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THE BULL TREND IS UNWINDING, WHICH IS CAUSING VOLATILE GAINS The prevailing bullish outlook remains intact, suggesting that the upward momentum initiated at point A harbours additional potential, as demonstrated. However, anticipate that subsequent advances may exhibit volatility, punctuated by periodic adjustments as the trend gradually unwinds. The anticipated retracement from Resistance 1 (R1) has successfully reached Support 1 (S1**). The ongoing interaction between R1 and S1** may be developing into an RS flag pattern, potentially setting the stage for subsequent upward movements toward Target 1 (T1). A corrective phase, categorized as an x, y, z-type correction, moving from T1 back to S1**, is expected to remain within the bounds of the overarching bullish trend, which aims to culminate at Target 2 (T2). After reaching T2, a significant pullback to Support 2 (S2*) is anticipated. Support 1 (S1**) serves as a critical juncture, underpinning the overall bullish sentiment. Target and Re-assessment Levels: Pivotal Levels: 59 800 Primary Trend: Gains to 81 200, and eventually to 98 000 Prevailing Trend: A consolidation between 59 800 and 74 000 Technical Rating: Medium

Introduction: Relative Price Strength (RPS) is a critical technical indicator used by traders and investors to assess the performance of an equity relative to the broader market or its industry peers. By understanding RPS and incorporating it into their investment strategies, individuals can gain valuable insights into an equity's potential for future price movement. We will delve into the concept of RPS, how it is calculated, and its significance in share trading. What is Relative Price Strength (RPS)? Relative Price Strength, also known as Relative Strength, is a momentum-based metric that evaluates an equity's performance relative to a benchmark index or a group of peers. It is used to identify equities that have outperformed or underperformed in their market or sector over a specified period. RPS Calculation: To calculate RPS, we compare the price performance of a particular share to the performance of a designated benchmark index or a group of shares. The RPS calculation typically involves comparing the price change over a specific time frame, depending on the preference of the trader or investor. The formula for calculating RPS is as follows: RPS = (Share's Price at date x / Share's Price at date y) / (Benchmark's Price at date x / Benchmark's Price at date y) date x = most recent price of the share or benchmark date y = price of the share or benchmark x periods ago Understanding RPS Values: The RPS value is represented as a ratio, and it indicates the stock's relative strength compared to the benchmark or peer group. A value above 1 suggests that the share has outperformed the benchmark or peers, while a value below 1 indicates underperformance. Significance of RPS in Share Trading: Identifying Strong Performers: RPS helps traders and investors identify shares that have demonstrated significant price strength compared to the overall market or their sector. These shares are often considered strong performers and may continue to exhibit positive price movement. Trend Confirmation: RPS can help confirm the prevailing trends in the market or sector. Shares with high RPS values are more likely to be in uptrends, while those with low RPS values might be in downtrends. Share Selection: Traders can use RPS to filter and prioritise their share selection process. A higher RPS value could make a share more appealing for trading or investment opportunities. Divergence Detection: RPS can also help identify potential divergences between a share and the broader market or sector. Divergences occur when an equity's price moves in the opposite direction to its RPS, which might signal a potential trend reversal or correction. Limitations of RPS: While RPS can be a valuable tool for assessing relative performance, it has some limitations that traders and investors should be aware of: Short-Term Focus: RPS is primarily a short to medium-term indicator. It might not accurately reflect a share's long-term potential or fundamental strength. Benchmark Selection: The choice of benchmark or peer group can significantly impact the RPS calculation. Different benchmarks can lead to different RPS values for the same share. Conclusion: Relative Price Strength (RPS) is a valuable technical indicator that provides insights into an equity's relative performance compared to a benchmark index or its peers. By understanding RPS, traders and investors can make more informed decisions, identify strong performers, and validate existing trends in the market or sector. However, like any single metric, RPS should be used in conjunction with other indicators and fundamental analysis to make well-rounded investment decisions. JSE All Share headline indices RPS: In the financial markets, certain headline indices have showcased remarkable outperformance, suggesting a notable influx of capital. This surge in capital inflow signals growing trader and investor confidence and interest in these headline indices. Whereas traders and investors seem to be reallocating their investments away from headline indices where there is an outflow of capital. Capital Inflow headline indices (in ranking order): 1. Resources Capital outflow headline indices (in ranking order): 1. Industrials 2. Financials JSE All Share share RPS: Understanding the performance of individual shares in comparison to the broader market is crucial for traders and investors seeking to capitalise on market trends. The table below highlights the top 20 and bottom 20 shares based on RPS, with a lookback period of the last 10 days, indicated by their ranking changes since the previous update. The table is updated daily. The Top 20 RPS Leaders: These are the shares that have exhibited the strongest relative price performance within the JSE All Share index over the past 10 days. The Bottom 20 RPS Laggards: These shares have shown the weakest relative price performance within the JSE All Share index over the same 10-day period. JSE All Share sector RPS: In this analysis, we will examine the top 10 and bottom 10 sectors based on RPS, considering the lookback period of the last 10 days. The table is also updated daily. The Top 10 RPS Leading Sectors These sectors have demonstrated the strongest relative price performance within the JSE All Share index during the 10-day lookback period. The Bottom 10 RPS Lagging Sectors Conversely, these sectors have exhibited the weakest relative price performance within the JSE All Share index over the same 10-day period.

