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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 The reading of 49.4  is a significant "Pivot Point" indicator for the following reasons: The Equilibrium Point:  A score of ~50 across 118 shares confirms that the JSE is not in a systemic rally or a systemic crash. Instead, it is in a state of High Divergence . Capital is being "churned"—sold from one sector and moved into another without increasing the overall market's heat. Resources vs. Retail Drag:  The "Speed" is being kept in check by a violent tug-of-war. The Resources (SOL, OMN)  are moving at 90+ MPH  (Overbought), while Discretionary Retail (MRP, LTE)  is essentially stalled at 15 MPH  (Oversold). The "Neutral" Bulk:  Point 10 of your 20-Point Stats shows 30.5%  of shares are in Tier 4. This massive "middle ground" (ABG, SBK, AGL) acts as the market's anchor, preventing the needle from swinging into extreme Greed or extreme Fear. Tactical Threat:  When the speedometer sits at 50, it is often the "quiet before the storm." If the needle moves toward 55  tomorrow, it signals the Banking Pivot (ABG/CPI)  is gaining broad sector support. If it drops toward 45 , it indicates the Overbought Exhaustion (SOL/OMN)  is finally triggering a broader market correction. 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 The Vertical Ceiling (Chemicals & Energy)  🧪 🛑 The vertical momentum in the heavy chemical complex has hit a hard mathematical wall. Omnia (OMN) and Sasol (SOL) are now locked in a triple-confluence of 🟢 1 OVERBOUGHT across Daily, Weekly, and Monthly anchors. This is the ultimate "exhaustion" signature; your engine mandates a "Sell on Rally" stance as the probability of further vertical gains is now dwarfed by the risk of a mean-reversion crash toward the 8-EMA. The Defensive Masterclass (Retail Heavyweights)  🛒 🛡️ Institutional capital is aggressively rotating into defensive liquidity. Boxer (BOX) and Shoprite (SHP) are defying the broader market gloom, firing 🟢 Buy Breakout signals with synchronized 3 STRONG momentum across all tiers. In a high-inflation, high-rate environment, the "necessity" trade is the only pocket showing genuine, sustained accumulation. The Banking Thaw (Alpha in Financials)  🏦 📈 The "Yield Squeeze" is finally showing cracks, but only for the leaders. Absa (ABG) and Capitec (CPI) have successfully pivoted into 🟢 2 HIGH BULLISH Daily momentum, signaling a tactical breakout from their recent ranges. While Standard Bank (SBK) remains in a ⚪ 4 NEUTRAL "Wait" pattern, the shift in ABG suggests the financial sector isbeginning to price in a stabilizing yield curve. The Medicine Cabinet Shield (Healthcare Bids)  💊 🟢 Healthcare remains the primary tactical bunker. Dis-Chem (DCP) and Netcare (NTC) are showing elite multi-timeframe alignment, both sitting in 🟢 High Bullish or Strong tiers. As geopolitical tensions keep the Rand volatile, these domestic defensive bids are providing the highest structural reliability on the board. The Infrastructure Pulse (Industrial Bids ) 🏗️ ⚙️ A rare surge is emerging in select industrial counters. AECI (AFE) and ADvTECH (ADH) are pinned to 🟢 1 OVERBOUGHT or 2 HIGH BULLISH levels. While AFE is a "Hold / Trail Stops" candidate due to extreme extension, the move in ADH suggests that high-quality, service-oriented industrials are capturing the "Alpha" that is fleeing the volatile resource sector. The Recovery Search (Laggard Turnarounds)  🔄 🔍 We are seeing the first signs of life in beaten-down quality shares. Richemont (CFR) and Aspen (APN) have moved into 🟢 Buy Breakout territory on the Daily level despite their higher-tier anchors still being ⚪ Neutral. This represents a "Tactical Hand-off" where the short-term noise is finally starting to lead a macro trend reversal. The Waterfall Capitulation (Deep Value Traps)  🌊 🔴 The "falling knife" sector remains dangerous for those without a structural filter. Lighthouse (LTE), Alexander Forbes (AFH), and Bytes (BYI) are locked in a 🔴 7 OVERSOLD death spiral. Your engine flags these as "Avoid" or "Distribution" candidates; until the Daily momentum shifts to at least 🟠 5 WEAK, the mathematical floor has not been confirmed. The PGM Paralysis (Resources on Hold)  ⛏️ ⏸️ Unlike the vertical surge in Sasol, the PGM complex is stuck in the mud. Northam (NPH), Impala (IMP), and Sibanye (SSW) are all trapped in ⚪ 4 NEUTRAL or 🟠 5 WEAK Daily patterns. They are currently "no-man's-land" trades, lacking the momentum to break out and the capitulation depth to be considered "deep value." The Retail Fracture (Survival vs. Style)  👗 📉 The divide between "Necessity" and "Discretionary" is now a chasm. While grocery is 🟢, apparel is 🔴. Mr Price (MRP) and Truworths (TRU) are languishing in Oversold or High Bearish tiers. They are statistically deep in the "Sell on Rally" zone, meaning every tactical bounce is being used by institutions to further reduce exposure to the squeezed consumer. The Tactical Mandate (Precision Execution)  🎯 💵 The board is currently split between Vertical Exhaustion and Selective Breakouts. The mandate is clear: Fade the extremes in OMN and SOL, Ride the defensive waves in BOX and DCP, and Wait for the Waterfall laggards like LTE to establish a ⚪ Neutral base. It is a market for the patient sniper, not the broad-market buyer. 