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 Short term traders, consider taking full or partial profits on the share. Medium term traders = hold, with a trailing stop-loss. Previous Post (02 December): Investec Ltd: Early Buy Re-Entry Trigger + Probability of Small Rebound on Higher Time Frame Trading Notes/Resources (Where Applicable) READY TO T

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 During December 2025, Absa exceeded our long term target of R220, reaching a high of R240 by early January 2026. The most recent significant chart pattern for Absa was the pennant format just below multi-year highs, which saw the share produce a multi-week advance from below R200 to above R240. Now, a s

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 Sell re-entry reached with bearish reversal + downside follow-through. Previous Post (05 November): British American Tobacco: Momentum Analysis + Key Levels + Actionable Areas Further update: Previous Post (28 September): British American Tobacco: Failure To Hold Prior Highs + Weekly Momentum Lost + RSI

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 The share traded into the buy re-entry range (R148 - R151) with a strong rebound a high of R172 on the first trading day of 2026. Well done short term traders. Previous Post (12 December): 2x Opportunities: One Sell. One Buy. Same Share MTN has given clients opportunities on both the Sell (Short) and Bu

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 Instrument:  NTC (Netcare) Sector:  HEALTHCARE Closing Price:  1,584c 1W Change:  +0.25% Multi-Frame Action:  🟢 Bullish (D) 🟢 Bullish (W) 🟢 Bullish (M) Technical Upside:  Resistance at 1,650c. Target:  1,750c (~10%). Trend Extension. Momentum Signal:  High Bullish (Overbought Watch) Risk / Invalidati

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 For the expanded view, beyond the Top 10, become a client of Unum Capital today. 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 US Sector Rotation The US market closes 2025 with a distinct shift in character. The "Mag 7" dominance represented by Technology is showing signs of fatigue, entering a consolidation phase. Meanwhile, capital is aggressively rotating into Communications and Healthcare. Conversely, the "Defensive" sector

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 Technical Take: Shoprite Holdings (SHP) Date:  Thursday, January 1, 2026 Regime:  Weak / Consolidating Primary Outlook:  Sell on rally Momentum Profile (Daily) Ultra Short Term:  Neutral Short Term:  Neutral Mid Term:  Neutral Base Term:  Neutral Core Thesis Shoprite remains in a state of suspended anim

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 End of day: 31 December 2025 Executive Summary The current market cycle exhibits a distinct narrowness in leadership, heavily skewed towards the Resource complex. Platinum Miners stand alone as the undisputed market leaders, showing strength across all timeframes. Conversely, a significant portion of th

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 The share has completed a +36% bullish reversal vs the original note (see further below). Now: buy pullbacks (see actionable areas) on the chart. Trading Notes/Resources (Where Applicable) READY TO TRADE: ACTIONABLE AREAS:  For active traders who look to generate cash flow on a continuous basis, determi

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 Kumba Iron Ore: Current higher by 30% from our initial (18-June) price action model trigger. Close above R350 on the last trading day of the year. The upward trend is accelerating. Buy pullbacks. Related: See our previous note on the underlying commodity Iron Ore (21-Dec: https://www.unum.capital/po

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 A very decent rebound from 16470c to 17901c (high of day 31 Dec = 18145c). Also trading in line with the price action model (5-8 week time frame) looking for a rebound. Medium term traders consider taking profits around these levels. Previous Post (02 December at 10h29am): Exxaro Resources: Lower Level

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 For new buys/longs, the reward-to-risk is poor. Here's a snapshot of the momentum analysis via the weekly chart. SBK Recent Ideas: Key Points Analyst's Price Action Model Technical Take #1 : Price Action Model Based (Basic) Technical Take #2 : Price Action Model Based (Expanded) Trading Notes/Resources

Thank you for your interest in our research. Our aim is to convey insights that help clients: (1) Manage Risks and (2) Uncover Opportunities. If you've been a consumer of our research but have not traded via the Unum Capital trading desk, why not consider making us your trading services provider? To open a trading account and/or move from your existing service provider, email   tradingdesk@unum.co.za Alternatively, Sign Up Here:   https://tradedesk.co/tenant/Unum/signup Major

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 First target exceeded at 8300c. Now approaching second target at 9400c (200-week SMA). Trading above 9000c today for the first time since November 2024. Previous Post: 🎥Watch: Medium Term Target 8300c & Then The 200-Week ~9400c 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 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