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Research Notes April 2026 > https://www.unum.capital/post/rapril2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Our research has always been high quality, consistent and above all, actionable. Now, new technology available is allowing us to to move at an even faster pace, with improved graphics to generate clearer insights. One example is the transforming the Price Action Model into a 'Relative Rotation Graph' with a Speedometer along with bull, bear and base cases. If you'd like a sneak peak of these, drop me an email and I'll send the 7 randomly selected stocks we used as examples. Even if you're not a client of Unum Capital, my email is lester@unum.co.za Previous Post: Harmony Gold Rallied 29%: Here's Why We Recommended A Buy, With Trading Levels. THE TACTICAL TRADING GUIDE is a proprietary price action model, based on the analyst's understanding of momentum profiles. It helps helps clients UNCOVER OPPORTUNITIES & ASSESS REWARD-TO-RISK 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. Harmony Gold is a recent, real-time example of a cash-generating opportunity influenced by the reading on the price action model, which at the time (Thursday 19 March at 10h28), communicated the following: 7-Day Trend: High Bullish Momentum / Approaching Oversold 14-Day Trend: Very Bearish 1 to 10 Days: "The Reward-to-risks is becoming attractive for a buy/long position" 2 to 4 weeks: "Aggressive Selling Underway. Wait For Lower Time Frames To Stabilize" 5 to 8 weeks: "The Share Has Been Weak, With Selling Pressure Underway However, There IS A Possibility Of A Small Rebound". The original note was published at the following link > https://www.unum.capital/post/har1903 Harmony Gold reached the buy range and rallied more than 29% to Wednesday's peak. If you've been a consumer of our research but have not traded via the Unum Capital trading desk, why not consider making us your trading services provider? To open a trading account and/or move from your existing service provider, mail tradingdesk@unum.co.za. Alternatively, Sign Up Here: https://tradedesk.co/tenant/Unum/signup Lester Davids Senior Investment Analyst: Unum Capital

Research Notes April 2026 > https://www.unum.capital/post/rapril2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Disclosure: The graphic in the video below has been generated using an A.I Tool based on the analyst's proprietary data: Lester Davids Senior Investment Analyst: Unum Capital

Research Notes April 2026 > https://www.unum.capital/post/rapril2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Disclosure: This note was generated with an artificial intelligence tool, based on the analyst's own data. Kinetic Energy Transfer: Momentum as a factor is undergoing a massive kinetic transfer. Overbought growth stocks are decelerating rapidly, transferring their kinetic energy directly into extreme oversold value stocks (e.g., Momentum bleeding from NPN into heavy cyclicals like SOL and GLN). Precious Metals Momentum Unwind: The gold mining complex is unwinding historically overbought conditions. Daily oscillators that were pinned in extreme overbought territory have violently snapped back toward neutral. This momentum crack is sharp, structural, and suggests the 'easy money' phase is completely over (e.g., HAR, ANG, and IMP completely losing upside velocity). Cyclical Ignition Thrusts: Conversely, severely beaten-down cyclicals generated textbook 'Ignition Thrusts'. Daily momentum gauges in these pockets surged from extreme washout levels to neutral baselines in a single session, signaling violent short-covering (e.g., SOL and LSK posting aggressive ignition bars). Momentum Acceleration Divergences: We are tracking severe momentum acceleration divergences. Across the financial sector, daily momentum gauges are rolling over aggressively while weekly indicators remain elevated. This mathematical divergence warns of a looming tactical pullback in banks (e.g., SLM exhibiting sharp daily momentum rollovers). Mean-Reversion Alpha: The standard momentum playbook (buying relative strength) is currently generating negative alpha. Instead, buying extreme standard deviation washouts (Mean-Reversion) was the single highest-performing quantitative factor on Wednesday (e.g., deeply beaten down names like LSK +7.18% catching aggressive bids). Trend-Following Exhaustion: CTAs (Commodity Trading Advisors) and trend-followers are being chopped up. The moving average spreads (e.g., distance between 8-EMA and 21-EMA) are compressing rapidly across the board, indicating that trending momentum is stalling into consolidation (e.g., FSR and SBK seeing tactical moving averages entangle). The "Crowded Long" Trap: The momentum factor itself became too crowded. Stocks that ranked in the top 10% of 6-month performance suffered disproportionate drawdowns on Wednesday as fast-money hedge funds rushed to the same exit doors simultaneously (e.g., 6-month momentum leaders HAR and ANG trapping late buyers). Volatility Contraction Base-Building: Within the Mega-Cap Tech space, momentum isn't bearish, it's contracting. ATR (Average True Range) values are compressing tightly, signaling that these stocks are building energetic bases for future expansion (e.g., PRX and NPN absorbing selling pressure with constricting daily ranges). Intraday Momentum Reversals: Intraday momentum proved highly unreliable. Early morning breakouts above Opening Range Highs (ORH) faced an 80% failure rate by the afternoon session. Momentum is currently mean-reverting intraday, punishing breakout traders (e.g., CFR staging nasty intraday reversals from morning highs). Structural Deceleration: Looking at the macro picture, the 3-Month vs 1-Month momentum spread is flipping negative for the broader universe. The intermediate trend is losing structural steam, forcing institutions to play defense and harvest yield rather than chase capital appreciation (e.g., Retailers like TFG and MRP showing severe 3-month structural decay vs short-term bounces). Lester Davids Senior Investment Analyst: Unum Capital

Research Notes April 2026 > https://www.unum.capital/post/rapril2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Disclosure: This note was generated with an artificial intelligence tool, based on the analyst's own data. The broad market exhibited severe contractionary breadth at Wednesday's close, with an Advance/Decline ratio of 0.67. Long-term structural health remains robust with 63.7% of issues above their 200-day SMA. Intraday metrics showed persistent institutional demand, with 69 names squeezing higher from their opening prints. Advance/Decline Divergence: The headline index masked a heavily fractured underlying reality. The Advance/Decline ratio was heavily skewed, proving that index-level resilience is being propped up by isolated value rotation rather than broad-based accumulation (e.g., SOL +5.66% and TGA +2.98% surging while index heavyweights like ABG -3.84% declined). Secular Support Testing: Long-term structural health is undergoing a critical stress test. The percentage of equities operating above their 200-day Simple Moving Average (SMA) has compressed, signaling that a significant swath of the mid-tier universe is teetering on the edge of structural bear markets (e.g., TFG and MRP both trading deeply below their 200-day SMAs). Tactical Moving Average Exhaustion: Short-term momentum chasers are trapped. Over 60% of recently extended high-beta names closed below their 8-day Exponential Moving Averages (EMA), triggering mechanical sell programs. This structural breakdown across the micro-trend negates any immediate long breakout strategies (e.g., HAR, CFR, and ABG all closing firmly below their 8-day EMAs). Sectoral Bifurcation: Breadth is violently bifurcated by sector. Basic Materials and Chemicals saw an overwhelming expansion in positive breadth, while Financials and Tech suffered sharp contraction. This is a textbook rotation footprint, not a systemic dump (e.g., Basic Materials like GLN +2.14% thriving, while Financials like SLM -1.14% contracted). The "Hollow" Index Effect: Because the buying is hyper-concentrated in deeply oversold, lower-weighted cyclicals, the broader capitalization-weighted index feels "hollow." Mega-caps are bleeding liquidity to feed small/mid-cap cyclicals (e.g., Mega-caps NPN and PRX lagging behind mid-caps like LSK +7.18%). Capitulation Breakaways: In the deepest value deciles, we are seeing aggressive breadth thrusts. Stocks trading deeply below their long-term means are suddenly printing consecutive green sessions with heavy institutional volume, confirming a shift from capitulation to accumulation (e.g., SOL and RCL +0.54% printing expansion volume off recent lows). Distribution in Leadership: The primary warning flag in Wednesday's breadth is the distribution footprint in former leaders. Stocks making new 1-month highs collapsed by over 40% session-over-session, proving that breakouts are being aggressively faded by institutional supply (e.g., Q1 darlings HAR -3.08% and ANG -1.21% suffering heavy distribution). Intraday Fade Dominance: The "Drift" metric (Close vs Open) was deeply bearish for growth names. Despite flat or slightly higher opens, the tape was dominated by intraday fading, with institutional algorithms hitting the bid into any liquidity spikes (e.g., ABG heavily fading an open of -0.46% to close -3.84%, and TRU fading to close -2.03%). Mid-Cap Alpha Generation: Breadth within the mid-cap tier (5B - 20B ZAR) outpaced the mega-cap tier by a factor of 2.1x. Capital is migrating down the market-cap curve in search of undiscovered yield and mean-reversion asymmetry (e.g., TGA +2.98% and GND +1.76% massively outperforming the Top 40 constituents). Absence of a Systemic Thrust: Despite the fierce rally in cyclicals, the market completely lacks a unified Breadth Thrust (e.g., 2:1 up volume vs down volume index-wide). Until multiple sectors align, expect choppy, range-bound index action (e.g., Core index pillars like SBK -0.13% and SHP +0.13% remaining entirely dormant). Lester Davids Senior Investment Analyst: Unum Capital

