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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 🟩 Secular Markup 🟥 Tactical Overextension 🟨 Reduce / Take Profits The Invesco QQQ Trust is exhibiting extreme, synchronized upward velocity, pushing the asset into a terminal parabolic phase. While the secular trend is undeniably robust and historically strong, the "Rubber Band" is now mathematically stretched to its absolute historical limits across the execution timeframes. Both the Tactical (Daily) and Strategic (Weekly) momentum engines are redlining deep into the extreme upper tier, indicating an unsustainable rate of change characterized by institutional FOMO and blind tape-chasing. Because the asset offers zero contrarian entry edge at these levels and carries massive, immediate mean-reversion risk, the system triggers a 🟨 Reduce / Take Profits signal, favoring aggressively tightening trailing stops and harvesting gains rather than initiating any fresh long exposure. MOMENTUM PROFILE Daily Chart (Tactical): Mid Term Momentum is 🟥 OVERBOUGHT. The immediate tactical pulse has breached the absolute upper threshold, redlining at statistical extremes. This confirms a parabolic blow-off where buyers are exhausted. A violent, high-velocity reversion to the mean is mathematically highly probable in the immediate term. Weekly Chart (Swing): Mid Term Momentum is 🟥 OVERBOUGHT. The strategic scale has completely exhausted its upward kinetic energy, also breaking definitively into the Overbought boundary. This vertical alignment of extreme over-extension warns that swing-level risk is exceptionally high, and any tactical pullback could rapidly cascade into a deeper structural correction. Monthly Chart (Macro): Mid Term Momentum is 🟧 HIGH BULLISH MOMENTUM / APPROACHING OVERBOUGHT. The macro trend is incredibly powerful but heating up rapidly. It continues to act as a massive structural tailwind but warns that the broader multi-year cycle is becoming dangerously late-stage and requires a protracted digestion period. CONTRARIAN ASYMMETRY 🟥 Distribution Zone (Tactical Short/Reduce): Current levels heavily favor sellers. Any remaining fractional pushes higher into the current price discovery zone should be viewed strictly as liquidity events for smart money to distribute into retail strength. 🟩 Accumulation Zone (Contrarian Long): The optimal area for long-term re-entry sits significantly lower, near the 500 – 550 structural floor, representing the last major multi-month breakout base prior to the current parabolic advance. CORE THESIS QQQ is executing a synchronized momentum blow-off. Attempting to buy or add to positions at these mathematical extremes carries the worst possible reward-to-risk asymmetry. The technical objective here is pure capital preservation and profit harvesting. The strategy is to step aside, lock in structural gains, and allow the "Rubber Band" to violently snap back. A return to the Neutral bands on both the Daily and Weekly timeframes is required before any new capital deployment can be justified. WHAT CAN CHANGE? 🟥 Technical Trigger (Mean-Reversion Confirmation): A daily close that decisively breaks the immediate parabolic structure (e.g., losing the steep short-term moving average slopes) will signal that the Overbought conditions have triggered, initiating a rapid tactical flush to clear out weak-hand longs. 🟩 Technical Trigger (Time-Based Reset): The highly unlikely scenario where price manages to grind sideways in a tight, flat range for several weeks, allowing the Daily and Weekly momentum oscillators to bleed out into the Neutral tier without sacrificing price depth. 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 (26 April): This Retailer Is Looking To Break Out Above R80. Measured Move = R91 Boxer Retail (BOX) Measured move targeting = R91. Showing relative strength in the retail sector. Strong price action below multi-month resistance. Cup and handle / base breakout technical formation. An increase in volume at the breakout, will add higher conviction. Now trading at 7895c. Invalid below 7400c. 