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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 MTN Group Previous Post (19 May): Recently, we reached our long term target at R203. This is an update on the current reward-to-risk. Previous Post (26 February): MTN Group: Long Term Target Exceeded at R203. Today's High = R207 Full move of +38% vs the buy re-entry range. Please see the previous post (further below) where the R203 target is mentioned. Previous Post: 18 January (Link To Post > https://www.unum.capital/post/mtn1801 Medium Term Regime: High Bullish Momentum Biggest Technical Risk: A false breakout, a slowdown in upward momentum and a bearish reversal. The share is due a pullback however, the long term target is near the R203 level (prior swing highs). Previous Post (02 January 2026) Take Profits on MTN Group: Running +12% (Short Term Traders) The share traded into the buy re-entry range (R148 - R151) with a strong rebound a high of R172 on the first trading day of 2026. Well done short term traders. Previous Post (12 December): 2x Opportunities: One Sell. One Buy. Same Share MTN has given clients opportunities on both the Sell (Short) and Buy (Long) side. Intraday Traders: Take Profits on this MTN Group rebound out of the buy re-entry range. Strong rebound from 14950c to above R158. Ultra Short Term and Short Term Traders: Hold Previous Post (30 November) MTN Group: Shorts in the Money + Where to Buy Next (Short Term Traders) Update on 30-Nov: MTN is now R18 lower from the sell re-entry range, with the share having sold off further on Friday (-2.61%). The candle structure continues to deteriorate, reflecting aggressive selling pressure. For short term/active traders, the next best provisional buy re-entry range (for a small rebound) is 14800c - 15100c. The updated chart, as of Friday's close is shown below: Previous Post (Friday, 28 November, Pre-Market): MTN Group: Shorts in the Money + Where to Buy Next In the previous note, our CORE THESIS was that the share was 'Structurally Bullish, But Extremely Overbought' with 17160c to 17500c was marked as a key resistance level. Since then the share was rejected off this range on multiple occasions with a new multi-week low of 16105c being reached during yesterday's session. The 8 and 21-day EMA has been breached while the price close the session below a flat to rising 8-week EMA. The next best provisional buy re-entry range is marked at the rising 21-week EMA which is roughly in line with the previous breakout level (14867c to 15128c but subject to change as the news flow and price action develops. Trading Notes (Where Applicable): 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. 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 being held by a trader while the probabilities are based on several factors which may include: short term rating, medium term regime, momentum, horizontal or diagonal support/resistance, candle structure, moving averages and standard deviation, among others. These are short term levels and may be in contrast to medium and long term outlooks which are based on the weekly and monthly charts and, which may be applicable to long term investors. These levels are subject to change based on sentiment, the subsequent price action and company/sector specific or macro news flow. As always, while the levels are outlined, traders should be prepared to adjust in real-time based on the aforementioned. Previous Post MTN Group: Sharp Pullback (-1000c) From Exhaustion Zone (In Line With Note As discussed (exhaustion zone circled in red). 🎥Watch Video: MTN Group - Bullish Reversal From 21-Week EMA (+24%) + Updated View Previous Post (03 September) 🎥Watch: Discussing MTN Group (21-Week EMA Strategy) 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 🏆 1. The Powerhouses (Consistent Strength) These sectors are exhibiting dominant strength across almost all timeframes. Telecoms: 🟩 High Bullish (LT) | 🟩 High Bullish (MT) | 🟩 Strong (ST) Diversified Miners: 🟩 Overbought (LT) | 🟩 Overbought (MT) | 🟩 Strong (ST) Banks: 🟩 Strong (LT) | 🟩 High Bullish (MT) | 🟩 Strong (ST) Luxury Goods: 🟩 Strong (LT) | 🟩 Overbought (MT) | 🟩 High Bullish (ST) Insurers: 🟧 Neutral (LT) | 🟩 Strong (MT) | 🟩 Strong (ST) Insight: Diversified Miners and Luxury goods are flashing "Overbought" on higher timeframes, which suggests immense historical strength, but the slight step down to "Strong" or "High Bullish" on the short-term daily chart means they might be taking a minor breather while still remaining highly elevated. 