Research Notes May 2026 > https://www.unum.capital/post/rmay2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Analyst: Disclosure: The commentary below was generated using an artificial intelligence tool, based on the analyst's own data. Spot Gold is currently navigating a protracted digestion phase within its broader secular uptrend. While the macro Mid Term momentum has successfully reset from historical extremes on

Research Notes May 2026 > https://www.unum.capital/post/rmay2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Analyst: Disclosure: The commentary below was generated using an artificial intelligence tool, based on the analyst's own data. 1. The Massive Neutral Bottleneck (⬜ Neutral) Market breadth is severely paralyzed. Nearly 40% of the active JSE universe is currently trapped in the ⬜ Neutral tier. This massive bottl

Research Notes May 2026 > https://www.unum.capital/post/rmay2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Analyst: Disclosure: The commentary below was generated using an artificial intelligence tool, based on the analyst's own data. 1. Maximum Extension and Exhaustion (🟥 At/approaching sell/reduce) The momentum algorithm is flagging severe parabolic exhaustion in highly concentrated pockets. GLN, SOL, GND, WVR, a

Research Notes May 2026 > https://www.unum.capital/post/rmay2026 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 May 2026 > https://www.unum.capital/post/rmay2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Summary: Chemicals and Coal Miners are the absolute standouts this week, staging dramatic upward surges compared to the last period. Chemicals erupted into an intense High Bullish state across all timeframes, while Coal Miners successfully broke out from a stagnant shorter-term base to establish a decisively St

Research Notes May 2026 > https://www.unum.capital/post/rmay2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Previous Post (23 January) ☰ 'Continuation' Buy Idea From The Watchlist: Target +R235 This share is on my watchlist as a 'Continuation Buy Idea'. In the short term, the share is consolidating after an ultra short term burst of momentum. Over the long term, the share has underperformed the broader market. A tri

Research Notes May 2026 > https://www.unum.capital/post/rmay2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Previous Post (04 August 2025): Global Idea: Generac Holdings; Backup power generation products for residential, light commercial and industrial markets Buy Range: $193-$196 Target: $230 Stop-Loss: $183 Lester Davids Senior Investment Analyst: Unum Capital

Research Notes May 2026 > https://www.unum.capital/post/rmay2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za The share is not exceptionally weak, however, it is approaching a medium term level of interest. Here, it could overshoot to the downside before potentially rebounding. See the price action model below. It's alerting us to watch for improved price action. Note, if it trades lower, the model could produce a diff

Research Notes May 2026 > https://www.unum.capital/post/rmay2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za A Stock Pick Driven By The Price Action Model ✓ The share traded only slightly lower (unfortunately not reaching the provisional buy re-entry) but has rebounded strongly in line with the Price Action Model (see 2 to 4 week time frame). We also recommended the share on 02 February (Anheuser-Busch Inbev listed in

Research Notes May 2026 > https://www.unum.capital/post/rmay2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Rainbow Chicken Limited is currently experiencing a severe tactical washout following a strong macro markup phase. While the macro Mid Term momentum is cooling off from its recent extreme highs on the Monthly chart, the Daily execution timeframe has plunged aggressively into deep exhaustion territory. This viol

Research Notes May 2026 > https://www.unum.capital/post/rmay2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Internal Rotation: Short Term vs Medium Term Lester Davids Senior Investment Analyst: Unum Capital

Research Notes May 2026 > https://www.unum.capital/post/rmay2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Since recommending the share as a medium term buy, the share is higher by 15%. Long term , the share is breaking out of a 4-year base and is looking to extend gains. Previous Post (13 January): Medium Term Buy Idea 0 Alphamin Resources Buy at 1600c or lower Stop: 1330c Target(s): 2200c to 2400c Code: APH Tradin

Research Notes May 2026 > https://www.unum.capital/post/rmay2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za For now, the share remains in a long term consolidation phase, a medium term downward trend and in a short term pullback. A spike in bullish momentum, similar to that seen in late March 2025 could trigger a momentum run. We await this trigger which will be confirmation of a new leg higher. Note: we recently rec

Research Notes May 2026 > https://www.unum.capital/post/rmay2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Previous Post (15 April) 🔴 Short Term Caution On This JSE-Miner Bull Phase But Approaching Overbought In The Short & Medium Term On 21 September at ~R30, we highlighted South 32 as a mean reversion BUY opportunity. Now trading near R55, the share appears overextended to the upside with mean reversion risk star

Research Notes May 2026 > https://www.unum.capital/post/rmay2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Analyst Disclosure: The graphics and data below have been produced using an artificial intelligence tool, based on the analyst's own data. The data is subject to change, based on the subsequent news flow and price action. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes May 2026 > https://www.unum.capital/post/rmay2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Analyst Disclosure: Using our technical screens, the following analysis was compiled using an artificial intelligence tool. Data extracted from the screeners reveals a market undergoing a massive structural rotation away from high-beta US technology and into global value, hard assets, and sovereign-backed monop

Research Notes May 2026 > https://www.unum.capital/post/rmay2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Analyst Disclosure: The analysis/graphics below were compiled using an artificial intelligence tool, based on the analyst's own data. 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

Research Notes May 2026 > https://www.unum.capital/post/rmay2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Previous Post (Friday, 27 February): Global Idea: Novo Nordisk - Early Buy Re-Entry Trigger; Lower Levels Expected Before Potential Rebound Buy at 238.60 or lower Stop-loss: 198.00 Target(s): 350.00 Code: NOVO_B Lester Davids Senior Investment Analyst: Unum Capital

Research Notes May 2026 > https://www.unum.capital/post/rmay2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Analyst Disclosure: The graphic below was compiled using an artificial intelligence tool, based on the analyst's own data. Internal Rotation: Medium Term v Long Term Trend (last close: 30 April). Lester Davids Senior Investment Analyst: Unum Capital

Research Notes May 2026 > https://www.unum.capital/post/rmay2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Analyst Disclosure: The graphics below were compiled using an artificial intelligence tool, based on the analyst's own data. Please Note: This research/analysis may NOT reflect the entire view on the instrument discussed. Other technical valuation models may include: Momentum Analysis, the Price Action Model, M