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 (06 February): Trading Vodacom (with Actionable Areas) Closing Price: 15,191c (ZAR) 1D Change: +0.90% (Trend Continuation) Multi-Frame Action: 🟢 Bullish (D) 🟢 Parabolic (W) 🟢 Recovery (M) Technical Upside: Trend Extension. The stock is breaking out of a multi-year recovery base. Target: 16,000c – 16,500c. Psychological Resistance / Previous Cycle Highs. Momentum Signal: "Lock-Out" Strength. Tactical Momentum is pinned in the Overbought tier, while the Structural Trend is accelerating into High Bullish Momentum. Risk / Invalidation: Weekly close below 14,000c (Breakout Failure). REWARD-TO-RISK ASSESSMENT Long (Buy) Reward-to-Risk: 🟢 Good (Momentum). The stock is in a confirmed uptrend with the Tactical Momentum indicator effectively pinned in the Overbought tier. This indicates a "Lock-Out" phase where the market is ignoring overbought conditions to price in a structural shift. The path of least resistance is higher. Short (Sell) Reward-to-Risk: 🔴 High Risk. Shorting a stock that is making fresh 52-week highs with momentum in the highest tier is statistically dangerous. There is no bearish divergence or reversal structure visible to justify fighting the trend. Valuation Basket: Yield / Defensive Growth / Recovery Primary Driver: A structural rotation back into defensive telecoms, breaking the multi-year downtrend structure with significant momentum support. MARKET STRUCTURE & VOLUME VALIDATION Volume Profile: The chart shows a steady "stair-step" recovery from the lows of 8,500c. The price action is constructive, characterized by impulsive green weeks followed by shallow, corrective red weeks—a classic bullish signature. Liquidity Zones: Support: The 14,000c – 14,500c zone is the previous resistance-turned-support. Resistance: The 16,000c level is the next major psychological magnet from previous years. Divergences: None (Bullish Convergence). The Tactical Momentum and Structural Trend indicators are rising in unison with the price. The yellow Tactical line is leading the move, pulling the slower moving averages higher, which confirms the breakout is supported by aggressive capital flow. MOMENTUM PROFILE (WEEKLY) Tactical Momentum: Overbought. The indicator is hovering at the very top of the range. In strong trending markets, this is not a sell signal but a sign of extreme demand ("Lock-Out"). Structural Trend: High Bullish Momentum. The intermediate trend has firmly exited the "Neutral" zone and is now supporting the vertical expansion. CORE THESIS Vodacom has completed a "V-shaped" recovery and entered a trend expansion phase. The ability of the Tactical Momentum to remain in the Overbought tier for extended periods without forcing a deep price correction suggests that sellers are exhausted. The thesis is for a continued grind higher toward the 16,000c level as funds chase the breakout. Traders should trail stops below the 14,500c level rather than trying to call a top. Trading Notes/Resources (Where Applicable) 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. 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 being held by a trader while the probabilities are based on several factors which may include: short term rating, medium term regime, momentum, horizontal or diagonal support/resistance, candle structure, moving averages and standard deviation, among others. These are short term levels and may be in contrast to medium and long term outlooks which are based on the weekly and monthly charts and, which may be applicable to long term investors. These levels are subject to change based on sentiment, the subsequent price action and company/sector specific or macro news flow. As always, while the levels are outlined, traders should be prepared to adjust in real-time based on the aforementioned. "Strategy Alerts" help clients identify trading opportunities. When a ticker's real-time or pre-market price action aligns with the criteria on a slide—such as a pullback to the 21-day EMA or a breakout from a consolidation base—it effectively "matches" that stock to the strategy, triggering an alert to a potential trading opportunity. This approach transforms the playbook into a dynamic scanning tool, allowing you to instantly categorize active stocks by the specific technical thesis playing out, ensuring that every trading potential opportunity communicated is backed by a predefined, actionable setup. 