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This research note is free. Please Note: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes. How does this research note help a trader? A trader is able to visualize where a share is situated in it's momentum regime, which helps to assess the reward-to-risk on both the long (buy) and short (sell) side. Lester Davids Senior Investment Analyst: Unum Capital

This research note is free. Please Note: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes. How does this research note help a trader? A trader is able to visualize where a share is situated in it's momentum regime, which helps to assess the reward-to-risk on both the long (buy) and short (sell) side. Lester Davids Senior Investment Analyst: Unum Capital

This research note is free. Please Note: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes. How does this research note help a trader? A trader is able to, at a high level, understand a share's technical positon, which can help to assess the reward-to-risk on both the long (buy) and short (sell) side. 10-Point Structural Momentum Report 1. Terminal Blow-Off & Multi-Timeframe Overbought Caps (ADH, KAP, OUT, MKR, RBO, GLN) Counters are printing extended monthly overbought readings directly against upper envelope boundaries where risk/reward for trend following breaks down. Long/Buy Risks: Vulnerability to abrupt, air-pocket mean-reversion selloffs; entering long at standard deviation envelope extremes leaves no structural margin of safety. Short/Sell Risks: Short-squeeze risk where illiquid float or relentless momentum pushes prices beyond theoretical exhaustion bounds before reversing. 2. PGM & Bulk Commodity Leadership Expansion (NPH, SSW, IMP, TGA, S32, AGL) PGMs and diversified resource heavyweights are driving the market's primary impulsive velocity, confirming multi-timeframe moving average breakouts on expanding volume. Long/Buy Risks: Exposure to sudden macroeconomic risk-off events or commodity benchmark pullbacks that abruptly halt high-beta upward momentum. Short/Sell Risks: Fading active institutional accumulation; stepping in front of synchronized multi-timeframe trends exposes shorts to massive trend continuation risk. 3. Gold Mining Outperformance Holds High-Base Consolidations (GFI, PAN, DRD, ANG, HAR) Gold equities are digesting prior impulsive runs at elevated levels, transitioning into orderly high-base flags rather than deep structural pullbacks. Long/Buy Risks: Sideways time decay and chop while momentum indicators cool off, delaying further capital appreciation. Short/Sell Risks: Strong secular macro baselines mean any dip is met with aggressive institutional bids, creating violent bull-flag breakout traps for shorts. 4. Banking Sector Acceleration (ABG, SBK, FSR, NED, CPI, INL, INP) Commercial and specialist banks are staging a synchronized upward momentum expansion, breaking out above multi-month trading range resistance. Long/Buy Risks: Buying near intermediate resistance ceilings within multi-month trading bands where upside follow-through historically stalls. Short/Sell Risks: High dividend yields and robust defensive balance sheets provide sticky valuation floors against sustained short attacks. 5. The Retail & Apparel Liquidation Vortex (TRU, WHL, TFG, MRP, PIK, PPH) Domestic apparel and general retail counters remain heavily entrenched in generational multi-timeframe markdowns with daily and weekly trends pinned near oversold limits. Long/Buy Risks: Catching falling knives in multi-month descending channels where low valuation multiples fail to halt persistent institutional outflows. Short/Sell Risks: Extreme asymmetric exposure to violent, news-driven short-covering rallies off multi-year psychological demand floors. 6. Food Producers Polarize (RBO vs. ARL, SPP, RCL) Staple foods show an absolute structural split: poultry turnaround leader RBO exhibits strong momentum expansion, whereas ARL, SPP, and RCL are caught in multi-month distribution channels. Long/Buy Risks: Chasing RBO into overbought upper bands, or averaging down on laggards (SPP, RCL) before technical seller exhaustion is confirmed. Short/Sell Risks: Shorting beaten-down counters at multi-year volume floors, or fighting the unexhausted momentum acceleration in RBO. 7. Industrial Cyclicals Fracture (HDC, MTH vs. AFE, RLO) Automotive and replacement part cyclicals (MTH, HDC) are catching positive rotation, whereas heavy chemical and infrastructure counters (AFE, RLO) remain structurally depressed. Long/Buy Risks: False breakouts in mid-tier cyclicals that lack sustained macroeconomic demand to back technical momentum. Short/Sell Risks: Late shorting into deeply discounted assets where historical order books provide catalysts for sharp trend reversals. 8. Property Sector Bifurcation (BTN, EMI, FFB vs. GRT, HMN, RES) High-demand domestic commercial and logistics REITs are printing daily momentum thrusts, while traditional office-heavy and regional European portfolios lag. Long/Buy Risks: Buying property counters directly into descending moving average resistance in an elevated interest-rate environment. Short/Sell Risks: High distribution yields create sticky pricing floors, exposing short positions to positive carry cost drag. 9. Tech Heavyweights Suffer Momentum Decay (NPN, PRX) Naspers and Prosus remain anchored by weak weekly and monthly momentum, failing to participate in the broader commodity and banking recovery. Long/Buy Risks: Prematurely front-running a global tech rotation while weekly distribution patterns remain structurally active. Short/Sell Risks: Abrupt gap-ups driven by offshore tech sentiment, Tencent corporate action, or portfolio buyback accelerations. 10. Deep Squeeze Volatility Coils (WVR, WBC, DCP, ISO) Speculative and beaten-down counters have reached extreme oversold compression where daily selling volume has dried up into tight consolidation shelves. Long/Buy Risks: Complete liquidity dry-up leaving positions untradable without substantial bid-ask spread slippage. Short/Sell Risks: Massive percentage short squeezes where low free-float dynamics cause violent vertical snap-backs on minor volume. Lester Davids Senior Investment Analyst: Unum Capital