What is a Heatmap? A heatmap is a graphical representation of data where individual shares are represented as colours. In this context, the heatmap below shows the top 60 JSE (Johannesburg Stock Exchange) shares by value traded and their percentage daily change. Share Tickers: Each block or cell in the heatmap is labelled with a ticker symbol, representing a particular share on the JSE. For example, "IMP" or "NPN" are tickers for specific companies listed on the JSE. Axes: The x-axis depicts the "Percentage Change", spanning from negative to positive values. It reflects the day-to-day fluctuations in a share's price, with positive values signifying an uptick in share price value and negative ones denoting a decline. Block size: The size of each block signifies the "Value Traded" for a particular share in a day. "Value Traded" denotes the total monetary amount of a specific share exchanged on the equity market within a given day. It is determined by multiplying the volume of shares traded with their average trading price for that day. Formula: Value Traded = Number of Shares Traded × Average Trading Price of the Share This metric is pivotal as it sheds light on the liquidity and activity surrounding a specific share. A higher value traded typically signifies increased interest and engagement with that share for a multitude of reasons. Conversely, a lower value traded might suggest diminished interest or activity in that particular share. How to Use the Heatmap: When analysing equity markets, both the "value traded" and the direction of the share price movement (percentage change) can provide critical insights into the sentiment and behaviour of traders and investors. High Trading Volume with Rising Share Price (larger block sizes and darker shading of green): Interpretation: This typically indicates a strong buying interest in the share. A higher volume of shares being traded, combined with an upward movement in price, suggests that the demand for the share is outstripping supply. This can be due to positive news about the company, better-than-expected earnings reports, or any other factor that boosts traders' and investors' confidence in the share's future performance. Possible Implications: The share may be in a bullish phase. This scenario might attract more market participants who want to capitalise on the upward trend, further pushing the price up, at least in the short term. However, traders and investors need to be cautious about potential overvaluations. High Trading Volume with Declining Share Price (larger block sizes and darker shading of red): Interpretation: This indicates strong selling pressure. Even though a large volume of shares is being traded, the fact that the price is declining suggests that there is more supply than demand for the share. Reasons can include negative news about the company, disappointing earnings reports, or broader negative market or sector trends. Possible Implications: The share might be in a bearish phase, signalling a potential downtrend. This can cause panic selling among market participants, which might further depress the share price. On the other hand, some market participants might see this as an opportunity to buy the share at a discounted price, anticipating a future rebound. High Trading Volume with Minimal Price Fluctuation (larger block sizes with a beige shading): Interpretation: When there is a large value traded with minimal share price movement, it suggests that there is equilibrium between buyers and sellers: A high trading volume with little change in price indicates that there is a balance between buying and selling pressure. For every trader or investor eager to sell, there is someone equally willing to buy at nearly the same price. Possible Implications: The share could be in a consolidation phase, where it is finding a stable price range after a period of significant upward or downward movement. This phase can often precede a breakout in either direction, depending on subsequent news or market sentiment. The share might be trading near a strong support (a price level where a share tends to find buying interest) or resistance level (a price level where selling interest tends to surface). Even with high trading volumes, the share might struggle to break these levels, leading to minimal price movement. Low Trading Volume with Significant Price Swing (Either Direction) (small block sizes with either a darker shading of green or red): Interpretation: When there is a small value traded combined with significant share price movement either upwards or downwards, the share might not be highly liquid, meaning there are not many shares available for trading. In such cases, even small buy or sell orders can cause disproportionate price movements. Possible Implications: Shares that are thinly traded or have low trading volumes can be more volatile, leading to larger price swings with fewer shares being exchanged. The share might be highly sensitive to specific news or events. Even if only a few traders and investors react to the news, it can cause a significant price movement due to the low volume of trades. Low Trading Volume with Minimal Price Fluctuations (small block sizes with a beige shading): Interpretation: There might be a general consensus about the share's value among the few participants, leading to little price movement. In the absence of any significant news or events related to the company or its industry, traders and investors might have no strong incentive to buy or sell, resulting in low trading volume and stable prices. Possible Implications: Market participants could be on the sidelines, waiting for a clear indication or event that might dictate the share's future direction. Until such an event occurs, there may be limited trading activity and minimal price change. The nearly unchanged price with low volume might indicate that the market is indecisive about that particular share at the moment, with no strong bullish or bearish sentiment driving it. Conclusion: When the bulk of the blocks are sizable and green, it signifies a largely upbeat market day, underscored by heightened trading activity. These shares could be potential candidates for a long position. On the other hand, if a majority of blocks are red and indicate robust trading, the market seems to have tilted towards a negative trend, suggesting possible short-sell opportunities. For shares represented by beige blocks, whether large or small, it might be prudent to exercise caution or steer clear In all the scenarios presented, it is crucial to consider other market indicators and conduct a comprehensive analysis before making investment decisions. External factors, such as macroeconomic conditions, industry trends, and geopolitical events, can also influence share price movements and trading volumes.

