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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 Free Content: Richemont: The share is in a high bullish momentum regime, within a multi-month, near all-time highs. This is the kind of setup we like to see when searching for breakout candidates. Our expectation is that some of sort of consolidation is likely to take place, and if the share can continue to show strong price action near the highs, then a breakout is highly probable. Note the recent uptick in volume. Strong prints into R3800 raises the potential for a measured move to R4545. 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: S&P 500 Index (SPX500) is displaying a historic, uncorrected parabolic advance, culminating in vertical acceleration into pure price discovery. With momentum across all major timeframes (Daily, Weekly, and Monthly) pinned in maximum exhaustion territory, the asset is incredibly stretched. While the underlying secular uptrend is undeniably powerful and supported by extreme institutional accumulation, the current synchronized hyper-extension strongly warns of imminent tactical exhaustion and a high probability of a violent mean-reversion event. This environment is highly hostile to new capital deployment, demanding aggressive defensive measures for existing positions and extreme patience for a structural reset before allocating fresh capital. 🟩 Parabolic Climax Risk | The asset has entered a vertical blow-off phase characterized by extreme velocity, completely disconnecting from historical structural baselines | 🟦 Synchronized Exhaustion | Momentum metrics across the daily, weekly, and monthly timeframes are simultaneously flashing severe overbought conditions, indicating maximum tactical stretch | 🟢 Mean-Reversion Watch | The current risk-to-reward ratio is heavily skewed to the downside, requiring immense patience for a deep structural pullback to establish a safe accumulation window. 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: Weekly Chart. The share has shown relative strength, rising the 8-weej exponential moving average (EMA) since September 2025. This trend however is vulnerable to a break/pause with the candle structure reflecting early medium term distribution (see the long upper wicks, week of 11 May and week of 25 May). Also note the 8-week EMA starting to lose upside momentum (i.e. turning flat). For a re-entry, the first test of the 21-week EMA provides a short term re-entry for those traders looking to buy on a pullback (this is ~11000c-11500c). For long term portfolio positions, a back-test of the 200-week near 9700c is a potential re-entry range. Note: this is a share we previously recommended at 6547c, with the target of 9400c being reached in January 2026. 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: The share remains rangebound with resistance at ~5780c and support at ~4655c. The bull trend is being threatened with the price starting to settle below it's 200-day simple moving average which has been in a gradual upward trend but has started to flatten out following the unwind from excessively medium term overbought levels. Unless the price action becomes massively bullish, for now it remains a 'sell the rally' trade. Analyst's Price Action Model: SSW Daily Chart: 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: As you already know, Gold has been in a raging bull market, and, for only the second time since November 2023, the commodity has tested and rebound off it's rising 200-day simple moving average. While this is a bullish development, this short term trend remains sideways. Thursday and Friday marked two positive days but with a rebound that was directly into the flat 8, 21 and 75-day exponential moving averages all of which are negatively aligned i.e. 8-day EMA below 21-day EMA and 21-day EMA below 75-day EMA. Until the price displays aggressively bullish price action above $4700, the trend remains sideways. This here is a break below $4300, which is being recognized as a level of institutional interest. 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: 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 "...On the 21-week EMA for the first time since the start of the war....look for lower levels followed by a potential rebound. See price action model..." Previous Post (08 April): Brent Crude Oil: Now 18% Lower; Pullback In Line With Commentary Analysis of Brent Crude Oil Published: Monday, 06 April. The Oil Spike. Link > https://www.unum.capital/post/oil0803 Current Phase: 🟡 High-Level Consolidation Next Best-Probability Phase: 🟡 High-Level Chop / Volatility Digestion Momentum Profile: The multi-timeframe momentum profile reveals a highly pressurized tape that has stretched too far, too fast, and is now actively seeking equilibrium. Monthly (Macro): The entire momentum suite is exploding vertically from a deep structural base, thrusting straight into extreme overbought territory. This confirms a massive, overarching regime shift and a dominant secular bull phase. Weekly (Structural): The momentum suite reached extreme overbought clustering, but the Ultra Short Term oscillator has just executed a violent, vertical crash down toward the neutral midline. This is a definitive warning sign of structural exhaustion and aggressive institutional profit-taking. Daily (Tactical): The fast daily oscillators have completely cooled off from their overbought extremes, slicing bearishly through the neutral midline and actively dragging the slower Mid Term and Base Term tiers lower. Synthesis: We are witnessing a classic parabolic digestion. The macro (Monthly) trend is relentlessly bullish, but the structural (Weekly) trend has exhausted its immediate fuel, and the tactical (Daily) momentum has already reset to the downside. This