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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 Free Content: Based on prior day's session/close. 1. Balanced Momentum Expansion Profile: Across the 140-stock universe, 31.43% of equities operate within an aggressive bull velocity phase (combining Rank #1 Overbought and Rank #2 High Bullish Momentum). While still pointing to a strong upward bias, the true percentage reveals a slightly healthier, less unsustainably top-heavy tape than initially calculated. 2. Managed Overextension Risk: A measurable 13.57% of the market (19 counters) has extended deep into Regime #1 (Overbought). This represents a distinct tactical warning layer, indicating that nearly one in seven listings is dealing with extreme short-term chase behavior and sits firmly in the "At/approaching sell or reduce" bracket. 3. Dominant Bullish Undercurrent: The aggregate structural health of this market remains skewed upward. Summing all tiers maintaining prints above the 58-level (Regimes #1, #2, and #3) yields 49.29% of the entire 140-stock universe. Practically half of the tape is holding a clear, active short-term uptrend. 4. Massive Liquidity Core in Neutral Territory: The primary anchor point of the market remains Regime #4 (Neutral), commanding 29.29% of all components (41 stocks). This represents a substantial block of stabilizing capital that is either quietly consolidating or pausing between structural legs, acting as a massive buffer against sharp index pullbacks. 5. Contained Downside Caps Systemic Risk: Severe structural decay remains highly isolated. The combined weight of names dropping into High Bearish Momentum or absolute Oversold territory registers at a mere 4.28% of the market (6 stocks total out of 140). The lack of widespread liquidation indicates a safe background corporate environment. 6. Outliers in Under-the-Hood Intraday Accumulation: Looking at velocity relative to the daily open, SOLBE1 (BEE - Sasol Limited) prints the most extreme institutional buying squeeze, climbing +14.29% from its open point, signaling massive localized intraday demand. 7. Pockets of Sharp Intraday De-risking: Conversely, intense distribution patterns are actively sorting the weak links. Sasol Limited (SOL) suffered an intense intraday wash-out, plummeting −9.21% from its opening bell print, closely trailed by Thungela Resources (TGA) shedding −7.22% from open. 8. High-Beta Performance Dispersion: Broad structural breadths show deep internal divergence within identical sectors. In Energy Minerals, while certain offshoots show signs of life, the flagship producers like SOL and TGA are mired in localized momentum downtrends, emphasizing that simple thematic or sector-wide ETF indexing masks significant individual asset risk. 9. Strong Capital Safe-Haven Rotations: Defensively positioned sectors are absorbing steady, structured institutional inflows. Highly liquid bank and financial anchors like FirstRand (FSR), Nedbank (NED), and Standard Bank (SBK) have flooded into the absolute Overbought tier, revealing where large-scale capital is crowding for yield and earnings stability. 10. Final Structural Health Diagnostic: With nearly 50% of the market holding positive velocity profiles and only a tiny 4.28% in true technical distress, the path of least resistance for the broad market remains higher. However, with the Weak tier sitting at 17.14%, stock selection is vital. Active tactical managers should focus on buying shallow pullbacks in the 25 Strong names, while strictly taking profit on names entering the Overbought tier. Lester Davids Senior Investment Analyst: Unum Capital