🚀 2. Positive Momentum Shifters (The Breakouts) Because the short-term timeframe reacts first, we look for sectors where the short-term is significantly stronger than the long-term. Consumer Discretionary: 🟥 Weak (LT) -> 🟩 Strong (MT) -> 🟩 High Bullish (ST) Insight: This is the most compelling chart in the dataset. While the long-term (monthly) trend is still flagged as Weak, the medium and short-term daily moves have violently shifted upward into high bullish momentum. This indicates a potential major trend reversal or a very aggressive short-term rally. ⚓ 3. Cooling Off / Negative Momentum Shifters These sectors were strong historically, but the quickest, most reactive daily timeframe is starting to flash warning signs. Coal Miners: 🟩 Strong (LT) -> 🟧 Neutral (MT) -> 🟥 Weak (ST) Chemicals: 🟩 High Bullish (LT) -> 🟩 Strong (MT) -> 🟧 Neutral (ST) Insight: Coal Miners are a textbook example of negative divergence. The long-term trend still looks "Strong," but the daily short-term trend has already degraded to "Weak," pulling the medium-term down to "Neutral." Chemicals are also losing steam, stepping down one degree of strength per timeframe. 📉 4. The Laggards (Consistent Weakness) These sectors are showing weakness across the board with no immediate signs of a short-term reactive recovery. Paper & Pulp: 🟩 Oversold (LT) | 🟥 Weak (MT) | 🟥 High Bearish (ST) Gold Miners: 🟧 Neutral (LT) | 🟥 Weak (MT) | 🟥 Weak (ST) Platinum Miners: 🟧 Neutral (LT) | 🟥 Weak (MT) | 🟥 Weak (ST) Technology: 🟥 Weak (LT) | 🟧 Neutral (MT) | 🟥 Weak (ST) Hospitals: 🟥 Weak (LT) | 🟧 Neutral (MT) | 🟥 Weak (ST) Insight: Paper & Pulp is in severe distress. While the long-term indicator sees it as completely "Oversold" (meaning it has been punished heavily over a long period), the short-term daily momentum is still screaming "High Bearish," meaning the bleeding hasn't stopped yet. 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 Analyst Disclosure: This report was written using an artificial intelligence tool, based on the analyst's own data. Chart Time: Friday, June 12, 2026 at 1:10 PM SAST The JSE Top 40 Index (J200) is currently navigating a crucial tactical recovery phase within a broader structural digestion following a major multi-year secular bull run. After printing historical peaks near the 120,000 threshold, the index entered a healthy distributive correction, drifting downwards over recent months to test intermediate demand shelves. However, the latest daily price action shows an aggressive local reversal candle, surging +2.20% off a foundational intra-day low of 102,315.02 to close at 104,561.32. This localized demand injection has successfully reset short-term daily momentum back above the neutral midpoint, signaling an initial exhaustion of immediate selling pressure. While intermediate weekly structures remain in a neutralizing phase, the long-term monthly trend remains firmly anchored in a powerful structural advance, providing a robust macro cushion for patient allocators looking to accumulate major local blue-chips. 🟨 Macro Range Digestion | The broad market index is absorbing a healthy structural pullback from its historical peaks, reverting toward intermediate moving averages to establish equilibrium. 🟩 Tactical Recovery Pivot | A powerful daily reversal candle has printed a strong +2.20% bounce from local demand floors, signaling the immediate potential for a short-term counter-offensive. 🟢 Asymmetric Long Baseline | Multi-year secular forces remain perfectly intact, framing the current intermediate digestion as an optimal high-margin-of-safety accumulation window. Analyst Verdict: 🟨 Macro Digestion | 🟩 Tactical Recovery | 🟢 Buy on Pullback Primary State: Executing a strong localized tactical bounce within an active intermediate-term corrective pullback from historical highs, with the last registered close at 104,561.32. Monthly Pulse (Primary Trend): The Primary Trend momentum registers in a healthy Neutral-to-Strong posture with an RSI of 55.01, confirming that the multi-decade compounding secular bull market remains fully functional. Weekly Tactical Momentum (Structural Trend): The Structural Trend momentum sits in a Neutral-to-Weak position with an RSI of 41.72, showing a thorough cooling off of the index from its previous overbought territory. Daily Momentum (Tactical Momentum): The Tactical Momentum has aggressively hooked up into a Neutral-to-Strong posture with an RSI of 51.27, driven by the latest expansionary green candle. Exhaustion Warnings: The multi-month slide from the 120,000 apex has entirely purged the severe technical foam and localized extension built up over the past year, leaving the broad market structurally balanced and free of immediate climax risk. Thesis Summary: The J200 is presenting a classic buy-on-pullback architecture within an uncompromised secular advance. The recent correction down to the 101,150 zone represents a standard intermediate-term retest of historical change-of-polarity shelves. With daily momentum shifting rapidly back to the bulls, a technical floor is