divergence dictates that a high-level consolidation or a deeper corrective pullback is required to balance the order book. Structural Analysis & Tactical Bias: Evaluating the broader macro context, the asset recently engineered a breathtaking vertical breakout, launching from the ~$80.00 accumulation base and surging parabolically to print a peak near ~$111.00. Isolating the immediate daily price action, the ascent has forcefully stalled. The tape is currently printing a high-level distribution/consolidation block just below the recent highs, characterized by topping tails and erratic intraday chop, currently trading near ~$107.47. Given the violent downward hook in weekly momentum and the cooling daily tape, the tactical bias leans heavily toward 🟡 High-Level Consolidation / Mean-Reversion Pullback. Key Support & Resistance Levels: Immediate overhead supply and local resistance sit tightly at the recent peak near ~$111.00 to ~$112.00. If this level is eventually cleared, the ultimate macro target and historical resistance ceiling rests near ~$120.00. Immediate structural support is established at the psychological and local pivot zone of ~$100.00. Because the recent rally was a vertical "blue-sky" surge, a massive structural air pocket exists below; if the $100.00 floor gives way, the next robust structural base lies much deeper in the ~$90.00 liquidity zone. Next Candle Probability: The current price action aligns with Scenario 44: 🟡 High-Level Chop / Volatility Digestion. The daily structure shows a total loss of upward velocity as the tape moves sideways-to-lower. The highest probability outcome for the next sequence of daily candles is continued range-bound chop or a grinding drift lower as algorithmic momentum forces the weekly oscillators out of their extreme overbought state. Primary View Invalidation: To invalidate this corrective/consolidation primary view, buyers must completely ignore the extreme overbought conditions and the crashing weekly momentum. They would need to orchestrate a massive, high-volume breakout that definitively clears and holds above the ~$112.00 local ceiling. This would signal a rare, runaway parabolic squeeze continuation toward $120.00. The Next 10 Days: Over the next two trading weeks, the asset faces a critical test of its high-level flag structure. Given that daily momentum is actively cooling while the weekly tape screams exhaustion, market participants should anticipate erratic, bidirectional price action heavily skewed toward testing local floors. The tape will likely oscillate violently as early longs take profits. If the ~$100.00 local floor cracks, expect a rapid algorithmic flush to definitively test the ~$90.00 structural base. Tactical Risk Assessment: Buying vs. Selling What's the risk of buying now? The primary risk of initiating a new long position at ~$107.47 is that you are chasing a vertically overextended weekly/monthly chart precisely as structural momentum is crashing. Because the ascent left a massive air pocket beneath it, buying here exposes you to the risk of a severe mean-reversion drawdown toward the ~$100.00 or ~$90.00 support voids before a true macro higher-low is formed. What Can Change? If institutional buyers aggressively defend the ~$100.00 level, absorb all overhead supply, and force a high-volume daily close above ~$112.00, it validates the parabolic strength and significantly lowers the risk of an immediate deep pullback. What's the risk of selling now? The primary risk of selling (whether taking profits or initiating a speculative short position) is stepping directly in front of a confirmed macro regime shift. While the weekly chart is exhausted and a pullback is logically favored, the underlying monthly trend is aggressively bullish. In commodity markets, overbought squeezes can remain irrational longer than anticipated. What Can Change? If the daily price structure definitively slices through the ~$100.00 local support with expanding volume, it mechanically confirms the localized exhaustion thesis, signaling that gravity has taken control and a deeper structural pullback to $90.00 is underway. Timeframe Confluence & Forecasting (WCL Model) Applying the Weighted Confluence Logic to the current momentum structure: 1-Month Forecast (🔴 Bearish / Pullback): Driven by 60% Daily / 30% Weekly / 10% Monthly. The daily oscillators are drifting into weakness, heavily supported by the violent downward hook on the weekly chart. We project lower prices over the next 30 days as the asset executes a necessary mean-reversion structural correction toward the ~$100.00 or ~$90.00 levels to digest the vertical rally. 3-Month Forecast (🟡 Base/Neutral): Driven by 20% Daily / 50% Weekly / 30% Monthly. The intense overbought conditions on the macro timeframes will require significant time to reset. We project highly volatile, structural chop and base-building roughly between ~$90.00 and ~$110.00 as the tape exhausts the sellers and builds a durable institutional foundation. 6-Month Forecast (🟢 Bullish): Driven by 10% Daily / 20% Weekly / 70% Monthly. The monthly timeframe dominates. The massive surge from the $80.00 base confirmed a secular regime shift. Once the 3-month corrective digestion completes, we project higher prices six months out as the primary secular bull trend resumes its assault on the ~$120.00 macro resistance. Forecast Projection Breakdown: With daily and weekly momentum cooling to digest extreme macro overbought conditions, the forward-looking probability distribution heavily favors sideways consolidation or a healthy mean-reverting pullback. The Base/Neutral Scenario (45% Probability): The tape manages to hold the high-level flag. The asset enters a choppy distribution/accumulation phase strictly between ~$100.00 and ~$111.00 to allow the slower moving averages to catch up to the price. The Bearish/Pullback Scenario (35% Probability): Parabolic gravity takes hold. Sellers break the $100.00 floor, initiating a sharp, healthy structural retracement targeting the ~$90.00 liquidity pool to build a true macro higher-low. The Bullish Scenario (20% Probability): The macro momentum is simply unstoppable. Buyers absorb all profit-taking without needing a deep pullback, squeezing the price relentlessly through the $112.00 ceiling to continue the vertical advance toward $120.00. 