What is a Heatmap? This heatmap displays value trader data regarding the top 60 JSE (Johannesburg Stock Exchange) shares. It depicts how their last value traded compares to their average daily value traded over the last 20 days. Share Tickers: Each block or cell in the heatmap is labelled with a ticker symbol, representing a particular share on the JSE. For example, "IMP" or "NPN" are tickers for specific companies listed o the JSE. Axes: The x-axis represents the "Percentage of Average Value Traded", ranging from zero to positive percentages. It illustrates the daily variations in a share's trading volume (value traded), where increased positive values indicate an increase in the value of shares traded. Block size: The size of each block signifies the "Value Traded" for a particular share in a day, compared to its 20-day value traded, expressed as a percentage. The greater the block size, the more significant the increase in value traded. Furthermore, blocks with a reddish hue indicate that the value traded is associated with a volume spike. In essence, a volume spike refers to a sudden and notable increase in the number of shares traded in a short period, often signalling heightened traders and investor interest or activity in that particular share. "Value Traded" denotes the total monetary amount of a specific share exchanged on the equity market within a given day. It is determined by multiplying the volume of shares traded with their average trading price for that day. Formula: Value Traded = Number of Shares Traded × Average Trading Price of the Share Average Value Traded Per Share, is the average of the daily traded values for the last 20 trading sessions. It provides a more stable measure to compare against a single day's value traded. Formula: Percentage of average value traded = Value traded for one day ÷ 20-Day Average Value Traded How to Use the Heatmap: The presence of various colors from blue to red suggests that there's a diverse trading behavior among the top 60 JSE shares. Some share are experiencing a surge in trading activity, while others are seeing less than usual. The shares in the red zone might be experiencing significant events, news, or developments leading to heightened trader and investor interest, resulting in higher trading volumes. Conversely, the shares in the blue zone could be in a consolidation phase, or there might not be any significant news driving the share, leading to decreased interest and trading activity. Interpretation Liquidity Indicator A higher average traded value suggests that the share is more liquid, meaning it can be bought or sold in larger quantities without causing significant price movements. This can be beneficial for large institutional investors who need to make big trades without impacting the price too much. Trader and Investor Interest A sudden spike in the daily value traded compared to the 20-day average can indicate heightened trader and investor interest, either due to recent news, earnings announcements, or other market events. Value Traded Per Day > 20-Day Average (large red blocks): When the value traded on a particular day is significantly higher than the 20-day average, it could signify increased buying/selling activity. This could be due to recent positive/negative news, earnings beats/misses, or sector-specific developments. Such spikes warrant further investigation into why traders and investors are showing increased interest. Value Traded Per Day < 20-Day Average (large blue blocks): If the value traded on a particular day is much lower than the 20-day average, it might indicate decreased interest or a potential consolidation phase. In such cases, traders and investors might be in a "wait and watch" mode, or there might not be any significant news driving the share. Consistency (small red and blue blocks) If the daily traded value remains consistently close to the 20-day average, it suggests stability in the share's trading patterns. However, small red blocks signify that traded values for these shares are also higher than their respective averages. Conclusion This heatmap provides a visual snapshot of the trading activity of the top 60 JSE shares relative to their average daily values. Traders and investors can use such visualisations to quickly identify shares with abnormal trading volumes, which might warrant further investigation or present potential trading opportunities. In all the scenarios presented, it is crucial to consider other market indicators and conduct a comprehensive analysis before making investment decisions. External factors, such as macroeconomic conditions, industry trends, and geopolitical events, can also influence share price movements and trading volumes.

