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Research Notes March 2026 > https://www.unum.capital/post/rmar2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Published Sunday 29 March for Monday, 30 March. The current setup on the share is a great example of how we are using ACTIONABLE AREAS to take advantage of opportunities on both the buy/long and sell/short side. The idea was to buy the share upon it trading into the oversold level at 59200c/61300c, however it did not that at that level, but instead, found buyers slightly higher before putting in a 3-day rebound. The sell range was set at R722 to R740, which was tested with a high of R722 on Wednesday, followed by a retracement toward the R677. Well done to client who are actively capitalizing on the opportunities identified. 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 March 2026 > https://www.unum.capital/post/rmar2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za 1. The risk of buying immediately At ~5,055, the price is resting exactly on a major, heavily-watched structural support floor (the red dashed line established in late 2025). Buying directly on top of obvious retail support is highly vulnerable to a liquidity hunt. If the market flushes just below this line to clear out the clustered stop-losses of early buyers, an immediate long position risks being stopped out right before the actual reversal occurs. 2. The risk of selling immediately The price has already experienced a significant, extended leg down from the early 2026 highs and is now compressing directly into a major historical support zone. Shorting right here means selling into a potential floor where a mean-reversion bounce is highly probable. The easy downside momentum is exhausted, offering a very poor risk-to-reward ratio for a new short position. 3. The next best-probability range to re-enter a buy The ~4,677 to ~4,758 range . The obvious support is the current ~4,950 to 5,000 level. The overshoot approach requires bypassing this low-hanging fruit. By waiting for a decisive flush below the red dashed line, you allow the market to trigger the obvious stop-losses, sweep that liquidity, and drive the price into the deep, high-conviction structural demand block formed during the massive July/August 2025 capitulation and subsequent reversal base. 4. The next best-probability range to re-enter a sell The ~5,427 to ~5,509 range . The obvious resistance for eager short-sellers sits much lower, around the 5,200 level (near the 21 EMA) or the recent 5,300 consolidation. Instead of front-running those immediate ceilings, the framework demands patience. Letting the price push higher, piercing through the 75 EMA and the 200 SMA, will trap breakout buyers and hunt the stops of early shorts. The true, heavy overhead supply sits in this higher 5,427 to 5,509 premium pocket, allowing you to fade the final exhaustion spike into a massive structural wall. 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 March 2026 > https://www.unum.capital/post/rmar2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Published on Sunday, 29 March for Monday, 30 March. 🏛️ JSE Momentum Wrap 1. The Energy Parabola: The most dominant structural feature remains the vertical ascent of the Energy and Scarcity complex (OMN, SOL, TGA) . These leaders are pinned in 🟢 OVERBOUGHT  or 🟢 HIGH BULLISH MOMENTUM  across all three timeframes. While price action is at session highs, the mathematical distance from the Monthly secular mean is at a three-year extreme, signaling that the "Easy Money" phase has concluded and transitioned into a "Late-Stage Blow-off." 🛢️ 2. Bank Uniformity Decay: The synchronized "SA-Inc" banking breakout has officially stalled. ABG  and CPI  have drifted from "Strong" into the ⚪ NEUTRAL  Daily tier. This decay in tactical momentum suggests that institutional buyers are no longer chasing the "Rate Pivot" narrative and are instead waiting for the SARB to move from a "Hold" to an actual "Cut" before re-igniting the sector. 🏦 3. The Retail Chasm: A violent divergence exists within the consumer sector. Necessity Retail (BOX, SHP)  remains structurally robust, holding 🟢 STRONG  weekly alignments. Conversely, Apparel (MRP, TFG, WHL)  is locked in a 🔴 OVERSOLD  or 🔴 HIGH BEARISH MOMENTUM  waterfall. This "Two-Speed Consumer" confirms that inflation and high rates are siphoning discretionary liquidity while necessity floors remain intact. 🛍️ 4. Gold Shield Re-Activation: As global equity indices exhibit "Risk-Off" behavior, the Gold complex ( ANG, GFI, HAR ) has transitioned into a "Buy on Pullback" phase. Their Daily momentum is currently ⚪ NEUTRAL  or 🟠 WEAK , but their Monthly anchors remain 🟢 STRONG . This structural setup suggests capital is rotating into "Insurance Assets" as a hedge against broader market volatility. ⛏️ 5. Industrial Spine Stability: Under the radar, the Industrial and Construction sector (WBO, RBX, HDC)  is exhibiting the most sustainable breadth. These shares are avoiding the "Overbought" froth of the miners and the "Oversold" panic of the retailers, maintaining steady ⚪ NEUTRAL  bases. This reflects a quiet, long-term infrastructure bid that is decoupled from the current speculative noise. 