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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 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 Summary:   Technology , Consumer Staples , Consumer Discretionary , and Luxury Goods  are the standout turnarounds on the board, rapidly accelerating from Weak or Oversold Long-Term trends to hit a Strong or High Bullish state in the Short Term. Meanwhile, Diversified Miners  have consistently maintained intense, bullish momentum across all timeframes, sustaining serious strength built from a solid Long-Term foundation. On the building front, Banks  and Hospitals  show a clear upward shift, breaking out from a sleepy Neutral Long-Term stance to establish a Strong or High Bullish Medium- and Short-Term footing. Conversely, several sectors are visibly losing their early longer-term strength, with Gold Miners  cooling entirely to Weak in the Short Term, Platinum Miners  fading to Neutral, and Chemicals  losing their Short-Term momentum to settle at Neutral. Coal Miners  are also deteriorating, fading from a Neutral base into a Weak Short-Term state. Finally, Insurers , Telecoms , and Paper & Pulp  continue to languish under persistent, multi-horizon neutrality or underlying longer-term weakness. 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 Premium Content: Available to active trading clients. *Active trading client = trades placed within the last 10 trading days. Sector: Consumer Discretionary Exchange: NYSE 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 Strong rebound vs buy re-entry range + in line with the price action model. Previous Post (Sunday, 08 March): Trading Tiger Brands Published Sunday 08 March for Monday 09 March Previous Post (26 November): Take Profits on Tiger Brands (+25%): Rebounding Off The R288-R295 Buy Re-Entry Range; Printing +R367 Previous Post Tiger Brands: Rebounding Off The R288-R295 Buy Re-Entry Range, Now Trading +R336 (+15%) Previous Post (19 June): Tiger Brands: Unwinding From Overbought; 21-Week EMA In Focus Recently we highlighted TBS being overbought on 3x time frames. The share then traded slightly higher before retreating. Provisionally, the 21-week EMA between R288 and R295 is a provisional next best probability buy level of interest: Previous Post (26 May) : Tiger Brands: Overbought On 3x Time Frames M = Monthly W = Weekly D = Daily 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 Gold Spot / U.S. Dollar (XAUUSD) Current Phase:  🟡 High-Level Chop / Volatility Digestion Next Best-Probability Phase:  🟢 Trend Continuation / Monthly Expansion Tactical Risk Assessment: Opening vs. Holding Buying & Long Positions Risk for New Buy Entries: Tactical Speed vs. Structural Gap.  You are initiating an entry where the Ultra Short Term (Daily)  has experienced a sharp, vertical reset into the oversold zone while price remains significantly extended above the Structural (Weekly)  and Secular (Monthly)  baselines. The risk is a "Laggard" Weekly pullback where price grinds lower to meet rising Weekly support, even if Daily momentum hooks. Risk for Existing Long Positions: Profit Compression.  Monthly momentum is exceptionally "stretched" at historical peaks. Failure to take partial profits or trail stops into the 4,450 – 4,500  structural shelf invites the risk of a multi-week consolidation eating away at unrealized gains. What Can Change?  A high-volume Daily reversal candle that reclaims the 4,850  level would invalidate localized exhaustion and signal that the Secular Cycle  is ready to force a vertical squeeze toward the 5,250  psychological target. Selling & Short Positions Risk for New Short Entries: Fighting Secular Momentum.  Shorting a Daily rollover while the Secular Cycle (Monthly)  is in a vertical, non-divergent discovery phase is "picking up pennies in front of a steamroller." Monthly momentum is pinned at the ceiling; any tactical short is a high-stakes fade against a global regime shift in Gold. Risk for Existing Short Positions: The "Higher Low" Trap.  While the Daily oscillators are rolling, they are doing so within a clear bull-market structure. Existing shorts are vulnerable to a violent "V-bottom" snapback if the Weekly Fast Tier  defends the neutral midline. What Can Change?  If price structure definitively slices through the 4,400  Weekly pivot on expanding volume, it would mechanically confirm that a deeper Secular mean-reversion move toward the 3,700  range has commenced. Timeframe Confluence & Forecasting 1-Month Forecast (🟡 Neutral/Bearish):   Driven by 60% Daily / 30% Weekly / 10% Monthly.  Daily oscillators are testing oversold territory while price engages the first major structural support. We project a period of volatile sideways-to-lower repricing over the next 30 days as the asset seeks to build a higher-low base near 4,450 . 3-Month Forecast ( 🔒 ) 6-Month Forecast ( 🔒 ) Evaluating the broader macro context, Gold  has entered a definitive price discovery phase, clearing all historical resistance. Currently trading at 4,779.18 , the asset is consolidating after a failed attempt at the 5,250  handle. Given the washed-out Daily oscillators and the pinned Monthly gravity, the tactical bias is 🟡 High-Level Chop / Volatility Digestion . 