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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 JSE Top 40 Index 🟩 Structural Resumption 🟥 Tactical Flush ↔️ Wait for base The JSE Top 40 Index has experienced a sharp, high-velocity tactical flush, rejecting aggressively from the upper boundaries of its recent markup phase. While the Secular (Monthly) timeframe remains safely anchored in the Strong tier—confirming the primary structural resumption remains mathematically intact—the faster timeframes have sustained significant near-term damage. The Strategic (Weekly) engine has cooled rapidly back to the Neutral baseline, and the Tactical (Daily) momentum has plunged decisively into Weak territory. This multi-frame misalignment indicates that active institutional supply has currently overwhelmed demand, forcing a localized corrective cycle to clear out late-stage long positioning. Because the underlying macro resume is stable but the immediate downward momentum has not yet found an intraday equilibrium, the system triggers a ↔️ Wait for base signal. Buying blindly into this immediate downward velocity carries poor reward-to-risk asymmetry; patience is required to allow the daily chart to either establish a verified lateral floor or strike terminal oversold extremes. MOMENTUM PROFILE Daily Chart (Tactical): Mid Term Momentum is 🟥 WEAK. The daily pulse has broken cleanly below the neutral band, confirming that sellers are entirely dictating the immediate tape. The trajectory is steep, actively seeking a liquidity floor, though it has not yet reached extreme oversold acceleration bands. Weekly Chart (Strategic): Mid Term Momentum is ↔️ NEUTRAL. The strategic timeframe has lost its previous bullish hook and has mean-reverted directly to the midpoint of the neutral band. This confirms the swing-level trend is currently completely non-directional as it digests the recent volatility. Monthly Chart (Macro): Mid Term Momentum is 🟩 STRONG. The secular engine continues to hold firmly above the neutral band. This is the critical structural anchor; it confirms that despite the tactical violence, the broader multi-year breakout structure is currently unbroken. STRUCTURAL BREAKDOWN & VELOCITY 1-Day Structure (Markdown Phase): The daily chart displays a sharp sequence of lower highs and lower lows. The steep negative slope confirms a rapid markdown as the index actively tests immediate support clusters for institutional defense. Weekly Structure (Range Rejection): The weekly view confirms a definitive rejection from the 112,000c - 114,000c resistance block. The intermediate trajectory has flattened, shifting from an impulsive markup back into a broader digestion regime. Monthly Structure (Secular Anchor): The multi-year lens highlights the J200 as maintaining its broader structural bullish posture, utilizing this current pullback as a necessary mid-cycle flush to normalize overheated conditions. CONTRARIAN ASYMMETRY & SUPPORT MAPPING 🟥 Distribution Zone (Tactical Short/Reduce): 111,000 – 113,000. The origin of the recent severe rejection and the primary overhead supply ceiling. 🔴 Immediate Tactical Support (The Active Test): 106,000 – 107,000. Price is currently probing this critical zone. It served as prior resistance and must now transition into a verified floor to prevent a deeper structural slide. 🟩 Secondary Support Shelf (The Value Floor): 103,000 – 104,000. The high-conviction swing base. If the 106,000 level fails, this becomes the primary destination for deep institutional accumulation. 🔵 Primary Macro Support (The Secular Floor): 99,000 – 100,000. The ultimate defensive boundary protecting the broader macro trend. TECHNICAL VALUATION & VARIANCE MATRIX Estimated Technical Fair Value (TFV): 106,500. Calculated as the volume-weighted baseline of the previous major consolidation block before the April breakout. Current Price Premium: The asset is currently trading directly at its near-term TFV, confirming that the recent tactical premium has been entirely erased and the index is returning to fair value. Tactical Downside Risk: A structural failure of the current 106,500 level opens an immediate technical void down to the 103,000 secondary shelf. Asymmetry Ratio: At current levels, the mathematical edge lies in waiting for confirmation. Buying the 107,145 test requires the daily momentum to stop plunging and hook higher. TACTICAL PROBABILITY PROFILE 🟨 LONG: Immediate Market Entry | 35% (Catching a falling knife into unconfirmed support) 🟥 SHORT: Breakdown below 106,000 | 65% (Tactical short targeting 103,000) 🟢 LONG: Confirmed Tactical Base at 106,500 | 75% (Waiting for stabilization and momentum hook) 🔵 LONG: At 103,500 Macro Base | 90% (High-conviction structural mean-reversion entry) CORE THESIS The J200 has shifted from a confirmed markup back into a defensive posture. The divergence between the intact, Strong macro baseline and the deeply Weak tactical engine creates a classic "mean-reversion watch" environment. The underlying trend suggests higher prices eventually, but immediate entry timing is dangerous. The optimal strategy requires standing aside to see if institutional capital defends the 106,000 - 107,000 cluster over the next 48 hours. Actionable long setups will only materialize when the daily mid-term momentum tier carves out a definitive higher low or hooks back into the Neutral band. WHAT CAN CHANGE? 