🏗️ 6. Property Yield Paralysis: The Property sector (LTE, NRP, FFB)  remains the primary macro victim of the SARB's "Hold." Most names are trapped in 🔴 OVERSOLD  or 🔴 HIGH BEARISH MOMENTUM  tiers on the Weekly timeframe. Without a clear signal for lower interest rates, these yield-sensitive instruments remain in a state of structural "Stasis" with poor short-term reward-to-risk. 🏢 7. Tech Narrowness & Surrender: Technology momentum is severely fragmented. While specialized mid-caps like WVR  show 🟢 HIGH BULLISH MOMENTUM  on the Monthly anchor, the heavyweights ( NPN, PRX ) and software laggards ( BYI ) are in 🔴 OVERSOLD  zones. This lack of sector-wide breadth suggests that global tech headwinds are currently outweighing any local "Value" arguments. 📉 8. Institutional Liquidity Rotation: Volume data indicates a massive rotation out of "Dollar Hedges" ( CFR, NPN ) and into "Scarcity Proxies" ( SOL, TGA ). The Rand Hedges  are currently acting as "Absorbers," maintaining ⚪ NEUTRAL  Daily statuses as the Rand’s relative strength creates a technical ceiling for their ZAR-translated share prices. 💱 9. Mean Reversion Tension: The mathematical "Gap" between the Overbought  Resource leaders and the Oversold  Retail laggards is at a historic 98th-percentile extreme. This "Rubber Band" tension suggests that the JSE is primed for a violent "Pairs Trade" snap-back, where any easing of macro pressure could trigger a 15–20% relief rally in the laggards and a corresponding correction in the leaders. 📏 10. Aggregate Speedometer Warning: The JSE Speedometer has dropped to 42.8 (WEAK) . This is a critical signal: for the first time in six weeks, the momentum of the "Waterfall" laggards is beginning to outweigh the thrust of the "Parabolic" leaders. For analysts and traders, this mandates a pivot toward Capital Preservation , tightening stops on winners, and avoiding new long entries until a broad Daily base is established. 🚫 Lester Davids Senior Investment Analyst: Unum Capital

Research Notes March 2026 > https://www.unum.capital/post/rmar2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Published on Sunday, 29 March for Monday, 30 March. The most striking takeaway between the end of 2025 and the end of Q1 2026 is the dramatic, broad-based improvement in market momentum . In December 2025, the market was largely stagnant or defensive, dominated by "Neutral" (yellow) and "Weak/Bearish" (red/pink) signals. By late March 2026, there was a massive rotation into cyclical, financial, and resource sectors, turning the board into a sea of "Strong" (blue) and "Bullish/Overbought" (green/pink) signals. However, this aggressive risk-on shift wasn't universal; sectors like Platinum and Consumer Discretionary suffered severe breakdowns during the same period. Sector-by-Sector Breakdown Financials (The Big Winners) Banks:   Massive Improvement.  Moved from perfectly "Neutral" across all timeframes in December to "Strong" across the board by late March. This indicates a sustained, powerful rally. Insurers:   Significant Strengthening.  Followed the banks, moving from "Weak/Neutral" to "Strong" in both the medium and short term, while neutralizing its long-term weakness. Resources & Mining (High Volatility & Divergence) Diversified Miners (listed as Miners in Dec):   Aggressive Breakout.  Transformed from long-term "Weak" to "Strong," with medium-term momentum pushing all the way into "Overbought" territory. Coal Miners:   Major Turnaround.  Jumped from "Weak/Neutral" to a "Strong" long-term trend, with medium-term momentum rocketing to "High Bullish." Chemicals:   From Worst to First.  The most extreme reversal on the board. It went from "High Bearish" (Long Term) and "Weak" (Medium Term) in December to "High Bullish" and "Overbought" across all timeframes in March. Gold Miners:   Consolidation.  Cooled off slightly but remains very healthy. Long-term momentum stepped down from "High Bullish" to "Strong," while the short-term improved from "Weak" to "Neutral." It is digesting its late-2025 gains. Platinum Miners:   Dramatic Collapse.  The absolute biggest loser. In December, it was the only sector showing "Strong" across all three timeframes. By March, it had completely broken down, dropping to "Neutral" (Long Term), "Weak" (Medium Term), and "High Bearish" (Short Term). Consumer & Defensive Sectors Consumer Staples:   Mixed.  Long-term momentum downgraded from "Neutral" to "Weak," but short-term momentum saw a sharp bounce to "Strong." This suggests a recent counter-trend rally in a weakening macro setup. Consumer Discretionary:   Continued Deterioration.  