Research Notes April 2026 > https://www.unum.capital/post/rapril2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Disclosure: This note was generated with an artificial intelligence tool, based on the analyst's own data. Primary Core Thesis Wednesday's session delivered a masterclass in institutional capital reallocation. We witnessed an aggressive, high-velocity rotation out of extended momentum darlings and into the deeply discounted, capitulatory value pockets of the JSE. This wasn't merely retail bottom-fishing; the tape exuded the distinct, heavy-handed footprint of algorithmic risk-parity models and quantitative value desks recalibrating their gross exposures. Market breadth internally fragmented, tearing the index into two distinct micro-climates: a relentless bid under cyclical value, and passive liquidation across highly-owned growth and defensive staples. The volatility surface implies that this repositioning, while violent beneath the surface, is being executed in a highly controlled, liquidity-seeking manner. At the epicenter of this seismic shift was the Energy and Chemicals complex. Heavyweight cyclicals, previously left for dead, roared back to life in a textbook capitulation-reversal sequence. Sasol (SOL +5.66%) printed a massive breakaway gap, severing its multi-week downtrend on volume that eclipsed its 20-day average by midday. Similarly, Thungela Resources (TGA +2.98%) caught a relentless institutional bid. This explosive bottom-fishing activity suggests capitulatory selling pressure has finally exhausted itself. What we are observing is the systematic dismantling of crowded short positioning, forcing a vicious short-covering squeeze that resets the structural bias. The velocity of these bids confirms structural accumulation, shifting the paradigm from 'sell the rip' to 'buy the dip' within these specific deep-value tiers. Conversely, the golden child of Q1—the Precious Metals complex—encountered a brutal wall of overhead supply. As short-term technical conditions unwound from deeply frothy, overbought extremes, the momentum violently cracked. High-beta stalwarts like Harmony Gold (HAR -3.08%) and AngloGold Ashanti (ANG -1.21%) faced steady, unrelenting distribution. Tape reading indicates this wasn't panic selling, but rather cold, mechanical profit-taking by algorithmic momentum models forced into risk reduction as trend-following signals decelerated. The 8-day EMAs, which previously served as dynamic support, are now rolling over, suggesting these assets require a protracted period of time-correction to burn off the remaining speculative froth. Meanwhile, the Mega-Cap Technology complex operated in a vacuum of institutional interest. The Naspers/Prosus complex (PRX -1.49%, NPN -1.71%) absorbed passive distribution throughout the session. Unlike the aggressive supply seen in gold miners, the selling in tech was highly rotational—funds paring back slightly to fund the cyclical value rotation. This price action is functionally healthy; it effectively resets short-term momentum oscillators and builds much-needed technical bases. We view this as a low-volatility consolidation phase, a necessary pause that tightens the Bollinger Bands before the next structural macro catalyst dictates directional expansion. Taking a step back, the intraday liquidity profile of the broader JSE revealed a highly thematic tape. Capital is no longer indiscriminately buying the index; it is sniping heavily discounted cash flows. Factor matrices highlight a sharp standard deviation between "Value" and "Momentum" factors, reaching levels last seen during major cyclical bottoms. This fragmentation demands a highly surgical approach from active participants. Buying breakouts in extended names is yielding immediate punishment via intraday fades, while catching falling knives at standard deviation extremes is being heavily rewarded. Actionable Stance: Transition the tactical playbook entirely toward value-rotation and mean-reversion strategies. Maintain strictly limited, trimmed exposure in overextended momentum leaders (Gold/Tech), as overhead supply architectures continue to mathematically cap upside velocity. Conversely, active traders should aggressively lean into the emerging relative strength in deeply oversold energy, chemicals, and resource names. Utilize Wednesday's breakaway gaps and capitulation lows as highly asymmetric, high-probability risk-definition levels. Demand pristine technical setups, insist on multi-timeframe alignment, and allow the broader index to fully digest this rotational cross-current volatility before committing heavy capital to unproven, nascent structural breakouts. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes April 2026 > https://www.unum.capital/post/rapril2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Graphic Based on Price Action Model Previous Post (20 April): JSE Top 40 Index / Broad Market Reward-To-Risk The index has rallied by 16% from our buy/long re-entry and is trading near multi-week highs. Traders who are looking to enter a new long at current levels risk a pullback from daily overbought conditions. It would be much more prudent to wait until the market retreats, consolidates and build a new base for the next leg higher. Be careful out there. Disclosure: The graphics below (excluding the price chart) were generated using artificial intelligence which is based on the analyst's own proprietary data. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes April 2026 > https://www.unum.capital/post/rapril2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za On 12 December our note (via a video comment) alerted you to the R259 - R263 as a buy re-entry range. The share tested this level on several occasions, offering multiple opportunities to accumulate. If you are a short term trader, consider taking profits. Previous Post: 12 December 2025 Shoprite 🎥Video: Watch R259 to R263 as a Potential Buy Re-Entry Range 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 April 2026 > https://www.unum.capital/post/rapril2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Disclosure: The text and graphic below has been generated using an A.I Tool based on the analyst's proprietary data. Key Technical Observations Equilibrium Phase: The J200 has returned to a state of equilibrium, trading precisely within the cluster of the Daily 8, 21, and 75-period averages. After the sharp "shakeout" to the 106k level, the market is now digesting the recovery in a tight volatility squeeze. Structural Magnet: The Daily 200-Day SMA (103,775) and the Weekly 50-SMA (101,749) remain the ultimate secular anchors. The fact that the index reclaimed the Weekly 21-EMA (108,457) with conviction suggests the primary bull trend has resumed control. Tactical Squeeze: The current Trend Score of 61 indicates that while the "waterfall" risk has subsided, the index lacks a new catalyst to clear the overhead supply at 112k. Expect further sideways "grinding" as the moving averages flatten out. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes April 2026 > https://www.unum.capital/post/rapril2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Disclosure: The graphics below have been generated using an A.I Tool based on the analyst's proprietary data. The price chart and price action model is the analyst's own. Updated Price Action Model Reading. See The 5 to 8 Week Time Frame. Daily Time Frame (Improving) Weekly Time Frame (Remains Weak But Has Ability To Improve) Previous Post (Sunday 12 April 2026): Spar Group: Outlook, Risks & Probabilities Current Phase:  🔴 Structural Markdown / Capitulation Phase Next Best-Probability Phase:  🔴 Volatility Compression / Base Building Search Strategic Overlay:  Tactical Exhaustion. Tactical Risk Assessment: Buying vs. Selling What's the risk of buying now?  You are attempting to "catch a falling knife" in a confirmed macro waterfall. The Monthly oscillators are at absolute zero-bound extremes, indicating a complete collapse in structural demand. While "cheap" on a chart, the momentum has not yet arrested, meaning you risk holding through a final capitulation flush toward the 5,000c - 5,500c  liquidity void before any durable floor is established. What Can Change?  If the Daily price structure prints a massive, high-volume bullish "Hammer" or "Piercing" pattern followed by a definitive cross of the Ultra Short Term momentum above the neutral zone, it would signal a tactical "Spring," validating a temporary bottom. What's the risk of selling now?  You are shorting into extreme, multi-year oversold conditions. With the Monthly and Weekly tiers pinned to the floor, the "rubber band" is stretched to its limit. Any minor positive fundamental catalyst could trigger a violent, low-volume "short-squeeze" relief rally of 10-15% just to reset the tactical oscillators. What Can Change?  