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Take Profit Opportunities: Our Capabilities > https://www.unum.capital/post/capabilities Free Content: June 2026 > https://www.unum.capital/post/rjune2026 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 Saturday 27 June, for Monday 29 June. The aggressive "barbell" market environment from mid-June has begun to cool as the month draws to a close. The intense rotational surges seen around June 19 have largely normalized. Former mid-June apex leaders like Insurers and Consumer Discretionary have seen their momentum step down from High Bullish extremes to a more sustainable Strong posture. Meanwhile, Banks and Luxury Goods have cemented their positions as the definitive market leaders, refusing to give up their High Bullish trajectories. On the negative side, the unwinding in the commodities space continues, with Coal Miners deteriorating further into Weak territory alongside Technology and Paper & Pulp. Apex Leaders: Banks, Luxury Goods, Telecoms Cooling Off: Insurers, Consumer Discretionary, Consumer Staples Deepening Weakness: Coal Miners, Technology, Diversified Miners Short-Term Trajectory Tracker (Recent Weeks) Tracking short-term momentum path: Jun 12 → Jun 17 → Jun 19 → Jun 23 → Jun 26 Banks: Strong → Strong → Overbought → High Bullish → High Bullish (Dominant Leader) Luxury Goods: High Bullish → Strong → High Bullish → Strong → High Bullish (Relentless Bid) Insurers: Strong → Strong → High Bullish → High Bullish → Strong (Healthy Digestion) Cons Disc: High Bullish → Strong → High Bullish → Strong → Strong (Stabilizing after Squeeze) Hospitals: Weak → High Bearish → Strong → Neutral → Strong (Violent Whipsaw) Telecoms: Strong → Weak → Strong → Neutral → Strong (Consistent Base) Cons Staples: Neutral → Neutral → Strong → Neutral → Neutral (Failed Defensive Bid) Gold Miners: Weak → Strong → Weak → Weak → Neutral (Attempting to Base) Platinum Miners: Weak → Strong → Weak → Weak → Neutral (Mirroring Gold) Chemicals: Neutral → High Bearish → Neutral → Neutral → Weak (Rolling Over) Div. Miners: Strong → Neutral → Weak → Weak → Weak (Sustained Distribution) Technology: Weak → Weak → Neutral → Weak → Weak (Structurally Broken) Paper & Pulp: Weak → Weak → Weak → Weak → Weak (Trapped in Downtrend) Coal Miners: Weak → High Bearish → Neutral → Weak → Weak (Complete Unwind) Lester Davids Senior Investment Analyst: Unum Capital

Take Profit Opportunities: Our Capabilities > https://www.unum.capital/post/capabilities Free Content: June 2026 > https://www.unum.capital/post/rjune2026 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 Saturday 27 June, for 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

Take Profit Opportunities: Our Capabilities > https://www.unum.capital/post/capabilities Free Content: June 2026 > https://www.unum.capital/post/rjune2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Deere & Co. (DE) Previous Post (03 June): 🟩Buy Idea: With A $150bn Market Cap, This U.S. Industrial Share Is Developing Strong Price Action + Undercut & Reclaim + Increasing Volume Deere & Co. The undercut and reclaim can often lead to a short squeeze. Also note the improving price action/candle structure. Buy on pullback $570-$575 Stop-loss: $538 Target: $620 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

Take Profit Opportunities: Our Capabilities > https://www.unum.capital/post/capabilities Free Content: June 2026 > https://www.unum.capital/post/rjune2026 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 Update: Strong Upside Follow-Through Over A 1 Year Period. Recent high saw a 42% gain. Move your trading account to Unum Capital today. Previous Post (20 June 2025): Portfolio Idea: Satrix MSCI Emerging Markets. Discount To U.S. Equities + Accelerating Trend Weekly Chart Holdings via Latest MDD (30 April) Sector Allocation via Latest MDD (30 April) Previous Post: EEM ETF - A Beneficiary Of U.S. Interest Rate Cuts - Friday, 20 September 2024 Pre-Market U.S. Trading Session / Real-Time (South African; 15h02) With the Federal Reserve cutting interest rates, money could potentially flow out of developed markets, into high yielding EM geographies. In addition, high valuations in the U.S. may be a driver for flows into markets with a lower valuation/rating. The Emerging Markets ETF (EEM) trades at a substantial discount to the S&P 500. Current level: $43.78 Medium Term Target: +$48 Stop-loss/invalidated below: $37 Lester Davids Senior Investment Analyst: Unum Capital

