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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 Currently, the system detects 5/10 Euphoria signals and 1/10 Capitulation signals. The tape is tilting heavily toward overbought conditions. Risk management should be prioritized as multiple structural metrics indicate crowding, making the index vulnerable to sudden liquidity vacuums and mean-reversion fades. 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 a mean-reversion watchlist derived from the extreme momentum and exhaustion thresholds present in the sector matrix. The list is split between sectors stretched to the downside (bullish mean-reversion) and those stretched to the upside (bearish mean-reversion). Bullish Mean-Reversion Candidates (Approaching Oversold) These sectors are registering severe downside exhaustion, making them prime candidates to monitor for "Mean Reversion Gravity" pulling them back upward. Technology:  Stretched to High Bearish Momentum / Approaching Oversold  on the Long-Term horizon. With the Short-Term timeframe already stabilizing to Neutral, the early stages of a reversion may be underway. Consumer Discretionary:  Triggering High Bearish Momentum / Approaching Oversold  in the Long Term. Similar to Tech, its Short-Term momentum has neutralized, hinting at downside exhaustion. Paper & Pulp:  Showing High Bearish Momentum / Approaching Oversold  in the Long Term. However, unlike Tech and Consumer Discretionary, its Short-Term momentum remains Weak, suggesting it hasn't found a floor just yet. Insurers:  Triggering High Bearish Momentum / Approaching Oversold  strictly on the Short-Term timeframe. This represents a violent, acute drop from its Neutral longer-term base, making it a fast-twitch reversion candidate. Bearish Mean-Reversion Candidates (Approaching Overbought) These sectors have experienced significant upside velocity and are hitting exhaustion thresholds, making them vulnerable to a pullback or consolidation. Miners:  Flagging as strictly Overbought  on the Medium-Term timeframe. While it is maintaining Strong Short-Term momentum, the medium-term rubber band is stretched. Hospitals:  Triggering High Bullish Momentum / Approaching Overbought  in the Short Term. This explosive near-term rally off a Neutral longer-term base makes it ripe for a tactical breather. Luxury Goods:  Hitting High Bullish Momentum / Approaching Overbought  in the Short Term. Given that its Long-Term trend is still Weak, this rapid short-term surge faces heavy structural resistance, making a reversion highly probable. 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:   Diversified Miners remain a standout leader on the board, pushing from a Strong Long-Term trend into an Overbought state in the Medium Term before maintaining a sustainable, Strong Short-Term regime. On the turnaround front, both Hospitals and Luxury Goods show explosive short-term momentum, hitting High Bullish Momentum / Approaching Overbought states after emerging from Neutral and Weak longer-term bases, respectively. Meanwhile, Consumer Staples is steadily building upward traction, climbing from a Neutral Long-Term stance to Strong across the shorter timeframes. In the harder-hit sectors, both Technology and Consumer Discretionary are showing early signs of stabilization, pulling up from High Bearish Momentum in the Long Term to reach a Neutral Short-Term stance. Conversely, previously robust sectors like Coal Miners and Chemicals are visibly losing their shorter-term edge, fading from Strong longer-term trends to Neutral in the Short Term, while Telecoms and Banks have deteriorated further to a Weak short-term footing. Finally, Insurers have suffered a sharp collapse to the downside, plunging from a previously consistent Neutral stance into High Bearish Momentum in the Short Term. 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 (partial) profits or raise your stop-loss to protect capital. Medium term traders could, with a reasonable degree of comfort, continue holding, with a trailing stop-loss. 