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 Reported results (Monday, 25 May) Netcare Alerts: 24 February 2026 (See Chart #1) 01 January 2026 (See Chart #1) 11 July 2024 (See Chart #2) Chart #1 Chart #2 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 (Monday, 18 May): 🟩Mid Cap Consumer Share: Lower Levels Expected Before Tactical Rebound. See Price Action Model + Bull-Bear Checklist Share: Astral Foods (JSE:ARL). Note: We recommended this share at R167, with the share trading as higher R284 (see below). READY TO TRADE: ACTIONABLE AREAS For ac

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 Altron Ltd (AEL) - as noted earlier this morning, the company report results with a special dividend being declared. Up massive today. Previous Post (Thursday, 21 May) 🟩JSE Mid Cap Technology Share With Re-Emerging Momentum. Projected Target = 3300c Strategy: Re-emerging Momentum Trigger +2500c Projected Targ

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 🟩JSE Mid Cap Technology Share With Re-Emerging Momentum. Projected Target = 3300c 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 stra

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 Super Group (SPG) Temporary failure is below 1590c Upside Target 1900c Last Close = 1682c 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

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 DISCLOSURE: This report was compiled using the analyst's own data which was filtered through an artificial intelligence tool to create a summary. Finance & Banking Dynamics Major vs Regional Bank Divergence: Within the Finance sector, regional players show significantly better near-term momentum than major bank

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 DISCLOSURE: This report was compiled using the analyst's own data which was filtered through an artificial intelligence tool to create a summary. The Neutral Center of Mass: Market breadth is heavily anchored in the center; a significant plurality of all classified positions reside in the Neutral (#4) zone, sho

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 DISCLOSURE: This report was compiled using the analyst's own data which was filtered through an artificial intelligence tool to create a summary. Top Tier Velocity: Only a small handful of stocks have crossed into the extreme Overbought (#1) zone, led by HET (Heriot REIT Ltd.), followed closely by GND (Grindrod

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 Defiance Quantum Computing ETF Previous Post (17 September 2025): Take Profit: Defiance Quantum ETF Running +60% Previous Post: Tuesday 22 October, 14h25 Ticker: QTUM Constructive technical setup looking to break above multi-month highs. Medium term portfolio buy idea. Source: https://www.defianceetfs.com/qtum/

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 Centre & Digital Infrastructure ETF Multi-Year Base: Invest In Data Centre & Digital Infrastructure 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 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)