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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 Previous Post: Offshore: The Stock Reminds Me of Oracle - Thursday, 12 September 2024 Real-Time: 19h07 (South African Time) / U.S Trading Session Just over 12 months ago I presented Oracle Corp as a buy/long opportunity. Over the period, the share has proceeded to print all-time highs at $162 from the suggested entry of $117. DELL Technologies is a beneficiary of the boom in Artificial Intelligence (AI) and the pullback offers an opportunity to participate in a potential new leg higher. Buy Idea Entry at $112.15 Targets: $132.55 and $152.92 Stop-loss: $90.43 Reference: Buy Oracle Corp (18 July 2023) I also re-iterated my view in January of this year as the share retraced to $106.

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 We identified and published the idea for Nebius (European Artificial Intelligence) 17 months ago (January 2025). At the time, the share price was $32.66. Last close = $214.77. That's 6.5x your money. R10,000 invested = R65,000 today. Switch to Unum Capital Today. The share rallied to a high of $70.00 - a 114% gain from the time of publication. Previous Post: Nebius Group: European Artificial Intelligence Infrastructure The stock was uncovered by the analyst. The commentary below was generate by A.I Nebius Group is a European AI infrastructure company that is benefiting from several tailwinds in the current market. Tailwinds: The rapid growth of the AI market: The global AI market is expected to grow at a compound annual growth rate (CAGR) of over 37% from 2023 to 2030. This growth is being driven by a number of factors, including the increasing availability of data, the development of new AI algorithms, and the falling cost of computing power. The increasing demand for AI infrastructure: As the AI market grows, so too does the demand for AI infrastructure. This includes hardware such as GPUs and TPUs, as well as software such as AI frameworks and tools. Nebius Group is well-positioned to capitalize on this demand, as it is one of the leading providers of AI infrastructure in Europe. The increasing focus on sustainability: Nebius Group is committed to building sustainable AI infrastructure. This is becoming increasingly important as the environmental impact of AI is becoming more widely recognized. Nebius Group's focus on sustainability is a key differentiator in the market. The increasing geopolitical tensions: The increasing geopolitical tensions between the United States and China are creating a more favorable environment for European AI companies. This is because European companies are seen as more trustworthy by many customers, as they are not subject to the same geopolitical risks as American companies. These tailwinds are expected to continue to drive Nebius Group's growth in the years to come. The company is well-positioned to become a leading player in the global AI infrastructure market. In addition to the tailwinds mentioned above, Nebius Group is also benefiting from a number of other factors, such as: Its strong management team: Nebius Group has a strong management team with a proven track record in the technology industry. Its strong financial position: Nebius Group has a strong balance sheet and is well-capitalized to invest in its growth. Its strong customer relationships: Nebius Group has strong relationships with a number of leading AI companies. Overall, Nebius Group is a well-positioned company with a bright future. The company is benefiting from a number of tailwinds in the current market, and it has a strong management team, a strong financial position, and strong customer relationships. These factors give Nebius Group a good chance of becoming a leading player in the global AI infrastructure market. Headwinds One of the main headwinds facing Nebius Group is the intense competition in the AI infrastructure market. The company competes with a number of large and well-established companies, such as Amazon, Google, and Microsoft. These companies have significant resources and experience in the cloud computing market, and they are investing heavily in their AI infrastructure offerings. Another headwind facing Nebius Group is the risk of technological disruption. The AI industry is evolving rapidly, and new technologies are constantly being developed. This could make it difficult for Nebius Group to keep up with the latest trends and maintain its competitive advantage. Finally, Nebius Group is also facing regulatory challenges. The company operates in a highly regulated industry, and new regulations could impact its business. Despite these headwinds, Nebius Group has a number of strengths that could help it to succeed. The company has a strong team of experienced professionals, a