JSE Coal Miners: Momentum Profile + Reward-To-Risk

Research Notes February 2026 > https://www.unum.capital/post/rfeb2026

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Coal Mining (EXX, TGA)

Coal miners have executed a decisive bullish breakout, clearing previous key resistance zones to trade comfortably higher. The trend is characterized by a series of higher highs and higher lows, confirming a robust demand for energy assets. The momentum profile is strong and elevated, supporting the breakout without being as critically stretched as the banking sector. This suggests the rally in coal has genuine fundamental backing and may have further room to run before requiring a significant pullback.

• Verdict: Trend Follower 🚀

• Long R:R: 🟢 3:1 (Good). The breakout is fresh and confirmed by volume. You are buying strength.

• Short R:R: 🔴 1:3 (Poor). Shorting a confirmed breakout is generally a losing strategy.

Lester Davids

Senior Investment Analyst: Unum Capital