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Research Notes November 2025 > https://www.unum.capital/post/rnov2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Lester Davids Senior Investment Analyst: Unum Capital

Research Notes November 2025 > https://www.unum.capital/post/rnov2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Lester Davids Senior Investment Analyst: Unum Capital

Research Notes November 2025 > https://www.unum.capital/post/rnov2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Lester Davids Senior Investment Analyst: Unum Capital

Research Notes November 2025 > https://www.unum.capital/post/rnov2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Lester Davids Senior Investment Analyst: Unum Capital

Research Notes November 2025 > https://www.unum.capital/post/rnov2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za There have some phenomenal opportunities to make money in the market. Well done to clients/traders who are capitalizing on the opportunities to trade. Which are opportunities did you manage to take advantage of? Let me now by reaching out to me on lester@unum.co.za Lester Davids Senior Investment Analyst: Unum Capital

Research Notes November 2025 > https://www.unum.capital/post/rnov2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Previous Post (18 November)🎥Watch: Price Action Models Valterra Platinum & Northam Platinum Lester Davids Senior Investment Analyst: Unum Capital

Research Notes November 2025 > https://www.unum.capital/post/rnov2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Lester Davids Senior Investment Analyst: Unum Capital

Research Notes November 2025 > https://www.unum.capital/post/rnov2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Previous Post: 🎥Watch: Trading Levels For Absa Group ABSA Monthly Chart Video Comment at the following link >   https://www.unum.capital/post/abgmv ABSA Short Term Trading Comment via Video Below: Previous Post (Saturday 08 November) *Absa Group (Code: ABG) *Price levels are displayed on the chart. Provisional Sell Re-Entry Range = (1) Previous Swing Highs Provisional Buy Re-Entry Range = (1) Downside overshoot of the 21-week EMA + (2) Previous Breakout Level Lester Davids Senior Investment Analyst: Unum Capital

Research Notes November 2025 > https://www.unum.capital/post/rnov2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Previous Post (04 November): Tencent Holdings: Long Term Bull, Short Term Weakness Previous Post : Tencent Holdings: Running +72% & Long Term Target of HK$611 Reached The slide and chart directly below was presented to clients two years ago (02 August 2023). Since then the share has rallied by 72% and has reached the long term target (set at the time) of HK$611. Trading Tencent: Medium Target 1 & 2 Exceeded; Now Consolidating For Potential Continuation. Long Term Target = HK$611 Long Term Target = HK$611 Previous Post: Year-to-date, risk assets OUTSIDE of the United States have started to catch a bid, with Chinese stocks being some of leading performers. This interest from global markets may be supportive of our view around Tencent where the target of HK$611 was measured off the weekly chart, having been recognized by the development of inverse head and shoulder technical formation. (It's taken 18 months for the move to get going, however, we could finally be getting going...) . Thus far, the share has advanced from HK$354 to HK$474. Now +33%. Most recently (09 July) we also discussed Tencent, with both short term targets being reached. Previous Post: Tencent Holdings (700) | Wednesday, 02 August 2023 For an enlarged view, click on the arrows in the top right corner of the image Published pre-market the Asian session. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes November 2025 > https://www.unum.capital/post/rnov2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Lester Davids Senior Investment Analyst: Unum Capital

Research Notes November 2025 > https://www.unum.capital/post/rnov2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Previous Post (11 November): Trading Spot Silver: Analysis, Sentiment & Potential Actions Analysis of Silver (XAG/USD) The long-term market character since May 2025 is a strong uptrend , with the price making a series of higher highs and higher lows. [Bullish] The November low (around 47.50) successfully formed a "higher low"  relative to the September low (around 43.00), which keeps the long-term bullish structure intact. [Bullish] The price is in a strong, V-shaped rally  off the 47.50 low, with the current candle being a wide-range green bar, indicating strong immediate buying momentum. [Bullish] The price has just broken above the minor "lower high" from the first bounce attempt (around 50.50), which is a short-term sign of strength. [Bullish] The pullback from the October high (53.00) was extremely sharp and deep , indicating significant selling pressure or profit-taking entered the market. [Bearish] The price is currently in the "middle of the range"  between the 47.50 support and the 53.00 resistance, which is not an ideal entry point. [Neutral] The overall price action has become very volatile and "whippy"  (sharp down, sharp up), which signals market indecision and high-risk, two-sided trade. [Neutral] There is no confirmed topping pattern  (like a Head and Shoulders), but the sharp sell-off serves as a major warning sign that volatility has increased. [Neutral] The next major obstacle is the all-time high resistance around 53.00 . This is the ultimate target for bulls and where sellers will likely re-emerge. [Neutral] It is not yet clear if this strong bounce is a full resumption of the uptrend or a corrective rally (bear flag) before another test of the lows. [Neutral] Sentiment Score Bullish:  4 Neutral:  5 Bearish:  1 Overall Score: 6/10  (The score is cautiously positive. The long-term bullish trend is still technically intact, but the recent extreme volatility and mid-range position warrant caution.) 💡 Potential Actions For Existing Longs:  Consider holding the position, as the trend structure (higher low) is still valid. The 53.00 high is the target. A break below  47.50 would invalidate the bullish thesis. For New Longs (Conservative):   Waiting is advised.  The price is both volatile and in the middle of a range. A better entry would be on a confirmed, high-volume breakout above  53.00 or on a pullback that successfully retests and holds a clear support level. For New Longs (Aggressive):  An aggressive trader could buy on the current momentum, targeting the 53.00 resistance. This is a high-risk trade due to the recent volatility. For Shorts:  Shorting is not advised. This would be fighting a strong long-term uptrend and very strong immediate-term buying momentum. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes November 2025 > https://www.unum.capital/post/rnov2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Previous Post: 🎥Watch: Trading Spot Gold (Generating Cash Long/Short) Video recorded & published on Monday 17 November at 22h45. Previous Post:🎥Watch: Trading Spot Gold (Buy & Sell Side Generating Cash Flow) Previous Post (12 November)🎥Watch: Trading Spot Gold; Running +7.93% Lester Davids Senior Investment Analyst: Unum Capital