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This research note is free. Please Note: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes. Disclosure: The analysis below was generated automatically, using an artificial intelligence tool (using my own inputs/data). Technology sits at a Long Term High Bearish/Approaching Oversold, Medium Term High Bearish/Approaching Oversold, and Short Term High Bearish/Approaching Oversold posture. The sector remains deeply structurally impaired across every measured horizon. Sustained distribution has culminated in severe underperformance, confirming a complete absence of institutional support. Diversified Miners present a Long Term Strong, Medium Term Neutral, and Short Term Weak posture. Following the peak momentum seen in late August, the sector has experienced an abrupt short-term cooldown. While the Long-Term trend retains its Strong anchor, the deterioration of Medium-Term momentum to Neutral and Short-Term momentum to Weak signals active profit-taking. Banks are showing a Long Term Neutral, Medium Term Weak, and Short Term Weak posture. After a fleeting pause in late August and early September, downside momentum has resumed. The inability to reclaim Neutral status across intermediate horizons highlights ongoing institutional distribution. Insurers currently sit at a Long Term Weak, Medium Term Weak, and Short Term High Bearish/Approaching Oversold posture. The sector has suffered renewed technical damage. The drop of Short-Term momentum into High Bearish territory reinforces the persistent multi-month downtrend. Gold Miners remain at a Long Term Strong, Medium Term Strong, and Short Term Neutral posture. Following extreme momentum readings in late August, the sector has settled into orderly consolidation. The robust Long- and Medium-Term Strong postures confirm that its overarching leadership profile remains intact. Platinum Miners exhibit a Long Term Strong, Medium Term Strong, and Short Term Strong posture. Following the precedent set by precious metals peers, Platinum Miners have completed a full structural upgrade, achieving unanimous Strong alignment across all three horizons to stand as one of the market's premier leaders. Consumer Staples hold a Long Term Weak, Medium Term Neutral, and Short Term Neutral posture. The sector remains pinned beneath long-term structural resistance. Intermediate and short-term pauses continue to reflect low-volatility drift rather than genuine accumulation. Consumer Discretionary reflects a Long Term High Bearish/Approaching Oversold, Medium Term High Bearish/Approaching Oversold, and Short Term Weak posture. The environment remains hostile for domestic cyclicals. Chronic intermediate- and long-term relative weakness continues to dominate price action. Hospitals display a Long Term Neutral, Medium Term Neutral, and Short Term Neutral posture. The sector has flattened into full consolidation. With all timeframes locking into Neutral, directionless drift characterizes the group. Coal Miners maintain a Long Term Neutral, Medium Term Strong, and Short Term High Bullish/Approaching Overbought posture. The sector has staged an aggressive momentum expansion. Successive upgrades across medium- and short-term windows highlight strong relative inflows. Telecoms maintain a Long Term Neutral, Medium Term Neutral, and Short Term Strong posture. The sector has executed a sharp mean-reversion rally. Having cleared late-August oversold conditions, Short-Term momentum has surged to Strong, lifting the Medium-Term posture back to Neutral. Paper & Pulp sits at a Long Term Weak, Medium Term Neutral, and Short Term Neutral posture. Long-term structural damage continues to overshadow intermittent counter-trend bounces, leaving the sector without definitive upside traction. Chemicals carry a Long Term Strong, Medium Term Strong, and Short Term Overbought posture. The sector has staged a massive structural turnaround. Transforming from mid-August weakness, rapid accumulation has catapulted the sector into comprehensive bullish alignment, culminating in an Overbought short-term reading. Luxury Goods show a Long Term Neutral, Medium Term Weak, and Short Term Weak posture. The sector remains on the back foot. Previous support has given way to persistent intermediate distribution, dampening relative performance. Risks to the Current Positioning Overbought Exhaustion in Leading Resources: Chemicals and Coal Miners have accelerated into Overbought and High Bullish Short-Term extremes, respectively. These rapid momentum extensions leave the groups highly vulnerable to sharp mean-reversion pullbacks if institutional inflows pause or underlying commodity tailwinds stall. Contagion from Diversified Miners: The abrupt Short-Term breakdown to a Weak posture in Diversified Miners highlights aggressive profit-taking. If this intermediate distribution bleeds into the Medium Term, the loss of momentum in a major resource heavyweight could drag down broader index resilience. Counter-Trend Fragility in Telecoms: The sudden Short-Term surge to a Strong posture in Telecoms is unfolding against a flat Neutral Medium-Term and Long-Term backdrop. This profile suggests a mean-reversion bounce rather than a genuine structural upgrade, making the sector susceptible to fading as long-term resistance is tested. Asymmetric Squeeze Risk in Laggards: Technology and Consumer Discretionary remain deeply structurally impaired, pinned at High Bearish/Oversold extremes. While the primary trend remains decisively downward, these stretched conditions elevate the risk of violent, short-covering snapbacks triggered by unforeseen macroeconomic shifts or localized stabilization. Lester Davids Senior Investment Analyst: Unum Capital

