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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 Silver is in a powerful, multi-year structural uptrend but has undergone a significant weekly pullback, making the current levels a critical pivot point. Current Price: $48.5680 . The weekly momentum is still highly constructive, but the velocity has dropped sharply, allowing a necessary correction. The Ultra Short-Term momentum  is deep in the NEUTRAL  tier and sloping steeply downwards , indicating the current sell-off pressure is intense but nearing exhaustion. The Short-Term momentum  is in the NEUTRAL  tier and sloping downwards , reinforcing the corrective phase. However, the Mid-Term momentum  is just below the Approaching Overbought  tier and sloping sideways , confirming the structural integrity of the long-term rally is still holding. The Base Term momentum  is firmly in the Approaching Overbought  tier, underscoring that the primary long-term trend remains extremely bullish. The key technical challenge is the Short-Term Resistance ($50.5000 - $52.0000) . A successful break here would confirm the uptrend's resumption, targeting the Major Long-Term Resistance ($55.0000 - $60.0000) . The critical Base Term Structural Support  lies at $41.0000 - $39.0000 ; a failure here confirms a fresh bearish continuation. 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 Compagnie Financière Richemont SA (CFR) Richemont has pulled back after a solid multi-month recovery and is now testing a key pivot area. The momentum profile shows a sharp loss of short-term velocity, suggesting the current trend is pausing, not reversing. Current Price: 345533c . The core thesis for Richemont hinges on whether the recent sharp drop is merely a technical correction —a re-entry point for bulls—or the start of a deep structural reversal. The Ultra Short-Term momentum (19.49)  is deep in the HIGH BEARISH MOMENTUM / APPROACHING OVERSOLD  tier, signaling that sellers are exhausted and an immediate technical bounce  is highly probable, favoring a short-term long trade. The first key zone for this rebound to stabilize is the Ultra Short-Term Buy Zone (340000c - 335000c) . If the price successfully launches from this area, the initial challenge will be the Short-Term Resistance (351500c - 355000c) . Crucially, the Mid-Term Support/Pivot (327000c - 320000c)  must hold to preserve the overall recovery structure; failure here would expose the major Base Term Support (290000c)  and invalidate the recent uptrend. Spar Group (SPP) Spar is trading in a defined base-building pattern after a deep, multi-year decline. The stock recently bounced hard off structural support but is now facing profit-taking near a critical resistance ceiling. Current Price: 10666c . The core thesis for Spar hinges on whether the current upward velocity can breach the significant overhead resistance at 11000c - 11200c  to end its multi-year base-building. The Ultra Short-Term momentum (81.36)  is deep in the HIGH BULLISH MOMENTUM / APPROACHING OVERBOUGHT  tier, signaling that the current bounce is accelerating and due for an immediate pause or pullback, yet has strong upward conviction. The Mid-Term momentum (62.84)  is firmly in the STRONG  tier, suggesting the three-month recovery trend has structural integrity. If the stock pulls back, the Mid-Term Support/Pivot (10200c - 10000c)  is the crucial area that must hold to sustain the recovery; failure to hold this level would risk a collapse toward the Base Term Support (9650c - 9500c) . A successful breakout targets the Major Long-Term Resistance (13000c) . MNP: Mondi plc Mondi is currently in a strong downward trend, which has only recently paused to initiate an aggressive technical bounce. Current Price: 19542c . The Ultra Short-Term momentum (75.03)  is firmly in the STRONG  tier and sloping steeply upwards , confirming that an aggressive, short-term relief rally is underway. This rally has pushed the Short-Term momentum (68.71)  into the STRONG  tier, but the underlying Mid-Term (38.96)  and Base Term (31.57)  momentum remains in the WEAK  tier, reinforcing the dominant long-term bearish structure. The rally is expected to encounter major resistance at 21500c - 22000c , which is the key Short-Term Resistance  area; failure to clear this will signal the return of the sellers. The low of the move is the critical Base Term Support  at 19000c - 18500c ; a break below this confirms a major bearish continuation. BVT: Bidvest Group Limited Bidvest is attempting to bottom out after a