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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 Current Phase: Corrective Pullback in Macro Uptrend Action Bias: 🟢 Buy on pullback Price: 18,718.00 ZAC Status: -0.60% Active Thesis Summary REM has been in a sustained macro uptrend since mid-2024, recently peaking above the 20,000 ZAC psychological level. The current price action indicates a natural, corrective pullback from those all-time highs. While near-term momentum is biased downward as it digests the recent vertical rally, the underlying structural trend remains robustly bullish. The strategy shifts to identifying high-probability support zones to accumulate long positions on this dip. Momentum Profile Integration Short Term Momentum: Corrective / Bearish Recent daily candles display increased selling pressure, forming a sequence of lower highs as the asset cools off from overbought conditions above 20k. Macro Trend: Confirmed Bull Market The broader multi-year chart shows a textbook sequence of higher highs and higher lows. This pullback is occurring within the context of a strong, established upward trajectory. TECHNICAL BREAKDOWN Structural Breakdown Current Price Action (Pullback Phase): The price is actively pulling back, having slipped below the 19,000 minor pivot. Sellers are currently controlling the intraday flow, seeking the next level of historical demand. The Peak Structure (20,000+): The rejection at the 20,000+ level was sharp, indicating profit-taking and a temporary exhaustion of buyers. This marked the start of the current corrective phase. The Ascent Phase (Late 2024 - Early 2026): A prolonged, methodical accumulation phase that accelerated into late 2025. The orderly nature of this prior climb provides a strong foundation and numerous support shelves below. Macro Support Zones (17,500 - 18,200): Looking left, significant prior congestion and breakout zones exist. The 18,000-18,200 area acts as initial structural support, followed by a deeper, more robust base near 17,200-17,500. Velocity & Trend Assessment Immediate Trajectory: Downward Drift The current leg is drifting lower. It is a controlled descent rather than a panic sell-off, characteristic of a healthy market correction. Mid-Term Phase: Seeking Equilibrium Price is reverting to the mean after extending too far above structural moving averages. We are monitoring for stabilization and a shift in momentum back to the upside. Macro Context: Unbroken Uptrend The macro structure is completely intact. The current pullback is required to build cause for an eventual assault back towards and beyond the 20,000 highs. TACTICAL EXECUTION Reward-to-Risk (R:R) Dynamics The Immediate LONG (Rating: Poor R:R) Buying blindly into active downward momentum is premature. The market has not yet confirmed a higher low. The Immediate SHORT (Rating: Average R:R) Counter-trend shorting is possible but risky against a strong macro backdrop. Targets are limited to the nearest support shelves. The Structural LONG (Rating: Maximum R:R) Waiting patiently for price to reach established historical support zones (18,000 or 17,500) and display reversal signatures before deploying capital. Tactical Probability Profile 🟥 LONG: Immediate Market Entry (15%) Catching a falling knife in a developing correction is statistically unfavorable. 🟧 SHORT: Continuation to 18,000 (45%) Near-term momentum favors further downside drift toward the first major liquidity pool. 🟩 LONG: Reversal at 18,000 Support (65%) A high-probability bounce zone based on prior Q4 2025 congestion. 🟩 LONG: Reversal at 17,500 Macro Support (85%) The highest conviction entry area for a macro trend resumption if the initial shelf fails. Support Zone Mapping Current Price (Active Pullback): 18,718.00 ZAC. Price is exploring lower levels to find a new equilibrium. Initial Support Shelf: 18,000 – 18,200 ZAC. Previous resistance turned support from late 2025. Likely to provide temporary relief or a tradable bounce. Primary Macro Support (Base Structure): 17,200 – 17,500 ZAC. A major breakout pivot. Highest probability area for the ultimate macro higher low and trend resumption. PROJECTED PATHWAYS & PROBABILITIES Forward-Looking Next 5-10 Sessions Scenario Mapping (1-to-2 Week Horizon) Path A: The V-Shape Recovery (20%) Price finds immediate intraday support here, reversing sharply to reclaim 19,500 and challenging the 20,000 highs sooner than expected. Projected Action: Wait for a confirmed close above 19,500 to validate. Path B: The Orderly Decline to Support [Primary Expectation] (60%) The current corrective momentum continues smoothly downwards, tagging the 18,000 - 18,200 liquidity pool where buyers step back in to form a base. Projected Target: 18,000 - 18,200 ZAC Path C: The Deep Liquidity Flush (20%) Market weakness accelerates, causing price to break through 18,000 and swiftly test the deeper structural base at 17,500 before finding buyers. Projected Target: 17,200 - 17,500 ZAC Tactical If/Then Matrix If Condition: Price bounces strongly and reclaims 19,500. Then Action: Consider small, speculative longs, but remain cautious of a lower high. The correction might not be over. If Condition (High Prob): Price drops into the 18,000 – 18,200 region. Then Action: Monitor for Stabilization. Watch for bullish reversal candles (hammers, engulfing) on the daily timeframe to initiate long entries. If Condition (Ideal Macro Entry): Price flushes down to 17,500. Then Action: Prepare to Deploy Capital. This aligns with a massive historical base, offering the best risk/reward for long-term trend continuation. 