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 Previous Post (23 September 2024) Pre-Market Asian/U.S Trading Session VanEck Junior Gold Miners ETF breaking a 14-year downward trend. Code: GDXJ Time Frame: Medium/Long Term Potential catch-up to the underlying commodity trading at all-time highs. To trade this ETF, you will need an offshore account.

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 Date: Sunday, 25 January 2026 Closing Price:  114,357.71 1D Change:  +0.76% Multi-Frame Action:  🟢 Parabolic (D) 🟢 Breakout (W) 🟢 Vertical (M) Technical Upside:  Blue Sky Breakout. No historical resistance overhead. Target:  118,000 – 120,000. Momentum Extension. Momentum Signal:  "Lock-Out" Extreme.

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 We highlighted a BUYING OPPORTUNTY on Global X Silver Miners ETF on 21 May 2025, with the ETF rallying by 168% since then. On 04 June 2025, we highlighted a BUYING OPPORTUNTY in Pan American Silver Corp, with the stock rallying by 148% since then.   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 Date: Sunday, 25 January 2026 Just over 16 months ago (18 September 2024), we highlighted the FNB Mid Cap ETF with the thesis outlined. Since then the ETF has returned 38%, trading at multi-year highs with the trend remaining positive over the short and medium term. Below are 3 mid cap charts that stand

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 Date: Sunday, 25 January 2026 The data is based on the WEEKLY time frame and covers shares with a market cap above R5bn. This equates to roughly 116 shares on the JSE. If ' NED ', ' MTN ', or ' DTC ' pulls back; consider buying as they show strong R:R potential in the Weakening quadrant. If ' LSK ' or '

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 Date: Sunday, 25 January 2026 The data is based on the WEEKLY time frame and is subject to change based on the subsequent news flow and price action. If ' NED ', ' MTN ', or ' DTC ' pulls back; consider buying as they show strong R:R potential in the Weakening quadrant. If ' LSK ' or ' WVR ' pulls back;

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 Date: Sunday, 25 January 2026 The data is based on the WEEKLY time frame and is subject to change based on the subsequent news flow and price action. 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 Date: Sunday, 25 January 2026 The data is based on the WEEKLY time frame and is subject to change based on the subsequent news flow and price action. 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 The overwhelming majority of our research remains free, with ample insights that highlight opportunities and help to manage risks. This note falls under premium research. 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 During January 2025, we recommended the Brazilian ETF (EWZ) which has since gone on to return over to 55%. Smaller companies in Brazil look to be setting up for potentially similar price acceleration. Buy at $14.43 or lower Stop-loss: $12.10 Target(s): $20.00 and $22.00 Code: EWZS Time Frame: Medium Te

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 African Rainbow Minerals (Previous Post 21 January 2026) African Rainbow Minerals is close R100 higher from our February 2025 note at 13390c and is also approaching our long term target of R240, with a high of +22800c today. Get ready to take profit. Alternatively, scale out (i.e. sell a portion of the

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 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 trigger via an igniting bar on the the weekly (or daily) chart would set the shar

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 Readings subject to change as the news flow and price action develops . 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 Readings subject to change as the news flow and price action develops . 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 Readings subject to change as the news flow and price action develops . 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 Readings subject to change as the news flow and price action develops . 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 Readings subject to change as the news flow and price action develops . 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 Readings subject to change as the news flow and price action develops . 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 Data/Readings as of yesterday's (Thursday 22-Jan) close, based on the weekly time frame. Subject to change as the news flow and price action develops. 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 Since publishing the note in January of 2025, the shares have performed as follows: MTN Group +98% (R100,000 is now worth R198,000) Vodacom Group +45% (R100,000 is now worth R145,000) Telkom +86% (R100,000 is now worth R186,000) Well done to shareholders Previous Post (02 January 25): JSE Telecoms: Rel