actively being chiseled out. Strategy: Core long-term equity allocations should be held with high conviction. Tactical operators can utilize the recent daily reversal low near 102,315 as a definitive risk-management boundary to build long exposure targeting overhead technical gaps. Reward-to-Risk (R:R) Dynamics: The Immediate LONG: Highly Favorable. Entering near current levels allows for tight invalidation parameters directly beneath the newly established daily swing low. The Tactical SHORT: Poor. Attempting to press short positions immediately following a major +2.20% daily demand response carries a high risk of getting caught in a violent squeeze. The Structural LONG: Excellent. The current multi-month discount offers long-term fund managers a high margin-of-safety accumulation zone. Fair Value Support: Immediate structural support is established at the recent cluster midpoint, providing a tactical floor between 101,000 and 102,500. Structural Floor: The deep, definitive macro trend floor remains heavily defended far below, anchored near the 94,000 to 97,000 historic multi-year consolidation launchpad. Support Zone Mapping: Immediate Tactical Support: 101,150 – 102,300. The immediate localized floor protected by the latest daily hammer tail. Secondary Support Shelf: 97,000 – 100,000. The prominent macro breakout zone that must be defended on a weekly closing basis. Primary Macro Support: 86,000 – 90,000. The deep cyclical floor defining the absolute line in the sand for the secular bull index. Extension Target: Upon a clean continuation of the daily recovery wave, immediate tactical upside extension targets focus on reclaiming the 107,000 and 111,000 broken support-turned-resistance zones. Structural Price Forecast: Assuming the 101,150 level remains secure, the index is highly likely to engage in a wide, multi-week bottoming distribution between 102,000 and 108,000 to entirely process the recent supply overhang. Technical Valuation & Variance Matrix: The momentum premium has been completely metabolized. The J200 currently trades at a minor technical discount relative to its trailing six-month volume equilibrium midpoint, presenting clear fundamental value. Tactical Probability Profile: 🟩 LONG: Immediate Continuation of the Daily Bounce toward 107,000 | 65% Probability. 🟦 LONG: On a Soft Retest of the 103,000 Level | 75% Probability. 🟧 SHORT: Tactical Downside Expansion below 101,000 | 35% Probability. Macro Risk: A global broad-market liquidation that breaks the structural change-of-polarity bands. A sudden weekly close below the 97,000 psychological baseline would invalidate the immediate recovery thesis and threaten a deeper structural reset. What Can Change: Structural Failure: A decisive break and close beneath 97,000 shifts the intermediate paradigm to a defensive cash posture. Impulsive Re-acceleration: A volume-backed daily push cleanly past 108,000 signals the conclusion of the corrective phase and restarts the primary markup wave. Momentum Churn: Lateral, choppy price action between 103,000 and 106,000 as the index organically digests moving averages over time. Structural Breakdown: 1-Day Structure (Tactical Pivot): Displays an orderly descending channel pattern terminating in a powerful, expansionary green engulfing candle off the channel floor. Weekly Structure (Corrective Digestion): Illustrates a healthy step-down mean reversion sequence testing the primary rising trend configuration. Monthly Structure (Secular Advance): Confirms a beautiful, multi-decade uncompromised compounding trend marching systematically higher from left to right. Velocity & Slope Analysis: 1-Day Slope (Improving): Shifting rapidly from negative back to approx. +20 Degrees, confirming immediate upward tactical acceleration. Weekly Slope (Neutralizing): Flattening out near 0 Degrees, formalizing the temporary stabilization of the intermediate-term trend. Secular Slope (Monthly): Approx. +35 Degrees, providing an immense and unwavering macro tailwind beneath the entire South African equity matrix. Momentum Profile Integration: The multi-timeframe profile presents a textbook bullish divergence configuration. While the intermediate weekly trend has completed a necessary reset to zero-line baselines, the daily layer has printed a sharp, volume-backed tactical pivot. Because the slower long-term macro forces remain anchored in a pristine secular advance, this technical alignment heavily favors an ultimate upside continuation once the localized intermediate consolidation pattern concludes. 