Technical Report Global Leader Dry Bulk Derivatives

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1 Soybens November 16 - Weekly Soybens November 16 - Dily Source Bloomberg Weekly Close US$ 952 ½ RSI 43 MACD Berish, the hisgrm is flttening S1 US$ 943 ¼ S2 US$ 937 R1 US$ 977 ¾ R2 US$ 985 Dily Close US$ 952 ½ RSI 37 MACD Berish, the hisgrm is flttening S1 US$ 943 S2 US$ 927 R1 US$ 962 ½ R2 US$ 996 Verdict Longer term momentum is strting level out. However the shorter period schstic continues look oversold As noted the 13 nd 21 period verges hd been cting s resistnce nd continue do so. Support between US$ 977 nd US$ 985 hs now been broken; the mrket testing, nd filing hold below the US$ 943 level mentioned in the lst report. The recent pull bck the secondry support mens the mrket is still bsing. Negtive weekly cndles need close below US$ 943 low for technicl sellers enter the mrket t A rnge hs now been set bet US$ 1,020 nd US$ 937 on the weekly chrt nd hs neutrlised the recent upwrd moves. Technicl buyers would need see close bove US$ 1,020 before entering in fresh longs. Verdict As expected the resistnce levels held lst week on the bck overbought short period momentum. The downside swing ok out the current support level cusing the US$ 943 level be tested. The close in the ws on the support (US$ 943) nd the cndlestick formed Doji str, suggesting tht there ws indecision in the mrket. The current close t US$ 952 ½ is f the Bollinger bnd lows nd is forming bullish 3 river morning str cndle pttern; is t time the shorter period momentum is crossing upwrds. The support, cndle formtion nd momentum cross would suggest tht current support levels should hold in the ner term. A close bove US$ 972 5/8 would be bove the shorter period verge line nd would be regrded s techniclly bullish. US$ 943 remins support level. However, the new low t US$ 937 is the level for technicl trders s close is needed below here ctivte fresh sell levels The informtion provided in communiction is generl in nture only nd does not constitute dvice in reltion investment nor constitute ny recommendtion on our prt. The informtion hs been prepred out tking in ccount your investment objectives, finncil sitution or knowledge nd experience. Freight Invesr Services Limited is uthorised nd regulted by the Finncil Conduct Authority (FRN ).

2 Soybens November 17 - Weekly Soybens November 17 - Dily Source Bloomberg Weekly Close US$ 927 ¼ RSI 45 MACD Berish, the hisgrm is nrrowing S1 US$ 925 ½ S2 US$ 903 ½ R1 US$ 953 ¾ R2 US$ 990 Dily Close US$ 927 ¼ RSI 44 MACD Berish, the hisgrm is nrrowing S1 US$ 912 S2 US$ 903 ¼ R1 US$ 937 ¼ R2 US$ 956 ¾ Verdict little hs chnged in the Dec 17 weekly contrct on the soyben mrket. Support levels hve been tested, nd continue hold. Momentum both short nd long remins bullish (longer term is strting fltten) nd would indicte mrket bse should continue form round these levels for the time being. A close below US$ 925 ½ would be below the low the berish gp tht formed in July 2015 nd could hve berish implictions going forwrd. However it is importnt note tht due the recent lows being below the support, for conservtive technicl sellers close below the low US$ 903 ½ would be needed before entering the mrket. Technicl buyers would need see close bove US$ 953 ¾ before entering the mrket, conservtive buyers needing see close bove US$ 956 ¾. Verdict As expected the resistnce held, nd buyers were right be cutious. Less expected ws the ese in which the support round the US$ 938 level ws broken. The Bollinger bnd hs cted s support on recent lows US$ 912 forming bse. Current close t US$ 927 ¼ hs formed bullish 3 river morning str nd hs coincided turn in the shorter period momentum, which is once gin turning bullish. A close bove the verge line US$ 932 would hve bullish implictions for pricing going forwrd. However resistnce t US$ 937 ½ it would be dvisble wit for close bove level. A rejection the US$ 932 level should hve recent longs on lert, s it would suggest the support could once gin be tested, nd if broken would hve technicl sellers entering on the brekout level. your reder s for execution. These re not suitble for ll invesrs. For ny further informtion or discuss the use these plese spek

