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Paper & Pulp: Base Building + False Breakdown at Support

  • Writer: Lester Davids
    Lester Davids
  • 1 day ago
  • 1 min read

Research Notes April 2026 > https://www.unum.capital/post/rapril2026

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  • Analysis of relative setup.

  • Context: Grinding sideways at the bottom. Upgraded slightly from Oversold to High Bearish in the Long-Term, with the Medium-Term improving to Neutral.

  • Forecast: Base Building.

  • Long (Buy) R:R: Poor. While it is stopping the bleeding, there is no upward momentum to justify a long position yet. It is currently "dead money."

  • Short (Sell) R:R: Poor. Downside momentum is drying up as it builds a base, making it a frustrating and low-yield short.

  • Shown Below: Monthly Chart (Paper & Pulp relative to JSE Top 40 Index)



Lester Davids

Senior Investment Analyst: Unum Capital

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