proven track record of success, and a differentiated product offering. Nebius Group is also well-positioned to benefit from the continued growth of the AI industry. Overall, Nebius Group is a company with a bright future, but it also faces a number of challenges. The company's ability to overcome these challenges will be critical to its long-term success. Lester Davids 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 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 Wilson Bayly Holmes-Ovcon WBO Zooming In: A series of higher lows. Potential development of a cup and handle technical formation Currently developing a bull flag structure. Finding support on the 200-day SMA as well as short term moving averages. A strong push into the 17700c level would signal that buyers and further looking to control the tape. WBO Zooming Out: Following it's strong advance off the Q3 2022 lows to the Q3 2024 highs, the share has been trading in a consolidation phase, potentially developing a multi-month bull flag structure. Clearing (trading above) the downward trend line on increased volume would weigh the evidence toward a resumption of the recovery/bull trend, with a target near R290. What would negate this bullish structure? A weekly close below R150. Last Close (Approximately): 17165c. 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

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 PSG Financial Services (KST) 🟩 Macro Breakout | 🟦 Trend Continuation | 🟢 Buy on Breakout Primary State: Executing a definitive structural breakout to new all-time highs, clearing a horizontal consolidation ceiling with the last close at 2,890 ZAC. Monthly Pulse: The Monthly momentum registers as High Bullish Momentum, confirming that the secular uptrend is supported by intense institutional conviction. Weekly Tactical Momentum: The Weekly momentum registers as Strong, confirming the intermediate-term breakout thrust is well-supported and has headroom before reaching overbought territory. Daily Momentum: The Daily momentum registers as High Bullish Momentum, validating that the immediate breakout velocity is aggressive and attracting fresh capital. Exhaustion Warnings: While the breakout is robust, the synchronized high-level readings across the daily and monthly timeframes warn that the asset is tactically stretched; a minor consolidation near the breakout zone would be healthy to digest the recent move. Thesis Summary: KST is displaying a textbook continuation breakout within a multi-year secular bull market. After digesting gains in a horizontal accumulation range, the stock has resolved upward, cleanly clearing overhead supply. This setup signals a high-probability continuation pattern and the start of a new primary impulse wave. Strategy: Core long-term positions should be held to participate in the ongoing markup. For tactical entry, the current breakout level is viable; utilize the prior resistance ceiling as a new structural support floor. Reward-to-Risk (R:R) Dynamics: * The Immediate LONG: Favorable R:R. Entering at 2,890 ZAC allows for a tight stop just beneath the breakout axis. The Pullback LONG: Excellent R:R. A retest of the 2,750–2,800 ZAC support ledge would offer the highest margin-of-safety entry. Fair Value Support: Immediate structural support has dynamically shifted to the previous resistance ceiling, establishing a floor between 2,750 and 2,800 ZAC. Structural Floor: The deep, definitive macro structural trend floor remains well-anchored much lower, near the 2,400 to 2,500 ZAC baseline. Support Zone Mapping: * Immediate Tactical Support (The Breakout Ledge): 2,750 – 2,800 ZAC. The base that must hold to keep the breakout valid. Secondary Support Shelf (The Range Floor): 2,400 – 2,500 ZAC. The bottom of the multi-month consolidation regime. Primary Macro Support (The Secular Floor): 2,000 – 2,100 ZAC. The deep historical base supporting the multi-year cycle. Extension Target: With the asset in price discovery mode, immediate tactical extension targets eye the 3,100 to 3,200 ZAC psychological zones. Structural Price Forecast: Assuming the 2,750 ZAC breakout axis holds, the measured move objective, projected from the depth of the prior consolidation, points toward a macro target in the 3,500 ZAC area. Technical Valuation & Variance Matrix: Estimated Technical Fair Value (TFV) sits near the 2,600 ZAC balance point. The asset trades at a moderate momentum premium, standard for a healthy breakout. Tactical Probability Profile: * 🟩 LONG: Immediate Breakout Continuation | 65% Probability. 🟦 LONG: On Tactical Retest of 2,800 ZAC | 80% Probability. 