Research Notes October 2025 > https://www.unum.capital/post/roct2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Previous Post (10-Nov) 🎥Watch: Trading Gold / Generating Cash Rebounding From Buy Re-Entry Zone Updated Video Below Previous Video (19 October) Lester Davids Senior Investment Analyst: Unum Capital

Research Notes November 2025 > https://www.unum.capital/post/rnov2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Lester Davids Senior Investment Analyst: Unum Capital

Research Notes November 2025 > https://www.unum.capital/post/rnov2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Lester Davids Senior Investment Analyst: Unum Capital

Research Notes November 2025 > https://www.unum.capital/post/rnov2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Lester Davids Senior Investment Analyst: Unum Capital

Research Notes November 2025 > https://www.unum.capital/post/rnov2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Lester Davids Senior Investment Analyst: Unum Capital

Research Notes November 2025 > https://www.unum.capital/post/rnov2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Lester Davids Senior Investment Analyst: Unum Capital

Research Notes November 2025 > https://www.unum.capital/post/rnov2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Lester Davids Senior Investment Analyst: Unum Capital

Research Notes November 2025 > https://www.unum.capital/post/rnov2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Previous Post (22 October): Trading Harmony Gold - Actionable Areas Lester Davids Senior Investment Analyst: Unum Capital

Research Notes November 2025 > https://www.unum.capital/post/rnov2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Previous Post (Wednesday 22 October): 🎥Watch: Trading Sasol - Good Start (+4%); In The Money Lester Davids Senior Investment Analyst: Unum Capital

Research Notes November 2025 > https://www.unum.capital/post/rnov2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za 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 ret

Research Notes November 2025 > https://www.unum.capital/post/rnov2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Previous Post (28 October) Previous Post: 🎥Watch: Nedbank - Reduce Into Strength + Further Upside Target Lester Davids Senior Investment Analyst: Unum Capital

Research Notes October 2025 > https://www.unum.capital/post/roct2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Rebounding From Buy Re-Entry Zone Updated Video Below Previous Video (19 October) Lester Davids Senior Investment Analyst: Unum Capital

Research Notes November 2025 > https://www.unum.capital/post/rnov2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za 5 Points To Note Explosive Earnings Growth: Vodacom has delivered a stellar set of results, with Headline Earnings Per Share (HEPS) surging 32.3% to 467cps. This massively outperforms top-line revenue growth, indicating exceptional operational leverage and successful scaling in high-growth markets. M

Research Notes November 2025 > https://www.unum.capital/post/rnov2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Previous Post: 🎥Watch: Spot Gold Rebounding From Buy Re-Entry Zone Updated Video Below In addition, Spot Gold discussed in a note yesterday (Tuesday, 28 October): https://www.unum.capital/post/xauext Previous Video (19 October) Lester Davids Senior Investment Analyst: Unum Capital

Research Notes November 2025 > https://www.unum.capital/post/rnov2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za High Beta vs. Low Volatility (SPHB/SPLV) - WEEKLY Risk Appetite Reversal:  The SPHB/SPLV ratio, a key barometer of market risk sentiment, has sharply reversed from its recent highs. This indicates a swift rotation by investors away from aggressive, high-beta stocks and back towards safer, low-volatili

Research Notes November 2025 > https://www.unum.capital/post/rnov2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za *Absa Group (Code: ABG) *Price levels are displayed on the chart. Provisional Sell Re-Entry Range = (1) Previous Swing Highs Provisional Buy Re-Entry Range = (1) Downside overshoot of the 21-week EMA + (2) Previous Breakout Level Lester Davids Senior Investment Analyst: Unum Capital

Research Notes November 2025 > https://www.unum.capital/post/rnov2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za *Anglo American Plc (Code: AGL) *Price levels are displayed on the chart. Provisional Sell Re-Entry Range = (1) Overshoot of the declining 8/21-EMA Provisional Buy Re-Entry Range = (1) Downside overshoot of the rising 21-week EMA + (2) Previous Breakout Level Lester Davids Senior Investment Analyst:

Research Notes November 2025 > https://www.unum.capital/post/rnov2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za *Bidvest Group (Code: BVT) *Price levels are displayed on the chart. Provisional Sell Re-Entry Range = (1) Previous Swing Highs Provisional Buy Re-Entry Range = (1) Previous Short Term Swing Lows + (2) Previous Breakout Level Lester Davids Senior Investment Analyst: Unum Capital

Research Notes November 2025 > https://www.unum.capital/post/rnov2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za *Harmony Gold (Code: HAR) *Price levels are displayed on the chart. Provisional Sell Re-Entry Range = (1) 50-61.8% Fibonacci Retracement + (2) Upside overshoot of the 21-day EMA. Provisional Buy Re-Entry Range = (1) Unfilled gap + (2) Multi-month swing low. Lester Davids Senior Investment Analyst: Unu

Research Notes November 2025 > https://www.unum.capital/post/rnov2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za *Price levels are displayed on the chart. Provisional Sell Re-Entry Range = (1) Overshoot of the declining 21-day EMA Provisional Buy Re-Entry Range = (1) Overshoot of the rising 21-week EMA + (2) Support Lester Davids Senior Investment Analyst: Unum Capital