Introduction: This graph is a scatter plot presenting volume analysis for the Johannesburg Stock Exchange (JSE). The horizontal axis (x-axis) represents the "Volume multiple of the last 200 trading days", indicating how much the volume of the day’s trading compares to the average of the last 200 days. A value of 1 would mean the volume is equal to the 200-day average, values greater than 1 mean more than average volume, and values less than 1 mean less than average volume. The vertical axis (y-axis) shows the "Percentage daily change", which represents the percentage change in the share price compared to the previous day. Positive values indicate an increase in share price, while negative values indicate a decrease. The points on the graph are labelled with ticker symbols representing different companies. Points above the horizontal axis represent shares that have increased in price, and points below it represent shares that have decreased in price. Similarly, points to the right of the vertical axis represent shares with higher trading volumes than the average, and points to the left represent shares with lower-than-average trading volumes. Interpretation: Shares in the upper right quadrant (green dots) could be considered strong performers as they are experiencing both a high volume of trading and an increase in price. This could indicate positive investor sentiment and possibly a good buying opportunity if the momentum is expected to continue. Shares in the lower right quadrant (red dots) might be experiencing a high volume of trades but are decreasing in price. This could signal a selling pressure or negative sentiment, and investors might want to investigate further before making a decision, as they could represent either a potential for buying at a lower price (if the fundamentals are solid) or a risk if the price continues to decline. Shares in the lower left quadrant (red dots) are seeing both lower volumes and a decrease in price, which could be a sign of weak investor interest or a negative outlook, suggesting caution. Shares in the upper left quadrant (green dots) are experiencing an increase in price despite trading at lower volumes, which could indicate undervalued opportunities but also might suggest lower confidence among investors, thus these would require careful analysis. Before making any investment decisions, it is important to consider other factors beyond just the volume and price change. These can include fundamental analysis of the company's financial health, news, industry trends, and overall market conditions. Additionally, past performance is not necessarily indicative of future results. Always conduct thorough research.

The market overview serves as a comprehensive snapshot of the financial markets, providing a summary of various asset classes, sectors, and indices. Its primary purpose is to showcase the performance of different financial instruments over a specific period.

