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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 The subsequent price action saw a multi-month base being built and more important the price stopped it's aggressive downward trend. Positive news out of Tencent re: A.I which saw a relief rebound. Note, yesterday (Tuesday), the share closed above it's 75-day EMA following several prior failed attempts to close above it. This is potentially the start of a recovery following massive underperformance. Note: the share remains below a declining 200-day SMA (negative). Previous Post (19 February): Naspers: Early Base Building NPN Weekly Previous Post (11 February): Deeply Oversold: Early Buy Trigger + Lower Levels Expected Before Potential Rebound Deeply Oversold...Naspers Ltd (NPN) Trading Notes/Resources (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. "Strategy Alerts" help clients identify trading opportunities. When a ticker's real-time or pre-market price action aligns with the criteria on a slide—such as a pullback to the 21-day EMA or a breakout from a consolidation base—it effectively "matches" that stock to the strategy, triggering an alert to a potential trading opportunity. This approach transforms the playbook into a dynamic scanning tool, allowing you to instantly categorize active stocks by the specific technical thesis playing out, ensuring that every trading potential opportunity communicated is backed by a predefined, actionable setup. 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 Free Content Note: When published intraday, JSE equity prices are delayed by 15-minutes. Anglo American Plc (AGL). The ratio chart of AGL vs the All Share Index points to a share that is not extended on a relative basis and that has the ability to continue outperforming the broader market. The chart below highlights the weekly chart where the ratio (AGL/J203) is well off it's 2022 highs. With Copper making new all-time highs, the fundamental outlook for AGL has continued to improve. Long Term Buyers: Hold. 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 Free Content Note: When published intraday, JSE equity prices are delayed by 15-minutes. Recommended at R418 on 20 June 2025. Now +R750. Based on the Weekly Chart for BHP Group Limited (BHG), the reward-to-risk profile has become increasingly complex as the asset enters a parabolic mark-up phase. The upside reward potential is historically strong 🟩 because the stock is trading in clear "blue sky" territory, entirely unburdened by overhead supply or historical resistance. Conversely, the downside risk is elevating 🟥. The market has accelerated so aggressively that the nearest structural support levels are now significantly below current price action, making the asset vulnerable to sharp, mean-reverting pullbacks even within the context of a primary uptrend. The Last Candle Structure confirms this extreme buying velocity. The current weekly session has formed a massive Bullish Expansion Candle 🟩, opening near its lows and surging to close near its absolute highs with virtually no upper wick. Looking at the Last 5 Candles Structure, we observe a relentless, uninterrupted sequence of bullish advances with expanding ranges, highlighting a total capitulation of sellers. The Last 10 Candles Structure captures the launchpad of this move, showing a decisive breakout from a multi-year consolidation base that immediately transitioned into vertical price discovery 🟩. Zooming out to the Last 3 Months Candle Structure, the asset has experienced an exponential rally, leaving behind a massive technical footprint of sheer institutional demand that has outpaced all recent historical accumulation phases. The trend’s steepness and slope reflect a market that has gone parabolic. The angle of ascent is highly aggressive, estimated at roughly 80 to 85 degrees on the macro timeframe 🟧. While this confirms that the prevailing trend is undeniably bullish 🟩, such vertical slopes on a weekly chart are rarely sustainable in perpetuity without a period of high-volatility digestion or lateral consolidation to allow moving averages to catch up to the price. In terms of the Momentum Profile, the indicators signal a profoundly strong but deeply extended macro trend. The Tactical Momentum is currently classified as HIGH BULLISH MOMENTUM / APPROACHING OVERBOUGHT 🟧, reflecting extreme velocity that is nearing the absolute upper bounds of its historical range. Similarly, the Fast Weekly momentum has breached into absolute OVERBOUGHT 🟧 territory, confirming that short-term buyers are paying significant premiums. Moving to the structural timeframe, the Structural Trend momentum is also officially OVERBOUGHT 🟧, a rare condition that underscores the sheer magnitude of this breakout but warns of impending exhaustion. Finally, the Primary Trend momentum has shifted into HIGH BULLISH MOMENTUM / APPROACHING OVERBOUGHT 🟩 territory, confirming that the foundational, long-term cycle is exceptionally strong and fully participating in this historic expansion. 