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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 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 JSE Sector Relative Momentum Summary Diversified Miners are the standout leaders on the board, rapidly accelerating from a Strong Long-Term trend through an Overbought Medium Term to hit High Bullish momentum in the Short Term. Meanwhile, Chemicals and Hospitals have maintained excellent upward pressure, with Hospitals executing an impressive reversal from a Weak Long-Term stance to a solid Strong Short-Term footing. On the cooling front, Coal Miners and Telecoms are visibly losing their earlier longer-term strength, fading to Neutral and Weak in the Short Term, respectively. Conversely, Consumer Discretionary is plunging deeper into the abyss, shifting from an Oversold longer-term state into High Bearish momentum in the Short Term, just as Technology remains trapped in persistent weakness across all horizons. Finally, Banks and Platinum Miners have completely flatlined, sitting squarely at Neutral across every measured timeframe. Key Sector Shifts Breakdown Accelerating Strength:   Miners  (Strong to High Bullish) and Hospitals  (Weak to Strong) are showing the most aggressive upward momentum trajectories. Sustained Strength:   Chemicals  remains heavily bid, dominating the highly bullish categories across longer time horizons before consolidating into a Strong short term. Cooling Off:   Coal Miners  and Telecoms  are taking a breather, stepping down from Strong long-term trends into Neutral and Weak short-term regimes, respectively. Persistent Laggards & Plunges:   Consumer Discretionary  (plunging into High Bearish) and Technology  (persistent Weakness/Bearishness) are failing to catch a bid, while Insurers  are smoothly fading from Neutral into a Weak short-term regime. Flatlined:   Banks  and Platinum Miners  are trapped in sustained Neutral momentum across all three timeframes. 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 1. 🏆 The Overheated Leaders ADvTECH (ADH), Grindrod (GND), and Omnia (OMN) command the top 3 ranks with extreme upside velocity. However, this strength comes with caution: ADH has pushed so deep into Overbought territory across all three timeframes that it has triggered a strict 🔴 Sell on Rally  action, indicating structural exhaustion at the top. 2. 🚀 High-Conviction Breakouts Resource giants Exxaro (EXX) and Glencore (GLN) are flashing prime 🟢 Buy Breakout  triggers. Both are exhibiting highly synchronized Bullish Momentum to Overbought conditions across the Daily, Weekly, and Monthly charts, indicating clear directional strength without immediate exhaustion. 3. 📉 The "Buy on Pullback" Value Floors Counters like Thungela (TGA) and Sun International (SUI) maintain powerful macro uptrends but trigger a 🟢 Buy on Pullback  strategy. This indicates the tactical play is to avoid chasing the initial thrust and wait for near-term daily retracements toward their Estimated Oversold Ranges to maximize asymmetric risk/reward. 4. 🏦 Financials Catching Their Breath The major banking counters are exhibiting strong longer-term momentum but are pausing on the daily charts. Capitec (CPI) and FirstRand (FSR) are building enough pressure to trigger 🟢 Buy Breakout  categories, while Standard Bank (SBK) and Nedbank (NED) remain boxed in 🟡 Wait / Range Trade  structures while daily momentum neutralizes. 5. 🩸 Deep Macro Capitulation At the very bottom of the rankings, Spar (SPP) and Foschini (TFG) are exhibiting severe macro exhaustion, plunging deep into 🔴 Oversold  territory on the longer timeframes. Interestingly, SPP triggers a 🟢 Buy on Pullback —a classic "falling knife" stabilization setup where extreme structural oversold conditions trigger a potential mean-reversion bounce. 6. 🛑 The "Avoid / Cap" Danger Zones Four specific counters trigger a hard 🔴 Avoid / Cap  mandate: Valterra Platinum (VAL), Wilson Bayly Holmes-Ovcon (WBO), Vodacom (VOD), and We Buy Cars (WBC). These stocks are trapped in structurally weak or directionless momentum profiles (predominantly Neutral/Weak) with no immediate catalyst for a high-probability trade. 7. 🛒 Retail's Bearish Drag Outside of Boxer (BOX) which offers a breakout, the broader retail sector is structurally bruised. Woolworths (WHL), Mr Price (MRP), and Truworths (TRU) are heavily weighted toward High Bearish Momentum and Distributing triggers on the higher timeframes, requiring immense caution for medium-term bulls. 8. 🛡️ Holding the Line Anglogold Ashanti (ANG), Anheuser-Busch InBev (ANH), and AECI (AFE) are designated as 🟡 Hold / Trail Stops . These assets maintain highly constructive, accumulating monthly macro profiles, but shorter-term daily consolidations dictate managing existing positions tightly rather than adding new capital. 9. ⛽ The Sasol Holding Pattern Both Sasol (SOL) and BEE-Sasol (SOLBE1) feature in the top 10 due to powerful Overbought and High Bullish momentum on the Weekly and Monthly charts. However, their Daily momentum has cooled significantly, placing them in a 🟡 Wait / Range Trade  holding pattern until the near-term volatility tightens. 