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 Free Content: 🏆 1. The Powerhouses (Consistent Strength) These sectors are maintaining their dominance, though the composition of this group has thinned out as some previous leaders lost short-term steam. Banks: 🟩 High Bullish (LT) | 🟩 High Bullish (MT) | 🟩 Strong (ST) Insurers: 🟧 Neutral (LT) | 🟩 Strong (MT) | 🟩 Strong (ST) Luxury Goods: 🟧 Neutral (LT) | 🟩 High Bullish (MT) | 🟩 Strong (ST) Update Insight: Banks remain the absolute strongest structural play on the board. Insurers and Luxury Goods are showing incredibly resilient medium and short-term strength, perfectly positioned for continued upside as long as that daily "Strong" holds. 🚀 2. Positive Momentum Shifters (The Breakouts) This is where the most exciting action is happening. These sectors are fighting off longer-term neutrality or weakness with sudden, aggressive short-term buying pressure. Consumer Discretionary: 🟥 High Bearish (LT) -> 🟩 Strong (MT) -> 🟩 Strong (ST) Gold Miners: 🟧 Neutral (LT) -> 🟧 Neutral (MT) -> 🟩 Strong (ST) Platinum Miners: 🟧 Neutral (LT) -> 🟥 Weak (MT) -> 🟧 Neutral (ST) Update Insight: Gold Miners have just woken up, shifting from Neutral to Strong on the daily chart—this is a prime early-stage breakout to watch. Consumer Discretionary continues its violent rally; despite the monthly chart looking terrible (High Bearish), the weekly and daily trends are ignoring it and charging higher. ⚓ 3. Cooling Off / Negative Momentum Shifters (Warning Signs) This group requires immediate attention. These were previously strong sectors where the quick-reacting daily timeframe is now flashing severe warning signs. Diversified Miners: 🟩 Overbought (LT) -> 🟩 Overbought (MT) -> 🟧 Neutral (ST) Telecoms: 🟩 Strong (LT) -> 🟩 Strong (MT) -> 🟥 Weak (ST) Chemicals: 🟩 Strong (LT) -> 🟧 Neutral (MT) -> 🟥 High Bearish (ST) Coal Miners: 🟧 Neutral (LT) -> 🟧 Neutral (MT) -> 🟥 High Bearish (ST) Update Insight: The momentum drain here is severe. Telecoms fell straight from Strong to Weak on the short-term. Chemicals and Coal Miners are collapsing on the daily timeframe (High Bearish), threatening to drag the medium-term down with them. Diversified Miners have finally stopped going up, pausing at "Neutral" after an extended "Overbought" run. 📉 4. The Laggards (Consistent Weakness) These sectors are trapped in structural downtrends with no immediate short-term relief in sight. Paper & Pulp: 🟩 Oversold (LT) | 🟥 High Bearish (MT) | 🟥 High Bearish (ST) Technology: 🟥 High Bearish (LT) | 🟥 Weak (MT) | 🟥 Weak (ST) Hospitals: 🟥 Weak (LT) | 🟥 Weak (MT) | 🟥 High Bearish (ST) Consumer Staples: 🟥 Weak (LT) | 🟧 Neutral (MT) | 🟧 Neutral (ST) Update Insight: The situation is deteriorating further for Hospitals, which just downgraded to High Bearish on the short term. Technology and Paper & Pulp remain completely uninvestable from a momentum standpoint until we see the daily chart tick up to at least Neutral. Lester Davids Senior Investment Analyst: Unum Capital

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 Free Content: Thungela Resources (TGA) Last Close: 12080c On 20 March the price action model warned against new buy/long positions. From a price of +R179, yesterday's low was ~R115. The share is approaching it's gradually rising 200-day SMA at which it could find short term support. As always, we expect the level to be overshot on the downside (into oversold) before developing a base and then potentially recovering. Note: if the share continues to deteriorate significantly, the idea will be temporarily invalidated. Previous Post (20 March): Thungela Resources: The Model Says: "Caution New Longs!" + New Resistance Range 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

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 Free Content AngloGold Ashanti Plc Previous Post (Monday: 15 June) Update: AngloGold Ashanti Plc Rebounding +12% The share trade below the 50-week EMA and rebounded by +12% as of this morning. As stated in the original note (based on the price action model): "Buy on deeper pullback 🔵 scenario, specifically targeting support at or just below the 50-EMA, where a structural reclaim of that level would be required to trigger a definitive rebound buy." Previous Post (AngloGold Ashanti Wednesday 03 June at 7h42pm, US Trading Session) JSE Gold Miner: Weak Trend But Is Approaching 50-Week EMA Support The aggregate price action for ANG indicates a highly vulnerable technical structure in the immediate term. The primary regime across the Mid and Base terms reflects distinct weakness, anchoring the asset in a definitively Bearish 🟥 posture. Across the short and medium-term forward projections, the severe weakness explicitly dictates a hands-off, Neutral ⬜ tactical execution, requiring traders to wait until tangible stabilization materializes on the lower time frames. However, the long-term outlook reveals an underlying steady upward trend that is currently being tested by this lower-timeframe distribution. This overarching structure sets up a conditional Buy on deeper pullback 🔵 scenario, specifically targeting support at or just below the 50-EMA, where a structural reclaim of that level would be required to trigger a definitive rebound buy. 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

Premium Content > https://www.unum.capital/post/premiumcontent 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 Free Content: Sasol (SOL) 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

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 Free Content: Sasol: Down from R230 to R178. Extensive detail on the poor reward-to-risk published in the previous post further below. Previous Post (Saturday 02 May) 🛢️Trading Sasol: Key Levels You Need To Know + Bull-Bear Checklist + Momentum Trajectory DISTRIBUTION: Swing high resistance levels are ~R272 (medium term), ~R320 (long term). Trading around these levels would push the share into an extreme overbought range. RE-ACCUMULTAION: Confluence of the 75-day EMA and 200-week SMA between R170 and R180. MONTHLY = OVERBOUGHT WEEKLY = HIGH BULLISH MOMENTUM / APPROACHING OVERBOUGHT DAILY = STRONG Recently, Sasol exceeded our medium term target of R175. 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