🟦 Bullish Momentum Hook: If price grinds sideways at 107,000 and the tactical momentum tier violently hooks upward, crossing back above the Neutral baseline, it would signal the completion of the markdown and a safe entry for trend continuation. 🟨 Dead-Cat Bounce: An impulsive intraday spike toward 109,000 that immediately rolls over, dragging momentum deeper into the Weak tier, confirming the corrective phase is incomplete. 🟥 Structural Breakdown Validation: A daily close slicing cleanly and decisively below 106,000 would invalidate the immediate support floor, forcing a rapid, high-probability cascade down toward the 103,000 macro base. 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 data. 🟩 Structural Bull 🟥 Tactical Correction ↔️ Wait for base Gold is executing a deep, high-velocity strategic correction within its broader secular bull market. While the Monthly timeframe remains firmly anchored in the Strong tier—confirming the primary multi-year compounding trend is structurally intact—the faster execution timeframes have sustained significant technical damage following the rejection at recent historical highs. Both the Strategic (Weekly) and Tactical (Daily) timeframes have sliced below their respective Neutral baselines and are currently entrenched in Weak territory. This multi-frame misalignment indicates that sellers are actively controlling the near-term tape, systematically clearing out over-leveraged late-stage momentum participants. Because the underlying macro resume remains highly bullish but the tactical falling knife has not yet found a quantitative equilibrium, the system triggers a ↔️ Wait for base signal. Deploying fresh capital into this immediate downward velocity carries poor reward-to-risk asymmetry; patience is required to allow the daily momentum to either strike terminal oversold extremes or establish a verified lateral floor. MOMENTUM PROFILE Daily Chart (Tactical): Mid Term Momentum is 🟥 WEAK. The daily pulse is trending firmly in the lower bounds, actively validating the current sequence of lower highs and lower lows. Immediate distribution pressure is dominant, though the "Rubber Band" is steadily approaching oversold acceleration bands where a sharp, mean-reverting bounce becomes mathematically probable. Weekly Chart (Strategic): Mid Term Momentum is 🟥 WEAK. The strategic timeframe has decisively broken the neutral band, confirming this is more than just a brief intraday flush; it is a genuine swing-level reset. This confirms that significant overhead supply now exists, which will likely cap and suppress initial relief rallies. Monthly Chart (Macro): Mid Term Momentum is 🟩 STRONG. The secular engine remains the primary anchor. Despite the near-term violence, macro momentum is comfortably sustaining its structural bullish regime, providing a high-conviction underlying tailwind that should eventually arrest the current markdown and serve as the launchpad for the next cyclical leg higher. STRUCTURAL BREAKDOWN & VELOCITY 1-Day Structure (Markdown Phase): The daily chart displays a distinct corrective channel with a steep negative slope. Price action is actively probing lower support clusters, seeking an institutional liquidity floor after surrendering significant premium from the peak. Weekly Structure (Trend Pullback): The weekly view confirms a sharp, multi-week retracement. The intermediate trajectory has shifted aggressively downward as the asset digests the massive preceding markup phase, structurally resetting the broader chart. Monthly Structure (Secular Core): The multi-year lens highlights XAUUSD as a premier secular asset. The current move, while tactically severe, is mathematically a healthy and necessary mid-cycle correction that is simply returning to test the broader structural support baselines. CONTRARIAN ASYMMETRY & SUPPORT MAPPING 🟥 Distribution Zone (Tactical Short/Reduce): $4,900 – $5,100. The immediate overhead supply block created during the recent top. Tactical relief rallies into this zone offer high-probability opportunities to trim exposure, as the damaged daily and weekly engines will likely face immediate exhaustion upon a retest. 