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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 Rainbow Chicken Limited is currently experiencing a severe tactical washout following a strong macro markup phase. While the macro Mid Term momentum is cooling off from its recent extreme highs on the Monthly chart, the Daily execution timeframe has plunged aggressively into deep exhaustion territory. This violent contraction has pushed the daily pulse into the extreme lower bands, signaling that tactical sellers are currently overextended and a capitulation bottom may be forming. Because the underlying macro cycle retains structural integrity but immediate tactical indicators are redlining on the downside, the system triggers an 🔻⬆️ At/approaching buy/add signal for tactical traders looking for a mean-reversion bounce. CLASSIFICATION: 🔻⬆️ At/approaching buy/add MOMENTUM PROFILE (PROPRIETARY HIERARCHY) Daily Chart (Tactical): Mid Term Momentum is OVERSOLD. Following a sharp capitulation sequence, the tactical momentum has plunged deep into the OVERSOLD tier. This indicates extreme downward exhaustion, suggesting that the immediate selling pressure is mathematically unsustainable and a relief rally is highly probable. Weekly Chart (Swing): Mid Term Momentum is WEAK/NEUTRAL. On the weekly scale, momentum has broken sharply from its recent peak and is sliding into the lower-middle bands. This confirms a deep swing-level correction is underway, aggressively absorbing the prior macro gains. Monthly Chart (Macro): Mid Term Momentum is NEUTRAL (Cooling). The macro view is undergoing a necessary reset. Monthly momentum, which was recently pinned in the OVERBOUGHT tier during the aggressive run to the 800c highs, has now hooked downward into the Neutral band. This represents a healthy digestion phase for the newly established macro uptrend. CONTRARIAN ASYMMETRY Accumulation Zone (Contrarian Long): The 505c – 530c range acts as a high-probability accumulation zone. Fading the extreme daily downside momentum around that range is mathematically supported by the deep oversold readings, setting up a highly asymmetric mean-reversion trade. Distribution Zone (Tactical Short/Reduce): The 820c – 830c range serves as the immediate overhead supply block. Any tactical bounces from current levels should target this zone for profit-taking, as the broader weekly momentum remains corrective. CORE THESIS Rainbow Chicken Limited is currently in a "Tactical Capitulation" phase within a broader macro reset. While the Monthly Mid Term momentum is simply cooling off, the Daily Mid Term momentum is redlining at extreme downside exhaustion levels. The statistical probability dictates a "mean-reversion" bounce is imminent to relieve the intense immediate selling pressure. Strategically, this favors initiating or adding to long exposure into the current weakness around 600c, anticipating a tactical snapback. WHAT CAN CHANGE? The current primary thesis is a Tactical Capitulation within a Macro Digestion Phase. Here is what would change this outlook: Technical Triggers (Shift to Sustained Bull Resurgence): If price reclaims and closes weekly above 720c with the Mid Term momentum shifting aggressively back into the Strong tier, it would signal that the macro correction is complete and the primary uptrend is resuming. Fundamental / Macro Triggers: A sudden, favorable shift in soft commodity input costs (e.g., a collapse in maize/soya prices) or an aggressively improved consumer retail environment would provide the fundamental catalyst to justify a rapid technical V-bottom. Technical Triggers (Confirmation of Deeper Flush): A weekly close below the critical 530c structural support floor would confirm a failure of the current accumulation zone, likely triggering a further liquidation cascade toward the 450c macro baseline. 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 Internal Rotation: Short Term vs Medium Term 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 Since recommending the share as a medium term buy, the share is higher by 15%. Long term , the share is breaking out of a 4-year base and is looking to extend gains. Previous Post (13 January): Medium Term Buy Idea 0 Alphamin Resources Buy at 1600c or lower Stop: 1330c Target(s): 2200c to 2400c Code: APH 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. TRADING TIP # 1 Let The Candle Confirm Out of all those available, Candlestick Charts are the most widely used when it comes to analyzing price from a technical perspective. The interpretation thereof helps traders to understand the interaction between market participants and informs who is in control between buyers and sellers. Various types of candle formation convey key information about the range of outcomes for a share for example, following a downward trend, a long lower tail, doji, piercing or bullish engulfing suggests that buyers have started to become active/started to take an interest while following an upward trend, a long upper tail, doji, dark cloud cover or bearish engulfing suggests that sellers have started to become active/started to take an interest. While