3 Corn December 16 - Weekly Corn December 16 - Dily Source Bloomberg Weekly Close US$ 328 ½ RSI 35 MACD Berish, the hisgrm is nrrowing S1 US$ 325 3/8 S2 US$ 314 ¾ R1 US$ 364 R2 US$ 390 Verdict Recent upside momentum hs filed hold nd the downside hs once gin be tested. At point the previous support US$ 325 3/8 continues hold lst week s cndle rejecting the downside on higher volume, which would suggest tht buyers re prepred defend these levels. Longer term momentum remins oversold nd in negtive trending condition; shorter term momentum continues look oversold nd is showing bullish cross. Lst weeks close formed hmmer cndlestick which fter decline signls bullish reversl nd cn mrk mrket botms or support levels. Hmmers require further bullish confirmtion, preferbly on expnding volume. At point we hve the pttern, the volume nd Fiboncci support, however we still need see further upwrd momentum confirm pttern. Dily Close US$ 328 ½ RSI 43 MACD neutrl S1 US$ 314 ¾ S2 US$ 305 R1 US$ 322 ½ R2 US$ 344 Verdict As expected nd mentioned in the previous report the resistnce levels held. Unlike the support in the berish rnge which were broken, s fundmentl sellers ok on the support level on incresing sell side volume. The inverted hmmer/doji on the 31/8/16 signlled tht buyers were once gin willing support the mrket, nd we re now bck in the rnge highlighted on the previous report. Longer term momentum remin berish/oversold, wheres shorter term momentum is now turning bullish. Upside volume remins light nd would suggest we need see more upwrd impetus in price ction for buyers step in on force. The dily remin techniclly berish/neutrl. A close bove the US$ 346 is needed signl technicl buy, US$ 314 ¾ being the level for technicl sellers. Technicl sellers now need see close below US$314 3/4. A bullish weekly cndle close week will see technicl buyers entering the mrket; remembering resistnce t US$364. your reder s for execution. These re not suitble for ll invesrs. For ny further informtion or discuss the use these plese spek

4 Corn December 17 - Weekly Corn December 17 - Dily Source Bloomberg Weekly Close US$ 369 ¾ RSI 38 MACD Berish, the hisgrm is flt S1 US$ 364 S2 US$ 357 ½ R1 US$ 383 R2 US$ 386 Verdict Buy side momentum hs stlled. Intr weekly movements filed brek support 2 t US$ 357 ½ nd lso filed hold below support 1 t US$ 364. From technicl perspective both supports remin intct. Higher volume on the hmmer cndlestick highlights the importnce levels the bulls s they once gin defend the US$ 364 level. Longer term momentum remins berish oversold, wheres the shorter term momentum remins bullish even fter the testing the downside. A close below the US$ 357 ½ is need for fresh technicl sells here. A close bove US$ 383 would be bove the most recent pivot high nd signl bulls tht upside momentum is gining trction. At point we continue bse, however more is needed the buy side confirm tht botm will hold. Dily Close US$ 369 ¾ RSI 46 MACD Berish, the hisgrm is nrrowing S1 US$ 358 ½ S2 US$ 364 R1 US$ 373 ½ R2 US$ 383 Verdict Resistnce held in the short term, nd the technicl supports were broken. Due longer term momentum strting turn it ws expected tht the second these supports t US$ 364 would hve held. The technicl support ws broken for only two dys fter the Doji str on the showed the indecision the sellers in the mrket t time short term momentum ws oversold. The shorter period momentum would suggest tht the technicl resistnce t US$ 373 ½ could soon be tested. However lst week s sell f hs neutrlised the bullish momentum tht ws gining trction; incresed sell side volume nd low buy volume would indicte tht level could hold in the ner term. A close bove the US 373 ½ should put shorts on lert for chnge, however technicl buyers should wit for confirmtion close bove US$ 383 before entering in the mrket. A close below the low the Doji on the t US$ 358 ½ is techniclly berish on the dily chrt, though USS 357 ½ being the support on the weekly bers should hold for close below here. your reder s for execution. These re not suitble for ll invesrs. For ny further informtion or discuss the use these plese spek

5 Chicgo Whet December 16 - Weekly Chicgo Whet December 16 - Dily Weekly Close US$ 399 ½ RSI 26 MACD Berish, the hisgrm is widening S1 US$ 386 ¾ S2 US$ 372 R1 US$ 426 ½ R2 US$ 449 ¼ Verdict The brek in support t US$ 425 ½ hs turned mrket neutrl bsing mrket, once gin being techniclly berish. And will now be resistnce level going forwrd. Sell side volume remins reltively light considering support level hs been broken, nd should mke sellers nervous tht the generl mss hs not entered here. Support ws found on the former trend resistnce t US$ 386 ¾. This is lso the 50% Fiboncci projection between the high in June nd low in August. Longer term momentum remins oversold, however the shorter period momentum is rising on flling prices. This is known s bullish divergence nd would explin the lck incresed volume on the technicl brek. The brekout is berish, however is not supported by other technicl, specificlly volume nd short period momentum, which both suggest mrket is exhusting. A close below the recent low US$ 386 ¾ would override the other technicl indicrs nd be regrded s berish. A close bove US$ 449 ¼ would be regrded s techniclly bullish. Dily Close US$ 399 ¼ RSI 31 MACD - Berish, the hisgrm is nrrowing S1 US$ 386 ¾ S2 US$ 375 R1 US$ 425 ¼ R2 US$ 449 1/4 Verdict As highlighted lst week we expected the support be tested nd technicl sell signls were ctivted on the close below US$ 425 ¼. Support ws found t twice the distnce the rnge nd the mrket hs strted turn higher. The upwrd move on lower volume would suggest the rise is due the lck selling pressure, rther thn tht buying pressure. However public holidys in the US could lso contribute. Shorter period momentum looks oversold nd technicl pullbck cn now be expected. However the previous rnge lst week s report will now ct s resistnce zone nd fresh longs should be cutious round the US$ 450 US$ 425 re. Technicl sellers should look for close below the US$ 386 ¾ level s would be fresh low, ore for rejection f the resistnce zone. Although oversold mrket continues look techniclly wek on the dily chrt. your reder s for execution. These re not suitble for ll invesrs. For ny further informtion or discuss the use these plese spek