10. ⛏️ PGM Sector Paralysis Platinum group metals remain tactically frustrating. Heavyweights like Impala Platinum (IMP), Sibanye Stillwater (SSW), and Northam Platinum (NPH) are stuck in 🟡 Wait / Range Trade  categories. Their momentum profiles are completely flat, dominated by Neutral/Consolidating and Weak/Distributing triggers, lacking the velocity required to trigger a directional trade plan. 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 upside follow-through, running +30%. ANG reached our buy re-entry range and has rebound +13%. Use the rebound to take profits. We wrote follow up note for HAR and SSW (see website) while NED, AGL, BHG and CLS did not reach our desired buy zones. Previous Post (Sunday 15 March): Let's Trade: 7 Money-Making Opportunities Coverage: Harmony Gold (HAR) Sibanye Stillwater (SSW) AngloGold Ashanti (ANG) Nedbank Group (NED) BHP Group (BHG) Anglo American Plc (AGL) Clicks Group (CLS) 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.   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 being held by a trader while the probabilities are based on several factors which may include: short term rating, medium term regime, momentum, horizontal or diagonal support/resistance, candle structure, moving averages and standard deviation, among others. These are short term levels and may be in contrast to medium and long term outlooks which are based on the weekly and monthly charts and, which may be applicable to long term investors. These levels are subject to change  based on sentiment, the subsequent price action and company/sector specific or macro news flow. As always, while the levels are outlined, traders should be prepared to adjust in real-time  based on the aforementioned. Harmony Gold (HAR) - Key Takeaway: Lower levels are likely to push the share into deeply oversold territory in the short term. Buy/Long: Test of swing low/is likely to be extremely oversold - looking for a S/T rebound Short/Sell: Sell rallies into the previous breakdown level. Sibanye Stillwater (SSW) Buy/Long: Approaching it's rising 200-day SMA and swing low/prior resistance. Looking for a flush below this level following a multi-day base and reclaim for a short term rebound. Short/Sell: Back-tests of the now broken 21-week EMA is likely to be sold. AngloGold Ashanti (ANG) Buy/Long: The previous swing lows (just above the 200-week SMA) is likely to coincide with medium term oversold conditions. Short/Sell: Upon an ultra short term rally, the declining 8/21-EMA is likely to act as a resistance range (expect an upside overshoot of this level. Nedbank Group (NED) - Most recently highlighted downside risk (above R310), triggered by the price action model. Now trading at R260. See note (warning) here: 26-Feb > https://www.unum.capital/post/ned2602 Buy/Long: A downside overshoot of the flat 200-day SMA (with an oversold reading) is likely trigger conditions for downside exhaustion, the start of a short term base, followed by a short term rebound. Short/Sell: A rebound from current levels, back into the downward sloping moving averages is likely to trigger a continuation sell opportunity. BHP Group (BHG) Buy/Long: First re-test of the rising 21-week EMA (provisional buy range place just below this level to account for a downside overshoot).    Short/Sell:  A rebound from current levels, back into the downward sloping moving averages. Anglo American Plc (AGL) Buy/Long: First re-test of the rising 21-week EMA (provisional buy range place just below this level to account for a downside overshoot).    Short/Sell:  A rebound from current levels, back into the downward sloping moving averages. Clicks Group (CLS): At current levels, the share exhibits the following attributes: (1) approaching oversold (2) approaching prior swing low (3) extended to the downside vs it's 200-day SMA (4) extended to the downside vs it's 21-week SMA (5) Price Action Model Reading pointing to a potentially appealing reward-to-risk. Most recently the share reached the full downside target of R310.    https://www.unum.capital/post/cls2701 CLS: Current Price Action Model Reading: Buy/Long: Into swing support + is likely to be further extended to the downside vs 200-day EMA etc. Short/Sell:  A sharp rebound into the downside sloping MA's is likely to trigger a continuation selling opportunity. Trading Notes/Resources (Where Applicable) 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.   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 being held by a trader while the probabilities are based on several factors which may include: short term rating, medium term regime, momentum, horizontal or diagonal support/resistance, candle structure, moving averages and standard deviation, among others. These are short term levels and may be in contrast to medium and long term outlooks which are based on the weekly and monthly charts and, which may be applicable to long term investors. These levels are subject to change  based on sentiment, the subsequent price action and company/sector specific or macro news flow. As always, while the levels are outlined, traders should be prepared to adjust in real-time  based on the aforementioned. "Strategy Alerts"  help clients identify trading opportunities . When a ticker's real-time or pre-market price action aligns with the criteria on a slide—such as a pullback to the 21-day EMA or a breakout from a consolidation base—it effectively "matches" that stock to the strategy, triggering an alert to a potential trading opportunity.  