This research note is free. Please Note: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes. The period from mid-August through mid-September reveals an intensifying bifurcated market, characterized by rotation within the resource complex and acute divergence across broader cyclicals. The most defining shifts are the structural breakout in Chemicals and the bullish alignment in Platinum Miners, which have seized decisive leadership. Concurrently, Coal Miners have exhibited powerful short-term momentum acceleration, while Gold Miners consolidate recent gains. Conversely, Diversified Miners have seen their late-August short-term surge aggressively unwind into Weak momentum. Technology and Consumer Discretionary remain entrenched in severe, multi-timeframe structural breakdowns, while Financials (Banks and Insurers) face persistent distribution and renewed downside pressure. Emerging Leaders (Resources & Industrials): Platinum Miners, Chemicals (Broad Bullish Alignment), Coal Miners (Short-Term momentum surging) Major Structural Breakdowns: Technology, Consumer Discretionary, Insurers Leadership Exhaustion / Mean Reversion: Diversified Miners (Short-Term breakdown to Weak), Telecoms (Sharp short-term oversold bounce) Lester Davids Senior Investment Analyst: Unum Capital

This research note is free. Please Note: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes. Disclosure: The commentary below was generated automatically, using an artificial intelligence tool (using my own inputs/data). 🟩 Bull Case: 🟢 Buy on pullback (Secondary: 🟩 At/approaching buy/add for small, tactical size) AVI approaches an asymmetric turning point as downside momentum begins to deplete across multiple horizons. While the 14-day trend remains very bearish, the 7-day trend has flattened to weak, shifting the reward-to-risk ratio into an attractive zone for a small tactical long position across both the 1-to-10 day and 2-to-4 week windows. In this scenario, aggressive longer-term selling exhausts as lower timeframes stabilize and build a constructive technical shelf. Responsive accumulation absorbs residual supply near dynamic support, allowing price to reclaim short-term moving averages and trigger an oversold mean-reversion rebound back toward higher resistance shelves. Risks to entering buy/long positions at or around current levels: The longer-term 5- to 8-week regime is characterized by active aggressive selling. Initiating full-sized positions before lower-timeframe stabilization confirms risks absorbing continued institutional distribution. The overarching tactical posture aligns with 🔵 Buy on deeper pullback — Delayed/Weakest Buy, with immediate tactical execution mapped to 🟩 At/approaching buy/add (strictly for small, tactical long exposure). The price action model notes that the reward-to-risk is becoming attractive for a small buy/long position across both the 1-to-10 day and 2-to-4 week windows. However, given aggressive longer-term selling over the 5- to 8-week horizon, larger directional capital should stand aside until lower timeframes structurally stabilize and confirm a durable base. Risks to entering sell/short positions at or around current levels: With the reward-to-risk ratio already turning attractive for tactical longs across both the 1- to 10-day and 2- to 4-week periods, initiating short sales at current depressed levels carries elevated squeeze risk if a sharp counter-trend relief rally materializes. Lester Davids Senior Investment Analyst: Unum Capital 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.

This research note is free. Please Note: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes. A Relative Rotation Graph (RRG) highlights the relative strength and momentum of multiple assets against a common benchmark, plotting them on a single visual grid. By tracking the rotational path of these assets, traders can see exactly which sectors, stocks, or asset classes are leading, lagging, or transitioning at any given time. How It Helps Traders Visualizing Sector Rotation: Traders can watch capital flow out of one sector (Weakening) and into another (Improving) before the shift becomes obvious on standard price charts. Pairs Trading: By identifying one asset entering the "Leading" quadrant and another plunging into "Lagging," traders can structure long/short pairs trades with a clear statistical divergence. Momentum Velocity: The "tails" trailing behind each asset on an RRG show trajectory and speed. Longer, widely spaced dots on a tail indicate rapid, violent momentum shifts, while tightly clustered dots suggest consolidation. Macro Condensation: Instead of flipping through dozens of isolated price charts and moving averages, an RRG condenses the entire market's relative performance into a single, actionable snapshot. Lester Davids Senior Investment Analyst: Unum Capital