6 Chicgo Whet December 17 - Weekly Chicgo Whet December 17 - Dily Weekly Close US$ 484 ½ RSI 30 MACD Berish, the hisgrm is widening S1 US$ 472 9/16 S2 US$ 435 R1 US$ 500 ¾ R2 US$ 519 ½ Verdict The rnge hs now been broken the downside nd techniclly is berish s the brek is in the direction the min trend. However, like the weekly chrt on the Dec 16 we hve reservtions bsed on the brek being on lower volume, nd the berish divergence tht is evident the rising momentum on lower pricing. Mrket price is currently below the trend resistnce gin which does lend the ber sry, however if pricing opens up where it lst closed it will be once gin bck bove the flling resistnce level. Technicl sell signls will be ctivted below US$ 472 9/16, technicl buy levels t US$ 519 ½, though is bck in the previous rnge. Dily Close US$ 484 ½ RSI 34 MACD Berish, the hisgrm is nrrowing S1 US$ 473 ¼ S2 US$ 466 R1 US$ 500 R2 US$ 519 ½ Verdict The dily technicl is now strting look oversold fter the rnge brek, prices once gin closing bck inside the Bollinger bnd. Short term momentum lso looks oversold, nd is now showing bullish cross. Oversold, does not equte bullish, t point buy side volume remins light, nd the brek the downside is techniclly berish. Moving verges re lso pointing in downwrd trjecry indicting negtive momentum. Technicl short term sellers should look for price rejection round the US$ 500 level or on new low close below US$ 473 1/2. Technicl buyers t point would need see either incresed volume nd open interest on upside moves or close bove US$ 519 ½ The brekout mkes techniclly berish, but other indicrs would suggest tht we could see n upswing soon. your reder s for execution. These re not suitble for ll invesrs. For ny further informtion or discuss the use these plese spek

7 Technicl Anlysis Glossry Pivot Point A point where the mrket mkes new high or low, before reversing in direction. Trend Line A directionl line connecting pivot points. Primry Trend The min trend line over n extended period time. Secondry Trend Distinct but in the primry trend. Indictes recent trend. Support A previous mrket low where mrket prticipnts hve been prepred enter long positions. Resistnce A previous mrket high where mrket prticipnts hve been prepred enter short positions. Rnge An re between the support nd resistnce. Reltive Strength Index (RSI) A technicl momentum indicr tht compres the mgnitude recent gins recent losses in n ttempt determine overbought nd oversold conditions in n sset. The RSI rnges Typiclly speking, n sset is deemed be overbought once the RSI pproches the 70 level, nd likewise, s the RSI pproches 30, it is deemed be oversold. Fiboncci Retrcement Refers res support or resistnce. A Fiboncci retrcement shows the potentil retrcement finncil sset reltive the originl move in price. A trend line is drwn between two points nd then the verticl distnce is divided by Fiboncci rtios; 23.60%, 38.25%, 50.00%, 61.80% nd %. This ol cn lso be used s projection method. Moving Averge Convergence Divergence (MACD) A trend-following momentum indicr tht shows the reltionship between two moving verges prices. The MACD is clculted by subtrcting the 26-dy exponentil moving verge (EMA) the 12-dy EMA. A nine-dy EMA the MACD, clled the "signl line", is then plotted on p the MACD, functioning s trigger for buy nd sell signls on the crossover the two lines. The hisgrm highlights the nrrowing nd widening the two verges cting s n indicr for slowing or incresing momentum in the mrket. I.E flttening or decresing hisgrm in n upwrd mrket would suggest tht the upwrd move could soon stll. your reder s for execution. These re not suitble for ll invesrs. For ny further informtion or discuss the use these plese spek

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