a higher low) ➔ 🟩 EXECUTE TACTICAL BOUNCE TRADE 🟨 No, but holding steady (Price is chopping sideways) ➔ 🟨 WAIT AND MONITOR 🟥 No, price continues to plunge (Red candles closing on their lows) ➔ 🟥 STAND ASIDE. DO NOT BUY YET. PRICE PROJECTIONS: FORWARD MODELING 🟩 BULL CASE ("Mean Reversion Rally"): Target ~500-520 HKD | Probability: 45%The extreme oversold conditions trigger a short-covering rally. Price snaps back violently to re-test the previous breakdown levels on the Daily chart. This is a counter-trend bounce, not a new bull market. 🟧 BASE CASE ("Grinding Base"): Target ~380-450 HKD | Probability: 35%The aggressive selling stops, but buyers are weak. The asset chops sideways in a volatile range for several months to slowly work off the depressed momentum and build a foundation. 🟥 BEAR CASE ("Macro Capitulation"): Target ~320 HKD | Probability: 20%The 400 HKD psychological level breaks with volume. Panic selling ensues, driving the asset down to test the upper bounds of the 2022 macro crash levels before finding structural support. SCENARIO PLANNING 🟩 Trading the Bounce: If executing a mean-reversion trade, use the recent swing low as a hard stop. Your target should be the first major declining moving average (e.g., the 20-day or 50-day EMA). Take profits quickly. 🟥 Respecting the Structural Trend: Remember that the higher timeframes (Weekly, Monthly) are pointing straight down. Any long position right now is swimming against a very strong current. EXECUTION PROTOCOL PRIMARY: 🟨 Stand aside for long-term holds, 🟩 Trade tactical bounces with tight risk management. 🟥 Step 1: Do not initiate any new short positions. The risk-to-reward ratio is terrible down here due to the threat of a short-squeeze. 🟨 Step 2: For tactical longs, wait for daily momentum to tick upward accompanied by a green, high-volume reversal candle. 🟩 Step 3: If triggered, size down. Only risk a fraction of standard capital on counter-trend trades. Set hard stops strictly below the capitulation wick. CONCLUSION Tencent Holdings (700) is currently technically broken but severely overextended. The asset has been heavily distributed over the last six months, resulting in exceptionally rare oversold momentum readings on the Daily and Weekly charts. While the structural trend remains hostile and warns against buying for long-term holds, the short-term rubber band is stretched to the point where a sharp, tactical relief rally is highly probable. 🟨 Investors should exercise extreme caution, avoiding the temptation to catch the falling knife, while tactical traders can prepare to capitalize on an imminent mean-reversion bounce. 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, specifically by helping to determine the best potential times and levels to commit capital. 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 is being held by a trader, while the probabilities are based on several factors, which may include: Short-term ratings and medium-term regimes Momentum indicators Horizontal or diagonal support and resistance Candle structure Moving averages and standard deviation Please note that these are short-term levels and may contrast with medium- and long-term outlooks, which are based on the weekly and monthly charts and are generally more applicable to long-term investors. These levels are subject to change based on market sentiment, subsequent price action, and company/sector-specific or macroeconomic news flow. As always, while the levels are outlined to guide your capital deployment, traders should be prepared to adjust in real-time based on the aforementioned factors. 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

+30 Take Profit Opportunities: Our Capabilities > https://www.unum.capital/post/capabilities Free Content: July 2026 > https://www.unum.capital/post/rjuly2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za NOTE: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes Published on Tuesday, 07 July (post-market) for Wednesday, 08 July. For our clients trading BHP Group (BHG). For more info on the actionable areas, you are welcome to contact me. We published an 'EARLY CAUTION FOR NEW LONGS' signal on 12 May. Since then, the share has struggled to continue it's strong run. In fact, the share is at a 2-month low. We have shifted to a 'Sell The Rally' and 'Buy on Deeper Pullback' phase. Previous Post (12 May): JSE Mining Share: Massive Winner For Unum Clients, Now With An Early 'Caution' Signal🟥 BHP Group from 41800c to 71400c. Now, see the price action model reading. 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, specifically by helping to determine the best potential times and levels to commit capital. 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 is being held by a trader, while the probabilities are based on several factors, which may include: Short-term ratings and medium-term regimes Momentum indicators Horizontal or diagonal support and resistance Candle structure Moving averages and standard deviation Please note that these are short-term levels and may contrast with medium- and long-term outlooks, which are based on the weekly and monthly charts and are generally more applicable to long-term investors. These levels are subject to change based on market sentiment, subsequent price action, and company/sector-specific or macroeconomic news flow. As always, while the levels are outlined to guide your capital deployment, traders should be prepared to adjust in real-time based on the aforementioned factors. 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