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 is the analyst's own. 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 below has been generated using an A.I Tool based on the analyst's proprietary data: What is a Technical Screen? In trading and technical analysis, a technical screen  (or "screener") is a systematic process used to filter a vast universe of securities—such as the 100+ liquid names on the JSE or the thousands on the NYSE—down to a manageable shortlist that meets specific, predefined criteria. Rather than analyzing every chart manually, a screen acts as a quantitative "funnel" to identify setups where the odds are mathematically skewed in your favor. Why Professionals Use Screens For an investment professional, a screen is less about "finding a tip" and more about process efficiency  and bias reduction : Scalability:  It allows an analyst to monitor hundreds of shares across multiple timeframes (Daily, Weekly, Monthly) simultaneously. Objectivity:  It removes emotional attachment to specific "story stocks" and focuses strictly on price action and momentum profiles. Early Detection:  It identifies sector rotations or "alpha flows" before they become obvious to the broader market. The Goal:  A technical screen doesn't tell you what to buy; it tells you what is worth your time to investigate  today. It turns a sea of data into a high-probability "watchlist." Types of Technical Screens Rotation: Absolute & Relative Trend & Phase Scans Leading Phase:  Strong across all timeframes. Lagging Phase:  Weak across all timeframes. Waking Up / Turnaround:  Short-term strength appearing in a long-term downtrend. Deteriorating:  Short-term weakness appearing in a long-term uptrend. Momentum & Velocity Power Trend:  Extreme bullish momentum pushing a strong trend higher. Hyper Momentum:  Parabolic, highly volatile upside. Violent Breakout:  Explosive short-term push reversing a weak long-term trend. Momentum Squeeze:  Timeframe convergence (coiling) usually preceding an explosive price move. Over-extended & Extremes Extreme Overbought:  Euphoria across the board. Extreme Oversold:  Severe panic selling across the board. Overbought Warning in Bear Trend:  Violent counter-trend rally ripe for short-selling. Deep Dip in Bull Trend:  Sharp, over-extended pullback in a primary uptrend. Capitulation:  Total institutional abandonment. Volatility & Accumulation Steady Accumulation:  High-quality, low-drama buying. Low Volatility Compounders:  Slow, steady, highly predictable uptrends. High Volatility Momentum:  Strong trend with wild daily swings. High-Vol Laggards:  Dangerous wealth-destroyers with massive daily swings. Dead Money:  Trapped in a tight, directionless neutral zone. Market Structure & Divergences Perfect Bull Alignment:  Textbook sequential leadership (Short-term leads medium-term, which leads long-term). Perfect Bear Alignment:  Textbook sequential breakdown (Short-term leads the decline, dragging down medium and long-term trends). Bullish Divergence:  Shorter timeframes dragging a dead long-term trend higher. Bearish Divergence:  Shorter timeframes breaking down while the long-term trend still looks great. Stealth Bull:  Creeping accumulation while the long-term chart still looks bad. Stealth Bear:  Creeping distribution while the long-term chart still looks good. MT Turnaround:  Medium-term momentum just crossing out of weakness, pulled by short-term strength. MT Breakdown:  Medium-term momentum just dropping out of strength, dragged by short-term weakness. Transitions & Pullbacks Bull Market Correction:  Healthy pullback into weak territory within a strong primary trend. Bear Market Rally:  Sharp bounce into strong territory within a primary downtrend. Bullish Stall:  Short-term momentum flatlining inside a strong trend. Base Building:  Bleeding has stopped, chopping sideways at the bottom. 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 Equities that are technically in a long-term downtrend but are showing sudden short and medium-term accumulation (Breakout/Turnaround candidates). What can change: If short-term momentum fails to hold, this breakout attempt will collapse into a bull trap. The tickers/results from the screen is shown below: What is a Technical Screen? In trading and technical analysis, a technical screen  (or "screener") is a systematic process used to filter a vast universe of securities—such as the 100+ liquid names on the JSE or the thousands on the NYSE—down to a manageable shortlist that meets specific, predefined criteria. Rather than analyzing every chart manually (which we also do!), a screen acts as a quantitative "funnel" to identify setups where the odds are mathematically skewed in your favor. Why Professionals Use Screens For an investment professional, a screen is less about "finding a tip" and more about process efficiency  and bias reduction : Scalability:  It allows an analyst to monitor hundreds of shares across multiple timeframes (Daily, Weekly, Monthly) simultaneously. Objectivity:  It removes emotional attachment to specific "story stocks" and focuses strictly on price action and momentum profiles. Early Detection:  It identifies sector rotations or "alpha flows" before they become obvious to the broader market. The Goal:  A technical screen doesn't tell you what to buy; it tells you what is worth your time to investigate  today. It turns a sea of data into a high-probability "watchlist." Types of Technical Screens Trend & Phase Scans Leading Phase:  Strong across all timeframes. Lagging Phase:  Weak across all timeframes. Waking Up / Turnaround:  Short-term strength appearing in a long-term downtrend. Deteriorating:  Short-term weakness appearing in a long-term uptrend. Momentum & Velocity Power Trend:  Extreme bullish momentum pushing a strong trend higher. Hyper Momentum:  Parabolic, highly volatile upside. Violent Breakout:  Explosive short-term push reversing a weak long-term trend. Momentum Squeeze:  Timeframe convergence (coiling) usually preceding an explosive price move. Over-extended & Extremes Extreme Overbought:  Euphoria across the board. Extreme Oversold:  Severe panic selling across the board. Overbought Warning in Bear Trend:  Violent counter-trend rally ripe for short-selling. Deep Dip in Bull Trend:  Sharp, over-extended pullback in a primary uptrend. Capitulation:  Total institutional abandonment. Volatility & Accumulation Steady Accumulation:  High-quality, low-drama buying. Low Volatility Compounders:  Slow, steady, highly predictable uptrends. High Volatility Momentum:  Strong trend with wild daily swings. High-Vol Laggards:  Dangerous wealth-destroyers with massive daily swings. Dead Money:  Trapped in a tight, directionless neutral zone. Market Structure & Divergences Perfect Bull Alignment:  Textbook sequential leadership (Short-term leads medium-term, which leads long-term). Perfect Bear Alignment:  Textbook sequential breakdown (Short-term leads the decline, dragging down medium and long-term trends). Bullish Divergence:  Shorter timeframes dragging a dead long-term trend higher. Bearish Divergence:  Shorter timeframes breaking down while the long-term trend still looks great. Stealth Bull:  Creeping accumulation while the long-term chart still looks bad. Stealth Bear:  Creeping distribution while the long-term chart still looks good. MT Turnaround:  Medium-term momentum just crossing out of weakness, pulled by short-term strength. MT Breakdown:  Medium-term momentum just dropping out of strength, dragged by short-term weakness. Transitions & Pullbacks Bull Market Correction:  Healthy pullback into weak territory within a strong primary trend. Bear Market Rally:  Sharp bounce into strong territory within a primary downtrend. Bullish Stall:  Short-term momentum flatlining inside a strong trend. Base Building:  Bleeding has stopped, chopping sideways at the bottom. 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 below has been generated using an A.I Tool based on the analyst's proprietary data: THE TACTICAL TRADING GUIDE is a proprietary price action model, based on the analyst's understanding of momentum profiles. Previous Post: Harmony Gold Rallied 29%: Here's Why We Recommended A Buy, With Trading Levels. 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 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 This is not a lengthy note. I'd merely like to highlight last week's candle structure within a multi-month bear trend. One candle does not signal change however, these may be early signs of relative buying interest. The sector is clearly out of favour for now, but for bargain hunters with a medium to long term time horizon, a change of trend (from bearish to neutral and then possibly bullish) may be near. Disclosure: The graphic below has been generate 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 Thungela Resources is lower by 29% since the alert: 'Caution New Longs'. See chart below. The chart is going to take time to repair and find a base before the next rebound. The SECOND chart below highlights some key support levels to consider. These levels represent our best-probability view and are subject to change as the price action and news flow develops. The share close on it's rising 21-week EMA, a level that often acts as a support zone during a medium term pullback. For now, my expectation is that this level (the 21-week EMA) is likely to be breached, with an overshoot to the downside. One possibility during Monday's session (20 April) is that the share trades below Friday's low and with selling pressure continuing. On Tuesday and Wednesday, if smaller 'doji' candles start to develop, that would mean that the short term selling pressure is abating and that equilibrium is being found between buyers and sellers. For now, the next best provisional buy re-entry range is at the previous breakout level, which is a reasonable overshoot of the 21-week EMA. Previous Post (20 March): Thungela Resources: The Model Says: "Caution New Longs!" + New Resistance 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