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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 BHP Group (JSE:BHG) 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 The Great Dispersion: Broad market participation has fractured. While the index may appear stable, the internal breadth shows a violent split between parabolic leaders (Resources/Tobacco) and capitulating laggards (Discretionary Retail). Resources Dominance: Breadth is heavily concentrated in the Non-energy Minerals sector. GLN, GND, and S32 are providing the heavy lifting for the broader universe, masking underlying rot in consumer-facing industries. Retailer Liquidity Vacuum: The "Apparel & Footwear" subsector is seeing a historic breadth breakdown. TFG, TRU, and MRP are printing simultaneous lower lows, indicating a systemic exit by institutional funds from the SA consumer. REIT Foundation Building: Real Estate Investment Trusts are showing improving internal breadth. Most REITs have transitioned from "High Bearish" to ⬜ Neutral or 🟦 Buy, suggesting a sector-wide stabilization ahead of potential rate easing. Financial Bifurcation: Breadth within Finance is inconsistent. Major banks like ABG and FSR are lagging the velocity of niche investment managers and high-beta fintech plays. Oversold Cluserting: A dangerous cluster of shares (approx. 12% of the universe) is currently in the ⬛ Oversold or 🟪 High Bearish zones. This breadth concentration usually precedes either a violent relief squeeze or a structural reset. Defensive Safe Havens: Breadth in the "Sin Stocks" (Tobacco/Liquor) is exceptionally tight. BTI and ANH are moving in high correlation, acting as the market's primary volatility dampers. Technology Distribution: Software and IT services are seeing a breadth contraction. Previous high-flyers are failing to maintain their Mid Term slopes, shifting the sector into a distribution phase. Industrial Resilience: Construction and Engineering breadth remains robust. Despite macro headwinds, the "Order Book Alpha" in AFE and RBX is keeping this pocket of the market in a structural bull trend. Momentum Bottleneck: The ⬜ Neutral tier is currently overcrowded. This high concentration of non-trending shares suggests a "Wait and See" approach by Tier-1 institutions, resulting in low daily volume across the mid-cap space. 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 Parabolic Redline: BTI and BOX have entered the maximum extension zone. Their 1M velocity (+14% to +22%) is statistically unsustainable relative to their Base Term means; risk of "Gravity" is extreme. The Staircase Lead: ANH and ADH represent the highest quality momentum. They are printing consistent higher highs with low volatility, indicating methodical institutional "Strong Hand" accumulation. Waterfall Capitulation: CLS and TFG are exhibiting "Waterfall" momentum—vertical downward moves with zero intraday absorption. These are pure liquidation events. Short-Squeeze Triggers: BAT and BYI have flashed violent 1M reversals. This momentum is driven by short-covering rather than long-term value, making them high-conviction 🟥 Sell/Reduce candidates on further strength. The Mean Reversion Gap: The spread between ANG (-12% 1M) and GLN (+5% 1M) within the minerals complex is widening. Momentum favors a pair trade: shorting the overextended cyclical for the recovery of the precious metal producer. Velocity Atrophy: APN and DSY are seeing momentum atrophy. While their Base Terms remain positive, their Mid Term RSI has cooled significantly, shifting them from "Leader" to "Neutral" status. High-Beta Volatility: ISO remains the momentum outlier. Its +29% 1M move against a broken long-term chart is a "Speculative Mania" signal that requires zero-leeway exit discipline. The "Neutral" Trap: Momentum is dead in the Major Banks. ABG and SBK are caught in a low-velocity chop that is eroding the carry-trade appeal for many international funds. Structural Resumption: AFE and DTC are showing "V-Shape" recovery momentum. After a brief 3M consolidation, they have successfully reclaimed their 1M positive slopes. The Exhaustion Pivot: MTN and NPN are flashing momentum exhaustion. Despite being historical market darlings, their failure to clear Short Term resistance suggests a multi-month cooling period is beginning. 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 (17 September): US 10-Year Bond Yield: Short Term Weak, But Probability of Rebound On Higher Time Frame 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 Note: the 1 to 10 day (S/Term) remains with a 'weak' reading however, the 5 to 8 week time frame sees a probability of a small rebound i.e. EXPECT LOWER LEVELS BUT PREPARE FOR A REBOUND ON THE HIGHER TIME FRAME. If you have access to an order book (market depth), then watch that too for evidence of buying. Unfortunately I don't have these tools. Previous Post (28 April) 🟩Old Mutual: Lower Levels Expected Before Tactical Rebound Old Mutual Ltd (OMU) - The model shows the price is still weak (i.e. no buy reading as yet) therefore we look for lower levels before a rebound. 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 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 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 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 key buy re-entry levels, get in touch. 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 Update: Strong upside follow-through in 3 out of the 4 stocks highlighted on the screen. Note: Thus far, CAA is lower by just over 1% (basically flat!). PIK higher by 11.5% BYI higher by 12.9% ISO higher by 17.5% Previous Post (27 April) 🖥️ Technical Screen: Waking Up/Turnaround (4 Shares) Disclosure: The graphic below has been generated using an A.I Tool based on the analyst's proprietary data: 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 🟩 Structural Breakout 🟧 Tactical Overheating ⬆️ Buy on pullback 🟩 Anglo American is currently executing a violent secular breakout, clearing multi-year resistance levels with significant institutional velocity. The Secular (Monthly) trend has surged into the upper acceleration bands, signaling a major regime shift for the global diversified miner. This macro strength is mirrored on the Strategic (Weekly) timeframe, where momentum is redlining as the "Rubber Band" reaches terminal extension. While the structural thesis is undeniably bullish, the Tactical (Daily) timeframe is showing immediate signs of exhaustion after a vertical $25,000c$ point markup. Because the price is currently attacking a major historical supply block while momentum is mathematically overextended across all timeframes, the system triggers a ⬆️ Buy on pullback signal. Chasing the tape at these levels carries poor immediate reward-to-risk asymmetry; patience is required for a mean-reversion flush toward the breakout origin. 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