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Research Notes February 2026 > https://www.unum.capital/post/rfeb2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za THE DATA IS SUBJECT TO CHANGE AS THE NEWS FLOW AND PRICE ACTION DEVELOPS. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes February 2026 > https://www.unum.capital/post/rfeb2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za African Rainbow Minerals (ARI) Recent: Take Profit: Long Term Target Reached at R240   https://www.unum.capital/post/ari2301 Extended vs Moving Averages + Deteriorating Candle Structure (Short Term); Medium Term Traders Consider Selling/Reducing 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 next best probability buy re-entry range and a next best probability sell re-entry range  over the short term. The ranges assume no existing position being held by a trader while the probabilities are based on several factors which may include: short term rating, medium term regime, momentum, horizontal or diagonal support/resistance, candle structure, moving averages and standard deviation, among others. These are short term levels and may be in contrast to medium and long term outlooks which are based on the weekly and monthly charts and, which may be applicable to long term investors. These levels are subject to change  based on sentiment, the subsequent price action and company/sector specific or macro news flow. As always, while the levels are outlined, traders should be prepared to adjust in real-time  based on the aforementioned. "Strategy Alerts"  help clients identify trading opportunities . When a ticker's real-time or pre-market price action aligns with the criteria on a slide—such as a pullback to the 21-day EMA or a breakout from a consolidation base—it effectively "matches" that stock to the strategy, triggering an alert to a potential trading opportunity.  This approach transforms the playbook into a dynamic scanning tool, allowing you to instantly categorize active stocks by the specific technical thesis playing out , ensuring that every trading potential opportunity communicated is backed by a predefined, actionable setup. THE TACTICAL TRADING GUIDE (PRICE ACTION MODEL) :  UNCOVER OPPORTUNITIES & ASSESS REWARD-TO-RISK It helps helps clients determine and shed light on the some of the following: The CURRENT TECHNICAL POSITION  and a PRICE ACTION PROBABILITY  for multiple time frames. Three (3) ‘trading’ time frames are considered: Short Term (1 to 10 days) / Medium Term (2 to 4 weeks) and Long Term (5 to 8 weeks) Whether the reward-to-risk is attractive for a buy/long position Whether a share is weak. In this case, wait until the price stabilizes before looking to enter (i.e. want until it stops going down) Whether aggressive buying is underway. In this case, do not ‘chase’ (do not buy) but instead wait for a pullback to re-enter a buy or an overextension with deteriorating candle structure to sell/short. Whether a trader can look to buy a pullback into a key moving average (continuation trade) Whether a share needs to break a range for a new trend to be determined (bullish or bearish) Whether a traders needs to monitor for a change of character that could lead to a bullish or bearish reversal Whether a share could start a consolidation phase or before continuing it’s bullish or bearish trend Whether the upward momentum is slowing (if it's in a bullish phase) Whether buyers can look to 'phase in' to a position (if it's in a bearish phase) Whether a share lacks directional bias. The data set is available in real-time (on request) The readings are subject to change as the price action develops. 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 JSE Ltd (Code: JSE) - 2nd Target Reached at R150. Previous Post 29 July: JSE Ltd: 1st Target Reached + Favorable Backdrop For The Exchange + Bullish Momentum Accelerating + 2nd Target at R150 JSE Ltd: The Exchange Is Finding Momentum - Monday, 23 September 2024 Pre-Market Ticker: JSE Technical Drivers: (1) Above the 200-day EMA (2) Double break as per the weekly (3) nearing the top of it's 3-year range Fundamental driver: (1) improved business confidence (2) increased trading activity Medium to long term targets: 13600c, 15000c Structure invalidated on a weekly close below 10800c 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 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 references are shown below: Previous Post (29 December): Glencore: Approaching 2nd Target + Higher by +39%; Medium Term Traders Consider Scaling Out (Take Partial Profits) 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 Sprott Junior Uranium Miners ETF (URNJ) Previous Post (15 January 2026): Buy Idea: Sprott Junior Uranium Miners ETF Buy at current level ($30.81 ) or lower Stop-loss: $26.00 Target(s): $40.00 and $42.00 Previous Post 07 October 2025: Global X Uranium ETF Running +80% & Fresh All Time High The ETF is higher by 80% since