This approach transforms the playbook into a dynamic scanning tool, allowing you to instantly categorize active stocks by the specific technical thesis playing out , ensuring that every trading potential opportunity communicated is backed by a predefined, actionable setup. 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 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. 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. 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 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. 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 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. 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 Recently (23 February), we discussed the unappealing reward-to-risk on the share. Subsequently, the share traded higher over the next 4 sessions before completing a sharp bearish reversal from above R675 to below R550. The risks, opportunities and probabilities follows the chart below. Note: The share has a been a massive source of opportunity on the buy/long side with a buy idea being published on 21 June (see reference on chart below) BEST-PROBABILITY ACTION: Buy on Pullback / Trend Continuation Momentum Profile:  The multi-timeframe momentum profile reveals a pristine, highly synchronized bullish alignment following a healthy structural reset. Monthly (Macro):  The macro momentum suite is incredibly strong. The Quarterly Pulse and Fast Monthly tiers are pushing deeply into bullish territory, pulling the Secular Cycle upward. This confirms a robust, overarching secular bull market with plenty of runway before reaching extreme exhaustion. Weekly (Structural):  After a recent peak, the Tactical Momentum and Fast Weekly oscillators executed a perfect, orderly cooling cycle down to the neutral midline. They have now definitively arrested their decline and are hooking aggressively back upward, signaling that the structural pullback is complete and buyers are reloading. Daily (Tactical):  The daily fast oscillators previously washed out into oversold territory but have just printed a violent, V-shaped recovery. They have crossed cleanly above the neutral midline into bullish territory, actively dragging the slower Mid Term and Base Term tiers up with them. Synthesis:  This is a textbook trend continuation setup. The macro trend (Monthly) is dominant, the structural trend (Weekly) has successfully digested excess froth, and the tactical (Daily) momentum has just fired a fresh long signal. All three timeframes are pointing up. Structural Analysis & Tactical Bias:  Evaluating the broader macro context, the asset has engineered a massive, multi-year structural uptrend. Recently, the tape peaked near the ~66,000c resistance zone and executed a sharp, highly necessary corrective markdown. This pullback drove the price straight into the ~55,000c major structural support floor, completely washing out weak hands. Isolating the immediate daily price action, the tape fiercely defended that 55,000c level, printing a V-shaped recovery to trade currently near ~61,488c. Given the multi-timeframe momentum alignment and the successful test of major support, the tactical bias leans confidently toward 🟢 Buy on Pullback / Trend Continuation . Key Support & Resistance Levels:  Immediate overhead supply is concentrated at the recent structural peak between ~64,000c and ~66,000c. This is the primary target for the current leg up. Immediate structural support rests near the ~59,000c to ~60,000c intraday pivot zone. Should a secondary, deeper shakeout occur, the ultimate macro floor and line-in-the-sand for the bull thesis remains the recent capitulation bounce level at ~55,000c. Next Candle Probability:  The current price action perfectly aligns with Scenario 17: 🟢 Bullish Continuation / Violent Rebound . The daily structure shows strong, consecutive green expansion candles emerging directly from a validated support floor. Because the fast oscillators are crossing the midline with accelerating momentum, the highest probability outcome for the next sequence of daily candles is bullish follow-through, targeting the trapped liquidity near the 64,000c resistance block. Primary View Invalidation:  To invalidate this highly bullish primary view, sellers would need to abruptly halt the current daily momentum surge, violently reverse the tape, and force a decisive weekly close below the ~55,000c macro floor. This action would confirm a catastrophic double-top macro failure, trap the recent wave of dip-buyers, and initiate a deep secular correction. The Next 10 Days:  Over the next two trading weeks, the asset faces an explosive upside setup as it attempts to reclaim the macro highs. Given that daily momentum is actively accelerating upward in tandem with the weekly hook, market participants should anticipate a steady, high-velocity grind toward the ~64,000c to ~66,000c supply zone. Minor intraday pullbacks toward ~60,000c should be viewed as algorithmic base-building rather than trend reversals. Tactical Risk Assessment: Buying vs. Selling What's the risk of buying now?  