🔴 Immediate Tactical Support (Fragile Floor): $4,450 – $4,550. The current active zone being probed for liquidity. It may provide brief intraday friction, but lacks the robust historical volume-at-price confirmation required to be classified as a high-conviction "Value Floor". 🟩 Secondary Support Shelf (The Value Floor): $4,100 – $4,250. The primary structural base where previous major accumulation occurred. This is the optimal, mathematically sound destination to target for scaling into deep structural long positioning. 🔵 Primary Macro Support (The Secular Floor): $3,200 – $3,500. The ultimate defensive boundary protecting the massive multi-year breakout. TECHNICAL VALUATION & VARIANCE MATRIX Estimated Technical Fair Value (TFV): $4,750. Calculated as the volume-weighted equilibrium point of the previous structural consolidation ledge before the final euphoric blow-off top. Current Price Discount: The asset currently trades at a rough -4.44% discount relative to its near-term TFV, confirming it is tactically stretched to the downside while remaining within a broader macro uptrend. Tactical Upside Potential: +4.64% to the primary mean-reversion TFV target ($4,750) from current levels if a sharp counter-trend stabilization occurs. Tactical Downside Risk: -7.46% risk to the high-conviction secondary structural support shelf ($4,200). Asymmetry Ratio: At current levels, the mathematical edge lies in capital preservation. Fighting the immediate tactical trend carries unnecessary risk until the daily momentum metrics decouple from price or hook decisively out of the lower bounds. TACTICAL PROBABILITY PROFILE 🟨 LONG: Immediate Market Entry | 25% (Catching a falling knife) 🟥 SHORT: Rejection on relief rally to $4,750 | 65% (Trend continuation fade) 🟢 LONG: Confirmed Tactical Base / Momentum Hook | 75% (Waiting for stabilization) 🔵 LONG: At $4,200 Macro Base | 90% (High-conviction structural entry) CORE THESIS XAUUSD is navigating a textbook strategic reset. The divergence between the intact, Strong macro baseline and the highly compromised tactical/strategic engines creates a classic "wait and see" setup. The underlying trend is your friend, but the immediate entry timing is mathematically hostile. The optimal strategy requires standing completely aside, utilizing the current downward velocity to allow the asset to seek out the $4,200 structural accumulation zone, or waiting for the daily momentum engine to carve out a definitive bullish divergence against the current downtrend. WHAT CAN CHANGE? 🟦 Bullish Momentum Divergence: If price continues to flush toward $4,400 but the tactical momentum tier establishes a higher low and hooks upward, it would signal the earliest quantitative exhaustion of selling pressure, setting up a high-probability mean-reversion buy. 🟨 Dead-Cat Bounce: An impulsive daily spike that partially retraces the drop toward $4,750, only to immediately fail at a declining short-term moving average, dragging momentum back down and confirming the correction is incomplete. 🟥 Macro Breakdown Validation: A weekly close slicing cleanly and decisively below the $4,100 support shelf would invalidate the "Healthy Correction" thesis, indicating a fundamental regime shift and a deeper unwinding of the primary bull cycle. 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 🟧 Macro Digestion 🟩 Tactical Recovery ⬆️ Buy on pullback 🟩 Bid Corporation is executing a powerful tactical recovery off the lower boundary of its protracted macro consolidation range. While the Secular (Monthly) timeframe continues to comfortably digest historical gains within the neutral band, the faster execution timeframes have synchronized to the upside. The Strategic (Weekly) momentum has hooked firmly back into the Strong tier, and the Tactical (Daily) engine is surging into the upper acceleration bands following a relentless V-shaped bounce. This multi-frame alignment confirms that institutional buyers have aggressively defended the structural value floor. Because the underlying macro trend is stable and near-term velocity is high but approaching overbought extremes, the system triggers a ⬆️ Buy on pullback signal. Chasing the immediate vertical markup (approx. 