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 On Friday we saw the index is rebounding from oversold conditions (in line with the price action model which stated that the 'reward-to-risk is becoming attractive for a small buy/long position'). Chart below as of Friday 12 June at 13h08. Previous Post (Published after teh market close on Wednesday 10 June, for Thursday 11 June) JSE Top 40 Index: Aggressive Selling Pressure Continues / Approaching Oversold (Short Term) / Looking For Support At Swing Lows / See Price Action Model Previous Post 09 June 2026: JSE Top 40 Index A combination of Monday and Tuesday's candle structure reflects strong indecision: An attempt to find a based (Monday) followed by a weak rebound and renewed selling pressure on Tuesday. The short term moving averages remain a cap. Previous Post (Sunday, 07 June) JSE Top 40 Index Buying & Long Positions Risk for New Buy Entries: Falling Knife Acceleration. The index is locked in a vertical markdown phase that has cleared intermediate support levels. Tactical momentum is accelerating downward into weak territory without showing structural signs of exhaustion or bullish divergence. Attempting to buy the index here exposes capital to a high-probability continuation flush toward the major psychological floor at 100,000. Risk for Existing Long Positions: Capital Liquidation. The breakdown out of the recent distribution flag has transformed former structural floors into a thick ceiling of overhead supply. Failing to manage risk aggressively here exposes portfolios to severe unhedged drawdown as macro distributions unwind. What Can Change? A high-volume daily reversal session printing a distinct lower shadow near key long-term demand, coupled with a sharp upward hook in short-term velocity indicators, would be mandatory to signal the initialization of a tactical floor. Selling & Short Positions Risk for New Short Entries: Mean-Reversion Snapback. While the path of least resistance is heavily skewed to the downside, shorting the tape after an immediate multi-day collapse puts entries at risk of a sudden, low-volume short-covering bounce designed to work off short-term tactical compression. Risk for Existing Short Positions: Profit Retention. Existing short positions are exceptionally well-positioned following the rollover from the 115,000 ceiling. The principal operational risk is trailing stop complacency; stops must be dialed down aggressively to lock in unbooked premium before any technical mean-reversion occurs. What Can Change? A clean, high-volume break below the immediate horizontal liquidity floor at 103,000 would confirm an immediate extension of the markdown leg, exposing the index to a direct test of its primary secular anchors. 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 Analyst Disclosure: The content below was compiled using an artificial intelligence tool, based on the analyst's own data set. Analyzing momentum requires understanding that trends can exhaust, reverse, or trap investors. Based on the principle that the daily timeframe is the most reactive leading indicator, here are the core risks associated with positioning into each category: 🟥 1. Exhaustion and Mean Reversion (The Powerhouses) Affected Sectors: Diversified Miners, Luxury Goods, Telecoms, Banks The Risk: These sectors have massive long-term and medium-term backing, but entering them now carries a high risk of buying at a cyclical top. Because Diversified Miners and Luxury Goods are already flagged as Overbought on higher timeframes, they are vulnerable to rapid profit-taking. What to watch: If the daily (short-term) momentum drops from "Strong" down to "Neutral" or "Weak," it means the exhaustion is beginning to pull down the longer-term horizons. 🟥 2. The Bull Trap / False Breakout (The Shifters) Affected Sectors: Consumer Discretionary The Risk: Consumer Discretionary looks highly attractive because the short-term daily momentum is High Bullish. However, the long-term monthly trend is still firmly Weak. The core risk here is a bull trap—where short-term reactive noise or a temporary macro bounce creates the illusion of a recovery, only for the overarching long-term downward pressure to resume and crush the rally. What to watch: If the daily momentum fails to hold Strong and quickly slips back to Neutral, the structural long-term decline has won. 🟥 3. Catching a Falling Knife (The Cooling-Off Sectors) Affected Sectors: Coal Miners, Chemicals The Risk: Investors often look at historically Strong long-term sectors like Coal Miners and assume a minor pullback is a good buying opportunity. The risk here is ignoring the warning flare: the daily chart is already Weak. Since the daily move is the quickest and most reactive, this weakness is highly likely to continue bleeding upward into the weekly and monthly timeframes, turning a minor dip into a major structural downtrend. What to watch: Continuous degradation of the medium-term (weekly) momentum toward Weak. 