Premium Content > https://www.unum.capital/post/premiumcontent 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 Free Content: Provisional Levels: Buy on pullback 2350c to 2390c Stop-loss: 2302c Target: 2600c Vukile Property Fund Limited (VKE) is exhibiting a powerful intermediate-term recovery rally, aggressively bouncing off its primary macro consolidation floors to challenge multi-year structural highs. Following a multi-month period of necessary distribution and sideways digestion that cooled off historic overextensions, the asset has established a robust support base near the 2,200c–2,250c demand block. The latest daily price action reveals an intense expansionary thrust, surging +3.66% on the day to close at 2,435c and driving short-term tactical momentum firmly into overbought territory. With the weekly and monthly timeframes remaining strongly anchored in highly constructive secular uptrends, this momentum acceleration signals that institutional accumulation has aggressively resumed, setting the stage for an eventual breakout into fresh multi-year expansion. 🟩 Tactical Expansion Phase | The asset has violently decoupled from its recent local consolidation floor, initiating a sharp tactical markup phase backed by a strong resurgence in buying pressure. 🟨 Short-Term Overbought Extension | The velocity of the immediate daily thrust has pushed short-term momentum metrics deep into overbought zones, signaling localized extension that may require brief lateral digestion. 🟢 Secular Trend Dominance | The long-term multi-year compounding advance remains perfectly intact and uncompromised, underwriting all lower-timeframe pullbacks with a highly favorable macro tailwind. Verdict: 🟩 Tactical Breakout | 🟨 Momentum Acceleration | 🟢 Buy on Pullback Reward-to-Risk (R:R) Dynamics: The Immediate LONG: Moderate-to-Poor. Entering precisely as the daily RSI prints 80.81 forces a wider stop-loss and reduces near-term asymmetric efficiency. The Tactical SHORT: Extremely Poor. Attempting to fade an accelerating institutional leader backed by an uncompromised monthly bull market carries an exceptionally high risk profile. The Pullback LONG: Favorable. Patiently buying minor daily mean-reversions back toward internal support shelves offers excellent asymmetric parameters. 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

Premium Content > https://www.unum.capital/post/premiumcontent 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 Free Content: 🔍 Deep-Dive Sentiment Insights 1. The Institutional Footprint: "Real Estate & Financials" Lead The true hallmark of a structural Risk-On environment is where the capital flows. It is heavily concentrated in interest-rate-sensitive, pro-cyclical sectors: Banking Sector Unity: The absolute absence of any major bank in a neutral or bearish zone means institutional capital is positioning for macroeconomic expansion or domestic re-rating. Property Sector Euphoria: The massive cluster of property shares in Overbought (Regime #1) and High Bullish (Regime #2) states indicates heavy, continuous capital locking into yield-bearing and growth-oriented physical assets. 2. Intraday Dynamics Affirm Real-Time Conviction The "Change From Open" report provides the ultimate confirmation of this Risk-On posture. In weak or artificial rallies, stocks open high via overnight gaps but fade during the day as real-time traders sell the news. Here, we see the opposite in vital sectors: Sector heavyweights like Impala Platinum (+6.80%), Harmony Gold (+6.49%), and Attacq (+4.60%) recorded explosive mid-day gains. This proves that active execution desks are chasing prices higher during the trading session, revealing genuine urgency to deploy cash. 3. The "Healthy Churn" Factor While a combined 27.3% of the market is either Overbought or highly overextended, the rally is structurally insulated from a total market collapse because 35.3% of the universe sits in Regime 4 (Neutral). Defensive anchors like Anheuser-Busch (ANH) and British American Tobacco (BTI) are quietly moving sideways. This provides a massive logistical safety net. If profit-taking triggers a pullback in the high-flying property or banking sectors, this unextended capital pool is perfectly positioned to absorb the rotating liquidity. ⚠️ Tactical Warning: The Chasing Risk While sentiment is aggressively Risk-On, traders and portfolio managers must differentiate between structural health and tactical entry points. The Overbought Trap: Buying assets with a 7-day RSI above 80 (such as EXP at 94.73, OCE at 90.59, or PPC at 85.13) enters the territory of diminishing marginal returns. The negative change from open across several overbought names (PPC at -3.07% and SUI at -1.20%) reveals that short-term exhaustion is creeping into the top tier. Summary Verdict The internal plumbing of this market is remarkably strong. The market is firmly in a Macro Risk-On Expansion Phase. The optimal tactical approach is not to short the strength, but to systematically deploy capital into Regime 3 (Strong) and Regime 5 (Weak / Buy on Pullback) cohorts where the structural uptrend is intact but the front-end entry price is heavily optimized. Lester Davids Senior Investment Analyst: Unum Capital

