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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 Visual RRG Position Estimate (Reflecting relative multi-timeframe orientation as of EOD July 6, 2026) LEADING (High RS, High RM) Banks Telecoms Consumer Discretionary Hospitals Insurers WEAKENING (High RS, Low RM) Luxury Goods Diversified Miners IMPROVING (Low RS, High RM) Gold Miners Paper & Pulp LAGGING (Low RS, Low RM) Coal Miners Technology Chemicals Consumer Staples Platinum Miners 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 The late-autumn to mid-winter market cycle on the JSE has undergone a massive, structural regime shift. In early May, the market was characterized by deep structural fractures: domestic-facing sectors like Banks and Insurers were locked in multi-week horizontal consolidations, while the market’s primary engine of velocity was concentrated in a heavily extended commodities complex (Diversified Miners, Chemicals) and a booming secular bid in Telecoms. As the cycle migrated through June, the "commodity barbell" completely fractured. Industrial metals and chemicals rolled over into intense intermediate distribution, while former high-flying areas like Coal Miners suffered violent unwinds. Conversely, domestic beta staged a monumental structural breakout. Driven by an aggressive institutional bid, Banks, Insurers, Consumer Discretionary, and Hospitals methodically repaired their long-term configurations, culminating in July with these four sectors dominating the apex of both short-term velocity and intermediate relative strength. Apex Leaders (Shift): Transitioned from Telecoms, Diversified Miners, and Chemicals (May 5) to Banks, Consumer Discretionary, Hospitals, and Telecoms (Jul 6). Cooling Off / Distribution Regimes: Diversified Miners faded from long-term overbought extensions to an inactive neutral intermediate floor; Luxury Goods consistently printed immense intermediate momentum but entered a tactical short-term resting phase by July. Deepening Weakness: Coal Miners completed a full, devastating round-trip from short-term leadership into severe, high-bearish liquidation extremes. Chemicals systematically eroded from secular structural leaders down to near-term distribution vectors. 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 🟩Making Money on a JSE Insurer ✔ Take Profit On This +6% Rebound (Short Term Traders) Old Mutual (OMU) - two alerts given for this idea: (1) the initial note to prepare you and (2) the follow-up note to alert you that the share was at the buy range. Well done to clients who latch onto the opportunity. Previous Post (15 May) 🟩 JSE Insurer: Price Action Model Trigger (Update) + Entering Buy Range Note: the 1 to 10 day (S/Term) remains with a 'weak' reading however, the 5 to 8 week time frame sees a probability of a small rebound i.e. EXPECT LOWER LEVELS BUT PREPARE FOR A REBOUND ON THE HIGHER TIME FRAME. If you have access to an order book (market depth), then watch that too for evidence of buying. Unfortunately I don't have these tools. Previous Post (28 April) 🟩Old Mutual: Lower Levels Expected Before Tactical Rebound Old Mutual Ltd (OMU) - The model shows the price is still weak (i.e. no buy reading as yet) therefore we look for lower levels before a rebound. 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 Time of Analysis: Price 10h45, Monday, 06 July 2026 Pan African Resources (PAN) Short term traders, we are placing this share on your watchlist. The share is potentially developing an inverse head & shoulder formation via it's 1-hour chart with the right shoulder now commencing. The setup is triggered on a print above 2290c, while elevated volume and strong candle structure would further support the idea. The measure move target is 2590c while the view is invalidated below 2085c. 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 A simple yet effective way to assess the risks and probabilities over multiple time frames. 