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 NOTE: When Published Intraday, Prices Are Delayed By 15 Minutes One of several shares from our WATCHLIST. On 29 January, the idea was to sell/reduce into strength. With the pullback, we are placing this share in our watchlist for a buy re-entry into the R189 to R196 range. Now trading at R200. Expected more dow

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 🟩 Structural Bull ↔️ Tactical Consolidation ↔️ Wait for base Brent Crude Oil [104.17] is undergoing a period of structural digestion after an aggressive impulse higher. While the Secular (Monthly) timeframe remains firmly anchored in a Strong bull regime—confirming the primary multi-year trend is robust—the fa

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 NOTE: When Published Intraday, Prices Are Delayed By 15 Minutes Our realistic expectation was for lower levels before a rebound however the share immediately developed a bullish reversal and is currently higher by 6.4%. Previous Post (28 April) 🟩Sanlam: Lower Levels Expected Before Tactical Rebound READY TO TR

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 NOTE: When Published Intraday, Prices Are Delayed By 15 Minutes Previous Post (15 May) 🟩 JSE Insurer: Price Action Model Trigger (Update) + Entering Buy Range Note: the 1 to 10 day (S/Term) remains with a 'weak' reading however, the 5 to 8 week time frame sees a probability of a small rebound i.e. EXPECT LOWER

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 Strategy: Re-emerging Momentum Trigger +2500c Projected Target 3300c. Last Close: 2307c Temporary Failure: Below 2040c Share: Altron Ltd Code: AEL Note: Ideal for traders with a momentum style, not an bottom-fishing/oversold strategy. 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 Previous Post (25 June 2025) Global Idea: ARM Holdings - For Now It's An Overextended Leader; Buy The Dip 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 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 I don't to pre-empt a move here but it may be worthwhile keeping you eye on Coffee Futures as it looks to break down here. My initial thought is that traders need to be open the potential for a false breakdown and a reclaim above the 276 level (for now). This is would set up a BUY TRADE. Also note the price tra

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 🟧 Macro Digestion 🟩 Tactical Recovery ↔️ Neutral The U.S. Dollar Index [99.39] is executing a sharp tactical recovery off its multi-year structural support floor. While the Secular (Monthly) timeframe remains securely anchored in a broad digestion phase, oscillating within a massive historical range, the fast

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 (26 January) Global Idea: iShares MSCI Norway ETF Buy at $30.83 or lower Target(s): $38.00 Stop-loss: $27.30 Code: ENOR 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 Recently, we reached our long term target at R203. This is an update on the current reward-to-risk. Previous Post (26 February): MTN Group: Long Term Target Exceeded at R203. Today's High = R207 Full move of +38% vs the buy re-entry range. Please see the previous post (further below) where the R203 target is me

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 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 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: Insurers are the absolute standout this week, staging a dramatic, board-sweeping surge from a completely Neutral profile to establish a decisively Strong footing across the Base, Mid, and Short Term horizons. Technology and Consumer Staples are the primary turnaround stories; Technology rapidly acceler

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 I did not get the opportunity to update this yesterday, but the share managed to trade only a few cents shy of the R91 target. Well done to clients who latched onto the opportunity to trade. The high was 9059c. Previous Post (Monday, 27 April): This Retailer Is Looking To Break Out Above R80. Measured Move = R9

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 Update: The share traded into the lower boundary of the buy re-entry range and has seen a strong rebound. Nintendo is a name we previous highlighted as a BUY idea, with the appreciating as much as 64% by 11 August (the last time we updated it). See below: Previous Post (Sunday 03 May 2026): Global Ideas: Ninten

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 Capital Flow Analysis 🟩 Institutional Accumulation (Where Money is Flowing IN) Capital is aggressively clustering in defensive, non-discretionary sectors and specialized high-yield compounders. Institutions are paying up for premium earnings certainty and structural re-rating stories: • Defensive Safe Havens (

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 JSE Top 40 Index 🟩 Structural Resumption 🟥 Tactical Flush ↔️ Wait for base The JSE Top 40 Index has experienced a sharp, high-velocity tactical flush, rejecting aggressively from the upper boundaries of its recent markup phase. While the Secular (Monthly) timeframe remains safely anchored in the Strong tier—c

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. 🟩 Structural Bull 🟥 Tactical Correction ↔️ Wait for base Gold is executing a deep, high-velocity strategic correction within its broader secular bull market. While the Monthly timefr