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 Previous Post (30 March): Buy Microsoft Corp Buy at $363.55 or lower Stop-loss: $325.00 Target(s): $415.00 Code: MSFT 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 KEY TAKEAWAY:  🟡 WAIT FOR TRIGGER   Sasol is currently digesting a very bullish macro move; while the underlying structural regime remains bullish, the near-term action lacks directional bias and requires a confirmed break of the current range to trigger a new trend, all while long-term probabilities warn of a potential bearish reversal. CONVICTION / SIZING:  Sidelined / Pending Trigger (Wait for a decisive range break to dictate the next directional allocation). THESIS INVALIDATION:  A definitive breakdown of current range support (triggering the long-term bearish reversal scenario) or a powerful, high-volume breakout above the recent consolidation highs. PROBABLE R:R:  Neutral currently; waiting for the range break will define the next structural target and invalidation level. Model & Momentum Confluence The Price Action Model and Momentum Profile are displaying a textbook volatility contraction. The model flags a 'Neutral' 7-Day Trend and explicitly states the asset "currently lacks directional bias." This is perfectly validated by the daily momentum profile, where the Ultra Short, Short, and Mid Term momentum have all aggressively compressed into the 'Neutral' zone, huddling tightly together. This total momentum flatline, occurring right below the recent macro peaks, explains why the Medium Term model currently has 'no reading available' and the Long Term model is warning of a 'Possible Bearish Reversal'. The market is pausing in equilibrium to decide if this is a healthy consolidation before a continuation, or the exhausted top of the recent vertical move. Momentum Profile Ultra Short Term:  Neutral Short Term:  Neutral Mid Term:  Neutral Base Term:  Strong (Borderline Neutral) Integrated Summary Looking at the chart, Sasol (SOL) is taking a breather after an explosive run. Price recently topped out near the 25k level and has pulled back into a choppy, sideways consolidation range around 21,200. In the immediate Short Term (approx. 1 to 10 days), the model notes a "bullish regime but currently lacks directional bias" and emphasizes that it "needs [a] break of range to trigger [a] new trend." Because of this tight near-term equilibrium, the Medium Term (approx. 2 to 4 weeks) model currently has "no reading available." Looking at the Long Term (approx. 5 to 8 weeks) horizon, the model issues a stark caution: traders must be aware of a "possible bearish reversal following a very bullish move." Therefore, the immediate tactical posture is to remain sidelined and let the market tip its hand. Full Technical Take Report Short Term (approx. 1 to 10 days): 7-Day Trend:  Neutral 14-Day Trend:  Bullish Action:  Bullish regime but currently lacks directional bias needs break of range to trigger new trend. Medium Term (approx. 2 to 4 weeks):  * Status:  No reading available. Action:  Remain sidelined until lower time frames resolve. Long Term (approx. 5 to 8 weeks): Status:  Possible bearish reversal following a very bullish move. Action:  Exercise high caution on new structural longs; monitor range support closely. 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 KEY TAKEAWAY:  🟡 WAIT FOR PULLBACK / 🔴 SHORT ON FAILURE   Anglo American is attempting to push higher with extreme near-term momentum, but it is running directly into macro resistance; active traders should avoid chasing the advance, instead using a pullback to the 8-EMA as an accumulation zone, or watching for a failure at the highs to trigger a tactical short-sell. CONVICTION / SIZING:  Tactical / Phased (Wait for a structured pullback to support for longs, or play a nimble short-sell setup against range highs). THESIS INVALIDATION:  A decisive, high-volume daily close breaking cleanly above the macro range highs (near 80,000) invalidates the short setup; a daily close below the 21-EMA invalidates the near-term accumulation setup. PROBABLE R:R:  Unattractive for chasing longs at current levels due to overbought momentum. Favorable if accumulated safely near the 8-EMA/prior session close, or for a tight-leash short if price rejects at the highs. Model & Momentum Confluence We can see the model actively adapting to the intraday momentum surge here. The 7-Day Trend has now flipped from 'Neutral' to 'High Bullish Momentum / Approaching Overbought'. This perfectly maps to the underlying mathematical reality: both the Ultra Short and Short Term momentum have spiked straight into the 'Overbought' tier, while the Mid Term is 'Approaching Overbought'. Because price is advancing directly into historical supply with this white-hot momentum, the model has shifted its Short-Term directive: rather than just lacking directional bias, it acknowledges the bullish attempt but explicitly directs you to wait for a pullback to the prior close or 8-EMA to accumulate safely, rather than buying the top. Momentum Profile Ultra Short Term:  Overbought Short Term:  Overbought Mid Term:  High Bullish Momentum / Approaching Overbought Base Term:  Strong Integrated Summary Looking at the daily chart, Anglo American (AGL) has aggressively rallied to test the heavy overhead supply from its prior macro peaks near 80,000, currently trading around 79,474. In the immediate Short Term (approx. 