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 The JSE structural breadth is currently showing a significant migration toward the "Fade Zone"  and "Chase Risk"  quadrants. Over the last 24 hours, Omnia (OMN)  has surged further into the extreme upper right, with momentum alignment that is statistically unsustainable. Similarly, Sasol (SOL)  remains pinned to its structural ceiling, warning that institutional sellers are likely seeking exit liquidity. Conversely, we are seeing the "Capitulation"  zone thinning out slightly, as shares like Lighthouse (LTE)  and Mr Price (MRP)  begin to base-build at their floors. The "Pullback Zone"  (Top Left) remains the highest-probability area for entries; notably, Richemont (CFR)  and Absa (ABG)  are showing signs of noise-exhaustion while maintaining their macro anchors, positioning them for potential rebounds if the daily flow stabilizes. 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 Previous Post: Global Idea: BP Plc Published: Tuesday, 04 February 2026 Time: 11h12 Buy at £ 4.77 or lower Stop-loss: £ 4.15 Target(s): £ 5.70 Code: BP 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 1. The Yield Squeeze (Banks on Hold)  🏦 📉 With inflation proving sticky and renewed whispers of interest rate hikes creeping back into the market, the major banks are paralyzed. Absa (ABG), Nedbank (NED), and Standard Bank (SBK) are all trapped in a "Wait / Range Trade" holding pattern. The violent sell-offs have paused, but the fear of "higher for longer" borrowing costs is keeping a heavy lid on any real financial momentum. 2. The Energy Paradox (Oil's Double Edge)  🛢️ ⚠️ The escalating Middle East conflict is keeping oil prices dangerously volatile near their highs. This is acting as rocket fuel for Oando (OAO), which is firing a "Buy Breakout" signal with High Bullish momentum. However, Sasol (SOL) is flashing a bright red "Sell on Rally." Sasol's momentum is mathematically exhausted (1 Overbought), suggesting institutional players are using the geopolitical oil spike as exit liquidity rather than a reason to buy. 3. The Gold Shield (Safe Haven Accumulation)  🥇 🛡️ Geopolitical panic is driving a silent rotation into safe havens. After enduring a brutal flush, gold heavyweights like Anglogold Ashanti (ANG) and Gold Fields (GFI) have shifted into the "Accumulate / Base Building" phase. The falling knives have stuck in the floorboards, and smart money is quietly loading up on protection while the daily momentum resets to a safe neutral level. 4. The Consumer Divide (Survival vs. Discretionary)  🛒 👗 High rates and fuel-driven inflation are destroying disposable income, splitting the retail sector in half. The market is brutally punishing clothing retailers like Mr Price (MRP) and Foschini (TFG), burying them in the "Sell on Rally" and "Observe" tiers as they hit Oversold floors. Meanwhile, grocery giants like Shoprite (SHP) and Boxer (BOX) are enjoying "Buy Breakouts" as squeezed consumers focus purely on absolute necessities. 5. The Medicine Cabinet (Defensive Bids)  💊 📈 Alongside food, healthcare is acting as a primary defensive shield against macro uncertainty. Dis-Chem (DCP) is firing on all cylinders with a "Buy Breakout" and High Bullish daily momentum. When the threat of war and rate hikes peaks, institutional capital hides in businesses that generate predictable, inflation-resistant cash flows regardless of the economic weather. 6. The Property Paralysis (REITs Crushed)  🏢 ⏸️ Real estate thrives on cheap debt, which is currently nowhere to be found. With renewed rate hike concerns, the highly leveraged property sector is completely stagnant. Lighthouse Properties (LTE) is crushed at the absolute floor (7 Oversold), while the rest of the REITs, like NEPI Rockcastle (NRP) and Fortress (FFB), are trapped in a flat "Wait / Range Trade" purgatory until the yield curve breaks. 7. The Rand Hedges (Absorbing the Shock)  🌍 💻 The US interest rate narrative is keeping the Rand on the back foot, punishing domestic earners. Massive offshore earners like Naspers (NPN), Prosus (PRX), and Richemont (CFR) have settled into stable "Wait / Range Trade" structures. They aren't breaking out, but they aren't breaking down either; they are acting as massive, neutral shock absorbers against domestic currency volatility. 8. The Industrial Exhaustion (Late-Stage Fatigue)  🏭 🛑 The heavy industrial and chemical complex is running completely out of steam. Omnia (OMN) and Glencore (GLN) are pinned to their absolute momentum ceilings (1 Overbought) and are flashing "Sell on Rally" or "Hold / Trail Stops." The macro engine suggests these cyclical rallies are mathematically exhausted, making them prime candidates for sharp profit-taking if global growth fears accelerate. 9. The Coal Outlier (Insulated Energy)  ⛏️ 🚂 While the broader resource sector struggles with global demand fears, Thungela Resources (TGA) is ignoring the gravity. Resting safely in the "Wait / Range Trade" daily tier but holding massive long-term structural strength, it remains insulated by the ongoing global energy supply constraints tied to the geopolitical fractures in Eastern Europe and the Middle East. 10. The Tactical Mandate (Patience & Preservation)  🛑 💵 With war premiums injected into oil and central banks threatening to hike, this is definitively not a "buy the dip" market. The momentum board is flooded with "Wait / Range Trade" signals. The mathematical extremes demand that we fade the overheated rallies, hunt for deep value in the base-builders, and keep cash ready for the moment the macro tension finally breaks. 