🟧 SHORT: Tactical Fade | 20% Probability. Macro Risk: A "false breakout" or bull trap. A swift daily close back below 2,750 ZAC would invalidate the advance and force a retest of the range floor. What Can Change: * Structural Failure: Close below 2,700 ZAC invalidates the breakout. Impulsive Re-acceleration: Sustained daily momentum pushing cleanly over 3,000 ZAC accelerates the markup. Momentum Churn: Price hovers near 2,850–2,900 ZAC, building a high-tight flag. Structural Breakdown: * 1-Day Structure (Markup): Impulsive resolution out of a horizontal channel. Weekly Structure (Continuation): Orderly stair-step pattern honoring higher-lows. Monthly Structure (Secular Shift): Multi-year compounding growth remains intact. Velocity & Slope Analysis: * 1-Day Slope (Healthy): Approx. +30 Degrees. Sustainable momentum clearing supply. Weekly Slope (Bullish): Approx. +20 Degrees. Consistent upward bias. Monthly Slope (Structural): Approx. +15 Degrees. Persistent, stable macro tailwind. Momentum Profile Integration: The Daily, Weekly, and Monthly momentum tiers are well-synchronized. This profile reflects steady institutional accumulation. The multi-timeframe alignment confirms the breakout is structurally sound and built for sustainable, long-term continuation. Price Action Model (Tactical View) 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

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: The commentary below was generated using an artificial intelligence tool, based on the analyst's own inputs/data. 🟨 Macro Digestion | 🟥 Tactical Washout | 🟢 Mean-Reversion Watch Primary State: Absorbing a significant tactical correction from historical highs. Price is currently testing structural support zones to determine if the macro secular uptrend remains intact or requires a deeper base-building phase. Monthly Pulse: The Monthly momentum is Strong, confirming the long-term secular bull trend remains the dominant force despite the recent price turbulence. Weekly Tactical Momentum: The Weekly momentum registers as Weak, highlighting that the intermediate-term momentum has been damaged and is currently searching for a new stable equilibrium. Daily Momentum: The Daily momentum registers as Weak, showing initial signs of stabilizing but still lacking the synchronized strength to confirm a definitive trend reversal. Exhaustion Warnings: The current weakness is not yet extreme, but the transition of daily and weekly momentum into the "Weak" zone suggests selling pressure has dominated the last quarter. Watch for failed rallies that might suggest a secondary attempt to flush support. Thesis Summary: Gold is in a classic "Macro Digestion" phase. After a prolonged, vertical climb, the price is undergoing a necessary technical reset. The key question for this week is whether the 4,300–4,500 USD zone acts as a firm floor for the secular trend, or if the lack of tactical momentum forces a deeper descent toward the major 3,600 USD structural ledge. Strategy: For core macro holders, this is a "wait-and-see" environment. Avoid adding risk until the Weekly momentum base pivots upward. For tactical traders, the priority is monitoring the 4,500 USD level for a potential mean-reversion bounce, using a very tight stop. Reward-to-Risk (R:R) Dynamics: * The Immediate LONG: High-Risk/High-Reward. Counter-trend entry near current levels relies on structural support holding. The Structural LONG: Pending. Highly favorable once weekly momentum displays a higher-low pivot. Fair Value Support: Immediate structural support is clustered near 4,300–4,500 USD, representing the "change-of-polarity" zone from the breakout earlier this year. Structural Floor: The definitive macro structural trend floor remains anchored near 3,500–3,600 USD. Support Zone Mapping: * Immediate Tactical Support: 4,300 – 4,500 USD. Secondary Support Shelf: 3,900 – 4,000 USD. Primary Macro Support (Secular Floor): 3,500 – 3,600 USD. Extension Target: A successful mean-reversion bounce that clears 4,800 USD could open the door for a retest of the psychological 5,000 USD milestone. Structural Price Forecast: If the 4,300 USD support holds, a "sideways digestion" would be the most bullish outcome, allowing the market to build a new base before the next impulse. A drop below 4,300 USD would likely lead to a test of the 4,000 USD psychological shelf. Technical Valuation & Variance Matrix: Estimated Technical Fair Value (TFV) is near 4,400 USD. The current price is effectively trading at fair value relative to the recent range, meaning the "over-extended froth" has been effectively removed from the chart. Tactical Probability Profile: * 🟩 LONG: On successful base-building above 4,300 USD | 60% Probability. 🟦 LONG: Daily Breakout above 4,700 USD | 40% Probability. 