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 ganering insights from our research but executing your trades elsewhere? Switch to Unum Capital today. Less than 20 months ago we used the price action model to identify risks in retail shares, along with the following comment: "While the fundamentals are positive and, after a strong rally, the short term reward-to-risk does not appear appealing for new buy/long trades." TFG: was above R160. Now R60. TRU: Was above R107. Now R50. MRP: Traded above R280. Now R153. Previous Post: Retailers Have Rallied. Here's What The Data Says - Monday, 23 September 2024 Pre-Market A global rate cutting cycle including action from the SARB has support strong moves in retail shares. In addition, early positive signs in the local economy has boosted confidence which has led to analyst upgrades. This is especially relevant in the Consumer Discretionary sector which may feel the effect of improved consumer spend. While the fundamentals are positive and, after a strong rally, the short term reward-to-risk does not appear appealing for new buy/long trades. For Consumer Discretionary shares, this is what the data says: MRP Mr. Price TFG Foschini TRU Truworths 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 Subject to change as the newsflow and 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 Current down 17% from our SELL ALERT/CALL. The price and candle structure reflects low conviction and is not yet oversold enough to accumulate for a potential oversold rebound. At first glance, the share is approaching it's rising 50-week EMA and 200-day SMA where the share could trade below (overshoot to the downside) followed by a rebound. Provisionally, the R200 to R207 range would be a first level of interest. READY TO TRADE: ACTIONABLE AREAS For active traders who look to generate cash flow on a continuous basis, determining the ‘next best probability’ level to execute against may be of immense value, specifically by helping to determine the best potential times and levels to commit capital. The blue and red horizontal lines on the chart represent a next-best-probability buy re-entry range and a next-best-probability sell re-entry range over the short term. The ranges assume no existing position is being held by a trader, while the probabilities are based on several factors, which may include: Short-term ratings and medium-term regimes Momentum indicators Horizontal or diagonal support and resistance Candle structure Moving averages and standard deviation Please note that these are short-term levels and may contrast with medium- and long-term outlooks, which are based on the weekly and monthly charts and are generally more applicable to long-term investors. These levels are subject to change based on market sentiment, subsequent price action, and company/sector-specific or macroeconomic news flow. As always, while the levels are outlined to guide your capital deployment, traders should be prepared to adjust in real-time based on the aforementioned factors. THE TACTICAL TRADING GUIDE (PRICE ACTION MODEL): UNCOVER OPPORTUNITIES & ASSESS REWARD-TO-RISK It helps helps clients determine and shed light on the some of the following: The CURRENT TECHNICAL POSITION and a PRICE ACTION PROBABILITY for multiple time frames. Three (3) ‘trading’ time frames are considered: Short Term (1 to 10 days) / Medium Term (2 to 4 weeks) and Long Term (5 to 8 weeks) Whether the reward-to-risk is attractive for a buy/long position Whether a share is weak. In this case, wait until the price stabilizes before looking to enter (i.e. want until it stops going down) Whether aggressive buying is underway. In this case, do not ‘chase’ (do not buy) but instead wait for a pullback to re-enter a buy or an overextension with deteriorating candle structure to sell/short. Whether a trader can look to buy a pullback into a key moving average (continuation trade) Whether a share needs to break a range for a new trend to be determined (bullish or bearish) Whether a traders needs to monitor for a change of character that could lead to a bullish or bearish reversal Whether a share could start a consolidation phase or before continuing it’s bullish or bearish trend Whether the upward momentum is slowing (if it's in a bullish phase) Whether buyers can look to 'phase in' to a position (if it's in a bearish phase) Whether a share lacks directional bias. The data set is available in real-time (on request) The readings are subject to change as the price action develops. Lester Davids Senior Investment Analyst: Unum Capital