information is conveyed pre-market, it is the intraday price action that will confirm any trade or opportunity. While we have a plan, we are also ready to switch gears as the price action develops. TRADING TIP # 2: Failure & Reclaim FAILURE to hold a prior session high/range high may signal that the upside momentum is slowing and that an opportunity to short/sell may be at hand. This is often reflected via a deteriorating candle structure which suggests that sellers are starting to take control. Examples of such candles are long upper tails, doji's, dark cloud covers, bearish engulfing candles etc. RECLAIMING a prior session low/range may signal that the downside momentum is slowing and that an opportunity to buy may be at hand. This is often reflected via a improving candle structure which suggests that buyers have started to enter and are looking to take control of the price action. Examples of such candles are long lower tails, doji's, piercing candles, bullish engulfing candles etc. TRADING TIP # 3: Take Note of the 'Igniting Bar' This is a large green or red candle which suggests that traders should: TAKE NOTE note of the change in characters and potential change of the trend. TAKE NOTE of a potential acceleration of the trend. TAKE NOTE of potentially aggressive buy or selling Often, BIG MOVES start with BIG MOVES. Core Trading Principles: Short and Medium Term Trade with the primary trend. Volume Matters. This represents the interest of large institutional investors who have the ability to move a share, both up and down. Do not short/sell a share that is above, and in close proximity to it’s rising 8 and 21-day moving averages. This trend can persist for an extended period. Ultra short term traders, if a share has advanced strongly over a 3-7 day period, book profits. You can always re-enter and do the same trade at lower levels. If a share is printing a large bullish (green) candlestick following an extended move, use the strength to sell. The likelihood that the share retraces is high. If a share is printing a large bearish (red) candlestick following an extended move to the downside, use the weakness to start a long position. The likelihood that the share rebounds is high. Trade in the direction of the 20-day moving average, using the MA as a level to enter as well as a hard break thereof as a trailing stop-loss. The 8 and 21-day moving averages often act as support and resistance levels. When they are turning down, use them as levels to sell into. The opposite applies when they are turning up. The first back-test and undercut of the 50/75-day exponential moving average range has a high probability of holding as support or resistance. Buy or sell it for a 1-3 day move to generate cash flow. Stocks above a rising 200-day moving average spend the majority of their time trending higher. The opposite applies when the 200-day is trending down. Previous support can turn into resistance and previous resistance can turn to support. Use these zones as levels to trade against. Support and resistance levels and key moving averages are ranges rather than exact levels. They often overshoot these zones before occasionally reversing at these levels. Respect the FIB (Fibonacco) retracement zones. They often act as support and resistance levels. ‘PAY-tience Pays’, however be nimble to react to opportunity to cut when a trade hasn’t been working. Above all, know your time horizon. 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 now, the share remains in a long term consolidation phase, a medium term downward trend and in a short term pullback. A spike in bullish momentum, similar to that seen in late March 2025 could trigger a momentum run. We await this trigger which will be confirmation of a new leg higher. Note: we recently recommended the share, triggered by the price action model. The subsequent rebound was 45%, rewarding clients who chose to participate in the trade. Analyst Disclosure: The analysis/commentary below has been generated using an artificial intelligence tool, based on the analyst's own data. Harmony Gold is currently navigating a deep structural digestion phase following a spectacular multi-year secular uptrend. While the macro Mid Term momentum has completely reset from extreme exhaustion levels on the Monthly chart, the Daily and Weekly execution timeframes remain trapped in a choppy, sideways-to-lower corrective pattern. This synchronized cooling has pushed the momentum pulses back into the neutral/weak bands, signaling that tactical buyers currently lack the conviction to force a new markup phase. Because the underlying macro cycle has successfully burned off its froth but immediate tactical indicators offer zero directional edge, the system triggers a ↔️ Neutral signal for tactical traders, while shifting to an "Accumulation Watch" for long-term participants eyeing the structural value floors. CLASSIFICATION: ↔️ Neutral MOMENTUM PROFILE Daily Chart (Tactical): Mid Term Momentum is WEAK/NEUTRAL. Following the corrective breakdown from the all-time highs, tactical momentum has been unable to sustain any upward trajectory and is currently