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 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 March 2026 > https://www.unum.capital/post/rmar2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za The share traded into the buy range, with a strong rebound! Well done to traders who took the opportunity to trade. If you are a short term trader, use this rally to take some profits. Previous Post (19 March): 💡Actionable Areas: Sibanye Stillwater 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 March 2026 > https://www.unum.capital/post/rmar2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za 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 The recent price weakness coincided with a print into the mid-point of the buy re-entry range, offering a trading opportunity. The subsequent rebound is also in line with the Price Action Model. Previous Post (Thursday, 19 March)💡 Harmony Gold: Early Buy Trigger; Lower Levels Expected Before Potential Rebound Analyst's Price Action Model (Take Note of the Applicable Time Frames As Per The Model) Harmony Gold Daily Chart (15-min Delayed) 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 Previous Post (Sunday 22 March): Gold: Approaching Buy Re-Entry Range   READY TO TRADE: ACTIONABLE AREAS For active traders who look to generate cash flow on a continuous basis, determining the ‘next best probability’ level to execute against may be of immense value, specifically by helping to determine the best potential times and levels to commit capital. The blue  and red horizontal lines  on the chart represent a next-best-probability buy re-entry range and a next-best-probability sell re-entry range over the short term. The ranges assume no existing position is being held by a trader, while the probabilities are based on several factors, which may include: Short-term ratings and medium-term regimes Momentum indicators Horizontal or diagonal support and resistance Candle structure Moving averages and standard deviation Please note that these are short-term levels and may contrast with medium- and long-term outlooks, which are based on the weekly and monthly charts and are generally more applicable to long-term investors. These levels are subject to change based on market sentiment, subsequent price action, and company/sector-specific or macroeconomic news flow. As always, while the levels are outlined to guide your capital deployment, traders should be prepared to adjust in real-time based on the aforementioned factors. THE TACTICAL TRADING GUIDE (PRICE ACTION MODEL) : UNCOVER OPPORTUNITIES & ASSESS REWARD-TO-RISK It helps helps clients determine and shed light on the some of the following: The CURRENT TECHNICAL POSITION  and a PRICE ACTION PROBABILITY  for multiple time frames. Three (3) ‘trading’ time frames are considered: Short Term (1 to 10 days) / Medium Term (2 to 4 weeks) and Long Term (5 to 8 weeks) Whether the reward-to-risk is attractive for a buy/long position Whether a share is weak. In this case, wait until the price stabilizes before looking to enter (i.e. want until it stops going down) Whether aggressive buying is underway. In this case, do not ‘chase’ (do not buy) but instead wait for a pullback to re-enter a buy or an overextension with deteriorating candle structure to sell/short. Whether a trader can look to buy a pullback into a key moving average (continuation trade) Whether a share needs to break a range for a new trend to be determined (bullish or bearish) Whether a traders needs to monitor for a change of character that could lead to a bullish or bearish reversal Whether a share could start a consolidation phase or before continuing it’s bullish or bearish trend Whether the upward momentum is slowing (if it's in a bullish phase) Whether buyers can look to 'phase in' to a position (if it's in a bearish phase) Whether a share lacks directional bias. The data set is available in real-time (on request) The readings are subject to change as the price action develops. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes March 2026 > https://www.unum.capital/post/rmar2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za + Strong Candle Structure Previous Post (Sunday, 08 March): Trading Tiger Brands Published Sunday 08 March for Monday 09 March Previous Post (26 November): Take Profits on Tiger Brands (+25%): Rebounding Off The R288-R295 Buy Re-Entry Range; Printing +R367 Previous Post Tiger Brands: Rebounding Off The R288-R295 Buy Re-Entry Range, Now Trading +R336 (+15%) Previous Post (19 June): Tiger Brands: Unwinding From Overbought; 21-Week EMA In Focus Recently we highlighted TBS being overbought on 3x time frames. The share then traded slightly higher before retreating. Provisionally, the 21-week EMA between R288 and R295 is a provisional next best probability buy level of interest: Previous Post (26 May) : Tiger Brands: Overbought On 3x Time Frames M = Monthly W = Weekly D = Daily Lester Davids Senior Investment Analyst: Unum Capital