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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 In addition, we discussed our short term view in a updated video last week: https://www.unum.capital/post/spogold 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

Thank you for your interest in our research. Our aim is to convey insights that help clients: (1) Manage Risks and (2) Uncover Opportunities. Year-to-date we have published over 1500 research notes that helps clients do just that. If you've been a consumer of our research but have not traded via the Unum Capital trading desk, why not consider making us your trading services provider? To open a trading account and/or move from your existing service provider, email   tradingdesk@unum.co.za Our Capabilities (Non-Comprehensive): A +250% Rally in 12 Weeks https://www.unum.capital/post/irisral 10 Trades You Missed https://www.unum.capital/post/tentrad Solaris Energy Infrastructure https://www.unum.capital/post/seirun 'Rare Earth' Rally +70% https://www.unum.capital/post/raeral Global X Silver Miners ETF +93% Over 5 Months https://www.unum.capital/post/silsix9 Van Eck Junior Gold Miners ETF 1 Year Later +100% https://www.unum.capital/post/gdx100 Sibanye Stillwater +300% Over 8 months  https://www.unum.capital/post/wsiban Latest Research: Free 🎥 Watch: Trading Harmony Gold https://www.unum.capital/post/harbou Free Spot Gold (XAUUSD) https://www.unum.capital/post/xauspo Free South 32 https://www.unum.capital/post/s32lterm Free MTN Group https://www.unum.capital/post/mtnlot Free Trading Pick n Pay (PIK) https://www.unum.capital/post/trpik Free Take Profit: Coherent +40%Over 14 Weeks https://www.unum.capital/post/cohrrun Free 🎥 Watch: Trading Spot Platinum https://www.unum.capital/post/platrebn Free Sappi: Momentum Analysis & Actionable Areas https://www.unum.capital/post/sapmo Free 🎥 Watch: Trading Spot Gold (XAUUSD) https://www.unum.capital/post/spogold Free 🎥 Watch: Trading Kumba Iron Ore https://www.unum.capital/post/kumore Free Trading BHP Group https://www.unum.capital/post/abofive Free Spot Gold: Extremely Oversold (Short Term); Rebound Imminent https://www.unum.capital/post/xauext Free 🎥 Watch: Trading MTN Group https://www.unum.capital/post/mtnbu Featured Post: Unum Capital/Bloomberg Comment (We Buy Cars) https://www.unum.capital/post/wbcarsb Free Global Idea: Invesco Dorsey Wright Healthcare Momentum ETF (PTH) https://www.unum.capital/post/pthetf Free Trading Nedbank https://www.unum.capital/post/nedexh Free S&P 500 Index (Monthly) https://www.unum.capital/post/spxmonth Free 🎥 Watch: Valterra Platinum: Actionable Areas https://www.unum.capital/post/wvalte Free Update on Gold Fields https://www.unum.capital/post/watgolf Free Take Profit: Lumen Technologies +73% Within 7 Weeks https://www.unum.capital/post/tplumn Free Take Profit: IGPT ETF Running +20% https://www.unum.capital/post/igpttp Free Spot Silver Trades Into Short Term Oversold Territory https://www.unum.capital/post/xagusdt Free JSE Sector Rotation Report https://www.unum.capital/post/srotat Free DJIA https://www.unum.capital/post/dowjns Free S&P 500 Index https://www.unum.capital/post/espyf Free Spot Silver (XAG/USD) https://www.unum.capital/post/spoxag Free Trading Notes: $MNP $SPP $CFR $BVT $TRU https://www.unum.capital/post/tnotev Free Harmony Gold (HMY) https://www.unum.capital/post/hmoney Free Sibanye Stillwater https://www.unum.capital/post/sibstill-1 Free JSE Top 40 Index: MTF Analysis https://www.unum.capital/post/foout Free Anglo American Plc https://www.unum.capital/post/traaplc Free Gold Fields https://www.unum.capital/post/gofield Free Pepkor https://www.unum.capital/post/pkorh Featured Post: 🎥 Massive Move! Massive Money Made! https://www.unum.capital/post/mamove Free Follow-Up: $GFI $DRD $BHG $ANG $AGL $ARI $EXX https://www.unum.capital/post/deepdi