🟥 4. The Value Trap (The Laggards) Affected Sectors: Paper & Pulp, Gold Miners, Platinum Miners, Technology The Risk: Paper & Pulp is flagged as Oversold on the long term. Visually, this looks cheap, tempting investors to buy for a value turnaround. However, the short-term daily momentum is still High Bearish. The risk is a value trap—where an asset stays oversold or cheap far longer than an investor can remain solvent because there is absolutely no short-term buying pressure to trigger a bounce. What to watch: Do not look at these sectors until the daily timeframe shows at least a reactive move back up to Neutral or Strong. 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 Impala Platinum +11% in 2 days. Valterra Platinum +8.7% in 2 days. African Rainbow Minerals +10% in 2 days. Previous Post (Wednesday 10 June) 🖥️ Technical Screen: JSE Shares That Are Oversold On The Daily Time Frame / Exceptionally Weak But Provide Near Term Rebound Opportunity Technical Screen Snapshot at 13h00 on Wednesday 10 June. What is a Technical Screen? In trading and technical analysis, a technical screen (or "screener") is a systematic process used to filter a vast universe of securities—such as the 100+ liquid names on the JSE or the thousands on the NYSE—down to a manageable shortlist that meets specific, predefined criteria. Rather than analyzing every chart manually, a screen acts as a quantitative "funnel" to identify setups where the odds are mathematically skewed in your favor. Why Professionals Use Screens For an investment professional, a screen is less about "finding a tip" and more about process efficiency and bias reduction: Scalability: It allows an analyst to monitor hundreds of shares across multiple timeframes (Daily, Weekly, Monthly) simultaneously. Objectivity: It removes emotional attachment to specific "story stocks" and focuses strictly on price action and momentum profiles. Early Detection: It identifies sector rotations or "alpha flows" before they become obvious to the broader market. The Goal: A technical screen doesn't tell you what to buy; it tells you what is worth your time to investigate today. It turns a sea of data into a high-probability "watchlist." Types of Technical Screens Rotation: Absolute & Relative Trend & Phase Scans Leading Phase: Strong across all timeframes. Lagging Phase: Weak across all timeframes. Waking Up / Turnaround: Short-term strength appearing in a long-term downtrend. Deteriorating: Short-term weakness appearing in a long-term uptrend. Momentum & Velocity Power Trend: Extreme bullish momentum pushing a strong trend higher. Hyper Momentum: Parabolic, highly volatile upside. Violent Breakout: Explosive short-term push reversing a weak long-term trend. Momentum Squeeze: Timeframe convergence (coiling) usually preceding an explosive price move. Over-extended & Extremes Extreme Overbought: Euphoria across the board. Extreme Oversold: Severe panic selling across the board. Overbought Warning in Bear Trend: Violent counter-trend rally ripe for short-selling. Deep Dip in Bull Trend: Sharp, over-extended pullback in a primary uptrend. Capitulation: Total institutional abandonment. Volatility & Accumulation Steady Accumulation: High-quality, low-drama buying. Low Volatility Compounders: Slow, steady, highly predictable uptrends. High Volatility Momentum: Strong trend with wild daily swings. High-Vol Laggards: Dangerous wealth-destroyers with massive daily swings. Dead Money: Trapped in a tight, directionless neutral zone. Market Structure & Divergences Perfect Bull Alignment: Textbook sequential leadership (Short-term leads medium-term, which leads long-term). Perfect Bear Alignment: Textbook sequential breakdown (Short-term leads the decline, dragging down medium and long-term trends). Bullish Divergence: Shorter timeframes dragging a dead long-term trend higher. Bearish Divergence: Shorter timeframes breaking down while the long-term trend still looks great. Stealth Bull: Creeping accumulation while the long-term chart still looks bad. Stealth Bear: Creeping distribution while the long-term chart still looks good. MT Turnaround: Medium-term momentum just crossing out of weakness, pulled by short-term strength. MT Breakdown: Medium-term momentum just dropping out of strength, dragged by short-term weakness. Transitions & Pullbacks Bull Market Correction: Healthy pullback into weak territory within a strong primary trend. Bear Market Rally: Sharp bounce into strong territory within a primary downtrend. Bullish Stall: Short-term momentum flatlining inside a strong trend. Base Building: Bleeding has stopped, chopping sideways at the bottom. 