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: Shoprite Holdings (SHP) Date: Thursday, January 1, 2026 Regime: Weak / Consolidating Primary Outlook: Sell on rally Momentum Profile (Daily) Ultra Short Term: Neutral Short Term: Neutral Mid Term: Neutral Base Term: Neutral Core Thesis Shoprite remains in a state of suspended anim

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 End of day: 31 December 2025 Executive Summary The current market cycle exhibits a distinct narrowness in leadership, heavily skewed towards the Resource complex. Platinum Miners stand alone as the undisputed market leaders, showing strength across all timeframes. Conversely, a significant portion of th

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 The share has completed a +36% bullish reversal vs the original note (see further below). Now: buy pullbacks (see actionable areas) on the chart. Trading Notes/Resources (Where Applicable) READY TO TRADE: ACTIONABLE AREAS: For active traders who look to generate cash flow on a continuous basis, determi

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 Kumba Iron Ore: Current higher by 30% from our initial (18-June) price action model trigger. Close above R350 on the last trading day of the year. The upward trend is accelerating. Buy pullbacks. Related: See our previous note on the underlying commodity Iron Ore (21-Dec: https://www.unum.capital/po

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 A very decent rebound from 16470c to 17901c (high of day 31 Dec = 18145c). Also trading in line with the price action model (5-8 week time frame) looking for a rebound. Medium term traders consider taking profits around these levels. Previous Post (02 December at 10h29am): Exxaro Resources: Lower Level

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 For new buys/longs, the reward-to-risk is poor. Here's a snapshot of the momentum analysis via the weekly chart. SBK Recent Ideas: Key Points Analyst's Price Action Model Technical Take #1 : Price Action Model Based (Basic) Technical Take #2 : Price Action Model Based (Expanded) Trading Notes/Resources

Thank you for your interest in our research. Our aim is to convey 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 Alternatively, Sign Up Here: https://tradedesk.co/tenant/Unum/signup Major

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 First target exceeded at 8300c. Now approaching second target at 9400c (200-week SMA). Trading above 9000c today for the first time since November 2024. Previous Post: 🎥Watch: Medium Term Target 8300c & Then The 200-Week ~9400c 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 Published: Monday 29 December 2025 (Pre-Market) This note will be updated in the week of Monday 05 January. 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 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 value. The blue and red horizontal lines on the chart represent a n

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: Momentum-Based (Monthly Time Frame) By 24 December, Valterra Platinum closed at a multi-month high of R1485, advancing by 157% from our buy idea at R576 (18 months prior, June 2024). Previous Post (01 December): Take Profit on Trading Valterra Platinum (+30%

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 FirstRand: The Share Appreciated By 50% From Our Previous Buy-Entry Range at 5800c-6000c, closing above the 9000c on Wednesday 24 December. As of Sunday 28 December, the price action model reading is as follows: Previous Post: Actionable Areas: FirsrRand (Published Saturday 05 April for Monday 07 April

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. Analyst's Price Action Model Technical Take: Momentum-Based (Basic) 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

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 Bottom Line: Take Profits on Silver Analyst's Price Action Model: Technical Take: Momentum-Based: On 27 October, clients were alerted to oversold conditions in the commodity, from which we have since seen a +69% rally as of the close on Friday, 26 December. Previous Post (01 December): Running 22%: Take

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 Bottom Line: Take Profit on Platinum Analyst's Price Action Model: Technical Take: Momentum-Based (Weekly Time Frame/Chart) Technical Take: Momentum-Based (Monthly Time Frame/Chart) By the close of trade on Friday, 26 December, Platinum was higher by 137% from the long term view published on 13 February

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 Upper Panel: TFG (Foschini) Relative to JSE Top 40 Index Lower Panel: TFG (Foschini) Relative to JSE Top 40 Index - Distance vs 200-week Moving Average. Key Takeaway: The share is trading 52% below it's 200-week SMA relative to the JSE Top 40 Index. Over the past 25 years, this has also happened on 2 o

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 Key Points Primary Category : Bullish Regime / Momentum Slowing 🔴 Expected Path: Consolidation / Test Of Recent Breakout ⚪ Strategic Overlay: Monitor For Pullbacks / Sell High Failures 🟡 Core Thesis : Sibanye Stillwater is currently in a very strong bullish move, yet slo

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 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 value. The blue and red horizontal lines on the chart represent a n

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 Monthly Time Frame Analysis as of 28 December 2025 Key Points: Primary Category : OVERBOUGHT / CLIMAX PHASE 🔴 Expected Path : TECHNICAL RESET / MEAN REVERSION ⚪ Strategic Overlay : BOOK PROFITS / WAIT FOR STRUCTURAL SUPPORT 🟡 Core Thesis The JSE Top 40 Index (Monthly) is exhibiting extreme overext

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 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 value. The blue and red horizontal lines on the chart represent a n