Free U.S. Sectors: Rankings https://www.unum.capital/post/useranking Free U.S. Sectors: Risk Factors & Contrarian Signals https://www.unum.capital/post/rifaco Free U.S. Sectors: Key Takeaways https://www.unum.capital/post/ussecc Free U.S. Sectors: Weekly Momentum Shift Matrix https://www.unum.capital/post/shimo Free U.S. Sectors: Multi-Time Frame Analysis https://www.unum.capital/post/mtqan Free Sasol: Running +14% (Rebound Off Buy Re-Entry Zone) https://www.unum.capital/post/solele Free USD/ZAR https://www.unum.capital/post/zarwee Free Trading Harmony Gold (HMY) https://www.unum.capital/post/hmygold Free Spar Momentum Analysis: Weekly Time Frame https://www.unum.capital/post/sparmo Free JSE Discretionary Retail: Momentum Analysis https://www.unum.capital/post/discret Free Sasol: Summary of Business Performance https://www.unum.capital/post/solbmf Free Momentum Analysis & Price Action Model: Brent Crude Oil https://www.unum.capital/post/maoil Free 🎥 Watch: Kumba Iron Ore https://www.unum.capital/post/wakio Free * *NEW*  Momentum Analysis: JSE Insurers https://www.unum.capital/post/moani Free 🎥 Watch: Trading Sasol https://www.unum.capital/post/wasal Free * *NEW* RSI Deep Dive: $AGL $ARI $ANG $DRD $EXX $GFI $BHG https://www.unum.capital/post/rsideep7 Free 🎥 Watch: Trading FirstRand https://www.unum.capital/post/wafirst Free 🎥 Watch: Nedbank Group https://www.unum.capital/post/watned Free 🎥 Watch: Harmony Gold (Actionable Areas: S/Term Traders) https://www.unum.capital/post/waharm Free 🎥 Watch: AngloGold Ashanti (Actionable Areas: S/Term Traders) https://www.unum.capital/post/waang Free JSE Sectors: Risk Factors & Contrarian Signals https://www.unum.capital/post/rifact Free JSE Sectors: Wakey, Wakey... https://www.unum.capital/post/wwakey Free JSE Sectors: Relative Rotation https://www.unum.capital/post/rrotan Free JSE Sectors: Momentum Matrix Shift https://www.unum.capital/post/momatr Free JSE Sectors: Key Takeaways https://www.unum.capital/post/keytake Free 🎥 Watch: JSE Platinum Miners https://www.unum.capital/post/platspre Free Trading Growthpoint Properties (GRT) https://www.unum.capital/post/tragrow Free Trading Discovery Holdings (DSY) https://www.unum.capital/post/dsytap Free Full Target Reached: Take Profit on Apple Inc. https://www.unum.capital/post/tpaapl Free 🎥 Watch: Woolworths https://www.unum.capital/post/wawool Free 🎥 Watch: Technical Screener & SA Inc https://www.unum.capital/post/wscree Free 🎥 Watch: Satrix Resources ETF - Comment on Monthly Chart https://www.unum.capital/post/waresi Free JSE Platinum Miners: Momentum Analysis https://www.unum.capital/post/platmo Free Global Indices: Momentum Analysis https://www.unum.capital/post/gloind Free Take Profit on Richemont (Running +24% vs Buy Trigger) https://www.unum.capital/post/richta Free JSE Diversified Miners: Momentum Analysis https://www.unum.capital/post/dmimo Free JSE Gold Miners: Momentum Analysis https://www.unum.capital/post/gminmo Free 🎥 Watch: Sasol https://www.unum.capital/post/wssol Free 🎥 Watch: Spot Gold https://www.unum.capital/post/spoxau Free 🎥 Watch: Spot Platinum https://www.unum.capital/post/spoplat Free 🎥 Watch: Trading Prosus - Actionable Areas https://www.unum.capital/post/proarea Free S&P 500 Index https://www.unum.capital/post/spxfive Free Technical Take: JSE Banks https://www.unum.capital/post/jseba Free Technical Take: JSE Telecoms https://www.unum.capital/post/tettel Free Bidvest vs Top 40 https://www.unum.capital/post/bvtret Free 🎥 Watch: Valterra Platinum & Northam Platinum https://www.unum.capital/post/wvalt Premium Content:   Weekend Watchlist - Relative Rotation https://www.unum.capital/post/relrota Free Trade Idea Update : Volatility Index Target Reached https://www.unum.capital/post/vixtar Free adbrn (Aberdeen) Physical Palladium Shares ETF Running +54% https://www.unum.capital/post/phypall Free 🎥 Watch: Sibanye Stillwater (+300%) + New P/A Probabilities https://www.unum.capital/post/wsiban Free 🎥 Watch: Impala Platinum On The Run + New P/A Probabilities https://www.unum.capital/post/wimpal Free 🎥 Watch: Making Money https://www.unum.capital/post/wmamo Free VanEck Gold Miners ETF: Now Higher by 100% https://www.unum.capital/post/gdx100 Free Trading Tiger Brands https://www.unum.capital/post/tbsrung Free 🎥 Watch: British American Tobacco https://www.unum.capital/post/wbtob Free JSE Sectors: Ranked (Most to Least Preferred) https://www.unum.capital/post/jranki Free JSE Sectors: Risk Factors & Contrarian Signals https://www.unum.capital/post/consign Free JSE Sectors: The 'Why' Behind The Flow https://www.unum.capital/post/whyflw Free JSE Sectors: Wakey, Wakey... https://www.unum.capital/post/jwakey Free JSE Sectors: Relative Rotation https://www.unum.capital/post/relron Free JSE Sectors: Momentum Shift Matrix https://www.unum.capital/post/moshmx Free JSE Sectors: Key Takeaways https://www.unum.capital/post/jsectk Free Full Target Reached at $55.00. Solaris Energy Infrastructure +46% https://www.unum.capital/post/seitar Premium Content 🎥 Watch: Breaking Out; Target 2800c https://www.unum.capital/post/wstxfa Free Buy Idea: Perpertua Resources https://www.unum.capital/post/ipptaa Free 🎥 Watch: Currently +15%. Consider Taking Partial Profits https://www.unum.capital/post/wamtn Free 1 Target Reached; 1 Stop-loss Breached https://www.unum.capital/post/sccofcx Free Long Term Target +R240 https://www.unum.capital/post/rainbwmi Free Curro Holdings https://www.unum.capital/post/currun Free High Impact 🎥 Watch: Take Note of Credit Spreads https://www.unum.capital/post/tncred Free S&P 500 Index (US500) https://www.unum.capital/post/usfivhn Free Trading Harmony Gold https://www.unum.capital/post/hargol Free S a trix Industrial (STXIND) https://www.unum.capital/post/stxinds Free U.S. Factor Rankings (Momentum Adjusted) https://www.unum.capital/post/facrank Free U.S. Factor Relative Rotation https://www.unum.capital/post/facrota Free U.S. Factors Momentum Shift Matrix https://www.unum.capital/post/moshi Free U.S. Factors Analysis: Key Takeaways https://www.unum.capital/post/usfackt Free Anhueser-Busch Inbev https://www.unum.capital/post/traanh Free 🎥 Watch: Boxer Retail's Breakout Attempt https://www.unum.capital/post/boxbre Free 🎥 Watch: Diversified Miners (Absolute & Relative) https://www.unum.capital/post/wdimi Free $ABAT Running +155% in 3 Weeks https://www.unum.capital/post/abat3 Free 🎥 Watch: Exxaro Resources https://www.unum.capital/post/exxresc Free Trade Idea Update: 1nvest Palladium (ETFPLD) Running +17% https://www.unum.capital/post/pldrunn Free 🎥 Watch: Trading Sasol https://www.unum.capital/post/asola Free Spot Gold https://www.unum.capital/post/tspotg Free 🎥 Watch: Market Risk Index https://www.unum.capital/post/mrisvi Free Harmony Gold (HMY) https://www.unum.capital/post/thmyt Premium Content:   Playbook: Shoprite Holdings https://www.unum.capital/post/shoplay Premium Content: Fundamentally Inexpensive + Technically Constructive https://www.unum.capital/post/iabga Premium Content:   🎥 Watch: Trading Prosus https://www.unum.capital/post/prosprem Free Trade Idea Update: Volatility Index Spikes +33% https://www.unum.capital/post/vixspi Free Buy Idea: Byrna Technologies https://www.unum.capital/post/byrna Free  U.S Sectors: Relative Rotation https://www.unum.capital/post/usrotan Free  U.S Sectors Ranked From Most to Least Preferred https://www.unum.capital/post/ussecra Free U.S Sectors: Key Takeaways: https://www.unum.capital/post/spdrtkw Free  U.S Sectors: Wakey, Wakey... https://www.unum.capital/post/uswakey Free  U.S Sectors: Risk Factors & Contrarian Signals https://www.unum.capital/post/usriskc Free U.S Sectors: Regimes vs S&P 500 Index