This research note is free. Please Note: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes. How does this research note help a trader? A trader is able to understand the market's technical position underneath the surface, which can help to assess the reward-to-risk on both the long (buy) and short (sell) side. 10-Point Market Breadth Report 1. Massive Capitulation Cluster (~35% in Deep Value / Oversold) Over a third of the 137-share universe resides in the 🟩 At/approaching buy/add tier, reflecting persistent macro liquidations across non-resource sectors. Long/Buy Risks: Prolonged capital stagnation as deeply oversold counters consolidate along base floors for weeks before reversing. Short/Sell Risks: Selling into terminal markdown conditions where the universe is mathematically running out of marginal sellers. 2. Widening Upside Velocity (~21% in Buy Continuation) Momentum leadership has broadened to roughly 29 counters, driven by a powerful synchronized push across resources, banks, and selective industrials. Long/Buy Risks: Factor crowding into a small basket of winners leaves the portfolio vulnerable to sharp factor unwinds if market leadership shifts. Short/Sell Risks: Fighting concentrated institutional capital flows that have nowhere else to hide on the domestic board. 3. Shrinkage of Textbook Pullbacks (Scarcity of 🟢 Setups) Only 10 counters hold clean 🟢 Buy on pullback ratings, demonstrating that smooth, low-volatility dip opportunities are vanishing in favor of binary chops. Long/Buy Risks: Forcing pullback trades on charts that are actually morphing into broader horizontal or descending distributions. Short/Sell Risks: Missing high-probability trend resumptions by over-anticipating breakdowns on resilient market leaders. 4. The Dominant Neutral Holding Pattern (~36% in ⬜ Neutral) The largest unified block of the market sits in neutral consolidation, confirming that institutional managers are withholding directional capital deployment across secondary counters. Long/Buy Risks: Multiple false breakout whipsaws and time decay within choppy, non-trending trading corridors. Short/Sell Risks: Breakdown attempts repeatedly stall out on historical range support shelves, resulting in choppy short traps. 5. Resource vs. Domestic Polarization Resource counters exhibit an ~80% bullish breadth stance, whereas domestic discretionary consumer sectors exceed 85% bearish breadth. Long/Buy Risks: Assuming top-level index health represents domestic economic stability, leading to poor positioning in consumer cyclicals. Short/Sell Risks: Using domestic economic weakness to justify shorting resource heavyweights that decouple via global commodity pricing. 6. Timeframe Misalignment (Daily Stabilization vs. Macro Markdown) Several counters are printing minor daily relief bounces that remain capped under descending weekly moving averages. Long/Buy Risks: Mistaking temporary daily short-covering bounces for sustainable multi-month trend reversals. Short/Sell Risks: Prematurely initiating shorts during violent 2- to 3-day mean-reversion counter-trend rallies. 7. Secondary Market Liquidity Desert Trading volume is concentrated almost exclusively in the Top 40, leaving mid- and small-cap stocks vulnerable to excessive bid-ask spreads. Long/Buy Risks: Inability to liquidate positions at quoted market prices without causing substantial negative price impact. Short/Sell Risks: Difficult borrow conditions and outsized gap risk on illiquid stock borrow recalls or sudden buyout bids. 8. Traditional Defensives Fail to Attract Rotation Defensive dividend giants like BTI and ANH are failing to absorb rotational flows, indicating institutional capital is preferring cash over defensive equities. Long/Buy Risks: Holding low-beta defensive assets that silently bleed capital while failing to keep pace with resource momentum. Short/Sell Risks: Reliable cash generation and ongoing corporate buybacks provide sudden, stubborn price floors against short sellers. 9. Property Yield Breadth Stagnation REIT breadth remains split between high-quality logistics and struggling domestic commercial office portfolios. Long/Buy Risks: Dividend income fails to offset capital degradation as underlying share prices slide lower within descending channels. Short/Sell Risks: Ex-dividend dates impose direct liability costs on short holders, eating away at net trading margins. 10. Extreme Downside Asymmetry Imbalance With breadth skewed toward historical oversold limits, the broader market is coiled for a violent, generalized mean-reversion short squeeze upon any positive macro trigger. Long/Buy Risks: Surviving the tail end of the liquidation phase requires enduring further drawdown volatility before the macro turn confirms. Short/Sell Risks: Unfavorable risk-reward; aggressive shorting into deeply depressed breadth readings carries severe tail risk. Lester Davids Senior Investment Analyst: Unum Capital