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 There's no doubt that Nvidia CEO Jensen Huang is the 'man of the moment'. When he speaks, the world listens. In the last 24 hours, he called Marvell Technology the next trillion-dollar company. Less than 2 years ago (October 2024), we highlighted the share as a buy/long idea. From $77, the share has rallied to a high of $277. From a market cap of $70bn to $238bn today, Jensen is forecasting significant upside from current levels. Are you capitalizing on our trade ideas? Well done to those clients who have been actively participating in these money-making opportunities. Further update (Comment Added: Wednesday 04 December at 21h04 / U.S Trading Session) Wednesday, 04 December 2024 (Time: 11h27) In the span of just under 7 weeks, the share has rallied by 37%. This includes the after-hours print of +10% to above $106. Original View discussed on 15 October, below (link: https://www.unum.capital/post/active-trading-plan-tuesday-15-october-2024 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 JSE Ltd (JSE) Monitoring for evidence of buy into the 200-day SMA. Expect overshoot to the downside. Provisional range at blue shaded area. JSE Ltd: The Exchange Is Finding Momentum - Monday, 23 September 2024 Pre-Market Ticker: JSE Technical Drivers: (1) Above the 200-day EMA (2) Double break as per the weekly (3) nearing the top of it's 3-year range Fundamental driver: (1) improved business confidence (2) increased trading activity Medium to long term targets: 13600c, 15000c Structure invalidated on a weekly close below 10800c Lester Davids 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 ARM Holdings Plc Previous Post (25 June 2025) Global Idea: ARM Holdings - For Now It's An Overextended Leader; Buy The Dip 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 Invesco Nasdaq Next Generation ETF (QQQJ) The returns of the top holdings in this ETF: Key Takeaways Top Performer: Nebius Group NV (NBIS) recorded an exceptional run, up over 421% following heavy technical interest and corporate restructuring tailwinds entering the latter half of 2025. Semiconductor & AI Cluster: Driven by secular AI data infrastructure themes, high-multiplier names like TER, ALAB, and FLEX have seen substantial multiple expansion and price appreciation over the 11-month window. Laggard: CoreWeave Inc (CRWV) sits as the lone negative returner over this specific duration, down roughly 13% after dealing with execution adjustments and market consolidation post-IPO. Previous Post (Sunday 13 July) Global Idea: Invesco Nasdaq Next Generation 100 ETF Strong candle structure below multi-month highs, breakout pending. Long term target = $42.00 Stop-loss = a weekly close below $28.00 Last close = $32.33 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 Tencent up massive today.... Naspers up massive today.... Prosus up massive today... See previous bull-bear checklist highlighting the near oversold conditions.... Free Content Previous Post (20 May): Tencent Bull-Bear Checklist 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 Free Content Note: When published intraday, JSE equity prices are delayed by 15-minutes. Tsogo Sun (TSG) Last: 789c Temporary Failure Below 730c Upside target Near 960c 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 CrowdStrike Holdings (CRWD) - well done to clients who are capitalizing on our opportunities. Share Code: CRWD Sector: Cybersecurity No, we did not catch the exact bottom. It's not about that, it's about assessing reward-to-risk and weighing the probability of outcomes. Well done to clients who took capitalized on the opportunity. Original Post at $229, Published Here On 30 July: https://www.unum.capital/post/u-s-trading-session-crowdstrike-holdings-crwd-here-s-what-the-data-says-tuesday-30-july-2024 To trade global equities, you will need an offshore account. To get started, contact the Unum Capital Trading Desk today. E-MAIL: tradingdesk@unum.co.za| CALL:011 384 2923 Lester Davids Analyst: Unum Capital Previous Post: CrowdStrike: Strong Rebound Off Tactical Trigger - Wednesday, 21 August 2024 Real-Time: 21h35 Ticker: CRWD Short Term Traders Could Look To Take Profit Real-Time: 18h46 Amidst the sharp sell-off, here's what the data says: ABOUT THE TACTICAL TRADING GUIDE: Technology + Proprietary Insights has helped to develop automated tools and strategies that are used to identify potential trading opportunities as well as highlight potentially significant technical developments across various time frames. This page highlights readings from our Tactical Trading Guide (Price Action Tool) which is also available as a live tool via the telegram group. The tool provides automated price analysis for any tradeable instrument across 3 time frames: short (short term), medium (medium term) and long (long term). Readings are subject to change, based on the development of the subsequent price action. The tool helps to determine and shed light on the some of the following: Whether the reward-to-risk is attractive for a buy/long position? Whether a share is weak or if aggressive buying is underway 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 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 Lester Davids 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 Free Content Note: When published intraday, JSE equity prices are delayed by 15-minutes. 