42,237c) carries sub-optimal entry mathematics; patience is required for a minor tactical cooldown to optimize reward-to-risk within the broader range. MOMENTUM PROFILE Daily Chart (Tactical): Mid Term Momentum is 🟧 HIGH BULLISH MOMENTUM / APPROACHING OVERBOUGHT. The daily pulse is surging rapidly through the upper tiers following a steep vertical thrust from the recent lows. This confirms intense, dominant buying pressure but warns that the tactical "Rubber Band" is becoming highly energized and vulnerable to a brief, healthy mean-reversion or sideways digestion. Weekly Chart (Strategic): Mid Term Momentum is 🟩 STRONG. The strategic timeframe validates the power of the recent recovery. Momentum has successfully cleared the neutral baseline and hooked higher, signaling a definitive regime shift back toward a swing-level markup phase within the broader macro box. Monthly Chart (Macro): Mid Term Momentum is ↔️ NEUTRAL. The secular engine is the structural anchor, resting comfortably near the midpoint of the neutral band. This confirms the asset is executing a healthy, protracted macro consolidation, providing a stable, de-risked foundation for the faster execution timeframes. STRUCTURAL BREAKDOWN & VELOCITY 1-Day Structure (Impulsive Recovery): The daily chart shows a V-shaped structural bounce characterized by a sequence of higher highs and higher closes. The trajectory is a steep positive slope, indicating active institutional accumulation stepping in precisely at the support floor. Weekly Structure (Range Defense): The weekly view confirms a successful defense of the 39,000c structural support shelf. The intermediate trajectory is shifting upward as the asset seeks the upper boundary of its macro equilibrium. Monthly Structure (Secular Digestion): The multi-year lens highlights BID as a high-quality compounder currently in a prolonged digestion phase. It is establishing a wide structural equilibrium rather than a linear compounding trend, oscillating between clearly defined historical boundaries. CONTRARIAN ASYMMETRY & SUPPORT MAPPING 🟥 Distribution Zone (Tactical Short/Reduce): 46,000c – 48,000c. The upper boundary of the macro range and historical all-time highs. Tactical longs should aggressively look to harvest profits as price approaches this ceiling, as momentum will likely strike terminal overbought status concurrently. 🟢 Immediate Tactical Support (The Re-test Pivot): 41,000c – 41,500c. The initial breakout zone from the recent V-bottom. A healthy tactical pullback into this cluster offers a high-probability entry for trend continuation. 🟩 Secondary Support Shelf (The Value Floor): 39,000c – 40,000c. The high-conviction structural base where the current rally originated and institutional accumulation is proven to reside. 🔵 Primary Macro Support (The Secular Floor): 33,000c – 35,000c. The ultimate defensive boundary for the broader multi-year structural trend. TECHNICAL VALUATION & VARIANCE MATRIX Estimated Technical Fair Value (TFV): 43,500c. Calculated as the volume-weighted midpoint of the massive structural consolidation range established over the past year. Current Price Discount: The asset currently trades at a modest -2.90% discount relative to its broader macro TFV, confirming it still offers value within the structural box despite the recent tactical surge. Tactical Upside Potential: +8.91% to the primary mean-reversion TFV resistance target (46,000c) from current levels. Tactical Downside Risk: -2.92% to the immediate tactical floor (41,000c) and -7.66% risk to the high-conviction secondary structural support shelf (39,000c). Asymmetry Ratio: At the current price, the structural path favors upside expansion toward the top of the range, offering a solid Reward-to-Risk profile for longs risking against the immediate tactical pivot. TACTICAL PROBABILITY PROFILE 🟦 LONG: Immediate Market Entry | 55% (Acceptable R:R, but vulnerable to intraday cooldown) 🟥 SHORT: Rejection at 46,000c Range Highs | 70% (High-probability mean-reversion short) 🟢 LONG: At 41,200c Tactical Support | 85% (Optimal entry on pullback) 🔵 LONG: At 39,500c Macro Base | 95% (High-conviction structural entry) CORE THESIS BID is executing a textbook range-bound recovery. The multi-frame engines are technically aligned for further upside, with the daily and weekly charts exhibiting robust momentum while the monthly chart remains safely de-risked in neutral territory. The quantitative edge lies in utilizing the established macro boundaries. Chasing the immediate vertical markup is not optimal; rather, participants should look to buy a minor tactical pullback into the 41,200c pivot, targeting an eventual rotation up to the 46,000c – 48,000c distribution block. WHAT CAN CHANGE? 🟦 Bullish Secular Breakout: A sustained weekly close decisively above 48,500c would signify a total regime shift, ending the macro digestion phase and sparking a new primary multi-year markup cycle into blue-sky territory. 🟨 Momentum Exhaustion / Lower High: If the tactical momentum fails to make a new high and price prints a bearish reversal candle near 44,000c, it would indicate the relief rally is prematurely exhausted, shifting the bias back down to the range floor. 