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

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 High Five: 5 KEY POINTS TO KNOW ABOUT Platinum (Daily View) Intermediate Swing Breakdown:  The 7-Day Mid Term trend has officially dipped into the "Weak" tier. This is a critical signal indicating that the selling pressure over the last week has been severe enough to damage the intermediate daily stru

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 Five: 5 KEY POINTS TO NOTE FOR Silver (XAGUSD) Parabolic Rally Cooling:  Silver has experienced an explosive vertical rally, recently tagging the $49 level. The current price action represents a necessary cooling phase after an unsustainable parabolic advance. Acute Momentum Crash:  The fastest t

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 05 November) Momentum Analysis: FirstRand Ltd 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 Five: Key Points To Note Dominant Bearish Structure:  Thungela remains trapped in a severe long-term downtrend, having lost significant value from its all-time highs. The primary structural indicators remain deeply entrenched in "Weak" territory, confirming bears are still in ultimate control. Ag

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 High Five Dominant Bullish Structure:  The JSE Top 40 remains in a powerful long-term uptrend, with the price recently achieving all-time highs. The longest-term trend indicators are still deeply entrenched in highly bullish territory, confirming the overarching strength of the market. Short-Term Cool

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 Extreme Bullish Trend:  The NASDAQ 100 is in a very strong, well-established long-term uptrend , trading near all-time highs. The primary trend remains powerfully bullish. Short-Term Exhaustion/Neutrality:  The Ultra Short-Term (50.35) and Short-Term (45.94) momentum indicators have pulled back sharpl

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 (05 November): 🎥Watch: Sibanye Stillwater - Actionable Areas For Short Term Traders Lester Davids Senior Investment Analyst: Unum Capital