https://www.unum.capital/post/usecv Free 🎥 Watch: Trading Nedbank https://www.unum.capital/post/nbankr Free Discovery: Generating Cash Flow https://www.unum.capital/post/dsyfow Free Global Trade Idea Closed:  Full Target Reached at $17.00 https://www.unum.capital/post/servtar Free Global Trade Idea Closed: Full Target Reached at $6.50 https://www.unum.capital/post/abatar Free Local Trade Idea Closed: Full Target Reached at 4718c https://www.unum.capital/post/cmlft Free Buy Idea: Ivanhoe Mines https://www.unum.capital/post/ivntsx Free Buy Idea: ALPS Medical Breakthroughs ETF https://www.unum.capital/post/sbioetf Free Take Profits: Running +33% https://www.unum.capital/post/anetrn Premium Content: JSE Sectors: Weekly Momentum Shifts https://www.unum.capital/post/wmosh Free Take Profit: South 32 Rebounding+21% https://www.unum.capital/post/souttp Free Take Profit: Anglo American +30% https://www.unum.capital/post/anglruni Free JSE Relative Rotation https://www.unum.capital/post/rerota Free JSE Sectors: Risk Factors & Contrarian Signals https://www.unum.capital/post/riskfact Free JSE Sectors: Most to Least Preferred https://www.unum.capital/post/mostlea Free Palladium: How We Played A Pattern. Now +53% https://www.unum.capital/post/xpdrunn Free JSE Sectors: The 'Why' Behind The Flow https://www.unum.capital/post/whbeh Free JSE Sectors: Wakey, Wakey... https://www.unum.capital/post/wakey Free JSE Sector Analysis: Key Takeaways https://www.unum.capital/post/saktways Free Glencore: 1st Target Reached at 8300c https://www.unum.capital/post/gln8300 Free Market Risk Index: Daily + Weekly + Monthly https://www.unum.capital/post/mridwm Premium Content: 🎥 Watch: Chart of the Day https://www.unum.capital/post/cpulpd Free 🎥 Watch: Rebounding +10%. Consider Taking Partial Profits https://www.unum.capital/post/wmtna Free Trading South 32 https://www.unum.capital/post/soufou Free Trading Satrix Resources: Updated View https://www.unum.capital/post/resiob Premium Content: 3 JSE Shares Trading +30% vs 75-EMA https://www.unum.capital/post/threesf Free Buy Idea: Intuitive Machines (Small Cap/Spec) https://www.unum.capital/post/ilunra Free Global X Uranium ETF Running +80% https://www.unum.capital/post/uraruni Free Afrimat https://www.unum.capital/post/upaft Free Physical Palladium Shares ETF: Running +24% https://www.unum.capital/post/phypall Free Trading Harmony Gold (HMY) in New York https://www.unum.capital/post/chmys Free FirstRand: Current Model Reading & Setup https://www.unum.capital/post/cfsru Free Coronation Fund Managers: Take Profit https://www.unum.capital/post/cmltp Free American Battery Technology Co. Running 53% https://www.unum.capital/post/abatrun Free Approaching Target & Running +35%. Take Partial Profits https://www.unum.capital/post/servtp Free Lumen Technologies: Running +37% https://www.unum.capital/post/lumnrun Free Glencore Plc Running +25% https://www.unum.capital/post/glnruni Free 🎥 Watch: Running +10% https://www.unum.capital/post/rnedn Free 🎥 Watch: Update on JSE Platinum Shares https://www.unum.capital/post/wjsepl Free Buy Idea: Teradyne Inc. https://www.unum.capital/post/itera Free JSE Top 40: Assessing The Current Reward-to-Risk https://www.unum.capital/post/risktop40 Free Oil Undervalued Versus Gold https://www.unum.capital/post/oilgold Free Mondi Plc: Summary of Q3 Trading Update https://www.unum.capital/post/mnpq3 Free Buy Idea: Amentum Holdings https://www.unum.capital/post/iamtma Premium Content: ETF Themes From Our Screeners https://www.unum.capital/post/etfscre Featured Post: Double Your Money (ETF) https://www.unum.capital/post/dymark Free Buy Idea: 1nvest Palladium ETF https://www.unum.capital/post/ietfplda Free Spot Gold https://www.unum.capital/post/sptxauu Free JSE Discretionary Retailers: Snapshot/Core Thesis https://www.unum.capital/post/jsediscre Free 🎥 