1. Improving Sectors (Bullish Rotation / Gaining Strength) These sectors show an upward progression through the momentum hierarchy as timeframes shorten, indicating building near-term strength. Technology vs Top 40: Improving from Weak (Long Term) to Weak (Medium Term) to Neutral (Short Term). Insurers vs Top 40: Improving from Strong (Long Term) to High Bullish Momentum / Approaching Overbought (Medium & Short Term). Consumer Disc. vs Top 40: Improving significantly from Oversold (Long Term) to High Bearish Momentum / Approaching Oversold (Medium Term) to Neutral (Short Term). Hospitals vs Top 40: Improving from Weak (Long Term) to Neutral (Medium & Short Term). Consumer Staples vs Top 40: Improving initially from Weak (Long Term) to Neutral (Medium Term), though it ticks back down to Weak in the Short Term. Paper & Pulp vs Top 40: Improving from Oversold (Long Term) to Weak (Medium Term) to Neutral (Short Term). Luxury Goods vs Top 40: Improving from Neutral (Long Term) to High Bullish Momentum / Approaching Overbought (Medium & Short Term). 2. Weakening Sectors (Bearish Rotation / Losing Strength) These sectors show a downward progression through the hierarchy as timeframes shorten, signaling that longer-term momentum is fading or rolling over in the near term. Gold Miners vs Top 40: Weakening from Neutral (Long Term) to Weak (Medium & Short Term). Platinum Miners vs Top 40: Weakening from Neutral (Long Term & Medium Term) to Weak (Short Term). Telecoms vs Top 40: Weakening from High Bullish Momentum / Approaching Overbought (Long & Medium Term) to Strong (Short Term). Chemicals vs Top 40: Weakening from High Bullish Momentum / Approaching Overbought (Long Term) to Strong (Medium Term) to Neutral (Short Term). 3. Flat / Static Sectors These sectors maintain a uniform momentum profile across all three timeframes, showing no directional change in relative strength. Diversified Miners vs Top 40: Locked in at maximum intensity: Overbought across Long, Medium, and Short Term. Banks vs Top 40: Holding steady at a high level: Strong across Long, Medium, and Short Term. Coal Miners vs Top 40: Mostly steady/mixed high strength, remaining Strong in the Long and Medium Term, before ticking up to High Bullish Momentum / Approaching Overbought in the Short Term. 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 Free Content Note: When published intraday, JSE equity prices are delayed by 15-minutes. Absa Group Limited (ABG) is currently absorbing a significant structural correction following a sharp rejection from its recent cyclical peaks. The asset has undergone a distributive washout, breaking intermediate market structures and driving the price down to 227.90 ZAR, testing critical macro accumulation baselines. With Tactical Momentum and Structural Trend metrics pinned in weak territory, supply remains firmly in control of the immediate narrative. The Primary Trend momentum has decelerated into a neutral posture, confirming this as a deep mid-cycle digestion rather than an immediate secular bear phase. This environment demands extreme tactical patience, requiring a definitive stabilization of momentum and a confirmed higher-low before allocating fresh capital to the long side. Key Takeaways 🟨 Macro Digestion | The asset is absorbing a deep structural pullback from a major cyclical peak, reverting violently to test long-term demand zones. 🟥 Tactical Washout | Tactical Momentum and Structural Trend metrics have slipped into weak territory, confirming that immediate-term supply is currently overpowering demand. 🟢 Mean-Reversion Support | Price is approaching historical change-of-polarity levels, offering a potential high-margin-of-safety accumulation window once short-term momentum stabilizes. Analyst Verdict: 🟨 Macro Digestion | 🟥 Tactical Washout | 🟢 Mean-Reversion Watch Primary State: Absorbing a severe tactical and structural correction from recent macro highs, breaking immediate market structure to retest deeper baselines with the last registered price at 227.90 ZAR. Monthly Pulse (Primary Trend): The Primary Trend momentum registers as Neutral, indicating that while the overarching cyclical move has paused, the long-term structure is attempting to find a new equilibrium. Weekly Tactical Momentum (Structural Trend): The Structural Trend momentum has broken down into Weak territory, reflecting a severe intermediate-term digestion of prior gains and dominant seller control over the last quarter. Daily Momentum (Tactical Momentum): The Tactical