🟥 Macro Breakdown Validation: A weekly close slicing cleanly through the 39,000c support shelf would invalidate the "Macro Digestion" thesis, indicating a fundamental regime shift into a primary bear market distribution. Previous Post (December 2025): Bid Corp: Improving Candle Structure In An Oversold Range + Relative Distance at Extremes Most recently, the share gave us a trading opportunity for a 5% tactical rebound. Longer term, the share, on a relative basis, is trading at extremes vs it's 200-day moving average. Indicator: 200-Day Moving Average Distance (Relative) Current Reading: -23.98% DOMINANT TREND: ACCELERATED UNDERPERFORMANCE The BID/J200 ratio has entered a parabolic descent. The breakdown below the 2020 "Covid-low" support levels indicates a major structural shift. Bid Corp is currently decoupled from the broader market strength of the JSE Top 40, signaling intense selling pressure on a relative basis. STATISTICAL EXTREME (MA DISTANCE) At ~24% below its 200-day Moving Average, the stock is at its most extended "oversold" state in over a decade. Historically, deviations beyond 15-18% are rare for this pair; the current reading represents a 3-standard deviation event from the mean. MEAN REVERSION POTENTIAL The "Rubber Band" theory suggests a high probability of a snap-back rally. In 2018, 2020, and 2022, similar (though less extreme) extensions resulted in sharp periods of outperformance. However, the current vertical drop suggests the "mean" itself is now falling rapidly, which can dampen the magnitude of the eventual recovery. REWARD-TO-RISK RATIO Upside: Potential 24% relative gain if the ratio returns to its 200-day equilibrium. Downside: Low technical visibility. Until the price flattens, the "floor" remains theoretical. Verdict: Mathematically favorable for long-term contrarians, but high-risk for short-term traders due to lack of price stabilization. STRATEGIC OUTLOOK: MONITOR FOR EXHAUSTION The current price action represents "capitulation." Tactical investors should look for the MA_dist indicator to cross back above the -20.00 threshold as a signal that the selling climax has peaked. Avoid front-running the turn until the daily candle shows a reversal pattern. Previous Post (18 December): Short Term Traders, Grab This +5% on Bid Corp (Take Profit) The share has started to follow the 'potential price path'. Short term traders, take profit on this +5% move. Medium term traders, hold and raise your stop-loss for potentially further gains. Previous Post (19 November): Bid Corp: Early Buy Trigger (Lower Time Frame); Lower Levels Expected Before Potential Rebound 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 In addition to the FREE content, this note contains a PREMIUM section, which highlights the 20 MOST DOMINANT THEMES IN MARKETS i.e. The Strongest ETFs from our screens. This is available to ACTIVE trading clients. PREMIUM FREE OUR +40 TECHNICAL SCREENS ATTEMPT TO ANSWER ONE QUESTION: WHERE IS THE MONEY FLOWING? The screeners reveals a market characterized by a barbell approach: aggressive yield-seeking behavior paired with targeted, specialized technology accumulation. Professional capital is heavily rotating into hard assets, global defensive stalwarts, and high-cash-flow sectors, while avoiding broad, un-hedged equity index exposure. While the general market tone appears defensive (heavy allocations to Consumer Staples and Telecoms), the underlying participant behavior is tactical. Traders are chasing technical strength in Energy and Utilities to capture inflation-protected carry, while simultaneously taking highly concentrated, "sniper-shot" positions in niche technology themes like Cybersecurity and Cloud Computing. The dominant trade is a bet on sustained structural friction (energy transition, cyber threats, infrastructure demands) operating in a higher-for-longer yield environment. Size Factors 📏 Small Cap 🐜: Highly Selective. Broad small-cap indices are not driving the primary momentum. Instead, capital is flowing into specialized small-cap allocations, particularly within niche tech (e.g., specific cybersecurity or software components) and domestic energy exploration. Mid Cap ⚖️: The Yield Engine. Mid Caps are being heavily utilized for yield and infrastructure plays. The market is treating Mid Caps as the sweet spot for Master Limited Partnerships (MLPs) and energy infrastructure, avoiding the valuation premiums of mega-caps while capturing substantial cash flow. Large Cap 🐳: Defensive Anchors. Mega-cap exposure is dominated by global cash-flow machines. The "Magnificent Seven" trade is taking a back seat to international giants in telecommunications, tobacco, and non-durable goods. Large-cap positioning is heavily