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 Harmony Gold (US Listing, HMY) Previous Post (Wednesday 10 June at 20h44 - US Trading Session) Analyst Disclosure: The content below was generated using an artificial intelligence tool, based on the analyst's own charts, data, inputs and specified indicators. Time: 20h44 on Wednesday 10 June. Thesis Summary 🟢 Buy on pullback Harmony Gold is currently navigating a significant technical correction within a powerful, structural multi-year secular bull market. After printing an aggressive cyclical peak near 26.00 in early 2026, the asset has entered a healthy, required mean-reversion phase to unwind extreme momentum extension. The daily chart shows immediate deceleration as the price approaches a major historical demand shelf. This corrective move represents a high-probability tactical opportunity for long-term participants to accumulate exposure inside a proven structural support block. Reward-to-Risk (R:R) Dynamics | 🟢 Buy on pullback. The Immediate LONG: Highly Favorable R:R. Entering at current levels (approx. 14.59) allows for a well-defined defensive invalidation level placed just beneath the major 12.50 macro shelf, while targeting a primary recovery back toward the 19.00 overhead resistance cluster. The Immediate SHORT: Poor R:R. Shorting an institutional momentum leader directly into a primary change-of-polarity zone that has successfully absorbed multi-year liquidation is a low-probability maneuver. The Structural LONG: Superior R:R. For macro allocators, this tactical cooling period offers an ideal risk-asymmetric window to build long positions with a strong margin of safety. Support Zone Mapping | 🟢 Buy on pullback. Immediate Tactical Support (The Local Base): 13.50 – 14.80. The active daily demand zone where the current downward momentum is beginning to stabilize. Secondary Support Shelf (The Major Breakout Axis): 11.50 – 12.50. A critical multi-month historical consolidation ceiling from late 2024 that should act as an absolute structural floor. Primary Macro Support (The Secular Floor): 8.50 – 10.00. The deep historical baseline supporting the entire post-2023 secular markup cycle. Tactical Probability Profile Action Logic: Why two buy actions? Buy on Pullback addresses the immediate technical edge; it captures the high-asymmetry opportunity available while the asset trades directly inside a multi-tested demand block. Buy (Continuation) remains reserved for momentum-focused strategies waiting for a decisive daily close above the 16.50 local lower high to confirm that the immediate corrective regime has officially concluded. 🟩 LONG: At Current Accumulation Base | 75% 🟢 (Buy on pullback) 🟦 LONG: On Daily Breakout Above 16.50 | 60% 🟦 (Buy continuation) 🟩 LONG: At 12.00 Structural Shelf | 85% 🔵 (Buy on deeper pullback) 🟧 SHORT: Tactical Fade Near 19.50 | 35% 🟨 Technical Valuation & Variance Matrix Estimated Technical Fair Value (TFV): 15.25. Calculated using the primary volume-weighted equilibrium point where the core horizontal consolidation baseline intersects the long-term structural moving average. Current Price Discount: The asset currently trades at a tactical -4.33% discount relative to its Technical Fair Value, indicating that recent selling pressure has pushed the price into an undervalued short-term technical pocket. Tactical Upside Potential: +30.23% to the primary structural target of 19.00 (and +78.20% to the absolute historic high near 26.00). Tactical Downside Risk: -14.33% to the definitive tactical invalidation floor (12.50) and -24.61% to the high-conviction secondary macro base (11.00). Asymmetry Ratio (R:R Metrics): At current pricing, a trade targeting a return to the 19.00 key resistance while risking against a confirmed structural breakdown of the daily base offers an explicit 2.11:1 Upside-to-Downside ratio. What Can Change Structural Failure: A daily close below the 12.50 support line would invalidate the immediate tactical bottoming thesis, opening up an air pocket for an extended liquidation move toward the 10.00 secular shelf. 🟥 Impulsive Re-acceleration: A clean daily close above 16.50 accompanied by expanding volume would confirm a shift back to an aggressive market regime, raising the probability of a fast run to 19.00. 🟦 Prolonged Sideways Drift: If the price fails to reclaim the 16.50 trigger zone over the short term, the market will likely lock into an extended time-wise distribution block between 13.80 and 15.80. ⬜ Structural Breakdown 1-Day Structure (Basing Phase): As demonstrated in file HMY_2026-06-10_20-28-34.png, the daily frame depicts a mature corrective move encountering a strong structural floor. The immediate price action shows downside deceleration with localized tail-wicks, indicating that institutional capital is beginning to absorb supply at these valuation limits. Weekly Structure (Orderly Pullback): As demonstrated in file HMY_2026-06-10_20-28-29.png, the weekly lens reveals a textbook technical correction within a major bull market regime. This multi-week