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 S&P 500 Index Bottom Line: I Was Wrong, But The Data Wasn't. THE DATA (PRICE ACTION MODEL): Thus far, the index rebounded by nearly 14%, in line with the price action model (1 to 10 day time frame) which stated that the 'reward-to-risk had become appealing for a buy/long position.' LESTER'S VIEW: The was out of

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's Disclosure: The graphic below has been generate using an artificial intelligence tool, based on the analyst's own data. 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 Spot Gold is currently navigating a significant corrective phase within a powerful secular uptrend. While the macro Mid Term momentum has successfully reset from historic extremes on the Monthly chart, the Daily execution timeframe has plunged into a deeper digestion phase. This contraction has pushed the daily

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 Brent Crude Oil is currently riding a massive structural uptrend, though tactical indicators suggest the most aggressive phase of the rally may be encountering friction. While the macro Mid Term momentum remains firmly anchored in the higher tiers on the Monthly chart, the Daily execution timeframe has cooled s

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 Coal Miners, Telecoms, Chemicals, and Hospitals are the dominant leaders on the board, with all four sectors locking in Strong momentum in the Short Term. Chemicals and Coal Miners are particularly robust, carrying their strength through from High Bullish and Strong Long-Term foundations. On the turnaround fron

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's Disclosure: The graphic below has been generate using an artificial intelligence tool, based on the analyst's own data. 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's Disclosure: Excluding the share price chart, the graphics below have been generate using an artificial intelligence tool, based on the analyst's own data. 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's Disclosure: Excluding the share price chart, the graphics below have been generate using an artificial intelligence tool, based on the analyst's own data. Bull-Bear Checklist Momentum Analysis READY TO TRADE: ACTIONABLE AREAS For active traders who look to generate cash flow on a continuous basis, det

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 🟥Sasol: Structural Bull Trend But Short Term Conditions Lean Toward Overbought Analyst's Price Action Model: Bull-Bear Checklist Analyst Disclosure: A.I Generated based my own models/data. Analyst Disclosure: A.I Generated based my own models/data. REWARD-TO-RISK ASSESSMENT On the Daily Timeframe (Tactical), t

Thank you for your interest in our research. Year-to-date, we have published over 880 research notes. These research insights help clients: (1) manage risks and (2) uncover opportunities, with the ultimate goal of helping to allocate capital to opportunities that offer the best reward-to-risk for a client's time frame. 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

Research Notes April 2026 > https://www.unum.capital/post/rapril2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Summary: Banks, Telecoms, and Insurers are the standout performers, staging dramatic breakouts compared to last week. Both Banks and Telecoms surged from previously flat profiles to establish Strong Long-Term and Medium-Term foundations, accelerating into High Bullish momentum in the Short Term. Insurers s

Research Notes April 2026 > https://www.unum.capital/post/rapril2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za REWARD-TO-RISK ASSESSMENT On the Daily Timeframe (Tactical), the outlook is Cautious / Overextended for new USD long positions. The exchange rate has executed a violent V-shaped recovery off the sub-16.00 lows. Because the Ultra Short Term indicator is now pinned in the Overbought tier, the pair is in a tac

Research Notes April 2026 > https://www.unum.capital/post/rapril2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Top-Heavy Advance/Decline Skew: The market is currently biased toward the upside, with 49 shares occupying the top three bullish tiers (Overbought, High Bullish, Strong) compared to only 29 shares in the bottom three bearish tiers (Weak, High Bearish, Oversold). The "Waiting Room" Bottleneck: The Neutral ti

Research Notes April 2026 > https://www.unum.capital/post/rapril2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za The Extreme Danger Zone: Momentum exhaustion is peaking in a concentrated basket. GND, SBP, and ADH are heavily overextended. Institutional liquidity removal is highly probable here. The Sasol (SOL) Pivot: Sasol has triggered a "High Bullish Correction." While its structural base momentum remains highly ele

Research Notes April 2026 > https://www.unum.capital/post/rapril2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za POTENTIAL MEAN REVERSION OPPORTUNITY I.E. LONG SANLAM LTD VS SHORT DISCOVERY HOLDINGS. NOTE: SLM (PENDING) TRADE IDEA PUBLISHED RECENTLY ON 28 APRIL > https://www.unum.capital/post/slm2804 Visualizing Long Term Rotation: Note: In a ratio chart, a falling line indicates that the denominator (Discovery) is ou

Research Notes April 2026 > https://www.unum.capital/post/rapril2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za POTENTIAL MEAN REVERSION OPPORTUNITY I.E. LONG CLICKS VS SHORT DIS-CHEM PHARMACIES. NOTE: CLS TRADE IDEA PUBLISHED RECENTLY ON 24 APRIL > https://www.unum.capital/post/cls2404 Visualizing Long Term Rotation: Note: In a ratio chart, a falling line indicates that the denominator (Dis-Chem) is outperforming th

Research Notes April 2026 > https://www.unum.capital/post/rapril2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Previous Post (13 March) Actionable Trading Levels: Redefine Properties For our clients trading Redefine Properties (RDF). 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 probabil

Research Notes April 2026 > https://www.unum.capital/post/rapril2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Both the BUY/LONG and SELL/SHORT side delivered gains for clients who took the opportunity to trade. The updated chart is shown directly below. The original chart is shown further below. AngloGold Ashanti (ANG) Buy/Long: The previous swing lows (just above the 200-week SMA) is likely to coincide with medium

Research Notes April 2026 > https://www.unum.capital/post/rapril2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Lester Davids Senior Investment Analyst: Unum Capital