our note on 09 February...Well done to clients who are capitalizing on the opportunities at hand. Previous Post (09 February): Potential base formation which could also be seen as the development of an inverse head and shoulder pattern. Reasons to Consider URA High Growth Potential Uranium will likely play a key role in the global energy transition. Forecasts suggest that reactor demand could rise from an estimated 65,650 metric tonnes in 2023 to nearly 130,000 in 2040.1 Emerging Energy Opportunity Nuclear energy is a dependable method for generating clean electricity, emitting zero direct emissions during operations.2 As governments pledge to reduce fossil fuel reliance, nuclear could be a viable bridge while more renewable capacity is built. ETF Efficiency In a single trade, URA delivers efficient access to a basket of companies involved in mining uranium and producing nuclear components. ETF Summary The Global X Uranium ETF (URA) provides investors access to a broad range of companies involved in uranium mining and the production of nuclear components, including those in extraction, refining, exploration, or manufacturing of equipment for the uranium and nuclear industries. AI-Assisted Insights Several factors are driving investment in uranium:   Growing demand for clean energy: Nuclear power is a reliable, low-carbon energy source that can help meet global climate goals. As countries seek to decarbonize their energy sectors, nuclear power is becoming an increasingly attractive option. Geopolitical considerations: The war in Ukraine has highlighted the need for energy security and diversification. Uranium is a strategic commodity, and investors are increasingly interested in securing supplies of this critical resource.   Supply constraints: Uranium production has been relatively flat in recent years, while demand is expected to grow. This could lead to supply shortages and higher prices in the future. Technological advancements: New technologies, such as small modular reactors (SMRs), are making nuclear power more affordable and accessible. This could lead to a resurgence in nuclear power construction and increased demand for uranium.   Industry consolidation: The uranium industry is consolidating, with larger companies acquiring smaller ones. This could lead to improved efficiency and profitability for the sector. 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 Closing Price:  7,005 1D Change:  +0.33% Multi-Frame Action:  🟢 Parabolic (D)  🟢 Breakout (W)  🟢 Vertical (M) Technical Upside:  Blue Sky Breakout. Confirmed breach of the psychological 7,000 barrier. Target:  7,200 – 7,400. Momentum Extension. Momentum Signal:   "Lock-Out" Extreme.  Monthly RSI at 99.77 . Daily RSI at 95.96 . Risk / Invalidation:  Close below 6,850 (Previous Breakout Shelf). REWARD-TO-RISK ASSESSMENT Long (Buy) Reward-to-Risk:  🟢 High (Momentum / Chase).  While statistically overextended, the "Lock-Out" signal (RSI > 95) implies a liquidity vacuum where prices can overshoot significantly. The trend is vertical, favoring the aggressor. Short (Sell) Reward-to-Risk:  🔴 Very Poor.  Fighting a vertical trend with Monthly RSI near 100 is highly dangerous. There is no bearish divergence or reversal candle to justify a fade. Valuation Basket:  Broadening Momentum / Passive Inflow Squeeze Primary Driver:  The breach of 7,000 has triggered a "Melt-Up," forcing under-allocated funds to chase performance in a liquidity vacuum. MARKET STRUCTURE & VOLUME VALIDATION Volume Profile:  The price action into the 7,000 level has been relentless and vertical. The daily chart shows a clean sequence of higher highs with very shallow pullbacks, characteristic of a "buy the dip" algorithmic regime. The ability to hold above 7,000 immediately after testing it suggests strong absorption of any profit-taking. Liquidity Zones: Support:  The 6,800 – 6,850  zone is now major structural support (previous all-time highs). Immediate intraday support sits at 6,950 . Resistance:   None.  The index is in price discovery mode. The next psychological magnet is likely 7,200 or 7,500 based on Fibonacci extensions of the previous impulse legs. Divergences:   None.  Price and Momentum are accelerating together. The Monthly RSI hitting 99.77  is a statistical anomaly that confirms a "super-cycle" extension where valuation metrics are temporarily irrelevant compared to flow dynamics. MOMENTUM PROFILE (WEEKLY & MONTHLY) Tactical Momentum:   Extreme Overbought (Lock-Out).  The Daily RSI is at 95.96 , indicating that the market is "pinned" to the upside. In a parabolic move, this signal often persists for longer than rational analysis would suggest, forcing shorts to capitulate. Structural Trend:   Bullish Acceleration.  The Weekly RSI is at 80.71 , which is high but noticeably "cooler" than the daily/monthly readings, suggesting the intermediate trend still has room to expand before reaching the same extremes as the shorter timeframes. Primary Trend:   Parabolic.  