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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 Current Price Action & Moving Averages Spot Gold is currently trading at 5,014.99 , showing a near-term correction following a significant peak and subsequent lower highs. Short-Term MAs (Momentum Shift):  Price has recently broken below the tightest cluster of fast moving averages. This indicates a loss of immediate upward momentum and a shift into a corrective or consolidative phase. Intermediate MAs (Dynamic Support):  The price is currently testing the lower band of the intermediate moving averages. This is a critical pivot area; failure to hold here opens the door to deeper support levels. Stepped Support (Macro Trend):  There is a clear, stepped trailing support indicator (green line) established far below the current price action at 4,655.60 . The broader structural trend remains firmly bullish as long as price maintains above this macro level. Actionable Areas The chart identifies two highly specific "provisional" zones for potential execution, strategically placed at extremes where supply and demand are likely to be unbalanced. 1. Provisional Sell Re-Entry Range (Overhead Resistance) Range:   5,134.07 to 5,194.10 Context:  This zone sits above current price action and represents a supply cluster. It aligns with the lower highs established after the initial sharp sell-off from the peak. Execution Logic:  If the price experiences a counter-trend rally into this zone, watch for price rejection or exhaustion. It offers a structured area to look for short entries or to offload long exposure, as the near-term trend has shown weakness. 2. Provisional Buy Re-Entry Range (Deep Support) Range:   4,552.84 to 4,656.29 Context:  This is a deep pullback zone that perfectly aligns with the long-term stepped support level ( 4,655.60 ). Execution Logic:  This area represents the "value" zone for the broader uptrend. A capitulation or slow bleed down into this box would offer a high-probability location to look for structural support and potential long entries, with a clearly defined invalidation level just below the range. 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 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 Previous Post (Sunday 15 March): War Trades: Coal Exposure Middle East conflict escalations have triggered a violent repricing in the global energy complex. On the back of this, coal has surged. Our coal exposure has been via Thungela Resources where the share recently reached our extension target of R140. Last week the share reached multi-year high of R172.43. The update and original notes can be viewed at the following link > https://www.unum.capital/post/tga0903 Exxaro Resources is higher by over 25% since our 02 December trigger, with the recent high of R214.47. Our views on EXX, including the long term target were discussed here > (1) https://www.unum.capital/post/exx0203 and here (2) https://www.unum.capital/post/exx2301 Richards Bay Coal is continuing to recover, having recently reached a high of 117, from the alert level of 95 > https://www.unum.capital/post/rbcf1003 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. The dashboard is intended exclusively for ACTIVE trading clients (trades placed through the Unum Capital Trading Desk within the last 10 trading sessions ). To activate a trading relationship, please contact 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 At the time, 4 out of the 5 shares we rated as approaching sell/reduce. We have since seen the index reverse sharply. Previous Post (27 February): JSE Banks: Momentum Dashboard 🟢🟡🔴 Click on the images to enlarge. 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. Published: Monday, 16 March at 10h15 The 8-page momentum report is intended exclusively for ACTIVE trading clients (trades placed through the Unum Capital Trading Desk within the last 10 trading sessions ). To activate a trading relationship, please contact lester@unum.co.za . Lester Davids Senior Investment Analyst: Unum Capital Earlier this morning, we published a high level view on Spot Gold, which can be accessed at the following link > https://www.unum.capital/post/xau1603

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 TACTICAL TRADING GUIDE (PRICE ACTION MODEL) IS A KEY COMPONENT IN OUR TOOL-KIT FOR UNCOVERING OPPORTUNITIES & ASSESS REWARD-TO-RISK. Spot Gold is consolidating sideways near record highs with weakening short-term momentum, setting up a potential short trade targeting the 8-MONTH EMA (MONTHLY TIME FRAME) if the upper range boundaries fail to hold. The integrated technical picture shows a high-level consolidation phase where structural momentum is beginning to stall after a historic run. In the immediate Short Term (approx. 1 to 10 days), the asset is described as "weak within a sideways consolidation," evidenced by a "neutral" 7-day trend and a "rangebound" 14-day trend. Looking at the actual price chart, this translates to the choppy, sideways action currently occurring near the 5,000 level following the massive spike to approximately 5,600. While there is currently "no reading available" for the Medium Term (approx. 2 to 4 weeks), the Long Term (approx. 5 to 8 weeks) perspective provides a critical warning for bulls. The asset is "near overbought but upward momentum is slowing," making it a "potential short candidate". Consequently, the tactical strategy is to closely monitor the upper bounds of the current structure: "if range highs don't hold then look to short using the 8-MONTH EMA as a target range". 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 Data subject to change based on the subsequent news flow and price action developments. Disclosure: The table below has been generate with the help of Google's Artificial Intelligence Tool, Gemini. Next update: Tuesday, 17 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 Middle East conflict escalations have triggered a violent repricing in the global energy complex. On the back of this, coal has surged. Our coal exposure has been via Thungela Resources where the share recently reached our extension target of R140. Last week the share reached multi-year high of R172.43. The update and original notes can be viewed at the following link > https://www.unum.capital/post/tga0903 Exxaro Resources is higher by over 25% since our 02 December trigger, with the recent high of R214.47. Our views on EXX, including the long term target were discussed here > (1) https://www.unum.capital/post/exx0203 and here (2) https://www.unum.capital/post/exx2301 Richards Bay Coal is continuing to recover, having recently reached a high of 117, from the alert level of 95 > https://www.unum.capital/post/rbcf1003 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 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 following graphics (below) have been generated based on the above table, using Google's Artificial Intelligence Tool, Gemini. 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 As published on Friday morning, the share exceeded our 17500c target, closing at 19200c by the end of the session. Going forward these are the current probabilities via the Price Action Model and Momentum Analysis. Sasol Price Action Model Reading + End of Day Chart (Friday 13 March) KEY TAKEAWAY:  Sasol is currently exhibiting high bullish momentum and approaching overbought levels, making new long entries unattractive and shifting the focus to either waiting for a pullback or hunting an overextended short-selling opportunity. The integrated technical picture reveals a highly extended rally that is beginning to face resistance. In the immediate Short Term (approx. 1 to 10 days), the stock displays "high bullish momentum / approaching overbought" on the 7-day trend and a "very bullish" 14-day trend. However, the tactical action warns of a "strong upside move but momentum slowing with sellers becoming active," indicating the rally may be topping out. Moving into the Medium Term (approx. 2 to 4 weeks), the "aggressive buying activity" prompts a clear directive: "do not enter long here". Instead, traders should "wait for 75-day ema/21-week ema to play next minor bounce" or "alternatively wait for overextension to short sell". Currently, there is "no reading available" for the Long Term (approx. 5 to 8 weeks) horizon. Sasol (SOL) Momentum Analysis: Previous Post (Friday, 13 March 2026): Sasol: Full Target of R175 Exceeded (Trading at R186 This Morning) Previous Post (Wednesday 11 March): Sasol: Target Range Reached (R170 to R175) Updating this now ... after a very busy few days. The previous notes (published on the website), have been highlighted on the chart. Previous Post (12 February): 🎥Video: Long Term = Target R170 to R175 Premium Content Sector under pressure for several years... In SA, it has lagged in the bull run... Negative news largely priced in... Improving price action... 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