If the daily price continues to "hug" the lower Bollinger band with declining volume, it mechanically confirms that the sell-side pressure is not yet exhausted and the path of least resistance remains a slow, grinding markdown. Timeframe Confluence & Forecasting (WCL Model) 1-Month Forecast (🔴 Bearish/Neutral):   Driven by 60% Daily / 30% Weekly / 10% Monthly.  Daily oscillators are attempting to curl from oversold levels, but the structural weight is overwhelming. We project a period of volatile, low-level chop as the asset tries to find a floor between 5,800c and 6,500c . 3-Month Forecast (🔴 Bearish):   Driven by 20% Daily / 50% Weekly / 30% Monthly.  The Weekly structural trend is in a vertical decline with no signs of divergence yet. We project continued lower highs as the market digests the structural damage. 6-Month Forecast (🟡 Base Building):   Driven by 10% Daily / 20% Weekly / 70% Monthly.  The Monthly timeframe is so extremely washed out that a mean-reversion move is inevitable. We project a long-term stabilization phase six months out as the asset attempts to build a multi-month base above 5,000c . Momentum Profile:  The multi-timeframe momentum profile reveals a state of total structural abandonment. Monthly (Macro):  The macro suite is at "Terminus." The fast tiers are essentially flat-lining at zero. While this historically precedes a major long-term bounce, the "slope of hope" is currently vertical to the downside. Weekly (Structural):  Structural oscillators are in a synchronized downward break. There is no evidence of a momentum hook, signaling that institutional distribution is still active. Daily (Tactical):  The daily oscillators are attempting a weak relief reset, but the price is failing to make any upward headway. This is a sign of extreme weakness where the Ultra Short Term , Short Term , Mid Term , and Base Term  tiers are failing to produce a unified recovery. Synthesis:  The macro "Gravity" is the absolute dominant force. Tactical bounces are being sold into immediately. Structural Analysis & Tactical Bias:  Evaluating the broader macro context, SPAR has suffered a catastrophic structural breakdown. After failing to hold the 10,000c  handle in late 2025, the tape entered a vertical markdown. It has recently sliced through the 8,200c  and 6,850c  floors. Currently trading at 6,189c , the asset is searching for a bottom in a historical "air pocket." Given the total lack of structural support, the tactical bias is 🔴 Structural Markdown / Capitulation Phase . Key Support & Resistance Levels:  Immediate overhead supply is now heavy at the 6,850c  breakdown shelf. Immediate structural support is non-existent on the recent timeframe; the next major historical liquidity pool sits deep at the 5,000c - 5,500c  psychological zone. Next Candle Probability:  The price action aligns with Scenario 44: 🔴 High-Level Chop / Bounce Exhaustion . The daily structure shows a series of small-bodied candles at the lows, indicating a temporary pause in the selling, but the lack of a "V-bottom" suggests another leg lower is likely. Forecast Projection Breakdown:  With momentum at terminal lows, the probability distribution favors a final flush followed by a long, painful base-building process. The Bearish Scenario (55% Probability):  The "dead cat" bounce fails to reach 6,500c. Sellers resume the markdown, targeting a final capitulation print near 5,500c . The Base/Neutral Scenario (35% Probability):  The asset enters a wide, volatile stabilization range between 5,800c and 6,300c , slowly grinding sideways to work off the extreme Monthly oversold state. The Bullish Scenario (10% Probability):  A massive capitulation "flush" occurs on record volume, followed by an immediate V-recovery back above 7,000c , signaling the macro bottom is in. 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 April 2026 > https://www.unum.capital/post/rapril2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Disclosure: The graphics below have been generated using an A.I Tool based on the analyst's proprietary data. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes April 2026 > https://www.unum.capital/post/rapril2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Disclosure: The graphics below have been generated using an A.I Tool based on the analyst's proprietary data. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes April 2026 > https://www.unum.capital/post/rapril2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Disclosure: The graphics below have been generated using an A.I Tool based on the analyst's proprietary data. Lester Davids Senior Investment Analyst: Unum Capital