The Monthly chart is effectively vertical. The RSI reading of 99.77  is the highest in the provided dataset (dating back to 2014), signaling a historic momentum event. CORE THESIS The S&P 500 has entered a "Melt-Up" phase. The breach of 7,000 is a significant psychological victory for bulls, and the "Lock-Out" momentum readings (Monthly RSI > 99) suggest that the market is currently being driven by a scarcity of sellers and aggressive FOMO (Fear Of Missing Out). While a mathematical reversion to the mean is inevitable eventually, the current structure is vertical and powerful. The strategy favors holding long exposure and using any intraday volatility to trail stops higher, rather than attempting to pick a top in a blue-sky breakout. 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 (03 June 2025) SPDR International Small Cap ETF: Base Breakout; Target $40 Last Close: $36.17 Stop-loss: A weekly Close Below $33.00 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 This post was meant to to be published yesterday evening (Tuesday, 27 January) unfortunately a personal errand arose which caused the delay. Time of video commentary = Tuesday, 27 January at 5.40pm. 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 Extension target reached at $5250. Previous Post (Sunday, 25 January 2026) Trading Spot Gold Closing Price:  $4,987.55 1D Change:  +1.04% Multi-Frame Action:  🟢 Parabolic (D) 🟢 Breakout (W) 🟢 Vertical (M) Technical Upside:  Blue Sky Breakout. Testing major psychological resistance at $5,000. Target:  $5,000 – $5,250. Momentum Extension / Psychological Magnet. Momentum Signal:  "Lock-Out" Extreme. Vertical price action. Risk / Invalidation:  Close below $4,800 (Previous consolidation high). Valuation Basket:  Safe Haven / Monetary Debasement Primary Driver:  Central Bank accumulation, Global fiat instability & Safe Haven panic flows. MARKET STRUCTURE & VOLUME VALIDATION Volume Profile:  The ascent is vertical and uncorrected, typical of a "panic buy" scenario where fiat currency is being aggressively dumped for hard assets. The move into the $4,900s has accelerated, indicating a squeeze on under-positioned funds before the $5,000 level. Liquidity Zones:  The $5,000  level is the "Magnet." It is a massive psychological barrier where significant profit-taking and option hedging activity is expected. Immediate support has formed at $4,800 ; a loss of this level would signal a temporary climax. Divergences:  None. The trend is hyper-extended but fully supported by momentum. The monthly candle (+15.38%) is one of the strongest on record, confirming a structural shift in valuation. MOMENTUM PROFILE (WEEKLY) Tactical Momentum:  Extreme Overbought. In a parabolic run, traditional overbought signals are ignored as the asset reprices to a new paradigm. Fast Weekly:  Strong. The weekly chart shows a "Three White Soldiers" equivalent pattern, with consecutive strong closes near the highs. Structural Trend:  Bullish Breakout. The breakout above $4,400 has triggered a vacuum move higher. Primary Trend:  Bullish. Gold is in a secular bull market, currently in its most aggressive "markup" phase. CORE THESIS Gold is effectively in a "melt-up" phase, driven by a loss of confidence in fiat stability and fear of missing out (FOMO) on the break of $5,000. The trend is vertical, creating a "Lock-Out" for conservative entries. While the $5,000 level will likely trigger volatility and a potential shake-out, the primary trend is overwhelmingly bullish. The strategy is to trail stops aggressively rather than fade the strength, as "top-picking" a parabolic move is a low-probability play. 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: Tuesday, 27 January 2026 Time: 17h04 Jubliee Metals Group. Now higher by 40% from our original alert. Room to advance to AROUND it's 200-week SMA (140c to 150c). Buy on a pullback. Previous Post (21 January 2026): Trading Jubilee Metals Group Currently Running +39% from our note on 11 August 2025. See original note further below. The chart immediately below is 'current'. Previous Post (11 August 2025): Jubilee Metals Group: 3 Charts Worth Noting + Placing It On Your Watchlist (A High Risk Share) Chart Number 1: Approaching a multi-year demand supply zone (can trade down to 60c). Chart Number 2: Trading at multi-year incline support Chart Number 3:  Trading at an extended level versus it's decade VWAP. 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 Date: Wednesday, 28 January 2026 Time: Pre-Market The data is based on the DAILY  time frame and covers shares with a market cap above R5bn. This equates to roughly 116 shares on the JSE. The data is subject to change based on the subsequent news flow and price action. 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 21 June 2025: Trading BHP Group: Contrarian Opportunity? High Bearish Momentum + Approaching Oversold Lester Davids Senior Investment Analyst: Unum Capital