Research Notes March 2026 > https://www.unum.capital/post/rmar2026 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 March 2026 > https://www.unum.capital/post/rmar2026 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 March 2026 > https://www.unum.capital/post/rmar2026 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 March 2026 > https://www.unum.capital/post/rmar2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za THE DATA IS SUBJECT TO CHANGE AS THE NEWS FLOW AND PRICE ACTION DEVELOPS. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes March 2026 > https://www.unum.capital/post/rmar2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za FIRSTRAND LTD: (1) Executing massive secular melt-up into blue-sky territory. (2) Monthly Quarterly Pulse pinned at extreme overbought limits. (3) Weekly Tactical Momentum registers extreme overbought statistical conditions. (4) Daily momentum currently rests uniformly in the strong tier. (5) Bullish setu

Research Notes March 2026 > https://www.unum.capital/post/rmar2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Gold traded into our buy re-entry range (Monday, 02 February) and over the month rebounded +19% or +$800. Previous Post (Sunday 01 February 2026) Trading Spot Gold: Buy Re-Entry Range Trading Notes/Resources (Where Applicable) READY TO TRADE: ACTIONABLE AREAS: For active traders who look to generate cash

Thank you for your interest in our research. Year-to-date, we have published over 560 research notes , with the aim of conveying insights that help clients: (1) Manage Risks and (2) Uncover Opportunities. 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 open a trading account and/or move from your existing service provider, email tradingdesk@unum.co.za . Alternativ

Research Notes February 2026 > https://www.unum.capital/post/rfeb2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za 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 February 2026 > https://www.unum.capital/post/rfeb2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Momentum Analysis Candle Structure Base, Bull & Bear Case Probabilities Lester Davids Senior Investment Analyst: Unum Capital

Research Notes February 2026 > https://www.unum.capital/post/rfeb2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Click on the images to enlarge Lester Davids Senior Investment Analyst: Unum Capital

Research Notes February 2026 > https://www.unum.capital/post/rfeb2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Short term expectation = Pullback Medium Term expectation = High Bullish Momentum Phase Long Term Breakout Target = R178 Accumulate at current levels or lower Share: Investec Ltd (INL) Lester Davids Senior Investment Analyst: Unum Capital

Research Notes February 2026 > https://www.unum.capital/post/rfeb2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Full move of +38% vs the buy re-entry range. Please see the previous post (further below) where the R203 target is mentioned. Previous Post: 18 January (Link To Post > https://www.unum.capital/post/mtn1801 Medium Term Regime: High Bullish Momentum Biggest Technical Risk: A false breakout, a slowdown i

Research Notes February 2026 > https://www.unum.capital/post/rfeb2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Buy at $71.40 or lower Stop-loss: $63.00 Target(s): $88.00 Code: ABBN ABB reported a record-breaking performance for the fourth quarter and full year of 2025, driven by a surge in orders from data centers and the energy transition. The company capped the year with its strongest annual results to date,

Research Notes February 2026 > https://www.unum.capital/post/rfeb2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Previous Post (12 February): Take Profits on Nedbank: Running +34% (Medium Term Traders) Previous Post (13 November): Take Partial Profits on Nedbank: Running +21% (Short Term Traders) If you are a LONG TERM TRADER who can stomach a pullback, then further upside may be at hand. Either take partial prof

Research Notes February 2026 > https://www.unum.capital/post/rfeb2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Price Action Model Sees Buy Trigger Follow-Through from ~R190 to R254 + The re-acceleration has materialized. Previous Post (29 September 2025): Actionable Areas: Discovery Holdings Lester Davids Senior Investment Analyst: Unum Capital

Research Notes February 2026 > https://www.unum.capital/post/rfeb2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Published on Wednesday 25 February (post-market) for Thursday 26 February. Trading at 20.35, just below the target of 20.70 Previous Post (26 September 2025) Global Buy Idea: Iberdrola Buy: 15.97 Stop-loss: 13.30 Target: 20.70 Spanish multinational electric utility Iberdrola stands as a pivotal player

Research Notes February 2026 > https://www.unum.capital/post/rfeb2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Published on Wednesday 25 February (post-market) for Thursday 26 February. 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 against may be of im

Research Notes February 2026 > https://www.unum.capital/post/rfeb2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Published Wednesday 25 February (post-market) for Thursday 26 January. Previous Post (02 February): African Rainbow Minerals: Down 27% from Our Sell Alert Well done to traders which acted accordingly. Previous Post (Thursday 29 January): Mining Share: Sell/Reduce Medium Term Positions. Alternatively, R

Research Notes February 2026 > https://www.unum.capital/post/rfeb2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Previous Post (17 February):🎥Video: Trading Silver (Short Term) 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 against may be of immense valu

Research Notes February 2026 > https://www.unum.capital/post/rfeb2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za On 28 December we recommended maintaining LONG exposure on higher time frames. Since then, the share is higher by 30%. In just under 2 years, the share is higher by over 200% from our BUY/LONG idea. See the TWO charts below. Well done to clients who have participated in both the long term and short ter