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 This note analyzes Harmony Gold (HMY), listed in New York. Date: 07 January 2026 Time: 21h58 Closing Price : $20.67 1D Change : -3.25% Trend Action : 🟡 Consolidation / Tactical Reset (Daily) Technical Upside : Resistance at $21.50. Target: $23.00. Momentum Signal : Volatility Compression (All RSIs conv

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 Date: Wed, 07 January 2026 Time: 21h54 (S/Africa) Closing Price : 4,454 1D Change : -0.98% Multi-Time Frame Action : 🟡 Consolidation / Reset (3 Days) 🟢 Buy Continuation (5 Days) 🟢 Buy Continuation (10 Days) Technical Upside : Resistance at 4,500. Target: 4,550. Bull Flag Formation. Momentum Signal :

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 i Shares MSCI Global Metals & Mining Producers (Code: PICK) ________________________________________________________________________________ Previous Post (03 September) ETF Buy Idea: iShares MSCI Global Metals & Mining Producers (Code: PICK) Buy between $41.00 and $41.50 Stop-loss: $35.20 Target: $54.0

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 Charts don't provide answers but they help us ask better questions. The chart below is a monthly of the relative performance of the Paper & Pulp (MNP, SAP) sector relative to the JSE Top 40 Index. If the stocks were to stop underperforming the index, would this not be be a logical place to start? Extrem

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 Analyst's Price Action Model Technical Take: Outsurance (OUT, 6828c) Date: Wednesday, January 7, 2026 Regime: Oversold / Capitulation Watch Primary Outlook: At or approaching buy/add Executive Summary Outsurance is currently experiencing a "Very Bearish" phase characterized by aggressive selling. How

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 21 June 2025: Trading BHP Group: Contrarian Opportunity? High Bearish Momentum + Approaching Oversold 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 Previous Post (29 July 2025): 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 January 2026 > https://www.unum.capital/post/rjan2026 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 January 2026 > https://www.unum.capital/post/rjan2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Analyst's Price Action Model Regime: High Bullish Momentum / Overbought Watch Primary Outlook: At or approaching sell/reduce Executive Summary The JSE Top 40 Index is currently in a "Very Strong Move" with buyers clearly in control of the immediate price action. However, the model issues a unified war

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 (27 July 2025): Dow Jones Industrial Average: Strong Close via Weekly; Same Level Vs 8 Months Ago; Measured Move = 54,000 Points 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 Technical Take: Valterra Platinum (VAL) Regime: Very Bullish / Overbought Primary Outlook: At or approaching sell/reduce Executive Summary Valterra is exhibiting extreme bullish momentum, mirroring the setup seen in Anglo American. The stock is in a "Very Strong Move" with buyers firmly in control acr

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 Currently +1300c higher, with room to advance. Add at current at levels (or lower) or buy on pullback. Target = 14500c to 15000c Stop-loss: daily close below 11000c See previous video comment (scroll further down) Previous Post (09 September 2025): 🎥Video: Discussing Motus Holdings Lester Davids Senior

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 Massive upside follow-through from the base breakout! Previous Post (07 February) Rally from a re-test after breaking out of a multi-year base. 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 Previous Post (05 September): Copper Miners ETF Now Running +23%. Here are 2 Stocks Setting Up Freeport McMoran (FCX) - Listed on NYSE (Chart as of 10:34am, Thursday 04 Sept) Southern Copper Co. (SCCO) - Listed on NYSE (Chart as of 10:37am, Thursday 04 Sept) Previous Post (28 May): Diversified Exposure

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 (20 July): Tharisa Plc: High Bullish Momentum With Potential To Break Above Multi-Year Range Highs (2335c) On Double Bottom Structure Last close: 2239c Stop-loss: weekly close below 1920c Medium Term Target: 2750c 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 Running +10% from our (video) commentary on 19 October in which we considered the relative distance and medium term value. Previous Post (19 October): Bidvest: Relative Distance vs JSE Top 40 Index (Medium Term Value) 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 Trading Anglo American Plc: Running +34% + Current Price Action Model Currently higher by 34% from our video on 26 August in which we discussed the R527 level as a trigger. Now trading in a short term 'Overbought' regime. Analyst's Price Action Model (Max = 5 to 8 week view) Regime: Very Bullish / Ove

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 Further Update: 29 January - Running +77% The share is also higher by +43.6% since our original note on 07 August 2025 in which the price action model (tactical trading guide) looked for a counter-trend rebound. Well done to clients who took the opportunity to trade. The updated/current chart, with refe

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 Was +R19.50, now R16.31 See original note (further below) for the Price Action Model reading at the time. Closing Price : 16.3195 1D Change : -0.23% Multi-Time Frame Action : 🔴 Capitulation (D) 🔴 Breakdown (W) 🔴 Bearish Reversal (M) Technical Upside : Oversold Bounce to 16.70. Target: 16.00 (Downside

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 ETF: 1nvestRhodium Code: ETFRHO High of 153,250 Close: 148,000 Previous Post (18 July): Rhodium ETF: Early Stages of Accelerating Price Momentum / Cup & Handle In Development 1NVESTRHODIUM ETF - Triggers above 106,100 Lester Davids Senior Investment Analyst: Unum Capital