🟧 SHORT: Tactical Fade if 4,300 USD support cracks | 55% Probability. Macro Risk: A "cascading washout" where the weekly momentum drops into the lowest tier, indicating a transition from a correction to a primary structural trend breakdown. What Can Change: * Structural Failure: A daily close decisively below 4,200 USD would signal the start of a broader, deeper cyclical bear move. Impulsive Re-acceleration: A volume-backed snap back above 4,700 USD would signal the "digestion" is complete. Structural Breakdown: * Daily/Weekly Structure: Currently in a corrective distribution phase following the Q1 peak. Monthly Structure: Still firmly in a secular bull market; the multi-year up-cycle remains technically intact. Velocity & Slope Analysis: * 1-Day Slope: Roughly -10 degrees, currently flattening. Monthly Slope: +25 degrees, maintaining a long-term upward structural tailwind. Momentum Profile Integration: The Daily and Weekly tiers are in a "Neutral-to-Weak" transition. However, the Monthly tier remains in "Strong" territory. This divergence is typical of major trend digestions: the long-term trend holds while the short-term trend resets. The strategy must be to wait for the Daily/Weekly momentum to exit the "Weak" zone before considering this correction fully over. 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 Altron Ltd (AEL) - as noted Monday morning, the company report results with a special dividend being declared. +19% since the alert last week Thursday. Previous Post (Thursday, 21 May) 🟩JSE Mid Cap Technology Share With Re-Emerging Momentum. Projected Target = 3300c Strategy: Re-emerging Momentum Trigger +2500c Projected Target 3300c. Last Close: 2307c Temporary Failure: Below 2040c Share: Altron Ltd Code: AEL Note: Ideal for traders with a momentum style, not an bottom-fishing/oversold strategy. 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 Chart: JSE Top 40 (Equally Weighted) Relative To JSE Top 40 Index Cap Weighted overlayed with JSE New Gold Issuer (GLD). For much of 2025, index returns were driven by gold and platinum shares, now, performance looks to be be broadening with more sectors starting to show positive returns. The GLD overlay is, in my view, an adequate representation of the inverse correlation between previous metals performance vs the ratio (J2EQ/J200). Note, a rising ratio means that sector performance is broadening while a falling ratio means that a narrow number of stocks and sectors are driving the market. 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 Premium Content SECTOR X: These remain a cornerstone of structural stability. By maintaining a "Strong" regime across all timeframes, the sector exhibits high uniformity and low volatility. The institutional mandate here is Hold / Maintain Position, as the sector continues to capture value from a constructive macroeconomic backdrop without showing signs of overextension that would necessitate a tactical reduction. SECTOR X: Similar to _______, this sector demonstrates remarkable institutional consistency. The uniformity across the Long, Medium, and Short terms confirms that the current trend is well-supported by underlying fundamentals. We keep the tactical action at Hold / Maintain Position, as there is no evidence of structural decay or momentum exhaustion to justify an exit. SECTOR X: This sector benefits from resilient offshore earnings and operational improvements, which have insulated it from domestic headwinds. With a "Strong" consolidated regime, the sector remains in a clean accumulation phase. The tactical recommendation is to Hold / Maintain Position and allow the trend's natural drift to play out within the current healthy slope. SECTOR X: Representing a unique blend of domestic and international exposure, this sector has solidified its position in the "Strong" regime. The confluence of favorable momentum across all timeframes suggests that institutional demand is robust. Tactical discipline dictates a Hold / Maintain Position stance, avoiding the impulse to sell into strength when structural integrity is this high. SECTOR X: Currently "rolling over." While they retain a high-level regime rank of #2, the degradation from their previous peak indicates that institutional liquidity is being harvested. The tactical action is Sell on sharp rally, as the sector is entering a distribution phase where rallies represent the final opportunities to exit at optimal pricing. SECTOR X: Much like the diversified miners, this sector is experiencing a cooling period after a phase of high momentum. It remains in the #2 regime, but the transition in momentum signals that the easy gains have been captured. We utilize the Sell on sharp rally tactical action here to manage risk as the sector shifts away from its prior vertical fan-out. SECTOR X: This sector is currently the standout "Improving" candidate. By shifting from a "Neutral" long-term base to a "Strong" medium-term structure, it signals a significant institutional rotation. We upgrade the tactical action to Buy