1 to 10 days), the model notes the asset is "attempting to advance whilst in a bullish regime," but tactically advises: "if it pulls back use the prior session close or 8-EMA as an accumulation zone". Looking at the Medium Term (approx. 2 to 4 weeks), the model warns traders to "strongly consider the potential failure to hold prior session range highs which will create a tactical short-sell". The Long Term (approx. 5 to 8 weeks) perspective confirms the broader strength ("buyers in control") but echoes the near-term exhaustion ("weakness on lower time frame"), advising structural buyers to "look for pullback to 8 or 21-EMA (Buy Range) before next move higher". Full Technical Take Report Short Term (approx. 1 to 10 days): 7-Day Trend:  High Bullish Momentum / Approaching Overbought 14-Day Trend:  Bullish Action:  Attempting to advance whilst in a bullish regime-if it pulls back use the prior session close or 8-EMA as an accumulation zone. Medium Term (approx. 2 to 4 weeks):  * Status:  In or commencing upward trend. Action:  Strongly consider the potential failure to hold prior session range highs which will create a tactical short-sell. Long Term (approx. 5 to 8 weeks): Status:  Buyers in control but weakness on lower time frame. Action:  Look for pullback to 8 or 21-EMA (Buy Range) before next move higher. 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

How To Find Trade Setups: Chart Pack (3-Part Memo) Available For R550. A quick note to gauge any interest. Toward the end of 2025, I compiled a 3-part memo with the following titles: How To Fish For Trading Opportunities (11 Pages) When to Buy and Sell (16 Pages) When to Buy and Sell - Visual Setups (55 Pages) Please Vote Below: 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 Spot Gold Recent Analysis: https://www.unum.capital/post/xau0904 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 Based on yesterday's closing data - subject to change as the news flow and price action develops. JSE Action Report: Momentum and Breadth Part 1: Where the Momentum Is (And Isn't) 1. The Crowded Trades (Overheated)  Standard Bank, ADvTECH, and Grindrod are priced for perfection and running on fumes. They are technically overbought on the daily, weekly, and monthly charts. The easy money has been made, and the risk of a sharp mean-reversion pullback is huge. It’s time to take profits, tighten stops, and stop chasing the gap. 2. The Clean Breakouts (Room to Run)  Discovery, Investec, and Karooooo are hitting the sweet spot. They’ve broken out on strong daily volume but haven't hit their longer-term ceilings yet. The path of least resistance is up, making these prime targets for swing traders looking to ride unexhausted momentum before the crowd gets too heavy. 3. Buying the Dip in Miners  Resource heavyweights like Anglo American and Thungela are taking a healthy breather. The long-term macro trend is still massively bullish, but their daily charts have cooled off. This is a classic "coiled spring" setup—a low-risk chance to buy the red days before the big weekly trends resume their upward push. 4. Gold’s One-Way Ticket  Gold stocks (like Gold Fields and Pan African) are in a world of their own. Institutional buyers are stepping in on every minor intraday dip, completely ignoring the noise in the broader index. The trend is locked in. Don't overthink it—just stay long and let the momentum do the heavy lifting. 5. The Capitulation Plays (Deep Value)  Spar, Clicks, and AVI have been beaten to a pulp. The selling has been so aggressive that it looks like everyone who wanted to sell has already sold. The rubber band is stretched to the max on the downside. These are no longer falling knives; they are high-reward value plays for contrarians willing to catch the bottom. Part 2: Under the Hood (Market Breadth) 6. A Dangerously Narrow Market  The biggest red flag right now? Half the JSE is stuck in "dead money" territory. The headline index looks fine, but under the hood, the rally is only being driven by a handful of heavyweights. The rest of the board is just chopping sideways. If you aren't in the specific leaders, your capital is doing nothing. 7. The Financial Sector Split  You can't just "buy the banks" right now. The sector is completely fractured. Standard Bank and Absa are overextended and looking toppy, while FirstRand, Nedbank, and Sanlam are stuck in the mud doing absolutely nothing. You have to pick your spots carefully—this is a stock-picker's market, not a blind sector play. 8. Retail is Still Toxic  SA Inc. retail is a wasteland. There is zero buying volume across the board. From clothing (Foschini, Truworths) to groceries (Pick n Pay), the big money is actively dumping shares. Don't try to be a hero and catch the falling knife here—capital is aggressively rotating out of the local consumer. 