Research Notes October 2025 > https://www.unum.capital/post/roct2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za ETF Code: PTH Last: $47.36 (Pre-Market = $48.00) Stop-loss: $41.50 Target: $58.00 - $60.00 Lester Davids Senior Investment Analyst: Unum Capital

Research Notes October 2025 > https://www.unum.capital/post/roct2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Previous Post: 🎥Watch: Nedbank - Reduce Into Strength + Further Upside Target Lester Davids Senior Investment Analyst: Unum Capital

Research Notes October 2025 > https://www.unum.capital/post/roct2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Lester Davids Senior Investment Analyst: Unum Capital

Research Notes October 2025 > https://www.unum.capital/post/roct2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Lester Davids Senior Investment Analyst: Unum Capital

Research Notes October 2025 > https://www.unum.capital/post/roct2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za 🎥Watch: Discussing Gold Fields Extension vs 200-Day SMA Lester Davids Senior Investment Analyst: Unum Capital

Research Notes October 2025 > https://www.unum.capital/post/roct2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Previous Post (09 September 2025) Global Idea: Lumen Technologies Buy $5.15 - $5.25 Target: $9.50 Stop-loss: $3.55 Lester Davids Senior Investment Analyst: Unum Capital

Research Notes For 28 July to 01 August > https://www.unum.capital/post/r2801august Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Previous Post (29 July): Global Idea: Invesco AI & Next Gen Software ETF (IGPT); Re-Accelerating Momentum + Base Breakout. Consolidation Expected However Path Likely Higher Over Medium Term Lester Davids Senior Investment Analyst: Unum Capital

Research Notes October 2025 > https://www.unum.capital/post/roct2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Lester Davids Senior Investment Analyst: Unum Capital

Research Notes October 2025 > https://www.unum.capital/post/roct2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za A Review of Market Rotation and Sector Dynamics As at 24 October 1. Executive Summary The JSE is undergoing a distinct and accelerating market rotation. The dominant 'SA Inc.' theme, which has been primarily driven by Banks  and Insurers , has observably cooled from its peak momentum. While this sugge

Research Notes October 2025 > https://www.unum.capital/post/roct2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za The Dow Jones Index is in a dominant, accelerating long-term uptrend  on its weekly chart, pushing into all-time high territory. Current Price: 47,250.85 . The core thesis is that the market is showing strong conviction and has been aggressively bought, putting it at risk of a short-term pullback befor

Research Notes October 2025 > https://www.unum.capital/post/roct2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za The S&P 500 is exhibiting extreme bullish momentum, but this strength comes with a high risk of a near-term correction. The index has surged into OVERBOUGHT  territory on short-term indicators, while ultra-short-term metrics show HIGH BULLISH MOMENTUM . This dual signal of intense buying pressure coupl

Research Notes October 2025 > https://www.unum.capital/post/roct2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Silver is in a powerful, multi-year structural uptrend but has undergone a significant weekly pullback, making the current levels a critical pivot point. Current Price: $48.5680 . The weekly momentum is still highly constructive, but the velocity has dropped sharply, allowing a necessary correction. Th

Research Notes October 2025 > https://www.unum.capital/post/roct2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Compagnie Financière Richemont SA (CFR) Richemont has pulled back after a solid multi-month recovery and is now testing a key pivot area. The momentum profile shows a sharp loss of short-term velocity, suggesting the current trend is pausing, not reversing. Current Price: 345533c . The core thesis for

Research Notes October 2025 > https://www.unum.capital/post/roct2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za For clients trading Harmony Gold in New York. Harmony Gold (HMY) is in a powerful, multi-year structural uptrend but has undergone a significant weekly pullback, making the current levels a critical pivot point. Current Price: $17.4900 . The core thesis is that the price is undergoing a healthy, high-v

Research Notes October 2025 > https://www.unum.capital/post/roct2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Sibanye-Stillwater is in a powerful, structural base-building phase on the weekly chart after a deep multi-year bear market, having recently failed to sustain a rally above its 2022 highs. Current Price: 4817c . The core thesis is that the price is undergoing a significant correction  within the struc

Research Notes October 2025 > https://www.unum.capital/post/roct2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za The JSE Top 40 Index is currently in an extremely extended, parabolic uptrend  across all major timeframes, having recently encountered resistance at its all-time high. Current Price: 103,114.19 . The core thesis is that the market is due for a significant, healthy correction  to relieve extreme long-t

Research Notes October 2025 > https://www.unum.capital/post/roct2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Anglo American is currently in a strong technical pullback  within its dominant long-term uptrend. The corrective velocity has pushed the fastest momentum indicators deep into oversold territory, signaling exhaustion and a high probability of a bounce . The rally is not over, but immediate buying press

Research Notes October 2025 > https://www.unum.capital/post/roct2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Gold Fields is in a powerful, multi-year structural rally  on its monthly chart, trading near its all-time highs. Current Price: 70611c . The core thesis is that the stock has hit a generational momentum peak  and is undergoing a sharp, high-risk correction that is likely to draw the price back toward

Research Notes October 2025 > https://www.unum.capital/post/roct2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Pepkor is locked in a wide multi-year consolidation and recovery  pattern on the monthly chart, trading near the high of its recent range. Current Price: 2670c . The core thesis is that the market is showing strong recovery conviction on the weekly chart but is being contained by a critical long-term r

Research Notes October 2025 > https://www.unum.capital/post/roct2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Previous Post (Wednesday 22 October): 🎥Watch: Trading Sasol - Good Start (+4%); In The Money Lester Davids Senior Investment Analyst: Unum Capital