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Research Notes October 2025 > https://www.unum.capital/post/roct2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Previous Post (22 October): 🎥Watch: Harmony Gold -Actionable Areas (Short Term Traders) Lester Davids Senior Investment Analyst: Unum Capital

Research Notes October 2025 > https://www.unum.capital/post/roct2025 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 October 2025 > https://www.unum.capital/post/roct2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za MTN is in a dominant, accelerating multi-year uptrend  on the weekly chart, pushing aggressively toward its 2022 high. Current Price: 17,015c . Comprehensive Summary MTN's weekly chart is flashing extreme overbought signals across the Ultra Short-Term and Short-Term timeframes , indicating a buying climax. This vertical momentum has brought the price right up to the major resistance area around 17,000c. While the Mid-Term  and Base Term  indicators confirm the structural strength of the long-term rally, the immediate technical risk is high due to exhaustion. A pullback to the Mid-Term support cluster is the most likely outcome, offering a better, lower-risk entry point for investors targeting a long-term breakout. Multi-Timeframe Momentum Analysis Momentum is at multi-year extremes, indicating the current rally is stretched: the Ultra Short-Term momentum  is deep in the OVERBOUGHT  tier and sloping upwards , indicating extreme, accelerating buying pressure that cannot be sustained. The Short-Term momentum  is also deep in the OVERBOUGHT  tier and sloping upwards , confirming high short-term conviction but also immediate technical exhaustion. The Mid-Term momentum  is firmly in the Approaching Overbought  tier and sloping steeply upwards , reinforcing the strong structural integrity of the multi-month rally. Finally, the Base Term momentum  is in the STRONG  tier and sloping steeply upwards , indicating robust long-term buying engagement. Key Actionable Zones The primary ceiling is the Short-Term Resistance  zone of 17,300c - 17,600c , marking the 2022 high. This area is a high-risk inflection point  for profit-taking. The anticipated, high-probability support area for a healthy correction is the Mid-Term Support/Pivot  zone of 15,000c - 14,500c , which should anchor the structural move. The ultimate defense lies at the Base Term Structural Support (12,000c) , which defines the long-term bullish structural low. MTN Weekly Chart Lester Davids Senior Investment Analyst: Unum Capital

Research Notes October 2025 > https://www.unum.capital/post/roct2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za South32 has completed a deep, multi-year structural decline and is currently in a powerful Long-Term Recovery . Current Price: 3588c . Comprehensive Summary South32's monthly chart confirms a pronounced recovery that is supported by STRONG and positive  momentum, indicating robust institutional buying. The current rally is aggressively testing the key pivot zone that acted as strong support from 2018–2020. The immediate bullish momentum is structurally sound and the objective is to clear the major overhead ceiling to confirm the next multi-year expansion phase. Multi-Timeframe Momentum Analysis Momentum is highly compressed and bullish, reflecting the strength of the recovery: the Ultra Short-Term momentum (84.69)  is at the upper band of the STRONG  tier and sloping upwards , indicating aggressive buying conviction is driving the current price, and is approaching the Overbought  threshold (85). The Short-Term momentum (70.33)  is also firmly in the STRONG  tier and sloping upwards , confirming solid, multi-month buying pressure. Mid-Term and Base Term momentum are both in the NEUTRAL  tier but are sloping upwards , reinforcing that the primary long-term trend remains structurally sound and recovering. Key Actionable Zones The immediate upside target is the Short-Term Resistance  zone of 4000c - 4200c  (the 2023 high). The crucial low-risk buying opportunity is the Mid-Term Support/Pivot (3000c - 2800c) , which must hold to maintain the recovery structure. The major Long-Term Breakout  required to confirm a new bull market is a sustained monthly close above 5300c. S32 Monthly Chart Previous Post (08 October): South 32: Running +14%. Short Term Traders Consider Taking (Partial) Profits Previous Post (21 September): 🎥Watch (Video): A Bit of Mean Reversion Due...? To access this name, you need to be an ACTIVE  trading client of Unum Capital, having traded via the desk in the last 7 trading days. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes October 2025 > https://www.unum.capital/post/roct2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za *Approaching a re-test of the breakout level and the rising 8-week EMA. Provisional Trading Ranges Buy Re-Entry Range = 2982c - 2819c Stop = 2745c Target: 3200c Lester Davids Senior Investment Analyst: Unum Capital

Research Notes October 2025 > https://www.unum.capital/post/roct2025 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 October 2025 > https://www.unum.capital/post/roct2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Previous Post (18 July) Global Idea: Coherent Corp - Price Slope Steepening Within A Base Manufacturer of optical materials and semiconductors Lester Davids Senior Investment Analyst: Unum Capital

Research Notes October 2025 > https://www.unum.capital/post/roct2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Previous Post (19 October): 🎥Watch: Spot Platinum Lester Davids Senior Investment Analyst: Unum Capital

Research Notes October 2025 > https://www.unum.capital/post/roct2025 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 October 2025 > https://www.unum.capital/post/roct2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Updated Video Below In addition, Spot Gold discussed in a note yesterday (Tuesday, 28 October): https://www.unum.capital/post/xauext Previous Video (19 October) Lester Davids Senior Investment Analyst: Unum Capital

Research Notes October 2025 > https://www.unum.capital/post/roct2025 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 October 2025 > https://www.unum.capital/post/roct2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za BHP Group Medium Term Traders Take Profit On This Idea Previous Post (21 June): Trading BHP Group: Contrarian Opportunity? High Bearish Momentum + Approaching Oversold Lester Davids Senior Investment Analyst: Unum Capital