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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 The index is continuing to digest the short term overbought conditions with a consolidation in our previous sell re-entry range. The index has rallied 15,000 Points vs our buy re-entry range. This is an updated out, which includes the momentum profile, risks and opportunities. Also shown below is the price action model. Price Action Model: The structural picture indicates a market pushing higher but struggling with immediate overhead resistance. In both the immediate Short Term (approx. 1 to 10 days) and Medium Term (approx. 2 to 4 weeks), the index is "in or commencing [an] upward trend". However, the tactical directive across both of these time horizons issues a strict warning to "strongly consider the potential failure to hold prior session range highs," which would actively "create a tactical short-sell opportunity". Looking out to the Long Term (approx. 5 to 8 weeks), the overarching macro view confirms that "buyers [are] in control". Because of the aforementioned "weakness on lower time frame[s]," structural buyers are advised not to chase breakouts, but rather to "look for pullback to 8 or 21-EMA (Buy Range) before next move higher". Model & Momentum Confluence The integration of the multi-timeframe momentum profile provides a perfect explanation for the Price Action Model's cautious tone. On the Daily chart, momentum is surging, with the Ultra Short, Short, and Mid Terms all registering as 'Strong'. This perfectly aligns with the model's "Strong" 7-Day Trend and "Bullish" 14-Day Trend. However, a critical divergence appears when stepping back. On the Weekly chart, while tactical momentum is 'Strong', the heavier Structural and Primary trends remain anchored in 'Neutral'. The Monthly chart echoes this, with the Quarterly Pulse and Secular Cycle also flatlining at 'Neutral'. This stark contrast—aggressive daily momentum running into sluggish macro momentum—is exactly why the model issues a strict warning: "strongly consider the potential failure to hold prior session range highs." The daily buyers are pushing hard, but the larger macro forces are not yet aligned to guarantee a breakout, creating the prime conditions for a tactical short-sell if resistance holds. 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 Original Post With Specific Levels Given Here > https://www.unum.capital/post/makemoney1603 NEDBANK was also alerted as a REAL-TIME WARNING on 26 February (with price action model as key driver) when it peaked near R310. Original Post Here> https://www.unum.capital/post/ned2602 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 On Wednesday, the share traded into our short term buy re-entry range, with a strong rebound off the lows of the day. Over the past 4 days we have seen strength to above R166. Previous Post (Sunday, 05 April 2026): 💡Trading Levels: Thungela Resources (The share recently exceeded our 11800c, 13000c and 14000c targets.) The share recently reached medium term overbought and is consolidating at the highs. In the ultra short term, there is no clear directional bias. Buy on a deeper pullback. if it breaks out from current levels, then the share is likely to test even further overbought conditions on a medium term basis. 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 Via Our Watchlist. 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 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 AngloGold Ashanti recently rallied by 38% vs our buy re-entry range. Originally discussed/highlighted in the following note (link 16 March)> https://www.unum.capital/post/makemoney1603 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 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 This is a premium research note. We believe that actionable, high-quality research is best served alongside seamless trade execution. Therefore, access to our proprietary analysis and dedicated watchlists is an exclusive benefit provided solely to clients who route their trading through our desk. 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 This is a premium research note. We believe that actionable, high-quality research is best served alongside seamless trade execution. Therefore, access to our proprietary analysis and dedicated watchlists is an exclusive benefit provided solely to clients who route their trading through our desk. 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 Anglo American Plc (AGL) Current Phase:  🟢 Buy on Pullback / Trend Continuation Next Best-Probability Phase:  🟢 Bullish Expansion / Blue Sky Discovery Strategic Overlay:  Trend Continuation. Tactical Risk Assessment: Buying vs. Selling What's the risk of buying now?  You are initiating a position into a vertical parabolic extension where Daily oscillators are pinned at the overbought ceiling ( ~84.87 ). The primary risk is a sharp, algorithmic mean-reversion "flash" pullback to the 70,000c – 72,000c  zone to reset tactical indicators before the next leg up. What Can Change?  If institutional buyers maintain the vertical bid and force a weekly close above 82,000c  without a pause, it confirms the parabolic phase has entered "Escape Velocity," neutralizing the risk of a near-term dip. What's the risk of selling now?  You are stepping directly in front of a synchronized macro-structural breakout in a diversified mining giant. Shorting when the Monthly Secular Cycle is in a vertical discovery phase often results in being "carried out," as overbought conditions can persist for months during a true regime shift. 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. Forecast Projection Breakdown:  With momentum accelerating across all timeframes, the probability distribution is heavily skewed toward immediate continuation. The Bullish Scenario (60% Probability):  The vertical squeeze persists. Buyers absorb all profit-taking and drive the price relentlessly toward 85,000c  without allowing a deep pullback. The Base/Neutral Scenario (25% Probability):  The asset hits a localized psychological wall at 80,000c  and enters a high-level flag, grinding sideways toward 72,000c  to allow moving averages to catch up. The Bearish Scenario (15% Probability):  The breakout is a sophisticated trap. A sudden macro shock forces a high-volume reversal that crashes the stock back into the 67,000c  range. We discussed the share in a video comment on 26 August, with the view that the trigger level would be R527. Subsequently, the share rallied to a multi-month high of R831. 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 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 Summary:   Miners  are 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. Meanwhile, Banks  have consistently maintained a strictly Neutral stance across all timeframes. On the turnaround front, Hospitals  show an explosive reversal from a Weak Long-Term stance to Strong momentum in both the Medium and Short terms, just as Luxury Goods  steadily climb out of their longer-term weakness to establish a firm, Strong short-term footing. Similarly, Consumer Discretionary  is showing signs of stabilization, pulling up from an Oversold Long-Term base to reach a Neutral Short-Term stance. Conversely, Technology , Consumer Staples , and Paper & Pulp  remain trapped in persistent weakness across all horizons, suffering from High Bearish Momentum in the Long Term and remaining Weak through the shorter timeframes. Furthermore, previously robust sectors like Coal Miners  and Chemicals  are visibly losing their longer-term strength, fading entirely to Weak in the Short Term. Lester Davids Senior Investment Analyst: Unum Capital