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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 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 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 The medium term bullish momentum, which had been in place for several months, has started to slow, with the index having traded in a sideways range for just under a month. This development is in line with our research on 06 October where we presented 4 charts that highlighted a reward-to-risk that was starting to become unappealing on a medium term basis. Further to the above: The index is trading in a relative tight consolidation range where resistance is 104,000 and support is 100,900. The candle structure is showing signs of deterioration, reflecting both buyers weakening and sellers taking temporary control. The 8-day and 21-day moving averages have lost upward momentum and are now trading in a sideways range with potential to starting rolling over (downward). While the price continues to trading above it's rising 8-week EMA, this levels is vulnerable to being breached. Should the 8-week EMA be lost, the rising 75-day and 21-week EMA is likely to provide medium term support, which can also be viewed as a buy re-entry range. A breach of the current support zone opens up 96,400 to 97,700 as a downside target zone. An alternative (bullish) scenario, would be the index taking out and holding above 103650. Previous Post (06 October): JSE Top 40 Index: Running +45% & 4 Charts To Assess The Current Reward-to-Risk (1) The index trades 19% above it's 200-day SMA. Recent peaks occurred between 17% and 19%. (2) The index trades 41% above it's 200-week SMA. Furthest distance from the 200-week since April 2015. (3) Monthly chart - trading outside of the upper boundary of a multi-year channel. (4) Monthly Time Frame: 14-Month RSI at 81 (highest since 2008). This points to high demand however, also suggests the index nearing/at overbought conditions. Note: The index is HIGHER by 45% from our note on Sunday 06 April (Volatility Equals Opportunity). Lester Davids Senior Investment Analyst: Unum Capital