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 Please Note: This research methodology 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. 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 graphic below was generated using an artificial intelligence tool, based on the analyst's own data. 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 Overheating ⬆️ Buy on pullback 🟩 Compagnie Financiere Richemont SA is successfully resuming its structural uptrend after establishing a formidable multi-month floor. While the Secular (Monthly) timeframe is comfortably digesting historical gains in a neutral state, the Strategic (Weekly) momentum has hooked firmly back into the Strong tier. This indicates that medium-term institutional buyers have reclaimed control of the trend following the recent corrective phase. However, the Tactical (Daily) execution timeframe has surged aggressively in a V-shaped recovery and is now approaching overbought exhaustion. Because the underlying trend is robust but immediate velocity is redlining, the system triggers a ⬆️ Buy on pullback signal to optimize entries rather than chasing the current vertical thrust. MOMENTUM PROFILE Daily Chart (Tactical): Mid Term Momentum is 🟧 HIGH BULLISH MOMENTUM / APPROACHING OVERBOUGHT. Following a relentless, high-velocity recovery off the recent lows, the tactical pulse has stretched into the upper acceleration bands. This confirms intense immediate buying pressure but warns that the "Rubber Band" is highly energized and vulnerable to a brief, healthy cooldown as it encounters local resistance. Weekly Chart (Strategic): Mid Term Momentum is 🟩 STRONG. The strategic scale confirms the recent recovery is not just a dead-cat bounce. Momentum has successfully cleared the neutral baseline and is hooking higher into the Strong tier, signaling a definitive regime shift back toward a swing-level markup phase. Monthly Chart (Macro): Mid Term Momentum is ↔️ NEUTRAL. The secular view is structurally sound, resting near the midpoint of the neutral band. This confirms the asset is executing a healthy, protracted macro consolidation within a broader supercycle, providing a stable, de-risked foundation for the faster timeframes. CONTRARIAN ASYMMETRY 🟥 Distribution Zone (Tactical Short/Reduce): The 360,000c – 380,000c range represents the ultimate historical resistance block (all-time highs). Tactical longs should look to reduce exposure as price approaches this ceiling, as the daily and weekly indicators will likely be entirely exhausted upon a retest. 🟩 Accumulation Zone (Contrarian Long): The 280,000c – 295,000c range serves as the massive structural "Value Floor." This area has been successfully defended by institutional capital and represents the ideal contrarian entry zone on any deep, unexpected macro flushes. CORE THESIS CFR is executing a textbook "Synchronized Structural Resumption." The strategic pivot off the 280,000c support shelf is now confirmed by the weekly momentum hook. However, the sheer velocity of the tactical markup means the path of least immediate resistance may involve a shallow consolidation or flag formation. Strategically, this favors waiting for the daily momentum to cool off slightly toward the neutral band before deploying heavy fresh capital, anticipating an eventual assault on the 380,000c macro highs once the tactical mathematics have reset. WHAT CAN CHANGE? 🟥 Technical Trigger (Shift to Parabolic Blow-Off): If the price refuses to pause and accelerates violently straight through the 380,000c resistance block, dragging all three timeframes deep into the Overbought tier simultaneously, it would signal a terminal blow-off phase where trailing stops must be aggressively tightened. 🟧 Fundamental / Macro Triggers: A sudden, severe macroeconomic shock in China suppressing luxury consumer demand, or a massive spike in the Swiss Franc negatively impacting group margins, would fundamentally alter the earnings profile and force a rejection of the current technical structure. 🟥 Technical Trigger (Confirmation of Bearish Flush): A weekly close back below the 280,000c structural floor would confirm a massive institutional failure, invalidating the bullish thesis and shifting the macro regime into a primary bear market. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes May 2026 > https://www.unum.capital/post/rmay2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Previous Post (06 October) Buy Idea: Teradyne Inc. Teradyne, Inc. is a company that designs, develops, and manufactures automated test equipment and advanced robotics systems. They provide test solutions for critical electronics, including semiconductors and other electronics, and also offer robotics systems through their brands like Universal Robots (collaborative robots) and Mobile Industrial Robots (autonomous mobile robots) for manufacturing and warehouse operations. Last Close: $145.64 (Pre0Market $148.59) Stop-loss: $133.50 Target: $210.00 Lester Davids Senior Investment Analyst: Unum Capital