+30 Take Profit Opportunities: Our Capabilities > https://www.unum.capital/post/capabilities Free Content: July 2026 > https://www.unum.capital/post/rjuly2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za NOTE: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes Published on Tuesday, 07 July (post-market) for Wednesday, 08 July. For our clients trading Discovery Holdings (DSY). For more info on the actionable areas, you are welcome to contact me. 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, specifically by helping to determine the best potential times and levels to commit capital. 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 is being held by a trader, while the probabilities are based on several factors, which may include: Short-term ratings and medium-term regimes Momentum indicators Horizontal or diagonal support and resistance Candle structure Moving averages and standard deviation Please note that these are short-term levels and may contrast with medium- and long-term outlooks, which are based on the weekly and monthly charts and are generally more applicable to long-term investors. These levels are subject to change based on market sentiment, subsequent price action, and company/sector-specific or macroeconomic news flow. As always, while the levels are outlined to guide your capital deployment, traders should be prepared to adjust in real-time based on the aforementioned factors. 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

+30 Take Profit Opportunities: Our Capabilities > https://www.unum.capital/post/capabilities Free Content: July 2026 > https://www.unum.capital/post/rjuly2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za NOTE: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes Ecolab Previous Post (28 May) Global Idea: Ecolab Ecolab operates as a critical "picks and shovels" infrastructure play for the artificial intelligence boom. While the market focuses on the companies designing the chips and building the models, Ecolab manages the physical bottleneck threatening the entire ecosystem: thermal management and water scarcity. Buy at $262.58 or lower Stop-loss: $248.00 Target(s): $325.00 Code: ECL Lester Davids Senior Investment Analyst: Unum Capital

+30 Take Profit Opportunities: Our Capabilities > https://www.unum.capital/post/capabilities Free Content: July 2026 > https://www.unum.capital/post/rjuly2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za NOTE: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes Coffee Futures (KC): Yesterday it traded as high as +28%. Well done to clients who are capitalizing on these opportunities. Previous Post (20 May): Commodities Trade Setup: Let's Grab Some Coffee I don't want to pre-empt a move here but it may be worthwhile keeping you eye on Coffee Futures as it looks to break down here. My initial thought is that traders need to be open the potential for a false breakdown and a reclaim above the 276 level (for now). This is would set up a BUY TRADE. Also note the price trading back at the prior breakout level. Lester Davids Senior Investment Analyst: Unum Capital

+30 Take Profit Opportunities: Our Capabilities > https://www.unum.capital/post/capabilities Free Content: July 2026 > https://www.unum.capital/post/rjuly2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za NOTE: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes Naspers Ltd (NPN): The share traded into the buy re-entry range, which was (1) the 200-WEEK SMA and more specifically, (2) a slight overshoot thereof (blue shaded area). As always, we account for downside overshoots as we don't know how far institutional investors/traders will push the price. Previous Post (29 June): Published Monday 29 June (after market close) for Tuesday 30 June. The share has found support on it's 200-week moving average, the range which was considered in the previous note, although the deeper buy zone was not reached. The group's results (published Monday 29 June) was well received by the market as the share rose nearly 5% on the day. A print lower into in the buy range will be an opportunity for traders to re-accumulate. Previous Post (22 June) 🟦Buy on Deeper Pullback. Monitor R730 (and Below) For Buy Re-Entry Chart & analysis as of Friday 19 June at 15h12. Naspers Ltd (NPN) 🟥 Appears vulnerable to a break of a medium term support level that has been tested on several occasions. 🟩 Approaching it's rising 200-week SMA buy 🟧 vulnerable to a break of this level which can take it down to support near R730. 🟥Trading below all short and medium term moving averages (bearish) 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, specifically by helping to determine the best potential times and levels to commit capital. 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 is being held by a trader, while the probabilities are based on several factors, which may include: Short-term ratings and medium-term regimes Momentum indicators Horizontal or diagonal support and resistance Candle structure Moving averages and standard deviation Please note that these are short-term levels and may contrast with medium- and long-term outlooks, which are based on the weekly and monthly charts and are generally more applicable to long-term investors. These levels are subject to change based on market sentiment, subsequent price action, and company/sector-specific or macroeconomic news flow. As always, while the levels are outlined to guide your capital deployment, traders should be prepared to adjust in real-time based on the aforementioned factors. 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