significant decline and is currently in a decisive bounce phase. Current Price: 22676c . The momentum profile shows high conviction in this bounce: both the Ultra Short-Term (77.31)  and Short-Term (76.71)  momentum indicators are in the STRONG  tier and sloping sharply upwards , signaling accelerating buying pressure. However, the Mid-Term (65.45)  and Base Term (63.39)  momentum remains in the STRONG  tier, suggesting the price has room to run before hitting overbought exhaustion. The immediate technical task is to challenge the Short-Term Resistance  at 23500c - 24000c . The major structural support lies at the low of the current move, which acts as the crucial Base Term Support (20400c) . A successful break above 24000c would open the path to the Mid-Term Resistance  around 26000c . TRU: Truworths International Limited Truworths is deep in a structural decline but has initiated a strong, high-velocity technical bounce off its recent lows. Current Price: 5625c . The short-term picture is aggressively bullish, with both Ultra Short-Term (86.15)  and Short-Term (73.17)  momentum indicators in the HIGH BULLISH MOMENTUM / APPROACHING OVERBOUGHT  and STRONG  tiers respectively, and sloping upwards . However, the Mid-Term (57.29)  and Base Term (48.56)  momentum indicators are still in the NEUTRAL  tier, confirming the overall trend structure is not yet bullish. The key technical challenge is the Short-Term Resistance  at 6000c - 6200c . A successful break here would signal a major counter-trend rally, targeting the Mid-Term Resistance  around 7000c . The critical Base Term Support  lies at the recent low of 5250c ; a failure here confirms a fresh bearish continuation. 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 The S&P 500 is exhibiting extreme bullish momentum, but this strength comes with a high risk of a near-term correction. The index has surged into OVERBOUGHT  territory on short-term indicators, while ultra-short-term metrics show HIGH BULLISH MOMENTUM . This dual signal of intense buying pressure coupled with an overbought reading strongly suggests a profit-taking pullback is imminent. While the underlying mid and base-term trends remain firmly in the Strong  tier, confirming the market's structural health, traders should be prepared for significant short-term volatility and a test of support as the current aggressive rally becomes overextended. 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 The Dow Jones Index is in a dominant, accelerating long-term uptrend  on its weekly chart, pushing into all-time high territory. Current Price: 47,250.85 . The core thesis is that the market is showing strong conviction and has been aggressively bought, putting it at risk of a short-term pullback before further trend continuation. Comprehensive Summary The Dow Jones is exhibiting powerful bullish momentum, but the recent push has driven the index into an extremely extended, overbought condition , signaling a high probability of short-term exhaustion. The index has surpassed its previous range ceiling and is showing no resistance overhead. While the trend is undeniably intact, the immediate risk/reward favors consolidation. Any pullback should be viewed as a "buy-the-dip" opportunity  within the powerful multi-year trend. Multi-Timeframe Momentum Analysis All momentum indicators are showing sustained bullish conviction and are deeply entrenched in the strong/overbought tiers: Ultra Short-Term Momentum:  This is deep in the HIGH BULLISH MOMENTUM / APPROACHING OVERBOUGHT  tier and sloping upwards , indicating extreme, accelerating buying pressure. Short-Term Momentum:  This is in the Approaching Overbought  tier and sloping upwards , confirming high short-term conviction. Mid-Term Momentum:  This is firmly in the STRONG  tier and sloping upwards , reinforcing the strong structural integrity of the rally. Base Term Momentum:  This is in the NEUTRAL  tier but near the top, sloping upwards , indicating strong buying engagement across the entire long-term period. The coordinated upward slope across all timeframes suggests the price will likely attempt to sustain its momentum and breach resistance, but the extreme readings make a sudden, sharp reversal a non-zero risk. Key Actionable Zones For traders and investors, the focus is on managing the overbought risk and preparing for the next anchor point. The most critical resistance is the Major Long-Term Resistance  at 48,000 , which acts as the next major psychological milestone. If the current overbought momentum forces a pullback, the ideal Mid-Term Support/Pivot  is the zone around 44,800 - 44,000 , which has served as a key base for the medium-term trend. The ultimate structural defense lies much lower at the Base Term Support (39,000 - 38,000) , which defines the long-term bullish structural low. 