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 Gold Miners Relative To JSE Top 40 Index: Attempting a break below it's 200-day SMA. Also plotted on the chart are the moving averages (200-day SMA and 200-week SMA), Note the similarities in terms of distance of these moving averages to each other to the time of the prior break (November 2020). Lester Davids 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 FIRSTRAND LTD (FSR) The Mid Term and Base Term momentum readings for FirstRand reflect a predominantly Neutral ⬜ regime, establishing a definitively rangebound structural foundation. However, the overall technical picture across forward-looking timeframes indicates a constructive shift in the underlying price 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's Price Action Model: A.I-Expanded View on the above Price Action Model: 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 determin

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 For years, our research has given clients some of the best opportunities, both locally and globally. In terms of ETFs and related themes, we have been at the forefront of some of the biggest moves, for example, we have given you (for free): Copper Metals & Mining Uranium Silver Gold Artificial Intelligence Powe

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 NOTE: When Published Intraday, Prices Are Delayed By 15 Minutes Analysis as of Friday 22 May at 11h09am, prepared for Monday, 25 May. The narrative of May 2026 is defined by a massive, synchronized relative rotation where domestic financials violently decoupled from the JSE Top 40 to generate severe alpha, fund

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 NOTE: When Published Intraday, Prices Are Delayed By 15 Minutes Analysis as of Friday 22 May at 11h09am, prepared for Monday, 25 May. Summary: Insurers are the absolute relative standout this week, staging a dramatic, board-sweeping surge from a market-performing Neutral profile to establish a decisively Stron

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 NOTE: When Published Intraday, Prices Are Delayed By 15 Minutes Analysis as of Friday 22 May at 11h09am, prepared for Monday, 25 May. 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 NOTE: When Published Intraday, Prices Are Delayed By 15 Minutes The share reached our target in November and has since been consolidating with a medium term topping-like structure. A break above 4760c would invalidate this structure and set up a continuation trade. CML is beneficiary of rising global markets. P

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 Data as of end of day Thursday, 21 May. 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 NOTE: When Published Intraday, Prices Are Delayed By 15 Minutes Published on Thursday 21 May at 17h41 for Friday 22 May. The index remains largely rangebound, trading flat on the year and continuing to unwind from the massive outperformance seen in 2025. In the medium term, opportunities on both the long (buy)

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 NOTE: When Published Intraday, Prices Are Delayed By 15 Minutes One of several shares from our WATCHLIST. On 29 January, the idea was to sell/reduce into strength. With the pullback, we are placing this share in our watchlist for a buy re-entry into the R189 to R196 range. Now trading at R200. Expected more dow

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 🟩 Structural Bull ↔️ Tactical Consolidation ↔️ Wait for base Brent Crude Oil [104.17] is undergoing a period of structural digestion after an aggressive impulse higher. While the Secular (Monthly) timeframe remains firmly anchored in a Strong bull regime—confirming the primary multi-year trend is robust—the fa

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 NOTE: When Published Intraday, Prices Are Delayed By 15 Minutes Our realistic expectation was for lower levels before a rebound however the share immediately developed a bullish reversal and is currently higher by 6.4%. Previous Post (28 April) 🟩Sanlam: Lower Levels Expected Before Tactical Rebound READY TO TR

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 NOTE: When Published Intraday, Prices Are Delayed By 15 Minutes Previous Post (15 May) 🟩 JSE Insurer: Price Action Model Trigger (Update) + Entering Buy Range Note: the 1 to 10 day (S/Term) remains with a 'weak' reading however, the 5 to 8 week time frame sees a probability of a small rebound i.e. EXPECT LOWER

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 Strategy: Re-emerging Momentum Trigger +2500c Projected Target 3300c. Last Close: 2307c Temporary Failure: Below 2040c Share: Altron Ltd Code: AEL Note: Ideal for traders with a momentum style, not an bottom-fishing/oversold strategy. 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 Previous Post (25 June 2025) Global Idea: ARM Holdings - For Now It's An Overextended Leader; Buy The Dip 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 I don't to pre-empt a move here but it may be worthwhile keeping you eye on Coffee Futures as it looks to break down here. My initial thought is that traders need to be open the potential for a false breakdown and a reclaim above the 276 level (for now). This is would set up a BUY TRADE. Also note the price tra

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 🟧 Macro Digestion 🟩 Tactical Recovery ↔️ Neutral The U.S. Dollar Index [99.39] is executing a sharp tactical recovery off its multi-year structural support floor. While the Secular (Monthly) timeframe remains securely anchored in a broad digestion phase, oscillating within a massive historical range, the fast

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 (26 January) Global Idea: iShares MSCI Norway ETF Buy at $30.83 or lower Target(s): $38.00 Stop-loss: $27.30 Code: ENOR Lester Davids Senior Investment Analyst: Unum Capital