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 Sunday 05 July, for Monday, 06 July. Spot Gold (XAUUSD) The daily chart reflects an attempt to repair the damage done as the price unwound from historic medium and long term overbought levels. the price closed at a 1-week high, having rebounded off the late October/early November 2025 swing lows, reflecting market participants' recognition of the level as a key support. The candle structure reflects an early change in character with lower (but not long) wicks followed by a two-day bullish reversal which sees the price approaching the downward trend line extending back to the lower high of 12 May. A rebound from current levels is likely to see the commodity test the 8-week EMA, following by a confluence of the 21-week Exponential Moving Average, 75-day Exponential Moving Average and 200-day Simple Moving Average. This range (denoted by the red shaded area) is also in line with the downward trend line extending back to the all-time high peak. A pullback to support (or below) would be another opportunity to re-enter on the buy/long side. Note: On 23 June, the Price Action Model stated that the commodity had become attractive for a buy/long position (on the short term time frame). Subsequently, we saw the share drop further the following session followed by a base and rebound. Previous Post (23 June): Trading Spot Gold: Outlook, Risks & Probabilities Analyst: Disclosure: The commentary below was generated using an artificial intelligence tool, based on the analyst's own inputs/data. Core Thesis Spot Gold is experiencing a violent momentum reset. The current alignment of bearish indicators suggests that the market is prioritizing liquidity, with sellers dominating the tactical landscape. The core strategy is to exercise patience; the quantitative edge is found in observing how the price interacts with the 4,000.00 structural pivot, rather than attempting to catch the falling knife in the current high-velocity flush. 🟥 Structural correction 🟥 Tactical capitulation 🔎 Pullback observation 🟩 Buy/Long reward-to-risk: 🟢 Appealing Sell/short reward-to-risk: 🟧 Unappealing Current phase: 🔴 High-velocity markdown / capitulation Next best-probability phase: 🟡 Tactical mean-reversion / volatility stabilization Analyst verdict: ➡️ Awaiting structural floor confirmation / preserve capital Spot Gold [4119.53] is currently undergoing a sharp, high-velocity tactical flush. The asset is exhibiting aggressive markdown characteristics across all primary timeframes as momentum engines experience a synchronized descent from overextended levels. Because the Tactical (Daily), Strategic (Weekly), and Secular (Monthly) momentum indicators are all trending lower—with the Daily and Weekly engines plunging into WEAK to HIGH BEARISH MOMENTUM / APPROACHING OVERSOLD territory—the current price action reflects a period of intense liquidity withdrawal. The asset has entered a 🔎 Pullback Observation phase, identifying this as a high-volatility window where market participants are observing whether structural floors can successfully arrest the current capitulation velocity. Momentum Profile Daily Chart (Tactical): Mid Term Momentum is WEAK at 32.27. The daily engine is rapidly approaching the HIGH BEARISH MOMENTUM / APPROACHING OVERSOLD threshold, confirming dominant selling pressure and a high probability of a mean-reverting bounce. Weekly Chart (Strategic): Mid Term Momentum is HIGH BEARISH MOMENTUM / APPROACHING OVERSOLD at 23.35. This level has collapsed into the deeper momentum tiers, validating the intensity of the current drawdown. Monthly Chart (Macro): Mid Term Momentum is NEUTRAL at 48.13. The secular engine has mean-reverted to the neutral baseline, indicating that the long-term trend is currently stabilizing after a period of extreme expansion. Structural Breakdown & Velocity 1-Day Structure (Vertical Markdown): The daily chart reflects a sharp, impulse-driven decline, breaking through intermediate support levels with high conviction. Weekly Structure (Trend Inversion): The weekly perspective shows a significant structural shift as the asset retests long-term trend baselines following the recent parabolic top. Monthly Structure (Secular Core): Despite the current tactical weakness, the monthly view confirms the asset remains within a dominant multi-year uptrend structure, currently testing a major re-entry pivot. Contrarian Asymmetry & Support Mapping Primary Upside Target (The Reward): 4,500.00 – 4,800.00. This zone identifies the primary overhead supply block where previous distribution occurred. Structural Risk Pivot (The Invalidation Point): 3,800.00 – 4,000.00. The critical structural floor. A sustained breach below this level would signal a more protracted corrective regime. Asymmetry Observation: The interaction between the current price and the 4,000.00 structural pivot presents a high-variance environment; market participants are assessing whether this level acts as a floor for a new markup cycle or a trigger for