pullback has effectively normalized the extreme technical overextension seen in late 2025 without damaging the primary upward trend geometry. Monthly Structure (Secular Advance): As demonstrated in file HMY_2026-06-10_20-28-24.png, the multi-decade lens highlights a powerful, long-term secular markup phase. The recent pull-back is categorized as a healthy, high-level consolidation following a historic multi-year breakout, keeping the primary macro cycle firmly positive. Velocity & Slope Analysis 1-Day Slope (Neutralizing / Bottoming): Approx. -5 to 0 Degrees. The steep negative velocity that characterized the initial descent has flattened out significantly, confirming that the short-term selling momentum has reached a point of near-exhaustion. 10-Day & 20-Day Slope (Corrective): Approx. -25 Degrees. The intermediate-term trajectories remain technically negative but are flattening rapidly, indicating a volatility compression that typically precedes a primary reversal move. Secular Slope (Monthly): Approx. +40 Degrees. The long-term macro trend line maintains an aggressive, highly robust upward trajectory, providing the primary institutional wind at the asset's back. Momentum Profile Integration The Faster Tiers: Both the Ultra Short Term and Short Term momentum tiers have successfully completed an entire reset cycle from their recent overbought extremes. They are currently testing key historical reversal zones, proving that tactical sellers are rapidly losing control of the immediate market path. The Slower Tiers: The Structural Trend (Weekly) and Secular Cycle (Monthly) momentum profiles continue to defend strong structural territory, holding well above past cyclical breakdown baselines. Because the higher-timeframe engines remain firmly supportive through this consolidation, the broader technical weight of the evidence heavily favors a trend continuation pattern. 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 Old Mutual (OMU) - two alerts given for this idea: (1) the initial note to prepare you and (2) the follow-up note to alert you that the share was at the buy range. Well done to clients who latch onto the opportunity. Previous Post (15 May) 🟩 JSE Insurer: Price Action Model Trigger (Update) + Entering Buy Range Note: the 1 to 10 day (S/Term) remains with a 'weak' reading however, the 5 to 8 week time frame sees a probability of a small rebound i.e. EXPECT LOWER LEVELS BUT PREPARE FOR A REBOUND ON THE HIGHER TIME FRAME. If you have access to an order book (market depth), then watch that too for evidence of buying. Unfortunately I don't have these tools. Previous Post (28 April) 🟩Old Mutual: Lower Levels Expected Before Tactical Rebound Old Mutual Ltd (OMU) - The model shows the price is still weak (i.e. no buy reading as yet) therefore we look for lower levels before a rebound. READY TO TRADE: ACTIONABLE AREAS For active traders who look to generate cash flow on a continuous basis, determining the ‘next best probability’ level to execute against may be of immense value, specifically by helping to determine the best potential times and levels to commit capital. The blue and red horizontal lines on the chart represent a next-best-probability buy re-entry range and a next-best-probability sell re-entry range over the short term. The ranges assume no existing position is being held by a trader, while the probabilities are based on several factors, which may include: Short-term ratings and medium-term regimes Momentum indicators Horizontal or diagonal support and resistance Candle structure Moving averages and standard deviation Please note that these are short-term levels and may contrast with medium- and long-term outlooks, which are based on the weekly and monthly charts and are generally more applicable to long-term investors. These levels are subject to change based on market sentiment, subsequent price action, and company/sector-specific or macroeconomic news flow. As always, while the levels are outlined to guide your capital deployment, traders should be prepared to adjust in real-time based on the aforementioned factors. THE TACTICAL TRADING GUIDE (PRICE ACTION MODEL): UNCOVER OPPORTUNITIES & ASSESS REWARD-TO-RISK It helps helps clients determine and shed light on the some of the following: The CURRENT TECHNICAL POSITION and a PRICE ACTION PROBABILITY for multiple time frames. Three (3) ‘trading’ time frames are considered: Short Term (1 to 10 days) / Medium Term (2 to 4 weeks) and Long Term (5 to 8 weeks) Whether the reward-to-risk is attractive for a buy/long position Whether a share is weak. In this case, wait until the price stabilizes before looking to enter (i.e. want until it stops going down) Whether aggressive buying is underway. In this case, do not ‘chase’ (do not buy) but instead wait for a pullback to