Research: Premium Capabilities. Click Here To View > https://www.unum.capital/post/premiumcapa NOTE: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes Sasol - as mentioned in the video at the time, look for an overshoot of the buy re-entry range, which did occur, followed by the rebound. Previous Post (29 May): 🎥Video: Sasol Lester Davids Senior Investment Analyst: Unum Capital

This research note is free. Please Note: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes. Disclosure: The paragraph has been generated using an artificial intelligence tool (using my own inputs/data). DAILY CHART DIAGNOSTIC / STRUCTURAL RATING: ⭐⭐⭐⭐☆ The reward-to-risk profile is constructive but entering a localized digestion phase. For a Buy/Long position, the reward-to-risk is Moderate 🟧 because the immediate price action has completed an extended advance off the summer lows, placing current price discovery directly beneath intermediate resistance and slightly narrowing the tactical buffer to nearby stop-out baselines. Conversely, for a Short/Sell position, the reward-to-risk is Poor 🟥 due to the persistent institutional bidding that continues to absorb intraday dips, leaving counter-trend sellers exposed to rapid continuation squeezes against strong structural momentum. The Last Candle Structure indicates minor intraday pause, printing a modest bearish digestion candle 🟥 that reflects short-term profit-taking after testing local highs. Looking at the Last 5 Candles Structure, the asset displays a tight, high-level consolidation range, stringing together overlapping daily ranges as buyers and sellers balance out. The Last 10 Candles Structure captures an impulsive upward thrust that cleanly broke through prior range ceilings before settling into this lateral base. Zooming out to the Last 3 Months Candle Structure, the index has engineered a decisive trend reversal, transitioning from a depressed accumulation pocket into an active ascending mark-up channel. The trend’s steepness and slope reflect persistent buyer commitment. The angle of ascent is steady and aggressive, tracking at roughly 45 to 55 degrees upward 🟩. Consequently, the immediate trend is structurally Bullish 🟩, keeping price action comfortably above short-term historical baselines. In terms of the Momentum Profile, the oscillators confirm strong underlying upward velocity that is currently leveling off to digest gains. The Short Term momentum is pointing up and is classified as STRONG 🟩, confirming that the immediate daily trend baseline retains healthy structural momentum while unwinding near-term overextension. Lester Davids Senior Investment Analyst: Unum Capital