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 (09 July 2025) (Link > https://www.unum.capital/post/hgtari ) Tariffs On Copper Ignites Further Rally; Key Drivers Support Move To Long Term Target of 6.60 Previous Post (01 July): Copper Futures: Bull Flag Sees Upside Follow-Through; Trades At Multi-Month High of $5.18. The bull flag discussed on 26 May has see strong upside follow-through. Traded above 5.00 earlier in this session. Previous Post (21 May): Copper Futures: Bull Flag Emerging? A break above 4.73 targets 5.15. Previous Post (20 March): Copper: Repeating It's Mid 2000s Cycle? We have a long history discussing Copper, since the lows during Covid at $2.31. This is an update. What we saw then... (the potential for a post 2001 to 2003 cycle run-up). How it's developed thus far... Previous Posts Previous Post: Copper - Your Questions Answered (14 January 2025) Analyst's Price Action Model Here's a summary of the price action model for Copper Futures: Q: What is the overall trend of Copper Futures? A: The overall trend is Bullish. Q: What is the current 7-day trend? A: The current 7-day trend is Overbought. Q: What is the current 14-day trend? A: The current 14-day trend is Very Bullish. Q: Is there any opportunity for a short-term buy/long position? A: Yes, there is a potential opportunity for a short-term buy/long position. The model suggests looking for a pullback to the 8 or 21 EMA (Exponential Moving Average) as a potential entry point for the next move higher. Q: What is the outlook for the medium term (2 to 4 weeks)? A: For the medium term, the advice is to expect a steady upward trend. It's recommended to apply daily/weekly moving averages where applicable. Q: What is the outlook for the long term (5 to 8 weeks)? A: In the long term, the advice is to anticipate a continuation of the bullish regime. If Copper Futures pull back, the model suggests using the prior session close or the 8-EMA as an accumulation zone. It's recommended to apply weekly moving averages and time frames (not daily). In summary: The price action model for Copper Futures indicates a bullish overall trend with a short-term overbought condition. Traders are advised to look for potential pullbacks to enter long positions. The medium-term outlook is for a steady upward trend, while the long-term expectation is for a continuation of the bullish regime. Copper Futures Daily Chart Previous Post: This Is How I'm Looking At Copper + Updated Target Thursday, 03 October 2024 Time Published: 19h26 Great comeback on the back of the Chinese stimulus announcement, with the continued development of a +3 year base. Measured move target (medium/long term) = $6.60 Previous Post: Tuesday, 24 September at 11H16 The People's Bank of China (PBoC) introduced several measures to boost the economy amid concerns that the official growth target of around 5% might be out of reach due to recent weak data. Governor Pan Gongsheng said in a media briefing today that the central bank will cut the reserve requirement ratio (RRR) by 50bps, which will inject CNY 1 trillion into the financial system, with the possibility of another reduction of 0.25 to 0.5 ppts later this year. In addition, the PBoC will lower the seven-day reverse repo rate by 20bps to 1.5%, aiming to reduce short-term borrowing costs for banks. This move is accompanied by a 30bps reduction in borrowing costs of the medium-term lending facility. Mortgage rates will also be trimmed, with an expected average drop of 50bps, and the minimum down payment for second homes will be cut to 15% from 25%. Pan did not specify when the moves will take effect. Tuesday's action came after the US Fed started its monetary easing cycle with a large rate cut - Source: TradingEconomics Previous Post (26 August 2024) US Trading Session (Mon, 26-Aug-2024), Time: 19h00 (S/Africa) Was $3.95 vs a multi-week high of $4.23 today. Previous Post (07 August 2024) Real-Time: 14h36 Trading at it's previous breakout level. Previous Post: UPDATE: Copper has retraced from it's short and medium term overbought levels, having traded above $5.00. This follows an impressive run, one that we discussed on 16 November 2023. The automated model gave us a reading on 15 May, warning of an unappealing reward-to-risk on the upside i.e. expect a pullback. At current levels, the commodity trades in a high bearish momentum regime, approaching short term oversold levels. In addition, it is trading at or around the rising 21-week exponential moving average (EMA), a level at which bulls could re-emerge. The short term trend remains down, however active traders would want to monitor for early signs of price stabilization which could signal the start of a base and potentially a bullish reversal. Downside risk, as highlighted on 15 May: Upside Opportunity on 16 November 2023: I've been a copper bull since May 2020. This was the setup, as I highlighted and discussed at the time. 