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 The JSE Top 40 Index is currently in an extremely extended, parabolic uptrend  across all major timeframes, having recently encountered resistance at its all-time high. Current Price: 103,114.19 . The core thesis is that the market is due for a significant, healthy correction  to relieve extreme long-term momentum, with the potential for continuation only after a deep consolidation. On the monthly chart, Base Term momentum  is deep in the OVERBOUGHT  tier and signaling extreme structural risk . The Weekly  chart confirms this extended state, with Mid-Term momentum  in the Approaching Overbought  tier but sloping sideways , indicating that the rally has stalled. The daily chart shows Ultra Short-Term momentum  is already in the NEUTRAL  tier and sloping downwards , confirming short-term profit-taking is actively underway. The first critical support to watch is the Short-Term Support (101,000 - 99,500) ; a failure here exposes the Mid-Term Support/Pivot (95,000 - 92,000) , which is the crucial anchor for the weekly trend. Conversely, continuation requires a clear breakout above the Major Overhead Resistance (104,000 - 106,000) . Multi-Timeframe Momentum Analysis All three timeframes confirm an extended trend, with monthly momentum at a historical peak. Monthly Analysis:  The Base Term  momentum is deep in the OVERBOUGHT  tier and sloping sideways , indicating extreme structural risk . This level typically precedes a major, multi-month correction. Weekly Analysis:  The Mid-Term  momentum is in the Approaching Overbought  tier but sloping sideways . This shows the primary weekly trend remains near peak conviction but has stalled, requiring consolidation before any further move. Daily Analysis:  The Ultra Short-Term  momentum is already in the NEUTRAL  tier and sloping downwards , confirming that short-term profit-taking is actively in progress and the risk of a deeper immediate pullback is high. 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 Gold Fields is in a powerful, multi-year structural rally  on its monthly chart, trading near its all-time highs. Current Price: 70611c . The core thesis is that the stock has hit a generational momentum peak  and is undergoing a sharp, high-risk correction that is likely to draw the price back toward major multi-month structural support. Comprehensive Summary Gold Fields' monthly chart is signaling a generational momentum peak . The current rally has pushed all momentum indicators deep into the overbought territory, a condition that historically precedes either a violent pullback or a multi-month period of deep consolidation. While the trend remains bullish, the technical risk is extreme . The most critical event for the short-term is a correction back to key support levels. The ultimate success of the long-term trend depends on finding a solid base and eventually clearing the recent high. Multi-Timeframe Momentum Analysis The selling pressure is currently most aggressive on the daily chart, while the monthly chart flags extreme long-term risk. The key takeaway from the analysis across all charts is a clear consensus of momentum exhaustion  at the top of the multi-year range. The longest timeframe ( Monthly ) shows Base Term momentum  deep in the OVERBOUGHT  tier and sloping sideways , which is the classic signal for extreme structural risk —this type of momentum stall typically requires a deep, multi-month correction. This heavy long-term warning is confirmed by the shorter timeframes: on the Weekly  chart, Mid-Term momentum  has just turned downwards , validating the correction's structural necessity. Furthermore, the Daily  chart's Ultra Short-Term momentum  has pulled back aggressively from overbought levels, indicating that short-term profit-taking is actively in progress  and driving the price lower. Key Actionable Zones For traders looking to manage risk or capitalize on the likely correction, the Ultra Short-Term Sell Zone  remains centered around the 78000c - 81000c  all-time high ceiling. The anticipated target area for a necessary technical stabilization is the Weekly / Mid-Term Support  zone of 60000c - 55000c , which acts as the most crucial anchor for the recent rally structure. Should this mid-term support fail, the market's trajectory will shift toward the Major Long-Term Buy Zone  defined by the Monthly / Base Term Structural Support  at 45000c - 35000c , representing a critical re-entry opportunity for long-term investors. 