Take Profit Opportunities: Our Capabilities > https://www.unum.capital/post/capabilities Free Content: June 2026 > https://www.unum.capital/post/rjune2026 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 Short Term Takeaway: Watch $1390 to $1490 as a buy re-entry range for a short term oversold rebound trade. Analyst Disclosure: The commentary below was produced using an artificial intelligence tool, based on my own data. STATUS OVERVIEW TECHNICAL CONDITION: 🟥 SHARP CORRECTION / DOWNTREND CATEGORY: 🟥 BEARISH / EXTREME OVERSOLD WATCH TREND STATUS Daily Trend: 🟥 Steep Downtrend / Severely Oversold Weekly Trend: 🟥 Aggressive Correction / Momentum Reversal Monthly Trend: 🟩 Secular Bull / Deep Pullback Phase Primary Action: 🟨 Wait for Capitulation / 🟩 Prepare for Tactical Bounce CORE THESIS: Aggressive Unwind in a Secular Bull Market Spot Platinum (XPTUSD) is currently experiencing a violent corrective phase following a spectacular, multi-year parabolic rally. After surging from the 2020 lows (~$600) to an incredible peak near $2,800 in early 2026, the asset has entered a period of severe distribution. The price has cascaded downward, currently trading near the $1,550 level, representing a substantial haircut from its recent highs. While the immediate daily and weekly structural trends are decisively broken to the downside, this is occurring within the context of a massive secular bull run visible on the monthly chart. Crucially, short-term momentum (RSI) on both the daily and weekly timeframes has reached extreme oversold territory. This suggests the current wave of selling pressure is mathematically exhausted and highly vulnerable to a sharp mean-reversion bounce. The strategic focus must shift from shorting the breakdown to identifying a tactical bottom for a relief rally. Verdict: 🟨 DO NOT CATCH THE FALLING KNIFE / 🟩 WATCH FOR MOMENTUM DIVERGENCE FOR A TACTICAL LONG / 🟥 DO NOT INITIATE NEW SHORTS. STRUCTURAL PROFILE (Based on Core Momentum Data) DAILY (Tactical): Short-Term Trend ➔ 🟥 WATERFALL DECLINE WEEKLY (Intermediate): Structural Trend ➔ 🟥 DEEP CORRECTION MONTHLY (Secular): Macro Cycle ➔ 🟩 SECULAR BULL (PULLBACK) Profile Alignment: We are observing a classic "boom and bust" correction within a larger macro uptrend. The Monthly chart confirms the sheer scale of the 2020-2026 rally; the current drop, while severe, is technically a pullback within that wider context. However, the Weekly and Daily charts dictate the current dominant action: aggressive liquidation. The unifying theme across the lower timeframes is extreme negative momentum (RSI ~21 on both Daily and Weekly), setting the stage for an imminent counter-trend reaction. STRUCTURAL TIME FRAME ANALYSIS 🟥 Daily Momentum (The Tactical Engine): The Daily chart reveals a relentless "waterfall" decline since the start of 2026. The price action is characterized by lower lows and lower highs with minimal relief. However, the 7-period RSI has plunged to ~21.27. This deep oversold condition historically precedes sharp, violent relief bounces as late shorts cover and tactical buyers step in. 🟥 Weekly Liquidation (The Structural Driver): The Weekly chart highlights the severity of the rejection from the $2,800 peak. The trend structure is broken, but the momentum reading is the key takeaway: the weekly RSI is at ~21.58. It is extremely rare for an asset to maintain this level of weekly selling pressure without triggering a multi-week consolidation or mean-reversion rally. 🟩 Monthly Volatility (The Secular Anchor): The Monthly chart zooms out to show the massive secular bull market. Despite the current bloodbath, the asset remains vastly higher than its historical base. The monthly RSI has cooled to ~42.59, returning to neutral territory after being extremely overbought. This timeframe suggests that once the current liquidation concludes, structural support should be found. INTERACTION VERDICT - Capitulation Watch: "You have a broken short-term trend, but the rubber band is stretched to its absolute limit to the downside on the daily and weekly charts. The structural trend is your enemy right now, but the momentum extremes offer a highly asymmetric tactical opportunity. 