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 Spar Group (SPP) "...zooming out, you'll note the share is trading 2008 support levels, which could attractive systematic investors, though the price plunge reflects aggresssive selling pressure on the back of a poor market update. Look f0oro a flush lower and potential reclaim..." 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 "...one of the strongest names on the JSE however the reward-to-risk at/around current levels is unfavorable for new longs. We prefer a deeper pullback to initiate new long positions, and, while the trend does not favor short sellers, an major extension from the moving averages (8, 21, 75-EMA) would open up the potential for a tactical mean reversion sell..." Lester Davids Senior Investment Analyst: Unum Capital

Thank you for your interest in our research. Year-to-date, we have published over 880 research notes. These research insights help clients: (1) manage risks and (2) uncover opportunities, with the ultimate goal of helping to allocate capital to opportunities that offer the best reward-to-risk for a client's time frame. If you've been a consumer of our research but have not traded via the Unum Capital trading desk, why not consider making us your trading services provider? To open a trading account and/or move from your existing service provider, email tradingdesk@unum.co.za. Alternatively, Sign Up Here: https://tradedesk.co/tenant/Unum/signup Featured Post: 20,000 Points (J200) > https://www.unum.capital/post/j2002904 Featured Post: Machine One. 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Research Notes May 2026 > https://www.unum.capital/post/rmay2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Analyst Disclosure: This content was generated using an artificial intelligence tool, based on the analyst's down data. Risks to the Current Positioning Financials (Banks & Insurers): While the Base Term and Mid Term spreads for Banks and Insurers remain highly constructive, the South African Reserve Bank (SARB) has just increased the repo rate by 25 basis points to 7.00%. This moves the prime lending rate to 10.50%. The SARB's decision to hike amidst intensified inflation risks—specifically citing potential El Niño effects and geopolitical shocks—will add severe pressure to household disposable incomes. This macro headwind risks triggering an uptick in non-performing loans and policy lapses, threatening the current Strong (#3) and High Bullish Momentum (#2) relative outperformance profiles of domestic financials. The "Value Trap" in Retail (Consumer Discretionary): The tactical Short-Term shift to Neutral (#4) in Consumer Discretionary might invite premature bottom-fishing, but the structural Base Term remains firmly Oversold (#7). Headline consumer inflation has risen to 4.0%, driven aggressively by an 11% surge in fuel prices. With the domestic consumer facing these compounded cost-of-living constraints and higher debt-servicing costs, initiating early long exposure risks catching a falling knife in a sector with broken fundamentals. Resource Cyclicals (Diversified Miners): The Overbought (#1) Base Term reading in Diversified Miners indicates statistical exhaustion. Any sudden global industrial cooling or a lack of commodity price follow-through could trigger a violent mean-reversion, forcing immediate tactical reductions. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes May 2026 > https://www.unum.capital/post/rmay2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Tactical Synthesis & Relative Market Update The Overbought Lead: Diversified Miners continue to dominate the top of the board, holding an intensely stretched position with Overbought (#1) rankings across both the Base Term and Mid Term, while sustaining a Strong (#3) Short-Term profile. The High-Velocity Expansion Block: Telecoms, Luxury Goods, Insurers, and Chemicals represent the primary areas where relative strength is accelerating. Telecoms and Luxury Goods have pushed into a High Bullish Momentum (#2) state in their Short-Term horizons, joined by Insurers in the Mid Term and Chemicals in the Base Term. Financial Splitting: While Insurers catch a fresh momentum bid, Banks have flattened into a uniform Strong (#3) profile across all three measured horizons. Concurrently, Coal Miners have captured a short-term bid, advancing into a Strong (#3) Short-Term outperformance state. Broad Stabilization & Base Building: The middle of the board is heavily populated by a cluster of sectors returning to baseline market-performing conditions. Platinum Miners, Gold Miners, Consumer Staples, and Hospitals have all converged to Neutral (#4) positioning across their Mid and Short-Term horizons, signaling an end to their recent structural distribution phases. The Capitulation Zone: Relative capital destruction remains concentrated in the bottom tiers. Technology has deteriorated further, registering a High Bearish Momentum (#6) Base-Term stance backed by a Weak (#5) Short Term. Consumer Discretionary and Paper & Pulp remain anchored to Oversold (#7) positions in the Base Term, although Consumer Discretionary has managed a tactical relief lift to a Neutral (#4) Short-Term profile. Lester Davids Senior Investment Analyst: Unum Capital