on pullback, as the sector is currently undergoing a "Bullish Inflection" that warrants active participation during temporary price dips. SECTOR X: These resources currently sit in a structural stalemate. With a "Neutral" consolidated regime, they lack the directional conviction required for aggressive positioning. The institutional approach is to remain Neutral, waiting for a decisive "fan-out" in momentum lines to confirm whether the next move will be a resumption of the trend or a deeper mean reversion. SECTOR X: These sectors represent the "Weak" regime, characterized by a negative trend slope and consistent institutional selling. The tactical action is Buy on pullback, but only in the context of high-probability, short-term mean reversion. We are monitoring these for signs of capitulation that might eventually move them toward the #7 (Oversold) bucket. SECTOR X: Currently the most distressed sector, this is in a clear state of structural decay. As it resides in the #6 (High Bearish Momentum) regime, we are actively preparing for the transition to #7. The tactical action is Buy on deeper pullback, positioning for the ultimate "capitulation wick" where maximum pessimism provides a high-probability entry point for a relief rally. 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 This chart is important. It highlights the re-emerging strength of JSE Banks relative to the JSE Top 40 Index. Several tests of resistance is looking to break. 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 Reported results (Monday, 25 May) Netcare Alerts: 24 February 2026 (See Chart #1) 01 January 2026 (See Chart #1) 11 July 2024 (See Chart #2) Chart #1 Chart #2 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 Previous Post (Monday, 18 May): 🟩Mid Cap Consumer Share: Lower Levels Expected Before Tactical Rebound. See Price Action Model + Bull-Bear Checklist Share: Astral Foods (JSE:ARL). Note: We recommended this share at R167, with the share trading as higher R284 (see below). READY TO TRADE: ACTIONABLE AREAS For active traders who look to generate cash flow on a continuous basis, determining the ‘next best probability’ level to execute against may be of immense value, specifically by helping to determine the best potential times and levels to commit capital. The blue and red horizontal lines on the chart represent a next-best-probability buy re-entry range and a next-best-probability sell re-entry range over the short term. The ranges assume no existing position is being held by a trader, while the probabilities are based on several factors, which may include: Short-term ratings and medium-term regimes Momentum indicators Horizontal or diagonal support and resistance Candle structure Moving averages and standard deviation Please note that these are short-term levels and may contrast with medium- and long-term outlooks, which are based on the weekly and monthly charts and are generally more applicable to long-term investors. These levels are subject to change based on market sentiment, subsequent price action, and company/sector-specific or macroeconomic news flow. As always, while the levels are outlined to guide your capital deployment, traders should be prepared to adjust in real-time based on the aforementioned factors. THE TACTICAL TRADING GUIDE (PRICE ACTION MODEL): UNCOVER OPPORTUNITIES & ASSESS REWARD-TO-RISK It helps helps clients determine and shed light on the some of the following: The CURRENT TECHNICAL POSITION and a PRICE ACTION PROBABILITY for multiple time frames. Three (3) ‘trading’ time frames are considered: Short Term (1 to 10 days) / Medium Term (2 to 4 weeks) and Long Term (5 to 8 weeks) Whether the reward-to-risk is attractive for a buy/long position Whether a share is weak. In this case, wait until the price stabilizes before looking to enter (i.e. want until it stops going down) Whether aggressive buying is underway. In this case, do not ‘chase’ (do not buy) but instead wait for a pullback to re-enter a buy or an overextension with deteriorating candle structure to sell/short. Whether a trader can look to buy a pullback into a key moving average (continuation trade) Whether a share needs to break a range for a new trend to be determined (bullish or bearish) Whether a traders needs to monitor for a change of character that could lead to a bullish or bearish reversal Whether a share could start a consolidation phase or before continuing it’s bullish or bearish trend Whether the upward momentum is slowing (if it's in a bullish phase) Whether buyers can look to 'phase in' to a position (if it's in a bearish phase) Whether a share lacks directional bias. The data set is available in real-time (on request) The readings are subject to change as the price action develops. Lester Davids Senior Investment Analyst: Unum Capital