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 In less than 2 years, the share has appreciated by 136%. Previous Post: 10 July 2024 ARK Autonomous Tech. & Robotics ETF (ARKQ) Fund Objective: ARKQ is an actively managed Exchange Traded Fund (ETF) that seeks long-term growth of capital by investing under normal circumstances primarily (at least 80% of its assets) in domestic and foreign equity securities of autonomous technology and robotics companies that are relevant to the Fund’s investment theme of disruptive innovation. Fund Description: Companies within ARKQ are focused on and are expected to substantially benefit from the development of new products or services, technological improvements, and advancements in scientific research related to, among other things, energy, automation and manufacturing, materials, artificial intelligence, and transportation. These companies may develop, produce, or enable: Autonomous Transportation Robotics and Automation 3D Printing Energy Storage Space Exploration TECHNICAL PRICE ANALYSIS: The daily chart reflects the price which has broken out of a consolidation range and is looking to emerge from a multi-month base. A weekly close above $59.87 opens up $71 as a medium term target. The setup is temporarily invalidated below $53.00. 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 On Sunday 15 February, we highlighted the opportunity in Standard Bank, to short/sell on a spike toward a specific range. Yesterday the share reached the range, TRADED EXACTLY INTO THE UPPER BOUNDARY and has since declined by between 3800c excluding the recent dividend (870c). The original note, with specific levels can be accessed at the following link (and if you scroll down) > https://www.unum.capital/post/sbk1602 We also discussed the share in a premium note > https://www.unum.capital/post/finsec0804 Below is the current/updated chart. Previous Post (Sunday 15 February): Near Term Spike Into Medium Term Overbought Conditions Could Create Short/Sell Opportunity Analyst's Price Action Model SBK Daily Chart READY TO TRADE: ACTIONABLE AREAS For active traders who look to generate cash flow on a continuous basis, determining the ‘next best probability’ level to execute against may be of immense value, specifically by helping to determine the best potential times and levels to commit capital. The blue and red horizontal lines on the chart represent a next-best-probability buy re-entry range and a next-best-probability sell re-entry range over the short term. The ranges assume no existing position is being held by a trader, while the probabilities are based on several factors, which may include: Short-term ratings and medium-term regimes Momentum indicators Horizontal or diagonal support and resistance Candle structure Moving averages and standard deviation Please note that these are short-term levels and may contrast with medium- and long-term outlooks, which are based on the weekly and monthly charts and are generally more applicable to long-term investors. These levels are subject to change based on market sentiment, subsequent price action, and company/sector-specific or macroeconomic news flow. As always, while the levels are outlined to guide your capital deployment, traders should be prepared to adjust in real-time based on the aforementioned factors. THE TACTICAL TRADING GUIDE (PRICE ACTION MODEL): UNCOVER OPPORTUNITIES & ASSESS REWARD-TO-RISK It helps helps clients determine and shed light on the some of the following: The CURRENT TECHNICAL POSITION and a PRICE ACTION PROBABILITY for multiple time frames. Three (3) ‘trading’ time frames are considered: Short Term (1 to 10 days) / Medium Term (2 to 4 weeks) and Long Term (5 to 8 weeks) Whether the reward-to-risk is attractive for a buy/long position Whether a share is weak. In this case, wait until the price stabilizes before looking to enter (i.e. want until it stops going down) Whether aggressive buying is underway. In this case, do not ‘chase’ (do not buy) but instead wait for a pullback to re-enter a buy or an overextension with deteriorating candle structure to sell/short. Whether a trader can look to buy a pullback into a key moving average (continuation trade) Whether a share needs to break a range for a new trend to be determined (bullish or bearish) Whether a traders needs to monitor for a change of character that could lead to a bullish or bearish reversal Whether a share could start a consolidation phase or before continuing it’s bullish or bearish trend Whether the upward momentum is slowing (if it's in a bullish phase) Whether buyers can look to 'phase in' to a position (if it's in a bearish phase) Whether a share lacks directional bias. The data set is available in real-time (on request) The readings are subject to change as the price action develops. Lester Davids Senior Investment Analyst: Unum Capital