READING TIME: 2 MINUTES To trade, or open a new account, contact the Unum Capital Trading Desk: E-mail: tradingdesk@unum.co.za | Call: 011 384 2923 Wednesday 03 April 2024, 06h30 | DSY Discovery Holdings | Approaching a buy/long re-entry.  The rating at last close is OVERSOLD. Here, we want to monitor for the following potential price action action scenarios: (1) An overshoot to the downside, followed by a candle which reflects buying interest e.g. doji, long lower tail or bullish engulfing candle etc. Wednesday 03 April 2024, 06h30 | AGL Anglo American Plc | Rating: High Bullish Momentum / Approaching Overbought. The share has traded into it’s declining 200-day SMA. Look for for the following: An overshoot and a failure to hold the prior session highs. This would signal that the share is losing upside momentum (over the ultra short term term). For active traders, this would open an opportunity for a tactical short/sell trade. Wednesday 03 April 2024, 06h30 | PRX Prosus | Next best buy is a pullback into the 21-day SMA, which has started to turn up. Wednesday 03 April 2024, 06h30 | TFG Foschini Group | Nearing the prior swing low, which might see the share in an oversold range. Here, we want to monitor for the following potential price action action scenarios: (1) An overshoot to the downside, followed by a candle which reflects buying interest e.g. doji, long lower tail or bullish engulfing candle etc. Failure for positive candle structure to develop would negate the idea however would open up the level close to 9000c/9100c as a ‘next best’ buying range. Wednesday 03 April 2024, 06h30 | SAP Sappi Ltd - Unum Capital clients are long from 4119c on 04 December. The next best re-entry levels (both buying (green) and selling (red)) are shown on the chart below. Wednesday 03 April 2024, 06h30 | MTN Group | On Thursday morning (pre-market) I updated my view on the share with new re-entry buying and selling levels. As noted, the share was in a short term high bullish momentum phase, approaching overbought, with the declining 75-EMA likely to act as a resistance zone. On Thursday, the share traded as high as 9675c before reversing intraday while yesterday (Tuesday) the share traded as low as 9162c. This bearish movement represented an opportunity for active traders to capitalize on the overshoot and failure to hold the highs. Well done to clients who capitalized on the opportunity. The updated chart, as of yesterday's close, is shown below: MTN Group Comment as highlighted to clients of Unum Capital, last week Thursday, 28 March (pre-market). Lester Davids Analyst: Unum Capital

Reading Time: 1 Minute Use this table to view a sectors rating, on both an absolute and relative basis. Lester Davids Analyst: Unum Capital

READING TIME: 1 MINUTE THIS TABLE SHOWS A SHARE'S TECHNICAL RATING AT IT'S LAST CLOSE. Resource Centre: Price Cycle - The Yellow Line is an example which illustrates how a share price can develop over time, moving between the various short term technical ratings. Lester Davids Analyst: Unum Capital

READING TIME: 1 MINUTE THESE TABLE SHOW WHERE BUYERS/SELLERS HAVE BEEN THE MOST DOMINANT. Candlestick Formations (Buyer/Seller Dominance) form part of technical price charts, which are are used by market participants to interpret current demand-supply dynamics, potential price trends as well as form decisions from these inferences. The tables below highlight the following: (1) The share name (2) the candle's 'change from open’ (over 1 session) i.e. from the start of the first hour of the trading day to the end of the last hour of the trading day'. This is used to determine the strength/weakness of the candle formation i.e. the greater (+) the percentage, the stronger the candle formation and the weaker (-) the percentage, the weaker the candle formation and (3) the share's short term technical rating i.e. which phase the share is in over a 7 day period. END OF DAY Top 15 (Strongest) Bottom 15 (Weakest) Related Post: https://www.unum.capital/post/tactical-trading-guide Lester Davids Analyst: Unum Capital

THE TRIANGLE PATTERN APPEARS TO BE APPROACHING COMPLETION. The RS formation is nearing maturity and appears to be entering its final decline, designated as phase (E). It is anticipated that the completion of this triangular pattern will trigger a strong bullish trend, propelling the pair towards target T1 and possibly further. Currently, the pair is undergoing a correction phase, characterised by overlapping movements. This is part of the broader downward trajectory, specifically referred to as part y of the x,y,z decline and is unfolding as expected. Should the pair break below point N or 18.78, it would signal the initiation of the final leg of the decline, targeting the support zone located between S and S2*. This event is expected to mark the completion of the RS triangular pattern. Alternatively, if the pair falls beneath the critical S2* level, this will invalidate the triangular pattern, leading to a shift towards a more horizontal correction phase between R3 and S3. Target and Reassessment Levels: Important Levels: S2* - 18.12 Primary Trend: RS Triangle pattern consolidation, followed by a bull trend to 20.90 and beyond. Current Trend: Downside to 18.32 Monthly Range: 18.12 to 19.32 Technical Rating: Medium