This research note is free. Please Note: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes. Disclosure: The paragraph has been generated using an artificial intelligence tool (using my own inputs/data). DAILY CHART / STRUCTURAL RATING: ⭐⭐⭐☆☆ The reward-to-risk profile is balancing within a tactical consolidation band. For a Buy/Long position, the reward-to-risk is Moderate 🟧 around current market levels near $66.03 USD, as price sits mid-range between intermediate resistance and lower support shelves; the next best probability buy re-entry range sits lower at $57.00 – $60.00 USD 🟩, where risk is clearly anchored against the previous breakout level. Conversely, for a Short/Sell position, the reward-to-risk is Moderate 🟧 near current levels, but transitions to Appealing 🟩 upon an extension into the next best probability sell re-entry range at $77.00 – $82.00 USD 🟥 against established overhead supply. The Last Candle Structure prints a minor bearish indecision candle 🟧 with narrow daily range, reflecting short-term consolidation after a multi-week advance. Looking at the Last 5 Candles Structure, the asset displays a localized rounding pause near local recovery highs, stringing together overlapping daily sessions. The Last 10 Candles Structure captures a steady ascending staircase recovery off the late-August trough that successfully reclaimed short-term baselines before stalling into this lateral band. Zooming out to the Last 3 Months Candle Structure, price action details a clean cyclical rebound from the July capitulation low into an upward-drifting recovery channel. The trend’s steepness and slope on this recovery leg are measured. The angle of ascent is shallow to moderate, tracking at roughly 30 to 40 degrees upward 🟩. Consequently, the immediate short-term trend has stabilized into a neutral to bullish 🟧 structure. In terms of the Momentum Profile, the oscillators confirm that the recovery velocity has balanced out into equilibrium. The Short Term momentum is pointing slightly down and is classified as NEUTRAL 🟧, confirming that the daily trend baseline has successfully relieved oversold conditions and is currently consolidating gains without clear directional divergence. Lester Davids Senior Investment Analyst: Unum Capital

PLEASE NOTE: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes. This research note is free. Update on Exxaro Resources: The share trade right into the buy range, giving you an opportunity to build a position. Now +12%. If you think it can continue to rebound, then hold, however, you could also consider taking profits and redeploying the gains into other opportunities. Previous Post (09 July):💡Trade Setup: Monitoring ~R181 to ~R185 as a Buy Re-Entry Range This research note is free. Time of Note: 09h48am, Thursday 09 July 2026 Exxaro Resources (EXX) | Provisionally, ~R181 to ~R185 is a buy re-entry range. This should be both oversold and in line with the previous support. Currently R194.33. 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 shaded areas 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: Premium Capabilities. Click Here To View > https://www.unum.capital/post/premiumcapa NOTE: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes The paragraph below is an extract from the analyst's end of day report. This report is automatically generating and covers over 130 JSE shares. #20 ⭐⭐⭐☆☆ [🔒] 🔒 ZAC. [Category: 🟩 At/approaching buy/add | Macro: High Bearish Momentum | Floor: 🔒 – 🔒 ZAC | Ceiling: 🔒 – 🔒 ZAC] 🟨 Defensive cash cow 🟨 Sideways accumulation channel ⚠️ Muted growth velocity. What Can Go Right From Here: Defense of primary trend support shelves leads to an orderly rotation back to the top of the trading corridor. What Can Go Wrong From Here: Rejection at descending moving averages caps upside momentum. 7D: Weak 7W: High Bearish 7M: High Bearish Execute Your Trades Via The Unum Capital Trading Desk: At times, our research is consumed by traders that execute our ideas via the trading desk of a competing service provider. When this occurs, it means that our screen time and research efforts benefit our competitors, who capture the associated brokerage fees. For this reason, some of our discretionary research insights are regarded as premium and available only to active trading clients. If you have been reading our research but use another trading services provider/broker to execute the trades, why not consider moving you trading account to Unum Capital thereby routing the trades through our desk? To get started contact the Unum Capital Trading Desk via e-mail at tradingdesk@unum.co.za . Lester Davids Senior Investment Analyst: Unum Capital

