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 (15 April) 🔴 Short Term Caution On This JSE-Miner Bull Phase But Approaching Overbought In The Short & Medium Term On 21 September at ~R30, we highlighted South 32 as a mean reversion BUY opportunity. Now trading near R55, the share appears overextended to the upside with mean reversion risk star

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 graphics and data below have been produced using an artificial intelligence tool, based on the analyst's own data. The data is subject to change, based on the subsequent news flow and price action. 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 Disclosure: Using our technical screens, the following analysis was compiled using an artificial intelligence tool. Data extracted from the screeners reveals a market undergoing a massive structural rotation away from high-beta US technology and into global value, hard assets, and sovereign-backed monop

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 analysis/graphics below were compiled using an artificial intelligence tool, based on the analyst's own data. 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

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 (Friday, 27 February): Global Idea: Novo Nordisk - Early Buy Re-Entry Trigger; Lower Levels Expected Before Potential Rebound Buy at 238.60 or lower Stop-loss: 198.00 Target(s): 350.00 Code: NOVO_B 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 Disclosure: The graphic below was compiled using an artificial intelligence tool, based on the analyst's own data. Internal Rotation: Medium Term v Long Term Trend (last close: 30 April). 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 Disclosure: The graphics below were compiled using an artificial intelligence tool, based on the analyst's own data. Please Note: This research/analysis may NOT reflect the entire view on the instrument discussed. Other technical valuation models may include: Momentum Analysis, the Price Action Model, M

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 Buy Between 6900 - 7300 Stop-loss: 6200 Target: Open 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, specifically by helping to determine the best potential times a

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 analysis below was compiled using an artificial intelligence tool, based on the analyst's own data. Current Phase: 🔴 Tactical Reset / Support Search Next Best-Probability Phase: 🟡 Volatility Compression / Mean Reversion Attempt Tactical Risk Assessment: Integrated Confluence Buying & L

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 (06 August 2025): Global Idea: Cummins (Power Solutions/Global Power Technology) Code: CMI (NYSE) Current Price: $380.79 Target: $500 Stop-loss: $340 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 DISTRIBUTION: Swing high resistance levels are ~R272 (medium term), ~R320 (long term). Trading around these levels would push the share into an extreme overbought range. RE-ACCUMULTAION: Confluence of the 75-day EMA and 200-week SMA between R170 and R180. MONTHLY = OVERBOUGHT WEEKLY = HIGH BULLISH MOMENTUM / A

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 The broad market exhibited strong expansionary breadth at Thursday's close, with an Advance/Decline ratio of 4.54. Long-term structural health remains robust with 65.2% of issues above their 200-day SMA. The Bottom Line: Thursday delivered a violent, broad-based "risk-on" rally that firmly reinforced the market

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 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