re-enter a buy or an overextension with deteriorating candle structure to sell/short. Whether a trader can look to buy a pullback into a key moving average (continuation trade) Whether a share needs to break a range for a new trend to be determined (bullish or bearish) Whether a traders needs to monitor for a change of character that could lead to a bullish or bearish reversal Whether a share could start a consolidation phase or before continuing it’s bullish or bearish trend Whether the upward momentum is slowing (if it's in a bullish phase) Whether buyers can look to 'phase in' to a position (if it's in a bearish phase) Whether a share lacks directional bias. The data set is available in real-time (on request) The readings are subject to change as the price action develops. Lester Davids Senior Investment Analyst: Unum Capital

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 TFG / Foschini - as stated in the previous note, the buy/add range was R53 to R55. The share traded into this range and has rebounded by over 16% since. Well done to clients who latched onto the opportunity. Previous Post (Sunday 17 May) 🟩 At/Approaching Buy/Add: Generational Support R53 to R55 Provisional 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

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 The share traded below 3700c (low of 3694c), giving traders an opportunity to accumulate. The share is currently higher by 7.4% from 3700c. For short term traders, the rebound creates an opportunity to take profit. Previous Post (Sunday 07 June) 💡🟩JSE Platinum Share: Bearish Trend, But Prints Below 3700c Creates Oversold Buying (Rebound) Opportunity (1) regime = high bearish momentum / approaching oversold (2) 200d breakdown (3) very poor candle structure (4) trading on neckline support (likely to break lower) (5) unfilled gap at ~4000c and ~3819c (6) aggressive selling candle take it down to the 200-week near 3700c-3400c 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 The share traded into the lower end of the buy range (R540 to R555 and rebounded strongly for a +6% overnight gain. This morning's high = R581. Current level = R578. Previous Post: Sunday 07 June 💡Actionable Area: ~R540 to ~R555. 🟥Currently Very Weak But Pending Oversold Conditions Present Short Term🟩Buying Opportunities Gold Fields (GFI) - The share is in a 'WEAK' momentum regime and is just about to enter the 'HIGH BEARISH MOMENTUM / APPROACHING OVERSOLD' phase. To further clarify, the share is far from being truly OVERSOLD. It currently trades near the long-held R600 support, however this level is vulnerable to being breached in the next few session. The price is below it's declining short term moving averages and has also breached the medium term 200-day and 50-week EMA. There is no clear next level support which places the share in a price discovery mode. The first best probability level of interest is the R540 to R555 range though this level is subject to change in real-time depending on the subsequent price action and news flow. 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 Risks to the Current Positioning Violent Mean Reversion in the Velocity Block: The perfectly uniform High Bullish Momentum (#2) profile across Banks, Telecoms, and Chemicals creates a highly crowded institutional trade. Because there is no internal timeframe variation to absorb a shock, any sudden shift in index sentiment will likely trigger a synchronized, high-beta liquidation event across this entire block. Consumer Counter-Trend Traps: The Strong (#3) Medium and Short-Term profiles for Consumer Discretionary are fighting directly against a severely damaged Long-Term High Bearish Momentum / Approaching Oversold (#6) structural baseline. If the immediate consumer relief wave fades, this intermediate strength will violently collapse back in the direction of the dominant, long-term bearish trend. Divergent Distribution in Miners: The massive structural gap in Diversified Miners (Short-Term Neutral vs. Medium-Term Overbought) flags an active distribution phase. The loss of short-term velocity indicates that fresh capital has stopped entering the sector; holding long positions at this level risks a severe downside adjustment as the Medium-Term timeline is forced to mean-revert to match the deteriorating short-term reality. Precious Metals "Falling Knife" Risk: While the Short-Term Oversold (#7) readings in Gold and Platinum Miners technically trigger an "at/approaching buy/add" mandate, their underlying Medium-Term and Long-Term profiles remain locked in active decay (Weak and Neutral). Attempting to accumulate purely on short-term exhaustion exposes portfolios to sequential structural markdowns before a true long-term floor is established. Lester Davids Senior Investment Analyst: Unum Capital