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 Note: Reading are subject to change as the news flow and the 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 Kumba Iron Ore is higher by 32% from our 18 June note (see reference on chart). The share is has also advance from our updated view most recently at R328 where we highlighted the strong strong and potential for upside continuation. The daily and weekly time frames reflects a high bullish momentum (appr

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 (14 December) JSE Insurer: Bullish Alignment on Weekly Chart OMU DAILY OMU WEEKLY 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

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 Capitec Bank's 2023 Weekly Breakout. Now, a similar pattern has emerged on another JSE listed share. In Q3 of last year, we called a BUY at ~R214, which was followed by a massive rebound to above 26700c. Can it pull back in the short term? Yes. Does it have the potential to advance over the medium to lo

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 : Bitcoin (BTCUSD) Sector : CRYPTOCURRENCY / DIGITAL ASSETS Closing Price : $92,466 1D Change : +1.05% Multi-Frame Action : 🟢 Rebound (D) 🟡 Stabilization (W) 🟢 Bullish (M) Technical Upside : Resistance at $98,000. Target: $100,000 (~8%). Psychological Reclaim. Momentum Signal : Extreme Imp

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: Spot Gold (XAUUSD) Sector: COMMODITIES / PRECIOUS METALS Closing Price: $4,406 1D Change: +1.70% Multi-Frame Action: 🟢 Bullish (D) 🟢 Bullish (W) 🟢 Bullish (M) Technical Upside: Resistance at $4,550. Target: $4,650 (~5.5%). Trend Resumption. Momentum Signal: Aggressive Rebound Risk

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

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