Research: Premium Capabilities. Click Here To View > https://www.unum.capital/post/premiumcapa NOTE: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes The paragraph below is an extract from the analyst's end of day report. This report is automatically generating and covers over 130 JSE shares. #12 ⭐⭐☆☆☆ - Limited [🔒] 🔒 ZAC. [Category: 🟩 At/approaching buy/add | Macro: High Bearish Momentum | Floor: 16,917 – 17,514 ZAC | Ceiling: 20,698 – 21,892 ZAC] 🟨 Cyclical 🟥 Weekly breakdown ⚠️ Structural supply overhang. What Can Go Right From Here: Momentum divergence on oversold daily indicators triggers a sharp counter-trend relief rally toward broken support. What Can Go Wrong From Here: Failure of the weekly floor extends the cyclical markdown toward long-term historical lows. 7D: Neutral 7W: High Bearish 7M: High Bearish Execute Your Trades Via The Unum Capital Trading Desk: At times, our research is consumed by traders that execute our ideas via the trading desk of a competing service provider. When this occurs, it means that our screen time and research efforts benefit our competitors, who capture the associated brokerage fees. For this reason, some of our discretionary research insights are regarded as premium and available only to active trading clients. If you have been reading our research but use another trading services provider/broker to execute the trades, why not consider moving you trading account to Unum Capital thereby routing the trades through our desk? To get started contact the Unum Capital Trading Desk via e-mail at tradingdesk@unum.co.za . Lester Davids Senior Investment Analyst: Unum Capital

Research: Premium Capabilities. Click Here To View > https://www.unum.capital/post/premiumcapa NOTE: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes Institutional selling pressure has seen the share price of Clicks, a high quality, defensive business, de-rate from R400 to below R200 - a decline of 50% within 17 months. While the fundamental case may point to the share being fairly valued (rather than undervalued), the technical case points to a share where the price is trading at extreme levels. This may lay the foundation for a mean reversion trade. While I don't know whether local and offshore institutional investors will continue to sell (thereby causing even lower prices), below I am highlighting 6 charts/data points that may support the case for an appealing reward-to-risk on the buy/long side. (Note: If you have access to the market depth/order book, make sure to keep your eye on any large buy orders that may suggest incoming 'buy' volume that could support the share.) (1) Clicks: Distance vs 200-Week Simple Moving Average (37% Below) (2) Clicks Relative To All Share Index: Distance vs 200-week Simple Average (52% Below) (3) Clicks: Monthly Chart - Approaching a 26-Year Trend Line Support (4) Clicks: Quarterly, Monthly & Weekly Momentum Regimes (5) The CEO (Bertina Engelbrecht) and the CFO (Gordon Traill) have bought at much higher prices. You can now buy the share at much lower levels that management, or should I say, you can pay less, for Clicks. (6) A massive valuation unwind - the best fundamental level in years. The chart below is the trend of the price-to-earnings ratio (now at 13 to 14x) 21 Months ago on Monday 02 December 2024 (at R400) we WARNED clients regarding Clicks, highlighting the share approaching overbought conditions.. Original note at the following link > https://www.unum.capital/post/clicks-high-bullish-momentum-approaching-overbought-new-shorts-take-note CLICKS share chart at the time (02 December 2024). Execute Your Trades Via The Unum Capital Trading Desk: At times, our research is consumed by traders that execute our ideas via the trading desk of a competing service provider. When this occurs, it means that our screen time and research efforts benefit our competitors, who capture the associated brokerage fees. For this reason, some of our discretionary research insights are regarded as premium and available only to active trading clients. If you have been reading our research but use another trading services provider/broker to execute the trades, why not consider moving you trading account to Unum Capital thereby routing the trades through our desk? To get started contact the Unum Capital Trading Desk via e-mail at tradingdesk@unum.co.za . Lester Davids Senior Investment Analyst: Unum Capital

Research: Premium Capabilities. Click Here To View > https://www.unum.capital/post/premiumcapa NOTE: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes Now +40% higher (vs the 07 August alert) and has reached the sell range. Reference To Previous Buy (07 August) >>> https://www.unum.capital/post/tga0708 Previous Post (31 August): Thungela Resources. Overbought & Approaching Resistance R134 to R138. Consider Reducing Into Strength The share is higher by 30% vs our buy trigger at 9939c. Reviewing the daily chart, resistance appears to be in the R134 to R138 range. Consider reducing into strength. We provided you with the BUY setup here (07 August) > https://www.unum.capital/post/tga0708 Lester Davids Senior Investment Analyst: Unum Capital