This research note is free. Please Note: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes. A Relative Rotation Graph (RRG) highlights the relative strength and momentum of multiple assets against a common benchmark, plotting them on a single visual grid. By tracking the rotational path of these assets, traders can see exactly which sectors, stocks, or asset classes are leading, lagging, or transitioning at any given time. How It Helps Traders Visualizing Sector Rotation: Traders can watch capital flow out of one sector (Weakening) and into another (Improving) before the shift becomes obvious on standard price charts. Pairs Trading: By identifying one asset entering the "Leading" quadrant and another plunging into "Lagging," traders can structure long/short pairs trades with a clear statistical divergence. Momentum Velocity: The "tails" trailing behind each asset on an RRG show trajectory and speed. Longer, widely spaced dots on a tail indicate rapid, violent momentum shifts, while tightly clustered dots suggest consolidation. Macro Condensation: Instead of flipping through dozens of isolated price charts and moving averages, an RRG condenses the entire market's relative performance into a single, actionable snapshot. Lester Davids Senior Investment Analyst: Unum Capital

This research note is free. Please Note: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes. The analysis below was generated automatically, using an artificial intelligence tool (using my own inputs/data). 🟧 Base Case: ⬜ Neutral BHG enters a choppy, range-bound consolidation phase over the next 1 to 4 weeks as competing timeframe forces neutralize directional progress. While the broader primary uptrend has turned weaker, short-term selling is dampened by support around the 8-, 21-, and 50-day EMA dynamic band. Price oscillates within a defined digestion corridor between dynamic moving average support below and overhead supply above. This allows moving averages to flatten and converge as the market works off lower-timeframe weakness before establishing a definitive directional break. Risks to Base Case: Given the multi-timeframe divergence between the bearish 14-day momentum and higher-timeframe support, the consolidation shelf could break prematurely—either through a rapid capitulation break below the 50-day EMA or a sudden macro-driven gap that reclaims broken highs without pausing. Risks to Immediate Buy/Long Positions: Shorter-term technicals remain persistently weak. Entering prematurely before a confirmed reclaim of prior session lows leaves long positions directly exposed to ongoing trend-continuation selling. Risks to Immediate Sell/Shorts Positions: Initiating short sales near dynamic moving average support clusters carries squeeze risk; a sudden reclaim of prior session lows can quickly trigger an aggressive short-covering squeeze toward overhead EMA resistance. Most recently (Monday 24 August), we highlighted the risk of enter a buy/long position on BHP Group. The chart below is adjust for the recent dividend. Lester Davids Senior Investment Analyst: Unum Capital 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.

This research note is free. Please Note: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes. Manual/Human Comment: FirstRand Ltd - Following it's early morning rally on Thursday, on the back of it's results, sellers took control on an intraday basis, which saw massive selling pressure and a close at the lows of the day. Friday saw further downside with a close near the lows of the day which was also on the short term incline support that appears to form part of a developing bear flag structure. Disclosure: The commentary below was generated automatically, using an artificial intelligence tool (using my own inputs/data). 🟧 Base Case: ⬜ Neutral FSR remains pinned within an extended, directionless consolidation band across the 1- to 4-week window as competing timeframe forces neutralize directional progress. With the model explicitly citing a lack of directional bias across both the 1- to 10-day and 2- to 4-week horizons, price action oscillates between the boundaries of its 14-day range. Rotational trade dominates: advances toward range resistance attract profit-taking, while dips toward dynamic moving averages encounter steady absorption. The stock chops sideways within this holding corridor, allowing moving averages to flatten and align while awaiting a decisive range break to trigger the next trend cycle. Risks to Base Case: Extended consolidation phases compress historical volatility, increasing the risk of a sharp, false breakout—either via an aggressive squeeze that fails to sustain volume above range highs or an intraday flush that temporarily breaches the 21-EMA shelf. Risks to Immediate Buy/Long Positions: Directional momentum is currently dormant across short- and medium-term horizons. Buying at the upper end of the consolidation channel before dynamic support is tested or before a confirmed breakout prints leaves long exposure vulnerable to repeated rotational chop. Risks to Immediate Sell/Shorts Positions: Shorting an asset anchored to a multi-week upward trend carries significant squeeze risk; the 21-EMA dynamic buy range could trigger a sharp technical rebound, catching aggressive bears on the wrong side of the broader structure. Lester Davids Senior Investment Analyst: Unum Capital 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.

This research note is free. Please Note: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes. Via our watchlist. This note considers the best course of action for the instrument from current levels i.e. the next best-probability actionable areas for active traders. Chart + Analysis as of Friday 11 September at 14h42 Mondi Plc (MNP) - The share has developed a 'low volume pullback' which may be the set up for it's next leg higher. Over the past 7 trading sessions, buyers have defended the ~17890c range which is exactly in line with the 21-week EMA and 75-day EMA. What can happen from current levels? A potential flush lower (a false breakdown?) followed by a bullish reversal. The buy re-entry range is slightly slower (to account for a potential false breakdown). There, I'd like to assess the price action/behavior of market participants) to determine if true demand is in place for a buy setup. Previous Post (01 August): Mondi Plc +30% since alert on 03 July / well done if you took advantage of the opportunity to trade. Previous Post (17 July): Mondi Plc: Running +8.8% & Generating Cash. An Opportunity to Lock in Further Gains Previous Post (17 July - Pre-Market): (JSE Share: Running +5% Since Alert. Short Term Traders Consider Locking In Gains. Medium Term Traders Consider... Mondi Plc (MNP) - if you are a short term trader, you could use the rebound to lock in gains however, considering the massive underperformance over several months and years, medium term traders could hold positions for a potentially larger move. Consider using a trailing stop-loss in that case. Previous Post (Saturday 04 July, for Monday 07 July): Early Signs of Buying Interest: This JSE Industrial Share Has Been A Serial Underperformer However See Weekly & Monthly Charts Mondi Plc - Weekly Chart Mondi Plc - Monthly Chart Lester Davids Senior Investment Analyst: Unum Capital