Watch: M/T Target +R255 (Currently Running +29%) https://www.unum.capital/post/rarlnn Free Buy Idea: Ark Genomic Revolution ETF https://www.unum.capital/post/iarkga Free Trading Nedbank https://www.unum.capital/post/nedraly Free South 32: Running +10% https://www.unum.capital/post/s32ten Free Buy Idea: RWE AG https://www.unum.capital/post/irwea Free Buy Idea: IBM https://www.unum.capital/post/iibma Free JSE Sector Rotation: https://www.unum.capital/post/secrota Free JSE Sectors: Key Takeaways https://www.unum.capital/post/ktways Free JSE: Where is the Money Flowing https://www.unum.capital/post/wheremf Free JSE: Relative Sector Analysis https://www.unum.capital/post/reanay Free JSE: Ranking The Sectors https://www.unum.capital/post/rankise Premium Content: The Most Important Chart https://www.unum.capital/post/michart Free Banks/JSE Top 40 (Relative) https://www.unum.capital/post/jseban Free Take Profit: Running +39% https://www.unum.capital/post/ttsmp Free 🎥 Watch: Medium/Long Term Targets 8300c & 9400c https://www.unum.capital/post/glencvi Free 🎥 Watch: Netcare https://www.unum.capital/post/ntcvi Free A Note on Gold's Monthly Chart https://www.unum.capital/post/xaumonth Free 🎥 Watch: Discovery Holdings https://www.unum.capital/post/dsypam Free Update: ASML Running +44% https://www.unum.capital/post/asmlrun Free ETF Idea: +51% in 15 Weeks   https://www.unum.capital/post/ipbwa Free Buy Idea: iShares U.S. Infrastructure ETF   https://www.unum.capital/post/ifrai Free Talen Energy: Running +24%   https://www.unum.capital/post/talenrun Free 🎥 Watch: Provisional Buy Re-Entry R345 to R355   https://www.unum.capital/post/isnta Free Re-Enter (Buy) Between R288 & 295, Sell at R320   https://www.unum.capital/post/itbse Archive: Year-To-Date 29 September to 03 October https://www.unum.capital/post/r2903oct 22 to 26 September https://www.unum.capital/post/r2226sept 15 to 19 September https://www.unum.capital/post/r1519sept 08 to 12 September https://www.unum.capital/post/r0812sept 01 to 05 September https://www.unum.capital/post/r0105sept 25 to 29 August https://www.unum.capital/post/r2529august 18 to 22 August https://www.unum.capital/post/r1822august 11 to 15 August https://www.unum.capital/post/r1115august 04 to 08 August https://www.unum.capital/post/r0408august 28 July to 01 August https://www.unum.capital/post/r2801august 21 July to 25 July https://www.unum.capital/post/r2125july 14 July to 18 July https://www.unum.capital/post/r1418july 07 July to 11 July https://www.unum.capital/post/r0711july 30 June to 04 July https://www.unum.capital/post/r3004july 23 June to 27 June https://www.unum.capital/post/r2327june 16 June to 20 June https://www.unum.capital/post/r1620june 09 June to 13 June https://www.unum.capital/post/r0913june 02 June to 06 June https://www.unum.capital/post/r0206june 26 May to 30 May   https://www.unum.capital/post/r2630may 19 May to 23 May https://www.unum.capital/post/r1923may 12 May to 16 May   https://www.unum.capital/post/research-12-16-may-2025 05 May to 09 May   https://www.unum.capital/post/research-05-09-may-2025 28 April to 02 May   https://www.unum.capital/post/research-28-april-02-may-2025 21 April to 25 April   https://www.unum.capital/post/212504 14 April to 18 April   https://www.unum.capital/post/research-14-18-april-2025 07 April to 11 April   https://www.unum.capital/post/research-07-11-april-2025 31 March to 04 April   https://www.unum.capital/post/research-31-march-04-april-2025 24 March to 28 March   https://www.unum.capital/post/research-24-28-march-2025 17 March to 21 March   https://www.unum.capital/post/research-17-21-march-2025 10 March to 14 March   https://www.unum.capital/post/research-10-14-march-2025 02 January to 07 March   https://www.unum.capital/post/latest-research-january-2025 Lester Davids Senior Investment Analyst: Unum Capital