🟨 Patience is required. Wait for momentum divergence or a clear reversal candle before attempting to buy." CATEGORIZATION & STRATEGY Daily Timeframe (Tactical) Primary Category: 🟥 WATERFALL DECLINE Impending Transition: 🟩 RELIEF RALLY / SHORT SQUEEZE Strategic Overlay: 🟨 WAIT FOR BULLISH DIVERGENCE OR EXHAUSTION VOLUME Weekly Timeframe (Intermediate) Primary Category: 🟥 AGGRESSIVE DISTRIBUTION Impending Transition: 🟨 BASE BUILDING / MEAN REVERSION Strategic Overlay: 🟥 AVOID CORE LONG POSITIONS UNTIL A HIGHER LOW FORMS Monthly Timeframe (Secular) Primary Category: 🟩 SECULAR BULL PULLBACK Impending Transition: 🟨 SEEKING MACRO SUPPORT Strategic Overlay: 🟨 MONITOR FOR LONG-TERM ACCUMULATION ZONES STRATEGIC INTERPRETATIONS BY TIMEFRAME 🟩 TACTICAL (Next 1 to 3 Weeks): "The Daily chart is dangerously oversold with RSI near 21. A violent relief rally of $100-$200 is highly probable purely to reset momentum. Aggressive traders can look for a daily close that forms a reversal pattern (hammer, bullish engulfing) to play a quick bounce. Set extremely tight stops below the low." Action: 🟩 Trade the Mean-Reversion (Low Size, High Alert) 🟨 INTERMEDIATE (Next 3 to 9 Months): Action: 🟨 Wait for a Weekly Base 🟩 SECULAR (Next 1 to 3 Years): Action: 🟨 Preserve Capital / Wait for Macro Support KEY RISKS TO THESIS 🟥 The Falling Knife (Continuation Risk) Scenario: The oversold conditions remain embedded. The asset enters a capitulation cascade, slicing through the $1,500 level and dropping rapidly toward $1,300 before any meaningful relief occurs. Impact: Bottom-fishers get crushed. Strict stop-losses are mandatory if attempting to catch the bounce. 🟧 The Dead Cat Bounce (Trap) Scenario: The asset rallies sharply by $100+ over a few days. It hits declining moving averages or previous structural breakdowns 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 resistance and not overstay their welcome. DECISION LOGIC Current State: "Waterfall Decline & Extreme Momentum Exhaustion" Question: Has the Daily chart printed a bullish reversal candle or momentum divergence? 🟩 Yes (Price makes a lower low, RSI makes a higher low) ➔ 🟩 EXECUTE TACTICAL BOUNCE TRADE 🟨 No, but holding steady (Price is chopping sideways at lows) ➔ 🟨 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 ~$1,750-$1,800 | Probability: 45% The extreme oversold conditions trigger aggressive short-covering. Price snaps back violently to re-test recent breakdown levels on the Daily chart. This is a counter-trend bounce, not a new bull market. 🟧 BASE CASE ("Grinding Base"): Target ~$1,400-$1,600 | Probability: 35% The aggressive selling stops, but buyers remain hesitant. 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 ~$1,200-$1,300 | Probability: 20% The $1,500 level breaks decisively. Panic selling ensues, driving the asset down to test deeper macro structural support zones established during the 2021-2024 period. SCENARIO PLANNING 🟩 Trading the Bounce: If executing a mean-reversion trade, use the capitulation wick or swing low as a hard stop. Target the first major declining moving average or obvious resistance level. Take profits quickly and trail stops aggressively. 🟥 Respecting the Structural Trend: Remember that the Weekly timeframe is pointing straight down. Any long position right now is a counter-trend trade against severe momentum. EXECUTION PROTOCOL PRIMARY: 🟨 Stand aside for core long-term holds, 🟩 Prepare to trade tactical bounces with strict risk management. 🟥 Step 1: Do not initiate any new short positions. The risk-to-reward ratio is exceptionally poor here due to the threat of a violent short-squeeze. 🟨 Step 2: For tactical longs, wait for daily momentum to tick upward, ideally accompanied by a bullish divergence or a strong 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 low of the entry candle. CONCLUSION Spot Platinum (XPTUSD) is enduring a severe corrective phase following a historic multi-year rally. The asset has been aggressively distributed, resulting in exceptionally rare oversold momentum readings (RSI ~21) on both the Daily and Weekly charts. While the immediate structural trend remains highly bearish and warns against buying for long-term holds just yet, the short-term rubber band is stretched to an extreme limit. A sharp, tactical relief rally is highly probable to relieve this pressure. 🟨 Investors should remain patient and let the asset find a macro floor, while tactical traders should be on high alert to capitalize on an imminent mean-reversion bounce, provided they use strict risk management. Lester Davids Senior Investment Analyst: Unum Capital

