Research Notes December 2025 > https://www.unum.capital/post/rdec2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Code: COPX Previous Post (28 May): Diversified Exposure To Copper Miners? Consider This ETF Global X Copper Miners (COPX) is the first ETF option for a pure-play copper exposure in the equity space. The fund gets this exposure by tracking a market-cap-weighted index that offers broad equity exposure t

Research Notes December 2025 > https://www.unum.capital/post/rdec2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Previous Post (24 June): Global Idea: Citigroup's Multi-Year Base Lester Davids Senior Investment Analyst: Unum Capital

Research Notes December 2025 > https://www.unum.capital/post/rdec2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Previous Post (09 June) For Exposure, Consider The Physical Palladium Shares ETF Code: PALL Lester Davids Senior Investment Analyst: Unum Capital

Research Notes December 2025 > https://www.unum.capital/post/rdec2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@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

Research Notes December 2025 > https://www.unum.capital/post/rdec2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za ETFPLD Current Chart Below: Previous Post (05 October): Buy Idea: 1nvest Palladium ETF Medium Term Portfolio View Code: ETFPLD Buy: 20,995 or lower Stop-loss: 18,350 Target: 27,000 Lester Davids Senior Investment Analyst: Unum Capital

Research Notes December 2025 > https://www.unum.capital/post/rdec2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za (Previous Post, July 2025) Take Profit: African Rainbow Minerals Target Reached at R202 Updated Chart Below: Lester Davids Senior Investment Analyst: Unum Capital

Research Notes December 2025 > https://www.unum.capital/post/rdec2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Current Price Action Model Reading: Previous Post (10 January): Palladium's Pattern Play The price action model suggests that Palladium is currently attempting to move higher in a bullish regime over the short-term.  However, the 14-day trend is rangebound, indicating potential for consolidation or pu

Research Notes December 2025 > https://www.unum.capital/post/rdec2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za The share has started to follow the 'potential price path'. Short term traders, take profit on this +5% move. Medium term traders, hold and raise your stop-loss for potentially further gains. Previous Post (19 November): Bid Corp: Early Buy Trigger (Lower Time Frame); Lower Levels Expected Before Pote

Research Notes December 2025 > https://www.unum.capital/post/rdec2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za See our Medium Term Outlook & Probabilities Here > https://www.unum.capital/post/1xpt1712 Previous Post (10 February): Platinum: Zooming Out Weekly Chart - Constructive - Potential Change of Trend Lester Davids Senior Investment Analyst: Unum Capital

Research Notes December 2025 > https://www.unum.capital/post/rdec2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Core Thesis Spot Platinum (XPTUSD) is currently in a state of high-velocity expansion , reaching a 14-year high above $1,950  as of mid-December 2025. This aggressive rally is fueled by a profound structural supply deficit—estimated at approximately 850,000 to 1,000,000 ounces  for the third consecuti

Research Notes December 2025 > https://www.unum.capital/post/rdec2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Into the buy re-entry range with a strong rebound. Well done short term traders. Previous Post (12 December): 2x Opportunities: One Sell. One Buy. Same Share MTN has given clients opportunities on both the Sell (Short) and Buy (Long) side. Intraday Traders: Take Profits on this MTN Group rebound out

Research Notes December 2025 > https://www.unum.capital/post/rdec2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za The share traded into the sell re-entry range with a sharp rejection from the highs of today. Previous Post (07 December) Trading Impala Platinum IMP has rebounded strongly from our previous buy re-entry range of 15100c to 15400c, reaching a high of +23600c in the subsequent weeks. Highlights The

Research Notes December 2025 > https://www.unum.capital/post/rdec2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Previous Post: Take Profits on Northam Platinum (Running +14%) + Next Best Sell Range If the share immediately continues it's bullish trend/acceleration, then then it could be extended vs it's 8 and 21-day EMA. Look for an overshoot of the previous swing high combined with deteriorating candle structu

Research Notes December 2025 > https://www.unum.capital/post/rdec2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@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

Research Notes December 2025 > https://www.unum.capital/post/rdec2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Previous Post: 🎥 Watch: Sibanye Stillwater +300% + New Price Action Probabilities Lester Davids Senior Investment Analyst: Unum Capital

Research Notes December 2025 > https://www.unum.capital/post/rdec2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Previous Post (15 March): Anticipating Yen Strength? Consider Japanese Small Caps (ETF) With monetary policy in Japan undergoing a multi-year regime change, this could lead to a stronger Japanese Yen. Here, small caps are likely to be a beneficiary. On a valuation basis, the group offers value, with a

Research Notes December 2025 > https://www.unum.capital/post/rdec2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Previous Post: Take Profits on Northam Platinum (Running +14%) + Next Best Sell Range If the share immediately continues it's bullish trend/acceleration, then then it could be extended vs it's 8 and 21-day EMA. Look for an overshoot of the previous swing high combined with deteriorating candle structu

Research Notes December 2025 > https://www.unum.capital/post/rdec2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Previous Post (03 June): iShares MSCI Peru ETF: Sizeable Exposure To Materials; 12x P/Earnings & 1.8x P/Book Looking to break out of a 15-year base. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes December 2025 > https://www.unum.capital/post/rdec2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za *Readings subject to change as the news-flow and price action develops. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes December 2025 > https://www.unum.capital/post/rdec2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@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