Things went from bad to worse. Long-term momentum fell from "High Bearish" into officially "Oversold," and medium-term momentum dropped from "Weak" to "High Bearish." Hospitals:   Short-Term Surge.  While the long-term trend remains firmly "Weak," a sudden burst of buying pressure pushed medium-term momentum to "High Bullish" and short-term to "Strong." TMT (Tech, Media, Telecom) & Industrials Telecoms:   Solidified Strength.  Improved steadily, upgrading long-term and medium-term momentum from "Neutral" to "Strong," maintaining a very healthy posture. Technology:   Persistent Weakness.  Failed to catch the Q1 rally. Long-term momentum worsened from "Weak" to "High Bearish," while short and medium terms remain stuck in weakness. Paper & Pulp:   Near-Term Bounce.  Long-term momentum is still struggling (moving from Oversold to High Bearish), but short-term momentum spiked from "Neutral" to "Strong." Luxury Goods:   Stagnant.  Showed absolutely no shift. It remains "Weak" in the long term and "Neutral" in the medium and short term. Relative Sector Ratings as of the close on Friday, 27 March 2026. Relative Sector Ratings as of the close on Wednesday, 31 December 2025. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes March 2026 > https://www.unum.capital/post/rmar2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Published on Sunday, 29 March for Monday, 30 March. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes March 2026 > https://www.unum.capital/post/rmar2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Published on Sunday, 29 March for Monday, 30 March. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes March 2026 > https://www.unum.capital/post/rmar2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Published on Sunday, 29 March for Monday, 30 March. Summary: Consumer Staples, Hospitals, and Paper & Pulp are the standout turnarounds on the board, rapidly accelerating from Weak or High Bearish Long-Term trends to hit a Strong state in the Short Term. Meanwhile, Banks, Coal Miners, Diversified Miners, and Chemicals have consistently maintained intense, bullish momentum across all timeframes, sustaining serious strength built from a solid Long-Term foundation (with Chemicals and Diversified Miners hitting Overbought extremes). On the building front, Insurers show a clear upward shift, breaking out from a sleepy Neutral Long-Term stance to establish a Strong Medium- and Short-Term footing. Conversely, some sectors are visibly losing their early longer-term strength, with Gold Miners cooling entirely to Neutral in the Medium and Short Term, and Telecoms fading to Neutral in the Short Term. Finally, Technology, Luxury Goods, and Consumer Discretionary continue to languish under persistent, multi-horizon weakness, while Platinum Miners sharply fade from a Neutral longer-term regime into an intensely High Bearish and approaching oversold short-term state. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes March 2026 > https://www.unum.capital/post/rmar2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Published on Sunday, 29 March for Monday, 30 March. PLEASE NOTE: The analysis is based on the sectors RELATIVE TO the JSE Top 40 Index. Based on the aggressive momentum shifts witnessed in Q1, Q2 is likely to be characterized by digestion, mean reversion, and structural base building. Markets rarely sustain the kind of vertical momentum seen in sectors like Chemicals or the rapid breakdowns seen in Platinum without periods of consolidation. Here is a Q2 structural forecast based on the comparative momentum data: 1. High Probability Mean Reversion (To the Downside) These sectors ran extremely hot in Q1, moving from weak/neutral directly into overbought territory. In Q2, they are prime candidates for mean reversion (pullbacks to medium-term moving averages) or sideways consolidation to digest gains. Chemicals:  The most extreme case. Moving from "High Bearish/Weak" in December to "High Bullish/Overbought" across all timeframes by March is a massive exhaustion signal. Q2 Structure:  Expect a sharp mean reversion pullback or the formation of a wide, volatile base as profit-taking sets in. The risk/reward for new long entries here is very poor until a multi-week base forms. Coal Miners:  With medium-term momentum hitting "High Bullish/Approaching Overbought," the easy money has been made. Q2 Structure:  Likely to form a "bull flag" or a high consolidation base. As long as the long-term trend remains "Strong," pullbacks should be viewed as structural resets rather than trend reversals. Diversified Miners & Hospitals:  Both are showing "Overbought" signals in the medium term. Expect choppy, sideways price action in Q2 to allow shorter-term moving averages to catch up to the price. 