The primary risk of initiating a new long position at ~61,488c is that you are buying into the middle of a V-shaped tactical bounce. While the multi-timeframe setup is exceptionally strong, vertical bounces occasionally require a localized "breather" to form a higher-low on the daily chart before taking out major resistance. You risk experiencing a brief, shallow drawdown toward ~59,000c to ~60,000c to build that structure. What Can Change?  If institutional buyers relentlessly press the tape and force a high-volume daily close above ~64,000c without allowing a pullback, it confirms a runaway momentum squeeze, completely neutralizing the risk of a near-term dip. What's the risk of selling now?  The primary risk of selling (whether taking profits prematurely or attempting a counter-trend short) is stepping directly in front of a synchronized, multi-timeframe bullish wave. The weekly chart has completed its reset and the daily is firing. If you short here, you risk getting violently run over as the tape catches a fresh macro bid and easily slices through the 66,000c ceiling to enter blue-sky territory. What Can Change?  If the daily price structure reaches ~64,000c and prints a massive, high-volume bearish rejection wick, while the fast momentum plateaus, it would mechanically confirm localized exhaustion, signaling that the tape is entering a wider distribution range rather than an immediate breakout. Timeframe Confluence & Forecasting (WCL Model) Applying the Weighted Confluence Logic to the current momentum structure: 1-Month Forecast (🟢 Bullish):   Driven by 60% Daily / 30% Weekly / 10% Monthly.  The daily oscillators are surging, supported by the fresh weekly upward hook. We project a tactical upward repricing over the next 30 days as the asset targets the ~64,000c - ~66,000c resistance block for a major breakout attempt. 3-Month Forecast (🟢 Strong Bullish):   Driven by 20% Daily / 50% Weekly / 30% Monthly.  With the weekly cooling cycle successfully completed without breaking the macro floor, the structural trend is primed for continuation. We project higher prices three months out as the asset decisively clears ~66,000c and establishes a new operational range at higher valuations. 6-Month Forecast (🟢 Secular Bullish):   Driven by 10% Daily / 20% Weekly / 70% Monthly.  The monthly timeframe dominates. Because the macro oscillators are firmly bullish but not yet critically overbought, there is ample fuel in the tank. We project significantly higher prices six months out as the primary secular bull cycle continues its multi-year advance. Forecast Projection Breakdown:  With daily momentum accelerating out of a healthy weekly structural reset, the forward-looking probability distribution heavily favors trend continuation and a breakout of local highs. The Bullish Scenario (50% Probability):  The synchronized momentum creates a massive tailwind. Buyers aggressively push the tape, easily absorbing any overhead supply and breaking cleanly through the ~66,000c ceiling to resume the macro uptrend. The Base/Neutral Scenario (35% Probability):  The initial tactical bounce loses some velocity near the highs. The asset enters a high-level accumulation phase, grinding sideways between ~59,000c and ~64,000c to build a massive launchpad before attempting the final breakout. The Bearish Scenario (15% Probability):  The bounce is a sophisticated macro bull trap. Sellers aggressively defend the 64,000c-66,000c zone, forcing a harsh double-top rejection that drives the price violently back down to test the ~55,000c structural floor. Most recently, we viewed the short term long/short opportunity as follows: 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 (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 On Friday the share reached a high of R250 (just shy of the sell re-entry) before retreating to test a low of R231 by Friday. For now, the buy re-entry range remains unchanged, which is the downside overshoot of the 200-day SMA and the 50-week EMA. Note: this range is subject to change based on the subsequent news flow and price action. In you missed it, read about our recent ideas on JSE Banking Shares >   https://www.unum.capital/post/banks3003 Previous Post (Sunday 29 March)💡Absa Group: Actionable Buy/Sell Re-Entry Ranges Read about our recent ideas on JSE Banking Shares > https://www.unum.capital/post/banks3003 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 Data as of the close on Friday 02 April. Subject to change as the price action and news flow develops. Lester Davids Senior Investment Analyst: Unum Capital