Research Notes January 2026 > https://www.unum.capital/post/rjan2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Published: Monday 29 December 2025 (Pre-Market) This note will be updated in the week of Monday 05 January. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes January 2026 > https://www.unum.capital/post/rjan2026 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 n

Research Notes January 2026 > https://www.unum.capital/post/rjan2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Analyst's Price Action Model Technical Take: Momentum-Based (Monthly Time Frame) By 24 December, Valterra Platinum closed at a multi-month high of R1485, advancing by 157% from our buy idea at R576 (18 months prior, June 2024). Previous Post (01 December): Take Profit on Trading Valterra Platinum (+30%

Research Notes January 2026 > https://www.unum.capital/post/rjan2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za FirstRand: The Share Appreciated By 50% From Our Previous Buy-Entry Range at 5800c-6000c, closing above the 9000c on Wednesday 24 December. As of Sunday 28 December, the price action model reading is as follows: Previous Post: Actionable Areas: FirsrRand (Published Saturday 05 April for Monday 07 April

Research Notes January 2026 > https://www.unum.capital/post/rjan2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za This note analyzes Harmony Gold (HMY), listed in New York. Analyst's Price Action Model Technical Take: Momentum-Based (Basic) 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

Research Notes January 2026 > https://www.unum.capital/post/rjan2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Bottom Line: Take Profits on Silver Analyst's Price Action Model: Technical Take: Momentum-Based: On 27 October, clients were alerted to oversold conditions in the commodity, from which we have since seen a +69% rally as of the close on Friday, 26 December. Previous Post (01 December): Running 22%: Take

Research Notes January 2026 > https://www.unum.capital/post/rjan2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Bottom Line: Take Profit on Platinum Analyst's Price Action Model: Technical Take: Momentum-Based (Weekly Time Frame/Chart) Technical Take: Momentum-Based (Monthly Time Frame/Chart) By the close of trade on Friday, 26 December, Platinum was higher by 137% from the long term view published on 13 February

Research Notes January 2026 > https://www.unum.capital/post/rjan2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Upper Panel: TFG (Foschini) Relative to JSE Top 40 Index Lower Panel: TFG (Foschini) Relative to JSE Top 40 Index - Distance vs 200-week Moving Average. Key Takeaway: The share is trading 52% below it's 200-week SMA relative to the JSE Top 40 Index. Over the past 25 years, this has also happened on 2 o

Research Notes January 2026 > https://www.unum.capital/post/rjan2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Analyst's Price Action Model Key Points Primary Category : Bullish Regime / Momentum Slowing 🔴 Expected Path:  Consolidation / Test Of Recent Breakout ⚪ Strategic Overlay:  Monitor For Pullbacks / Sell High Failures 🟡 Core Thesis : Sibanye Stillwater is currently in a very strong bullish move, yet slo

Research Notes January 2026 > https://www.unum.capital/post/rjan2026 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 n

Research Notes January 2026 > https://www.unum.capital/post/rjan2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Monthly Time Frame Analysis as of 28 December 2025 Key Points: Primary Category : OVERBOUGHT / CLIMAX PHASE  🔴 Expected Path : TECHNICAL RESET / MEAN REVERSION  ⚪ Strategic Overlay : BOOK PROFITS / WAIT FOR STRUCTURAL SUPPORT  🟡 Core Thesis The JSE Top 40 Index (Monthly)  is exhibiting extreme overext

Research Notes January 2026 > https://www.unum.capital/post/rjan2026 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 n

Research Notes January 2026 > https://www.unum.capital/post/rjan2026 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 n

Research Notes January 2026 > https://www.unum.capital/post/rjan2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Date: 28-December-2025 JSE Sector Rotation Report Summary: The Verdict Platinum Miners Demoted, Gold Miners Takes the Crown The latest relative analysis of the JSE sectors reveals a significant shift in leadership. Despite long-term structural strength, Platinum Miners  have been demoted from the top sp

Research Notes January 2026 > https://www.unum.capital/post/rjan2026 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 n

Research Notes January 2026 > https://www.unum.capital/post/rjan2026 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 n

Research Notes January 2026 > https://www.unum.capital/post/rjan2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Our initial view on the Satrix Resources ETF (STXRES) was published just under two years ago (13 February 2024) in which we overlayed the ETF with the Chinese Yuan. Subsequently, the ETF experienced a sharp bullish reversal, which was followed by a call to reduce into strength. Long term, the ETF is loo

Research Notes January 2026 > https://www.unum.capital/post/rjan2026 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 n

Research Notes January 2026 > https://www.unum.capital/post/rjan2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Monthly Time Frame: Room to run? Trend remain up. Sentiment not yet at extreme levels. See blue shaded area similar to prior years. The indicator is a custom-built risk and sentiment index, designed to assess market risk appetite, including whether sentiment is at an extreme position (i.e. excessively b

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 Further Update: Sunday 25 January 2026 Running: +110% 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-