Momentum remains heavily in Weak territory, confirming that immediate short-term supply is heavy and a durable structural floor has yet to form. Exhaustion Warnings: The rapid descent from the 270.00 ZAR peak has completely relieved long-term overbought pressures, but the lack of daily and weekly bullish momentum warns that the corrective phase remains highly vulnerable to localized flushes. Thesis Summary: ABG is executing a deep digestion and washout phase following an extreme rejection at cycle highs. The asset is actively searching for a durable structural floor within the 210.00–225.00 ZAR demand zone. While the Primary Trend is intact, the short-to-intermediate profile is heavily damaged. Strategy: Core macro holders must weather the volatility by relying on deep structural lines of defense. For tactical deployment, exercise absolute patience; wait for Tactical Momentum to reclaim neutral-to-strong zones and form a defined base before allocating fresh capital. Reward-to-Risk (R:R) Dynamics: The Immediate LONG: High-Risk. Catching a falling asset with weak tactical momentum carries a highly negative expectancy. The Tactical SHORT: Moderate. Chasing the downside into major macro support risks getting caught in a violent mean-reversion bounce. The Structural LONG: Pending. Highly favorable once a definitive weekly higher-low is established within the macro demand zone. Fair Value Support: Immediate structural support is clustered near the 220.00 ZAR to 225.00 ZAR zone, representing a dense prior accumulation ledge. Structural Floor: The definitive macro structural floor remains anchored lower, near the 190.00 ZAR to 200.00 ZAR foundational baseline. Support Zone Mapping: Immediate Tactical Support (The Local Ledge): 220.00 – 225.00 ZAR. The critical line of defense currently being tested. Secondary Support Shelf (The Major Baseline): 190.00 – 200.00 ZAR. The deep change-of-polarity axis. Primary Macro Support (The Secular Floor): 150.00 – 160.00 ZAR. The generational cyclical base. Extension Target: A successful mean-reversion bounce must first clear immediate local overhead supply at 240.00 ZAR before targeting any retest of the 255.00 ZAR lower-high resistance blocks. Structural Price Forecast: The asset is highly likely to map out a prolonged, volatile lateral range between 220.00 ZAR and 250.00 ZAR to build a new base and allow capital to regather following the severe technical damage. Technical Valuation & Variance Matrix: Estimated Technical Fair Value (TFV) sits near the 235.00 ZAR balance point of the previous structural distribution. The premium has been aggressively removed, bringing the asset to a discount relative to recent peaks. Tactical Probability Profile: 🟩 LONG: On successful base-building above 225.00 ZAR | 55% Probability. 🟦 LONG: Impulsive Daily Breakout reclaiming 245.00 ZAR | 30% Probability. 🟧 SHORT: Tactical continuation of the downtrend below 220.00 ZAR | 60% Probability. Macro Risk: A cascading washout where the Primary Trend momentum breaks completely down into the weak zone, signaling a broader secular regime shift rather than just a mid-cycle correction. What Can Change: Structural Failure: A decisive weekly close below 200.00 ZAR threatens the entire multi-year recovery thesis and forces a total structural reset. Impulsive Re-acceleration: A volume-backed snapback that directly reclaims 250.00 ZAR traps aggressive short-sellers and restarts the markup phase. Momentum Churn: Sideways, violent chop between 220.00 ZAR and 235.00 ZAR to organically reset moving averages over time. Structural Breakdown: 1-Day Structure (Distributive Washout): "ABG_2026-06-01_23-11-14.png" displays a clear sequence of lower highs and lower lows, heavily pressured by overhead supply and weak tactical momentum. Weekly Structure (Corrective): "ABG_2026-06-01_23-11-18.png" shows a sharp rejection from cycle peaks and a steep mean-reversion structural break impacting intermediate support. Monthly Structure (Secular Digestion): "ABG_2026-06-01_23-11-28.png" indicates a massive macro pullback returning to test the upper bounds of the primary multi-year base. Velocity & Slope Analysis: 1-Day Slope (Bearish): Approx. -45 Degrees. A strong, immediate downward trajectory dominating the chart. Weekly Slope (Negative): Shifting violently from steep positive to steep negative. Secular Slope (Monthly): Flattening to approx. 0 Degrees as the macro trend absorbs the shock. Momentum Profile Integration: The Tactical Momentum and Structural Trend tiers have dropped directly into weak territory, while the Primary Trend rests strictly within neutral bounds. This top-down divergence—weak short/intermediate-term cascading into a neutral long-term—is the textbook hallmark of a deep mid-cycle correction. Tactically, capital should remain strictly defensive until the daily timeframe re-establishes a neutral-to-strong momentum profile, confirming the washout is complete. 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