READING TIME: 2 MINUTES Anglo American Plc, Woolworths, Nedbank, Dis-Chem Pharmacies, Standard Bank + Updates: Brent Crude Oil, US Energy Sector, Sasol, Global Insurers & Re-Insurers (Reduce) To trade, or open a new account, contact the Unum Capital Trading Desk: E-mail: tradingdesk@unum.co.za | Call: 011 384 2923 AGL ANGLO AMERICAN PLC AGL ANGLO AMERICAN PLC was presented to clients on Thursday 07 March (pre-market), highlighting the potential price path (yellow candles) and as well as the readings from the Tactical Trading Guide. The original chart is shown below. WHL WOOLWORTHS HOLDINGS LTD Albeit simple, I consider 'PRICE DISTANCE vs MOVING AVERAGE' to be a useful tool in assessing reward-to-risk. Unum Capital clients were alerted to my view on WHL close to R80, highlighting the potential for downside risk. Last week the share close below R60. NED NEDBANK GROUP NED Nedbank Group - Further Comment - Traded into the sell zone at 23800c (red shaded area on chart below), with a strong rejection (see negative candle on 12 March). DCP Dis-Chem Pharmacies. Losing Upside Momentum, Pullback Expected. In a research note on Friday 08 March, I Highlighted 5 Points which suggest that the share is overbought and that a pullback/retracement is likely: (1) Rating: Overbought + Readings via Tactical Trading Guide (2) Trading +44% above it's October low (2230c to 3222c) (3) Nearing it's 61.8% Fibonacci Retracement Zone (4) Relative to the Top 40 Index, DCP is trading 25% above it’s 200-day moving average. By historical measures, this appears extended to the upside (5) On an absolute basis, the share is trading 22% above it’s 200-day simple moving average. By historical measures, this appears extended to the upside. REM REMGRO - (1) Aggressive selling pressure but attempting to settle around multi-year support (it can fluctuate around this level)  - down from 16300c at the beginning of the year (2) 48% Discount To Net Asset Value (NAV 23695c vs Last Close of 12208c). SBK Standard Bank. Clients were alerted to the potential for downside risk discussed on Monday 19 February (pre-market), with the distance vs the 200-week SMA (+37%) being extended by historical measures (see first chart below). We have since seen the share price unwind from R208 at the time to R185. Selling pressure remains strong while the the share is nearing an opportunity to re-enter on buy/long side (R174 to R177 as  a provisional range). UPDATES: Brent Crude Oil & Energy Shares - Strong Performers Over The Month & Quarter. Unum Capital clients were alerted to longs in both Brent Crude Oil and the Energy Sector (XLE ETF) Several energy shares appeared 2 weeks earlier (on 26 January) on my technical screeners. Selections were as follows: Valero Energy (VLO), Energy Transfer (ET) and Western Midstream Partners (WES) Published and played back (green shaded area) via Trading View: On local markets, clients were alerted to the setup on SOL Sasol on the morning of Tuesday 19 March at 13368c. The share has since advanced by 1272c to close at 14640c (+9.5% ungeared). The original extract is shown below (Tactical Trading Guide & Chart): Brent Crude Oil - Unum Capital clients were alerted to a re-introduction of buy/long risk on the comment on 07 December, via the Telegram group. We have since seen a steady increase, from $74 to a high of $87.66, supporting the above-mentioned view on energy shares. Update: Global Insurers and Re-Insurers were sectors that featured prominently on my technical screen in early January, which I then highlighted to clients. The original comment + chart is shown below. Now it may be time to reduce. Strong Upside Follow-Through on AJG (Arthur J Gallagher), MMC (Marsh Mclennan), HNR1 (Hanover Re) and MUV2 (Munich Re). Updated Charts Below (yellow vertical line is the time of the alert, 11 January, pre-market). Lester Davids Analyst: Unum Capital