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 Anglo American is currently in a strong technical pullback  within its dominant long-term uptrend. The corrective velocity has pushed the fastest momentum indicators deep into oversold territory, signaling exhaustion and a high probability of a bounce . The rally is not over, but immediate buying pressure has evaporated. The price is now testing the high-alert support cluster that defines the multi-month uptrend. Multi-Timeframe Momentum Analysis The momentum breakdown is rapid and aggressive, but the longer-term trend structure is still neutral-to-strong: Ultra Short-Term Momentum:  This is deep in the WEAK  tier and sloping steeply downwards , indicating extreme, accelerating selling pressure. Short-Term Momentum:  This is in the HIGH BEARISH MOMENTUM / APPROACHING OVERSOLD  tier and sloping downwards , confirming the aggressive pullback is near a climax. Mid-Term Momentum:  This is firmly in the NEUTRAL  tier and sloping downwards , showing the rally has failed its mid-term test and is pulling back toward structural anchors. Base Term Momentum:  This is in the NEUTRAL  tier and sloping sideways , reinforcing that the multi-month uptrend structure is intact despite the current weakness. Previous Post (09 October): Take Profit - Anglo American Plc Running +30% & Generating Cash For Short Term Traders. Previous Post (Tuesday 26 August): 🎥Watch: Discussing Anglo American Plc 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 Pepkor is locked in a wide multi-year consolidation and recovery  pattern on the monthly chart, trading near the high of its recent range. Current Price: 2670c . The core thesis is that the market is showing strong recovery conviction on the weekly chart but is being contained by a critical long-term resistance area. Comprehensive Summary Pepkor's structural recovery is currently running into its major long-term distribution zone  (Monthly chart). The weekly chart has flashed extreme bullish momentum , suggesting high conviction in the current rally. However, the price is encountering strong selling pressure from above, indicating a major battle is underway to break the multi-year consolidation pattern. The stock needs to correct or consolidate to relieve the extreme weekly momentum before any sustainable breakout can be confirmed. A clear push above 2900c - 3000c  is necessary to trigger the next long-term expansion phase. Multi-Timeframe Momentum Analysis Looking across all timeframes, momentum is highly compressed and elevated, underscoring the tight battle at the current price level. On the Monthly  chart, Base Term momentum  is in the NEUTRAL  tier and sloping sideways , which confirms the multi-year trend is currently confined to a broad range. The Weekly  chart shows significant bullish conviction, with Ultra Short-Term momentum  deep in the HIGH BULLISH MOMENTUM / APPROACHING OVERBOUGHT  tier, but this momentum has already started to turn downwards , signaling that a necessary correction is imminent. Finally, the Daily  chart's Ultra Short-Term momentum  has completely stalled in the NEUTRAL  tier, reflecting the tight price action and suggesting the upward push is paused as sellers begin to emerge. Key Actionable Zones For positioning, the immediate focus is on managing the short-term pullback. The nearest support is the Daily / Short-Term Support  zone of 2550c - 2450c ; holding this is vital to keeping the recent rally alive. However, the ideal structural buying opportunity, or the deepest possible discount before the primary uptrend resumes, lies much lower at the Weekly / Mid-Term Support  area of 2280c - 2150c . On the upside, the major ceiling the stock must overcome is the Monthly / Base Term Resistance  zone of 2900c - 3000c . A definitive monthly close above this entire ceiling would trigger the next major long-term expansion phase. 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 (Wednesday 22 October): 🎥Watch: Trading Sasol - Good Start (+4%); In The Money 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 Follow-up on yesterday's RSI deep dive...very decent rebounds today... *Slides generate with Artificial Intelligence and analyst's own data. *NEW* 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 Lester Davids Senior Investment Analyst: Unum Capital