further structural breakdown. Technical Valuation & Variance Matrix Estimated Technical Fair Value (TFV): 4,050.00. The calculated equilibrium point where recent volume-at-price clusters have formed. Current Price Variance: The asset is currently trading at a marginal premium to its near-term TFV, signaling that tactical sellers are still in control of price discovery. Asymmetry Ratio: The current setup offers a speculative risk-reward variance, contingent on the asset’s ability to defend the 4,000.00 structural baseline. Tactical Probability Profile Long: Immediate Market Entry | 20% (Risk of continued capitulation) Long: At 3,950.00 Structural Pivot | 75% (Optimal contrarian re-engagement) Long: At 3,600.00 Macro Base | 90% (High-conviction structural entry) What Can Change? Bullish Resumption: A daily close reclaiming 4,400.00 would signal the end of the capitulation phase and suggest that structural buyers are re-entering the market. Momentum Divergence: A new price low accompanied by a rising RSI would suggest that the current selling velocity is exhausted, likely preceding a mean-reverting rally. Macro Failure: A weekly close decisively below 3,800.00 would invalidate the secular bullish thesis and signal a broader, more severe structural correction. 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 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 The share recently traded higher by as much as 100%. Well done to clients who may have latched onto the opportunity. Previous Post (Wednesday, 25 September 2024, 08h49) Sabvest Capital - Small Cap With Emerging Momentum Ticker: SBP Looking through some of the small cap shares, this one, an investment holding company with a world-class capital allocator as CEO, is looking to emerge from a multi-month consolidation. Worth putting on your radar. Not the most liquid name, hence much smaller positions will be applicable. 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 Absa Group (ABG) - Last close = R222.16. Provisionally, medium term traders can use the re-test of the prior long term breakout level as a buy/long re-entry range. The stock has sold off on reporting results that came in below the market's expectations. Should the price continue to show significant weakness, the opportunity will be re-assessed (in real-time). 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 Mondi Plc - Weekly Chart Mondi Plc - Monthly Chart 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 Analyzing momentum requires understanding that trends can exhaust, reverse, or trap investors. Based on the principle that the shorter timeframe is the most reactive leading indicator, here are the core risks associated with positioning into each category: 4. The Value Trap (The Laggards) Affected Sectors: Technology The Risk: Technology is flagged as High Bearish / Approaching Oversold on the long term. Visually, this looks cheap, tempting investors to buy for a value turnaround. However, the short-term and medium-term momentum is still Weak. The risk is a value trap—where an asset stays oversold or cheap far longer than an investor can remain solvent because there is absolutely no short-term buying pressure to trigger a bounce. What to watch: Do not look at this sector until the short-term timeframe shows at least a reactive move back up to Neutral or Strong. JSE Technology Relative JSE Top 40 Index 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 Analyzing momentum requires understanding that trends can exhaust, reverse, or trap investors. Based on the principle that the shorter timeframe is the most reactive leading indicator, here are the core risks associated with positioning into each category: 🟥 Catching a Falling Knife (The Cooling-Off Sectors) Affected Sectors: Coal Miners, Chemicals The Risk: Investors often look at historically baseline or Neutral long-term sectors like Coal Miners and assume a recent pullback is a good buying opportunity. The risk here is ignoring the warning flare: the short-term chart has violently shifted to High Bearish Momentum. Since the short-term move is the quickest and most reactive, this weakness is highly likely to continue bleeding upward into the medium-term timeframes, turning a minor dip into a major structural downtrend. What to watch: Continuous degradation of the medium-term momentum toward Weak or High Bearish. JSE Coal Miners Relative JSE Top 40 Index JSE Chemicals Relative JSE Top 40 Index Lester Davids Senior Investment Analyst: Unum Capital