Premium Content > https://www.unum.capital/post/premiumcontent 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 Free Content: Original Note Here: https://www.unum.capital/post/j2001106 Follow-up chart below (as of Monday's close). Original Chart with Price Action Model Below: 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

Premium Content > https://www.unum.capital/post/premiumcontent 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 Free Content: Last Session: Monday 15 June The Daily Change From Open (%) metric provides critical insight into institutional execution and intraday sentiment. While standard performance metrics look at close-to-close changes (which include overnight sentiment gaps), the Change From Open isolates price action during the active trading session. When analyzed alongside our 7 momentum regimes, this metric reveals whether a stock's trend is being actively sustained by intraday buyers or if it is experiencing morning gaps followed by intraday exhaustion. 1. The Overbought Intraday Fade The Insight: Multiple structural leaders show negative Change From Open figures despite sitting in highly bullish regimes. Key Shares: PPC (-3.07%), SUI (-1.20%), OCE (-0.79%), and OMN (-0.18%). Significance: This indicates a classic "gap and fade" pattern. These stocks opened at significant premium highs due to overnight buy orders but faced immediate intraday profit-taking as market makers sold into the opening strength. 2. Intraday Acceleration in High Bullish Tiers The Insight: In contrast to the overbought tier, Regime 2 showcases active intraday accumulation, meaning buyers are driving prices higher throughout the session. Key Shares: VKE (+2.74%), PPH (+2.59%), NED (+0.99%), and SLM (+1.46%). Significance: This confirms strong, healthy momentum. Capital is not just gapping these shares up at the open; institutional accumulation is persistent and aggressive across the trading day. 3. Precious Metals Intraday Blast-Off The Insight: Mining and precious metal counters are experiencing explosive intraday buying pressure, leading the entire market in session gains. Key Shares: IMP (+6.80%), HAR (+6.49%), VAL (+5.43%), GFI (+4.77%), and ANG (+3.45%). Significance: While classified as "Strong" (Regime 3) on a 7-day trailing basis, these intraday surges indicate a massive real-time shift. Institutional desks are aggressively sweeping order books for resource exposure during active hours. 4. Deep Bearish Capitulation The Insight: Weak and oversold stocks are failing to find any morning support, experiencing severe intraday structural decay. Key Shares: SOL (-5.45%), TGA (-3.33%), CAA (-2.65%), and WVR (-1.73%). Significance: For SOL and TGA, opening prices represented the high of the day. Active supply completely overwhelmed any bargain-hunting, signaling urgent institutional distribution and warning against catching falling knives. Lester Davids Senior Investment Analyst: Unum Capital

Premium Content > https://www.unum.capital/post/premiumcontent 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 Free Content: Brent Crude Oil: With Moving Averages 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

Premium Content > https://www.unum.capital/post/premiumcontent 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 On 21 July last year, we ran our technical screens which showed small caps stating to emerge as new potential leaders. We then asked the question: Is It Time For Small Caps? The chart below shows the 4 major indices since then: IWM Russell 2000 ETF (Small Caps) + 31.96% Nasdaq +27.07% S&P 500 Index +20.10% Dow Jones Industrial Average +16.90% Performance snapshot as of 20h40 on Monday 15 June. Previous Post (12 August 2025): Time For Small Caps? Consider The Russell 2000 ETF (IWM); Alternatively The Small Cap Growth ETF Updated Tuesday 12 August (US Trading Session) We are leveraging Artificial Intelligence (A.I) to expand on information and uncover opportunities. We are combining our proprietary technical screeners with A.I tools to distill information for delivery to you, the client. Tonight, one of our screeners (Trend Acceleration) reflects broad-based strength among small caps. This coincides with our view 3 weeks ago on 21 July (Time For Small Caps?). Custom Screener Previous Post (21 July): Time For Small Caps? Consider The Russell 2000 ETF (IWM); Alternatively The Small Cap Growth ETF Target(s) = $260 and $275 Stop-loss = $203 Last Close = $222.33 Lester Davids Senior Investment Analyst: Unum Capital