+30 Take Profit Opportunities: Our Capabilities > https://www.unum.capital/post/capabilities Free Content: July 2026 > https://www.unum.capital/post/rjuly2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za NOTE: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes Nepi Rockcastle (NRP) Current Price: 14703c Buy Between 14500c and 14800c Stop-loss/Temporary Invalidated below 13400c Target: 16800c Note: This is a medium term view. Not a short term view. 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, specifically by helping to determine the best potential times and levels to commit capital. 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 is being held by a trader, while the probabilities are based on several factors, which may include: Short-term ratings and medium-term regimes Momentum indicators Horizontal or diagonal support and resistance Candle structure Moving averages and standard deviation Please note that these are short-term levels and may contrast with medium- and long-term outlooks, which are based on the weekly and monthly charts and are generally more applicable to long-term investors. These levels are subject to change based on market sentiment, subsequent price action, and company/sector-specific or macroeconomic news flow. As always, while the levels are outlined to guide your capital deployment, traders should be prepared to adjust in real-time based on the aforementioned factors. 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

+30 Take Profit Opportunities: Our Capabilities > https://www.unum.capital/post/capabilities Free Content: July 2026 > https://www.unum.capital/post/rjuly2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za NOTE: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes Date/Time: Tuesday, 07 July 2026 at 09h22 MTN Group: Yesterday's bearish engulfing candle is seeing early downside follow-through. Depending on todays intraday price action, it could signal the start of a short term bearish reversal. Lester Davids Senior Investment Analyst: Unum Capital

+30 Take Profit Opportunities: Our Capabilities > https://www.unum.capital/post/capabilities Free Content: July 2026 > https://www.unum.capital/post/rjuly2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za NOTE: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes Prosus N.V (PRX) Previous Post (Friday 03 July): Approaching Multi-Year Polarity Range at R648 to R685....Take Note 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, specifically by helping to determine the best potential times and levels to commit capital. 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 is being held by a trader, while the probabilities are based on several factors, which may include: Short-term ratings and medium-term regimes Momentum indicators Horizontal or diagonal support and resistance Candle structure Moving averages and standard deviation Please note that these are short-term levels and may contrast with medium- and long-term outlooks, which are based on the weekly and monthly charts and are generally more applicable to long-term investors. These levels are subject to change based on market sentiment, subsequent price action, and company/sector-specific or macroeconomic news flow. As always, while the levels are outlined to guide your capital deployment, traders should be prepared to adjust in real-time based on the aforementioned factors. 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

+30 Take Profit Opportunities: Our Capabilities > https://www.unum.capital/post/capabilities Free Content: July 2026 > https://www.unum.capital/post/rjuly2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za NOTE: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes Daily Chart Rating ★★☆☆☆ (2/5) The reward-to-risk profile is defensive. The upside reward potential is Low to Moderate as the overhead supply is heavily concentrated along the descending channel resistance and the 17.49 pivot level, requiring significant institutional accumulation to absorb. Conversely, the downside risk is Elevated due to the ongoing structural alignment with the strategic downtrend and the vulnerability of the immediate lower channel boundary; a failure here exposes the recent capitulation lows near the 15.60 zone. Lester Davids Senior Investment Analyst: Unum Capital