skewed toward capital preservation and dividend capture. Style Factors 🎨 Value 🏷️: Dominant. Value is explicitly driving the momentum screens. The absolute strength in global telecommunications, regional banks, and legacy energy producers indicates the market is ruthlessly rewarding low multiples and current cash flow over speculative future earnings. Quality 💎: The Prerequisite. High profitability and elite balance sheets are non-negotiable. The heavy rotation into "Dividend Achievers" and established, monopolistic international infrastructure firms confirms that institutional capital demands proven operational excellence. Growth 🚀: Niche & Thematic. Broad, market-cap-weighted Growth is absent. Growth capital has fragmented into hyper-specific themes: Cybersecurity, Cloud Computing, and specific Semiconductor supply chains. Investors are buying utility growth, not speculative growth. Momentum 🌊: The Yield Paradox. The current momentum trade is fundamentally a yield and defensive trade. Technical strength has rotated forcefully into Energy, Utilities, and Consumer Staples, proving that "boring" assets can generate extreme trend velocity when institutional positioning shifts en masse. Risk & Yield Factors ⚠️ Low Volatility 🛡️: Core Foundation. Institutional money is panic-buying safety that is also performing. The heavy presence of global defensive conglomerates signals a massive flight to assets that provide a buffer against macroeconomic drawdowns. High Yield / Dividend 💰: The Primary Driver. Funds focused on energy income, MLPs, and high-dividend equities are screaming across the screens. Total return (price + yield) is the absolute focus, acting as an aggressive bond proxy. Profitability 📊: Absolute Minimum. The screen filters ruthlessly punish non-earners. The market is exclusively chasing companies with trailing profitability and massive free cash flow yields. Liquidity 💧: Global & Deep. Professional flows are moving into highly liquid, standard-issue sector ETFs and massive global ADRs. Participants are keeping their exit doors wide open. Carry 🎒: Maximum Velocity. The aggressive surging in Telecoms, Utilities, and Energy infrastructure signals that the "Carry" trade is the dominant institutional strategy, hunting for monthly/quarterly payouts. Thematic & Sector Factors 🏗️ Defensive 🏰: Absolute Peak. Between global Telecoms, Insurance providers, and Consumer Staples (Food/Tobacco), defensive posturing is at an extreme. Capital is preparing for macroeconomic friction. Cyclical 🔄: Energy & Infrastructure. Cyclical exposure is narrowly focused on Energy equipment, services, and midstream operators. Classic cyclicals like Consumer Discretionary are largely ignored in favor of hard assets. ESG / Clean Energy 🌿: Targeted Rebound. Clean energy (Solar, Broad Clean Energy) is showing targeted technical thrusts, operating as a parallel energy security trade alongside traditional hydrocarbons. Multi-Factor 🧩: Size + Yield. The winning systematic strategies are combining Mid/Large cap stability with extreme dividend yields, particularly in international markets. Investment Factors 🏭 Investment (Capex) 🏗️: The Grid & Security. Strength in Utilities, Energy Infrastructure, and Cybersecurity implies a massive, structural belief in continued capital expenditure toward modernizing the grid and securing digital assets. What is a Technical Screen? In trading and technical analysis, a technical screen (or "screener") is a systematic process used to filter a vast universe of securities—such as the 100+ liquid names on the JSE or the thousands on the NYSE—down to a manageable shortlist that meets specific, predefined criteria. Rather than analyzing every chart manually, a screen acts as a quantitative "funnel" to identify setups where the odds are mathematically skewed in your favor. Why Professionals Use Screens For an investment professional, a screen is less about "finding a tip" and more about process efficiency and bias reduction: Scalability: It allows an analyst to monitor hundreds of shares across multiple timeframes (Daily, Weekly, Monthly) simultaneously. Objectivity: It removes emotional attachment to specific "story stocks" and focuses strictly on price action and momentum profiles. Early Detection: It identifies sector rotations or "alpha flows" before they become obvious to the broader market. The Goal: A technical screen doesn't tell you what to buy; it tells you what is worth your time to investigate today. It turns a sea of data into a high-probability "watchlist." Types of Technical Screens Rotation: Absolute & Relative Trend & Phase Scans Leading Phase: Strong across all timeframes. Lagging Phase: Weak across all timeframes. Waking Up / Turnaround: Short-term