oscillating in the lower-middle bands. This confirms a lack of immediate upside velocity, suggesting the asset is still seeking a definitive tactical floor before any sustained rally can materialize. Weekly Chart (Swing): Mid Term Momentum is NEUTRAL. On the weekly scale, momentum has retreated sharply from its historical peaks and is now positioned firmly in the Neutral tier. This indicates a protracted "regime transition" where the previous parabolic swing has terminated, and the stock is actively absorbing overhead supply through a price- and time-based correction. Monthly Chart (Macro): Mid Term Momentum is NEUTRAL (Reset). The secular view has undergone a highly constructive cooling period. Monthly momentum, which was previously pinned deeply in the OVERBOUGHT tier during the explosive run above 40,000c, has now washed completely back to the Neutral baseline. Historically, this deep reset is required to build the foundational energy for the next macro expansion leg. CONTRARIAN ASYMMETRY Distribution Zone (Tactical Short/Reduce): The 31,000c – 34,000c range acts as a heavy, high-probability distribution ceiling representing the recent sequence of lower-highs. Near-term rallies into this supply cluster are mathematically susceptible to failure given the broader absence of underlying daily momentum. Accumulation Zone (Contrarian Long): The optimal zone to scale into long-term core positions sits significantly lower, in the 21,500c – 23,000c range. This aligns with the recent capitulation wicks and major structural breakout bases from previous years that should act as primary support zones. CORE THESIS Harmony Gold is currently in a "Macro Digestion & Base-Building" phase. While the Daily Mid Term momentum is struggling to gain traction, the Monthly Mid Term momentum has successfully bled off its historic "Redline" exhaustion. The statistical probability favors continued sideways-to-lower chop as the longer-term moving averages catch up to price. Strategically, this favors ignoring the noise in the middle of the current range (near 26,500c), fading tactical strength toward 31,000c+, and patiently waiting for a momentum "hook" near the 21,500c neighborhood to initiate fresh secular long exposure. WHAT CAN CHANGE? The current primary thesis is a Cyclical Correction within a Secular Bull Market. Here is what would change this outlook: Technical Triggers (Shift to Bullish Resurgence): If price reclaims and closes weekly above 34,000c with the Mid Term momentum shifting aggressively back into the Strong tier, it would signal that the macro correction is complete and a retest of the all-time highs is underway. Fundamental / Macro Triggers: A sudden, systemic re-acceleration in the ZAR-denominated gold price (driven by either a global spot gold melt-up or severe South African Rand depreciation) would aggressively alter the earnings profile and force an immediate technical re-rating. Technical Triggers (Confirmation of Deeper Flush): A weekly close below 21,000c would confirm a structural failure of the current basing attempt, likely triggering a cascade liquidation toward the much deeper 16,000c primary support baseline. 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 (15 April) 🔴 Short Term Caution On This JSE-Miner Bull Phase But Approaching Overbought In The Short & Medium Term On 21 September at ~R30, we highlighted South 32 as a mean reversion BUY opportunity. Now trading near R55, the share appears overextended to the upside with mean reversion risk starting to creep in. Below is the reading from the Price Action Model followed by the full MOMENTUM PROFILE. Price Action Model: MOMENTUM PROFILE: Updated Chart with 21 September reference: Previous Post (21 September 2025) 🎥Watch: A Bit of Mean Reversion Due...? To access this name, you need to be an ACTIVE trading client of Unum Capital, having traded via the desk in the last 7 trading days. 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 graphics and data below have been produced using an artificial intelligence tool, based on the analyst's own data. The data is subject to change, based on the subsequent news flow and price action. 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: Using our technical screens, the following analysis was compiled using an artificial intelligence tool. Data extracted from the screeners reveals a market undergoing a massive structural rotation away from high-beta US technology and into global value, hard assets, and sovereign-backed monopolies. The screens confirm that professional capital is aggressively fading expensive semiconductor names and hunting for low-multiple carry trades in international markets. While US Large Caps are not completely abandoned, the velocity of money is clearly chasing the “forgotten” global heavyweights: international banks, traditional energy, and defensive telecoms. The risk tolerance is highly specific—participants are willing to absorb geopolitical risk (China, Middle East) to escape extended US tech valuations, signaling a preference for current cash flow over future growth promises. Size & Style Factors 📏🎨 Small Cap 🐜: Cold / Faded. True