9. Stealth Selling in Mid-Caps  While everyone is watching the Top 40, mid-caps are quietly breaking down. Across tech, logistics, and smaller industrials, the smart money is using the index's headline strength as cover to unload their bags. Be very careful stepping down the market-cap ladder right now; the bids are drying up. 10. The Bottom Line: Adapt or Bleed  We are trading in a fragile, highly selective market. When only 10% of the stocks are moving and the other 90% are either dying or chopping sideways, a violent rotation is usually around the corner. The playbook is simple: take your profits on the overextended names, buy the clean breakouts in resources, and completely ignore the "dead money" in the middle. 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 Current Phase:  🔴 Sell on Rally / Lower High Rejection Next Best-Probability Phase:  🔴 High-Level Chop / Volatility Digestion Strategic Overlay:  Tactical Exhaustion. Tactical Risk Assessment: Opening vs. Holding Buying & Long Positions Risk for New Buy Entries:  High entry risk. You are initiating a position into a mathematically stretched daily tape that has run vertically into a major multi-year structural resistance zone. With daily oscillators currently rolling over from extremes, the primary risk is a sharp mean-reversion drawdown toward the 18,500c – 19,500c  zone to reset the indicators. Risk for Existing Long Positions:  Significant profit erosion risk. Failure to protect gains at this multi-year "Change of Polarity" level invites the risk of being caught in a violent tactical reversal. What Can Change?  If institutional buyers aggressively absorb overhead supply and force a definitive weekly close above 24,000c , it would invalidate the exhaustion thesis and signal a parabolic shift toward the next macro target. Selling & Short Positions Risk for New Short Entries:  You are stepping in front of a monthly momentum pulse that has just crossed into a bullish regime. While the daily chart is exhausted, the higher timeframes are attempting to arrest a multi-year markdown. You risk being caught in a high-velocity squeeze if the macro bid persists. Risk for Existing Short Positions:  Existential risk if positioned for new lows. The structural bottom appears defended, and holding a short through a monthly hook invites uncapped drawdown as the secular trend shifts. What Can Change?  If the daily price structure definitively slices through 19,500c  on expanding volume, it mechanically confirms that the tactical relief rally has ended and the structural markdown has resumed. 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 Recent Opportunities For Clients of Unum Capital https://www.unum.capital/post/tga1304 https://www.unum.capital/post/tga2303 Current Phase: 🟢 Buy on Pullback / Trend Continuation Next Best-Probability Phase: 🟢 Bullish Expansion / Multi-Year Breakout Strategic Overlay: Tactical Exhaustion. Tactical Risk Assessment: Opening vs. Holding Buying & Long Positions Risk for New Buy Entries:  High immediate entry risk. You are initiating a position into a vertical parabolic extension where Daily oscillators are pinned at overbought extremes. The primary risk is a sharp, algorithmic mean-reversion "flash" pullback to the 14,500c – 15,000c  breakout shelf to reset tactical indicators. Risk for Existing Long Positions:  Significant profit erosion risk if stops are not trailed aggressively. While the macro trend is accelerating, failure to defend the recent gap-up pivot at 15,500c  could signal a "exhaustion gap," leading to a deeper structural reset. What Can Change?  If institutional buyers maintain the vertical bid and force a weekly close above 18,000c , it confirms the parabolic phase has entered "Escape Velocity," neutralizing the risk of a near-term dip. Selling & Short Positions Risk for New Short Entries:  Exceptional risk. You are stepping directly in front of a synchronized macro-structural breakout in a high-beta commodity stock. Shorting when the Monthly Secular Cycle is in a vertical ascent often results in being "carried out" by a persistent short squeeze. Risk for Existing Short Positions:  Existential risk. Trapped shorts are likely fueling this move. The Weekly momentum hook is definitive, and holding a short position through a monthly regime shift invites uncapped drawdown. What Can Change?  If the daily price structure prints a massive "topping tail" on record volume followed by a bearish cross in the fast oscillators, it would mechanically confirm localized exhaustion and a shift to sideways chop. 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