strength appearing in a long-term downtrend. Deteriorating: Short-term weakness appearing in a long-term uptrend. Momentum & Velocity Power Trend: Extreme bullish momentum pushing a strong trend higher. Hyper Momentum: Parabolic, highly volatile upside. Violent Breakout: Explosive short-term push reversing a weak long-term trend. Momentum Squeeze: Timeframe convergence (coiling) usually preceding an explosive price move. Over-extended & Extremes Extreme Overbought: Euphoria across the board. Extreme Oversold: Severe panic selling across the board. Overbought Warning in Bear Trend: Violent counter-trend rally ripe for short-selling. Deep Dip in Bull Trend: Sharp, over-extended pullback in a primary uptrend. Capitulation: Total institutional abandonment. Volatility & Accumulation Steady Accumulation: High-quality, low-drama buying. Low Volatility Compounders: Slow, steady, highly predictable uptrends. High Volatility Momentum: Strong trend with wild daily swings. High-Vol Laggards: Dangerous wealth-destroyers with massive daily swings. Dead Money: Trapped in a tight, directionless neutral zone. Market Structure & Divergences Perfect Bull Alignment: Textbook sequential leadership (Short-term leads medium-term, which leads long-term). Perfect Bear Alignment: Textbook sequential breakdown (Short-term leads the decline, dragging down medium and long-term trends). Bullish Divergence: Shorter timeframes dragging a dead long-term trend higher. Bearish Divergence: Shorter timeframes breaking down while the long-term trend still looks great. Stealth Bull: Creeping accumulation while the long-term chart still looks bad. Stealth Bear: Creeping distribution while the long-term chart still looks good. MT Turnaround: Medium-term momentum just crossing out of weakness, pulled by short-term strength. MT Breakdown: Medium-term momentum just dropping out of strength, dragged by short-term weakness. Transitions & Pullbacks Bull Market Correction: Healthy pullback into weak territory within a strong primary trend. Bear Market Rally: Sharp bounce into strong territory within a primary downtrend. Bullish Stall: Short-term momentum flatlining inside a strong trend. Base Building: Bleeding has stopped, chopping sideways at the bottom. Lester Davids Senior Investment Analyst: Unum Capital

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 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

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 Takeaway: Was $22.08 when we provided the alert. Now $31.19. The multi-year inverse head and shoulder technical formation is worth noting! The DBC ETF (Invesco DB Commodity Index Tracking Fund) is a popular exchange-traded fund that provides broad, diversified exposure to the commodities market. It is designed to track an index of 14 heavily traded commodities across the energy, precious metals, industrial metals, and agriculture sectors. What it holds: The fund primarily invests in commodity futures contracts for items like WTI and Brent crude oil, gasoline, natural gas, gold, silver, aluminum, zinc, copper, corn, wheat, soybeans, and sugar. Previous Post (10 February): Trading: Invesco Commodity Index Tracking Fund Falling wedge technical formation at a key multi-year level. 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 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 Anglo American Plc (JSE:AGL) Also recent comment warning on TACTICAL OVERHEATING > https://www.unum.capital/post/agl1505 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 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 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 For years, our research has given clients some of the best opportunities, both locally and globally. In terms of ETFs and related themes, we have been at the forefront of some of the biggest moves, for example, we have given you (for free): Copper Metals & Mining Uranium Silver Gold Artificial Intelligence Power Infrastructure Steel Robotics Autonomous Driving Energy / Oil Rhodium Palladium Country ETFs e.g. Brazil, Norway, Japan, Peru European Financials Biotechnology And More..... Now, scanning for the next set of opportunities, this ETF has showed up on my screeners and has caught my attention. With many themes and ETFs being overextended (offer a poor reward-to-risk), this one is shaping up, like many of the prior setups: a big base with re-emerging strength i.e. improving price action. Trade Details: Buy at $88.00 or lower Stop-loss: $78.20 Target: $113.00 The ticker is available to active trading clients i.e. who have participated in any of the previous ideas (listed above). 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 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