small-cap momentum is absent from the top tier of these screens. Capital is actively seeking the safety of balance sheets, making the speculative end of the market uninvestable for trend-followers right now. Mid Cap ⚖️: Targeted. The strength here is highly specific to international industrial and financial names (Hana Financial, Bank of Chengdu). It is a stock-picker's market for Mid Caps, not a broad beta trade. Large Cap 🐳: Dominant (Ex-US). Mega-cap global banks and energy behemoths (Saudi Aramco, CCB, HSBC, UBS) are utterly dominating the individual thrust lists. Size is being used as a defensive moat. Value 🏷️: Extreme Conviction. Value is the absolute driver of current momentum. The screens are saturated with low-multiple sectors (Banks, Telecoms, Energy, Coal). The market is ruthlessly rewarding fundamental valuation and tangible book value. Quality 💎: Elite Moats. Capital is demanding structural safety. The presence of sovereign-backed entities and critical infrastructure indicates a bias toward monopolies and firms that cannot be easily disrupted. Growth 🚀: Fracturing. The "Would Not Enter a Buy Long" screen is highly concentrated with Semiconductor stalwarts (AMD, TXN, ON, STM). Professional money is fading the hardware supercycle. Growth is no longer a monolith. Momentum 🌊: Concentrated Value. The paradox of the current market: the strongest technical momentum resides in the most "boring" value stocks. The trend has inverted from tech-led to value-led. Risk, Yield & Investment Factors ⚠️🏭 Low Volatility 🛡️: Elevated. Telecoms (Orange, Vodafone, AT&T) and Utilities appearing in breakout lists confirm that institutions are hedging their equity exposure with low-beta stalwarts. High Yield / Dividend 💰: Strong Bid. The rotation into European banks, telecom, and traditional energy is a massive hunt for yield. Total return (price appreciation + dividend) is the primary objective as capital front-runs potential rate cuts. Profitability 📊: Absolute Requirement. The screens systematically filter out non-earners. Speculative revenue stories are dead; trailing profitability is mandatory for inclusion in the current flow. Liquidity 💧: Sovereign-Grade. Flows are concentrated in the most liquid instruments on earth—national champion banks and state oil companies. Institutions want guaranteed exit liquidity. Carry 🎒: Aggressive. The dominance of global financials and telecommunications acts as an equity-based carry trade, capitalizing on yield differentials. Investment (Capex) 🏗️: Physical World. Strength in Heavy Machinery (Sumitomo, Nidec) and Global Infrastructure points to a sustained capex supercycle, entirely separate from digital tech. Thematic, Regional & Sector Factors 🌍🏢 Defensive 🏰: Peak. The aggressive accumulation of Consumer Staples (Alimentation Couche-Tard, Carlsberg) and Healthcare (UnitedHealth, Sun Pharma) highlights a deeply defensive undercurrent. Cyclical 🔄: Old Economy. "New" cyclicals (consumer discretionary) are weak, but "Old" cyclicals (Coal, Refiners, Heavy Machinery) are seeing massive capital inflows. ESG 🌿: Ignored. Absolute disregard for ESG constraints. The heavy presence of Coal (China Coal Energy), Oil (TotalEnergies, Petrobras), and Defense signals that performance is overriding mandate restrictions. Multi-Factor 🧩: Active. The winning strategy combines Yield + Value + International presence. US 🇺🇸: Selective. No longer the default destination. Capital is holding select US mega-caps (AAPL, UNH) but breadth is poor. ex-US 🌍: On Fire. The clear winner of the current rotation. Money is flooding into Europe, Asia, and the Middle East seeking relative value. Developed Markets 🏙️: Bifurcated. European Banks and Japanese Industrials are thriving; US Tech hardware is lagging. Emerging Markets 🐅: Red Hot. China (Financials/Industrials) and India (Infrastructure/Pharma) are acting as the primary global momentum engines. Frontier Markets 🧭: Niche Strength. Extreme strength isolated in Middle Eastern energy and drilling (Ades Holding). From these screeners, we also produced a list of the 20 most dominant market themes. 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 analysis/graphics below were compiled using an artificial intelligence tool, based on the analyst's own data. 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 (Friday, 27 February): Global Idea: Novo Nordisk - Early Buy Re-Entry Trigger; Lower Levels Expected Before Potential Rebound Buy at 238.60 or lower Stop-loss: 198.00 Target(s): 350.00 Code: NOVO_B 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 compiled using an artificial intelligence tool, based on the analyst's own data. Internal Rotation: Medium Term v Long Term Trend (last close: 30 April). 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 graphics below were compiled using an artificial intelligence tool, based on the analyst's own data. 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 Strength and Candle Structure, among others. 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 Buy Between 6900 - 7300 Stop-loss: 6200 Target: Open 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