Take Profit Opportunities: Our Capabilities > https://www.unum.capital/post/capabilities Free Content: June 2026 > https://www.unum.capital/post/rjune2026 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 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

Take Profit Opportunities: Our Capabilities > https://www.unum.capital/post/capabilities Free Content: June 2026 > https://www.unum.capital/post/rjune2026 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 Analyst Disclosure: The commentary below was produced using an artificial intelligence tool, based on my own data. ⭐⭐☆☆☆ Absa Group Limited [[ABG]] 245,36 ZAC. 🟩 Bullish 🟩 Positive momentum ⚠️ Resistance test near local highs. Base Case: Price consolidates above intermediate moving averages before attempting a multi-week continuation. Bull Case: Upward breakout triggers a heavy short-covering squeeze toward psychological resistance. Bear Case: Failure at local overhead supply accelerates liquidations toward key cluster support. 7D: Neutral 7W: Neutral 7M: Strong ⭐⭐☆☆☆ FirstRand Limited [[FSR]] 97,03 ZAC. 🟩 Bullish 🟩 Positive momentum ⚠️ Immediate peak overhead supply test. Base Case: High-beta financial anchor stock continues steady structural upward tracking. Bull Case: Successful clean breakout above recent pivot highs unlocks further macro institutional upside targets. Bear Case: Failure at local overhead supply triggers a tactical rotation lower to test the 50-day average. 7D: Strong 7W: Strong 7M: Strong ⭐⭐⭐☆☆ Capitec Bank Holdings Limited [[CPI]] 4677,78 ZAC. 🟩 Bullish 🟩 Positive momentum ⚠️ Historic peak resistance test. Base Case: Steady luxury banking stock premium maintains structural trend integrity. Bull Case: Decisive clearing of macro all-time heights initiates a dramatic technical extension leg. Bear Case: double-top layout development at peak resistance results in a meaningful cyclical pullback. 7D: Strong 7W: Strong 7M: Strong ⭐⭐☆☆☆ Nedbank Group [[NED]] 273,72 ZAC. 🟩 Bullish 🟨 Consolidation/Bounce ⚠️ Resistance pivot test active. Base Case: Constructive high-level consolidation below recent swing highs. Bull Case: High-volume breakout over local pivots extends the financial sector macro uptrend. Bear Case: Failed pivot test forces a structural pullback back to major support moving averages. 7D: Strong 7W: Neutral 7M: Neutral ⭐⭐☆☆☆ Standard Bank Group Limited [[SBK]] 321,88 ZAC. 🟨 Neutral 🟨 Consolidation/Bounce ⚠️ Range median breakdown check. Base Case: Large-cap financial anchor consolidates inside broad structural trading parameters. Bull Case: Renewed asset accumulation lifts price past intermediate chart pivots cleanly. Bear Case: Loss of range median triggers automated structural rotations down to value shelves. 7D: Neutral 7W: Neutral 7M: High Bullish Momentum / Approaching Overbought ⭐☆☆☆☆ Investec Limited [[INL]] 134,25 ZAC. 🟥 Bearish 🟥 Liquidation/Decay ⚠️ Baseline support test. Base Case: Price trades with an intermediate defensive posture under short-term dynamic averages. Bull Case: Constructive daily reversal signature sets up a return to the structural median line pivot. Bear Case: Breakdown underneath horizontal cluster support opens a clear technical window lower. 7D: Weak 7W: Neutral 7M: Neutral Lester Davids Senior Investment Analyst: Unum Capital