This research note is free. Please Note: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes. The analysis below was generated automatically, using an artificial intelligence tool (using my own inputs/data). 🟧 Base Case: ⬜ Neutral The J200 remains pinned within a choppy, directional consolidation corridor over the short term. A range-bound 14-day trend and an overarching lack of directional bias keep the index oscillating aimlessly between its defined trading boundaries. Near-term bounces toward the upper boundary of the consolidation phase meet rotational supply, while tests of lower support attract tentative dip-buyers. The index continues to digest recent weakness in a neutral holding pattern, waiting for a definitive expansion in market breadth or a high-volume range breakout before establishing a sustained directional move. Risks to Base Case: Consolidation ranges can break abruptly—either through an unexpected macro catalyst driving an aggressive breakout over range resistance or through an acceleration of short-term selling that forces a breakdown below the consolidation floor. Risks to Immediate Buy/Long Positions: The immediate short-term trend is classified as "Very Weak." Buying prematurely before price action structurally stabilizes on lower timeframes leaves long exposure exposed to ongoing downside drift and range-floor failure. Risks to Immediate Sell/Shorts Positions: Initiating short positions into the lower half of an established, range-bound channel carries poor risk-to-reward; any sudden base-building or defense of the range floor can trigger a swift mean-reversion squeeze back toward the middle of the band. Lester Davids Senior Investment Analyst: Unum Capital 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.

This research note is free. Please Note: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes. Lester Davids Senior Investment Analyst: Unum Capital

This research note is free. Please Note: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes. Via our watchlist. This note considers the best course of action for the instrument from current levels i.e. the next best-probability actionable areas for active traders. Chart + View as of Friday 11 September at 11h25. Update (Thursday 10 September): All JSE Gold Shares down sharply since Monday 24 August (note published on Sunday 23 August). 98% of our content has always been free. Our research is open, which means that whether you are a client or not, you can access our research, including our trade ideas. If you have been reading our research but use another trading services provider/broker to execute the trades, why not consider moving you trading account to Unum Capital? 🔒To access the ticker, sign up with Unum Capital. To get started email lester@unum.co.za. Active, existing clients can request and access the ticker by contacting lester@unum.co.za 🔒To access the ticker, sign up with Unum Capital. To get started email lester@unum.co.za. Active, existing clients can request and access the ticker by contacting lester@unum.co.za 🔒To access the ticker, sign up with Unum Capital. To get started email lester@unum.co.za. Active, existing clients can request and access the ticker by contacting lester@unum.co.za 🔒To access the ticker, sign up with Unum Capital. To get started email lester@unum.co.za. Active, existing clients can request and access the ticker by contacting lester@unum.co.za About the Price Action Model: A Powerful Tool For Active Traders The price action model is a proprietary non-A.I., excel-based tool. Here Are 5 Real-Time Ideas Which Previously Helped Clients Manage Risk and Uncover Opportunities. Idea Number #1: Valterra Platinum > https://www.unum.capital/post/val1208 Idea Number #2: Harmony Gold > https://www.unum.capital/post/har1108 Idea Number #3: Thungela Resources > https://www.unum.capital/post/tga0804 Idea Number #4: Sasol > https://www.unum.capital/post/solrebo Idea Number #5: Nedbank > https://www.unum.capital/post/ned0603 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

This research note is free. Please Note: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes. Analysis + Chart as of: Friday, 11 September at 10h07. The pair is attempting a bullish reversal, having formed a double bottom technical formation (2x low ~R15.90). The bullish reversal is also in line with the price action model which, on 26 August, stated that the pair had become attractive for a buy/long position. For now sellers (i.e. buyers of the Rand) are controlling the R16.17 to R16.20 range while a strong break above this level is would suggest that USD bulls are starting to take control. Above this level, the 75-day EMA at ~R16.26 could provide temporary resistance. Lester Davids Senior Investment Analyst: Unum Capital [Legends For Own Use🔒🎥💡🟥🟩🟧 🖥️ ⭐⭐⭐☆☆]