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 (16 September 2025): Global Idea: Invesco Dorsey Wright Industrials Momentum ETF ETF Code: PRN Buy $167.80 - 170.00 Stop-loss: 154.00 Target: $200.00 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 (07 October): Buy Idea: Intuitive Machines (Small Cap/Speculative) Intuitive Machines, Inc. is an American space exploration company. Code: LUNR Last: $11.98 Pre-Market $12.05 Stop-loss: $8.40 Target: $18.00 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 Are you garnering insights from our research but executing your trades at one of our competitors? Switch to Unum Capital today. BHP Group from 41800c to 71400c. Now, see the price action model reading. 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 Are you garnering insights from our research but executing your trades elsewhere? Switch to Unum Capital today. Foschini relative to the JSE All Share Index. For now, both the sector & stock remain under serious pressure. A data point from a mean reversion perspective (relative distance chart). TFG is trading 62% below it's 200-week relative to the JSE All Share Index. Note the prior years' extension & snapback. Possibly more downside but a chart worth noting. Please Note: This research/analysis may NOT reflect the entire view on the instrument discussed. Other technical valuation models may include: Momentum Analysis, the Price Action Model, Momentum Matrix, Slope Analysis & Relative Analysis among others. 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 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 🟩 Structural Resumption 🟩 Tactical Strength ⬆️ Buy on pullback 🟩 The JSE Top 40 Index has successfully resolved its immediate "stranded" neutral state, with tactical momentum hooking back into the Strong tier following a brief digestion of the 111,000c resistance cluster. Applying the tightened momentum parameters, the Secular (Monthly) trend remains powerfully anchored in the Strong tier, confirming that the primary multi-year bull market tailwind is intact. While the Strategic (Weekly) pulse remains in a Neutral digestion phase, the re-acceleration on the Daily timeframe indicates that institutional buyers are once again defending local support levels. Because the broader "Weight of the Evidence" has shifted from a flat equilibrium to an active tactical markup against a strong macro baseline, the system triggers a ⬆️ Buy on pullback signal. MOMENTUM PROFILE Daily Chart (Tactical): Mid Term Momentum is 🟩 STRONG. Following a brief drift into the neutral band, the tactical pulse has hooked sharply higher and reclaimed the Strong tier. This indicates that near-term directional conviction has returned, with buyers aggressively supporting the tape as it attempts to establish a new floor above 110,000c. Weekly Chart (Swing): Mid Term Momentum is ↔️ NEUTRAL. On the strategic scale, the momentum profile continues to digest the recent multi-month consolidation and sits squarely in the Neutral band. This confirms the swing risk has been sufficiently normalized, providing a stable platform for a potential sustained trend resumption if the daily strength persists. Monthly Chart (Macro): Mid Term Momentum is 🟩 STRONG. The secular view is structurally bullish. Macro momentum is holding firmly in the Strong tier, confirming the primary multi-year upward trajectory is unthreatened and continues to provide robust underlying support to the faster execution timeframes. CONTRARIAN ASYMMETRY 🟥 Distribution Zone (Tactical Short/Reduce): The 118,000 – 120,000 range acts as the high-probability distribution ceiling where the "Rubber Band" is historically prone to terminal expansion on the daily and weekly scales. 🟩 Accumulation Zone (Contrarian Long): The optimal zone to accumulate core exposure sits in the 104,000 – 107,000 range, representing the massive multi-year breakout origin and current strategic floor. CORE THESIS The JSE Top 40 has transitioned out of its "Tactical Hibernation." The technical architecture now shows a synchronized alignment between the Daily and Monthly engines, with the Weekly engine acting as a neutral stabilizer. This configuration suggests the market is actively building kinetic energy for an assault on the 120,000c resistance zone. Strategically, this favors utilizing minor tactical dips to accumulate long exposure, anticipating a powerful continuation once the strategic (Weekly) momentum also hooks into the Strong tier. WHAT CAN CHANGE? 🟥 Technical Trigger (False Breakout): A daily close back below 108,000c would signal that the current tactical strength is failing, likely dragging the index back into a protracted, choppy sideways grind. 🟥 Technical Trigger (Structural Breakdown): A weekly close decisively below 104,000c would invalidate the "Structural Resumption" thesis, indicating a shift into a broad-range distribution regime. 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 (18 January): Global Idea: Defiance A.I & Power Infrastructure ETF Buy at $24.62 or lower Stop-loss: $21.10 Target(s): $30.00 ETF Code: AIPO The Defiance AI & Power Infrastructure ETF (AIPO) empowers investors with exposure to the intersection of artificial intelligence and critical power infrastructure. As AI technologies demand unprecedented energy resources, AIPO provides amplified exposure to innovative companies driving decentralized energy solutions, electrical grid advancements, data center operations, and AI hardware. This pioneering ETF targets high-growth opportunities in power generation, utilities, construction, and AI-enabling technologies, offering a forward-looking approach for active investors seeking to capitalize on the AI boom. Lester Davids Senior Investment Analyst: Unum Capital