Take Profit Opportunities: Our Capabilities > https://www.unum.capital/post/capabilities Free Content: June 2026 > https://www.unum.capital/post/rjune2026 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 Based on the Daily Chart for the JSE Top 40 Index, the reward-to-risk profile has deteriorated significantly as the index accelerates into a steep liquidation phase. The upside reward potential is currently low 🟥 because overhead supply continues to cap any relief rallies, with recent structural breakdowns turning former support zones into heavy resistance ceilings. Conversely, the downside risk is elevated 🟥. The failure to establish a higher low dictates that the path of least resistance remains firmly downward, leaving the index vulnerable to further capitulation toward deeper demand floors. The Last Day Candle Structure confirms this ongoing distribution. The session formed a long bearish expansion candle 🟥, opening near its highs and closing at the absolute lows of the day, signaling total seller dominance and an absence of dip-buying interest. Looking at the Last 5 Days Candle Structure, the index exhibits a severe cascading sequence where a minor consolidation was aggressively sold into, trapping counter-trend participants. The Last 10 Days Candle Structure reveals a failed relief rally that has now broken decisively to the downside. Zooming out to the Last 3 Months Candle Structure, the market has clearly transitioned from a structural top into a volatile descending channel, defined by persistent lower highs and lower lows. The trend’s steepness and slope reflect an aggressive unwinding of long positions. The angle of descent is steep, tracking at roughly 60 to 70 degrees downward 🟥. Consequently, the immediate trend remains firmly bearish 🟥, with the price action decoupling negatively from all short-term moving average baselines. In terms of the Momentum Profile, the oscillators confirm a structurally weak market. The Ultra Short Term momentum is pointing down and is classified as WEAK 🟥. Similarly, the Short Term momentum is pointing down and sits in WEAK 🟥 territory. Moving to the medium-term picture, the Mid Term momentum is strictly categorized as WEAK 🟥, confirming that the multi-day structural momentum has lost all bullish alignment and is actively driving this downward leg. Finally, the Base Term momentum has transitioned into WEAK 🟥 territory, validating that the underlying trend foundation is actively accommodating this corrective phase. Lester Davids Senior Investment Analyst: Unum Capital

Take Profit Opportunities: Our Capabilities > https://www.unum.capital/post/capabilities Free Content: June 2026 > https://www.unum.capital/post/rjune2026 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 Provisional Buy Re-Entry : R515 to R495 Stop-loss: R460 Target: Open 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

Take Profit Opportunities: Our Capabilities > https://www.unum.capital/post/capabilities Free Content: June 2026 > https://www.unum.capital/post/rjune2026 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

Take Profit Opportunities: Our Capabilities > https://www.unum.capital/post/capabilities Free Content: June 2026 > https://www.unum.capital/post/rjune2026 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 Previous Post (28 May): U.S Dollar Index Lester Davids Senior Investment Analyst: Unum Capital

Take Profit Opportunities: Our Capabilities > https://www.unum.capital/post/capabilities Free Content: June 2026 > https://www.unum.capital/post/rjune2026 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 Bid Corp Previous Post (15 January) Bid Corp: Improving Candle Structure In An Oversold Range + Relative Distance at Extremes Most recently, the share gave us a trading opportunity for a 5% tactical rebound. Longer term, the share, on a relative basis, is trading at extremes vs it's 200-day moving average. Indicator: 200-Day Moving Average Distance (Relative) Current Reading: -23.98% DOMINANT TREND: ACCELERATED UNDERPERFORMANCE The BID/J200 ratio has entered a parabolic descent. The breakdown below the 2020 "Covid-low" support levels indicates a major structural shift. Bid Corp is currently decoupled from the broader market strength of the JSE Top 40, signaling intense selling pressure on a relative basis. STATISTICAL EXTREME (MA DISTANCE) At ~24% below its 200-day Moving Average, the stock is at its most extended "oversold" state in over a decade. Historically, deviations beyond 15-18% are rare for this pair; the current reading represents a 3-standard deviation event from the mean. MEAN REVERSION POTENTIAL The "Rubber Band" theory suggests a high probability of a snap-back rally. In 2018, 2020, and 2022, similar (though less extreme) extensions resulted in sharp periods of outperformance. However, the current vertical drop suggests the "mean" itself is now falling rapidly, which can dampen the magnitude of the eventual recovery. REWARD-TO-RISK RATIO Upside: Potential 24% relative gain if the ratio returns to its 200-day equilibrium. Downside: Low technical visibility. Until the price flattens, the "floor" remains theoretical. Verdict: Mathematically favorable for long-term contrarians, but high-risk for short-term traders due to lack of price stabilization. STRATEGIC OUTLOOK: MONITOR FOR EXHAUSTION The current price action represents "capitulation." Tactical investors should look for the MA_dist indicator to cross back above the -20.00 threshold as a signal that the selling climax has peaked. Avoid front-running the turn until the daily candle shows a reversal pattern. Previous Post (18 December): Short Term Traders, Grab This +5% on Bid Corp (Take Profit) The share has started to follow the 'potential price path'. Short term traders, take profit on this +5% move. Medium term traders, hold and raise your stop-loss for potentially further gains. Previous Post (19 November): Bid Corp: Early Buy Trigger (Lower Time Frame); Lower Levels Expected Before Potential Rebound Lester Davids Senior Investment Analyst: Unum Capital