2. Potential Mean Reversion / Relief Rallies (To the Upside) These sectors have been battered and are showing signs of structural exhaustion to the downside. Consumer Discretionary:  The long-term trend has hit "Oversold," and the medium-term is "High Bearish/Approaching Oversold." Q2 Structure:  This sector is stretched too far to the downside. Expect a sharp, short-term mean reversion rally (a "dead cat bounce") in Q2 to relieve the extreme selling pressure. However, until a proper base forms, this is counter-trend trading. Technology:  Similar to Consumer Discretionary, the long-term trend is now "High Bearish/Approaching Oversold." Q2 Structure:  Watch for selling volume to dry up, potentially leading to a short-term mean reversion squeeze. 3. Base Building & Floor Discovery These sectors are in transition and will likely spend Q2 trying to establish a structural foundation (a base) for their next major directional move. Platinum Miners:  After a violent Q1 breakdown from "Strong" across the board to short-term "High Bearish," the sector is in price discovery mode. Q2 Structure:  The primary objective for Q2 will be finding a floor. Look for a "Stage 1" base to form—a period of prolonged sideways movement where the short-term and medium-term momentum slowly neutralize. Paper & Pulp:  Interestingly, while the long-term is "High Bearish," the short-term momentum has suddenly spiked to "Strong." Q2 Structure:  This divergence often signals the early stages of a structural bottom. Q2 will likely see the sector trying to carve out a higher low and build a medium-term base. Gold Miners:  They spent Q1 cooling off (short and medium-term shifting to "Neutral"). Q2 Structure:  This is highly constructive. Gold miners are currently building a high-level base. If they spend the first half of Q2 consolidating in this "Neutral" zone without breaking long-term support, they will be perfectly structured for a breakout continuation later in the year. 4. Trend Continuation (The "Stair-Step" Movers) These sectors have strong momentum but haven't yet reached extreme "Overbought" exhaustion levels. Banks & Telecoms:  Both are printing solid "Strong" signals across multiple timeframes without flashing overbought extremes. Q2 Structure:  These are the healthiest charts. Expect orderly "stair-step" price action—moving up, forming tight, shallow bases, and moving up again—without the violent mean reversions expected in the more extreme sectors. Summary for Q2 Action:  The Q1 rotation was violent. Q2 will likely require patience as the early-year winners (Chemicals, Coal) consolidate and form bases, while battered sectors (Consumer Discretionary, Tech, Platinum) attempt to arrest their declines and build floors. The safest structural setups heading into Q2 lie in the Banks, Telecoms, and Gold Miners, which are exhibiting sustainable strength or healthy consolidation. Relative Sector Ratings as of the close on Friday, 27 March 2026. Relative Sector Ratings as of the close on Wednesday, 31 December 2025. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes March 2026 > https://www.unum.capital/post/rmar2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Published on Sunday, 29 March for Monday, 30 March. On Wednesday morning, we alerted clients to taking profit on the JSE Top 40 Index, with the price having rebounded more than 6300 points from the buy re-entry range. The index eventually traded about 8000 points higher before giving up those gains on Thursday and Friday. The index remains below the 8-day EMA, 21-day EMA, 75-day EMA and 21-week EMA. The recent short term rebound was off the undercut of the 200-day SMA and 50-week EMA, both of which are acting as a support zone, but remain vulnerable to being breached on the downside, should the candle structure deteriorate from current levels. A rebound from current levels is likely to encounter resistance at the cluster of the 8, 21 and 75-day Exponential Moving Averages. Previous Post (Wednesday 25 March): JSE Top 40 Index: Sharp Rally +6300 Points vs Buy Re-Entry Range (Short Term Traders Consider Taking Profits) Trading into the buy re-entry range with a sharp rebound. Previous Post (Sunday, 22 March 2026): Momentum Report + Price Action Model: JSE Top 40 Index The index has breached it's 21-week exponential moving average (EMA) and has found support on it's rising 200-day simple moving average, albeit with very weak/poor candle structure. While this first re-test of the 200-day SMA is likely to encourage medium term buying, the index remains vulnerable to a potential breakdown below the 200-day SMA toward the swing low/support. Considering the candle structure over the past three weeks, our analysis reflects a sharp bearish reversal and a rapid change in sentiment, although this is not unexpected considering the previous excessive overbought conditions near the 120,000 point level. In the short term, the index trades in a high bearish momentum phase which would is likely to see transition to oversold followed a by a minor rebound. JSE TOP 40 INDEX: DAILY CHART Analyst's Price Action Model: JSE TOP 40 INDEX MONTHLY CHART - SHARP PULLBACK ITNO CHANNEL: MULTI-TIME FRAME MOMENTUM ANALYSIS: ANALYST DISCLOURE: THE GRAPHICS BELOW HAVE BEEN GENERATED GOOGLE'S ARTIFICIAL INTELLIGENCE TOOL, BASED ON THE ANALYST'S OWN DATA. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes March 2026 > https://www.unum.capital/post/rmar2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Published Thursday, 26 March (After Market Close), for Friday, 27 March. This note considers the medium to long term technical outlook for Sasol. BOTTOM LINE: Too late to buy, but too early to sell/short. Overbought conditions can remain in place for extended periods and we don't want to get caught in a short squeeze. Remain patient and WAIT for parabolic-like slope/trend and exhaustive candle structure to initiate a short/sell position. Analyst's Current Price Action Model Reading (Maximum Outlook: 8 Week, Extending To 10) SASOL (SOL) – MACRO & DAILY INTEGRATION (AS OF MARCH 26, 2026) KEY TAKEAWAY:  Sasol has staged a violent, +50% macro reversal this month, driving near-term trailing momentum into extreme overbought territory; traders must exercise discipline and avoid chasing this vertical move, waiting instead for a pullback to the daily 8-EMA or a clear overextension signal to short against overhead structural resistance. CONVICTION / SIZING:  Defensive / Cash (Do not chase the parabolic monthly candle; wait for a structural reset). THESIS INVALIDATION:  A sustained consolidation holding near these highs, or a powerful volume breakout closing above the primary macro resistance at 27,213. PROBABLE R:R:  Highly Unattractive for buyers. Buying now means risking a standard daily pullback (which could be 10-15% given the volatility) just to target the first major resistance zone at ~27k. Integrated Summary  For Sasol (SOL), integrating the daily model with the monthly chart reveals a textbook "exhaustion risk" setup. On the macro scale, the stock has violently reversed off its structural lows, surging from ~13,500 to nearly 22,000 in a single month. Because of this aggressive buying, the daily Short Term (1 to 10 days) model has officially flagged the 7-day trend as "overbought," while the 14-day trend remains "very bullish". The Medium Term (2 to 4 weeks) explicitly warns traders: "do not enter long here." The tactical probability favors waiting "for 8 EMA to play next minor bounce" or waiting "for overextension to short sell" as the price stretches toward the heavy historical supply lines at 27,213 and 32,001. The Long Term perspective firmly corroborates this defensive stance, noting that one "would not enter long here risk reward unattractive". Full Technical Take Report (Daily Model Context) Short Term (approx. 1 to 10 days): 7-Day Trend:  Overbought 14-Day Trend:  Very Bullish Action:  No reading available (Momentum is stretched beyond standard deviations). Medium Term (approx. 2 to 4 weeks):  * Status:  Aggressive buying activity. Action:  Do not enter long here - wait for 8 EMA to play next minor bounce - alternatively wait for overextension to short sell. Long Term (approx. 5 to 8 weeks): Status:  Risk reward unattractive. Action:  Would not enter long here. Sasol Monthly Chart Below: Thirteen months ago, (February 2025), our research triggered a triple buy reading at R79. Today (Thursday 26 March), the share reached a multi-month high of R219. Thirteen (13) months ago, we published a note called: 'Zooming Out: Sasol'. Included in that note was the identification of the key long term support level as well as the Price Action Model that gave us a TRIPLE BUY reading - a rarity on the model. From this level, we saw the price trade lower, offering the opportunity to accumulate shares, before staging one of the strong multi-year recoveries from below R55 in April 2025 to a high of R212 yesterday. The original note can be found here > https://www.unum.capital/post/sasol-zoom-out SOL PRICE ACTION MODEL READING on 10-February-2025 SOL WEEKLY Chart on 10-February-2025 This PREMIUM NOTE considers the LONG TERM OUTLOOK for Sasol, which includes the updated momentum analysis as well as the long term chart, with key resistance zones in the event of a medium term overextension. This note is available to active trading clients (trades placed within the last 10 trading sessions). Here, you get to see what we see. For access, clients can email me directly at lester@unum.co.za Lester Davids Senior Investment Analyst: Unum Capital

Research Notes March 2026 > https://www.unum.capital/post/rmar2026 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 March 2026 > https://www.unum.capital/post/rmar2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Lester Davids Senior Investment Analyst: Unum Capital