Technical Report Global Leader Dry Bulk Derivatives. FIS Technical - Grains And Ferts. Highlights:

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1 Technicl Report Technicl Anlyst FIS Technicl - Grins And Ferts Edwrd Hutn Edwrdh@freightinvesr.com Client Reltions Andrew Cullen Andrewc@freightinvesr.com Highlights: SOY remins bullish but overbought. Mrket sellers should look tighten on close bove USD 1,025 ¾. Corn Hs the potentil form higher low on the weekly chrt, however the big concern is the berish engulfing pttern t resistnce. Whet The dily chrt hs produced lower high. Mrket buyers should remin on the side-line t NOLA The first new high since Jnury is giving the index bullish bis. Mrket shorts should look tighten. Ure (grn) FOB Middle Est The bullish divergence is still in ply nd support is holding. However, the trend remins berish below USD 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 ).

Technicl Report Soy November 2017 weekly Resistnce 1,047, 1,077, 1,135 Support 980, 958, 941 Soy filled the gp nd men reverted just bove 980, llowing sellers the opportunity tke dvntge the

2 Technicl Report Soy November 2017 weekly Resistnce 1,047, 1,077, 1,135 Support 980, 958, 941 Soy filled the gp nd men reverted just bove 980, llowing sellers the opportunity tke dvntge the overextended mrket. The trend remins bullish but the overbought momentum would suggest some form pullbck is still needed. USD 980 remins the ner term trget the downside, further support t USD 958. Price remins the led indicr nd is bullish, mrket sellers on the weekly chrt should look tighten on close bove USD 1,025 ¾ s would trigger technicl buyers the mrket on the bsis the weekly chrt hs produced pivot low. Techniclly bullish nd hs the potentil form higher low. Cution due the overbought schstic. Source Bloomberg Soy November 2017 Dily Resistnce- 1,029, 1,047, 1,058, Support 984, 958, 932 Hving men reverted the dily November Soy contrct hs found support on the 200 period MA, nd hs now produced higher low. Techniclly bullish n oversold schstic there is now potentil for higher pricing t The size the berish cndle on the is concern. Mrket longs need be cutious on upside moves tht fil close bove cndle, s lower high would suggest tht the sellers re gining control the mrket nd lower pricing should follow. Hs upside potentil, however lower high should hve mrket longs looking tighten, remembering the overbought schstic on the weekly chrt. spce for execution. These re not suitble for ll invesrs. For ny further informtion or discuss the use these plese spek

Technicl Report Corn December 2017 Weekly Resistnce- 410, 417, 423, Support 381, 378, 374 The berish divergence followed through lst week resulting in lower pricing.

The big concern tht mrket longs will be fcing is the berish engulfing cndle tht ws produced lst week.

3 Technicl Report Corn December 2017 Weekly Resistnce- 410, 417, 423, Support 381, 378, 374 The berish divergence followed through lst week resulting in lower pricing. Technicl support t USD 399 the weekly chrt trding down USD 381. Providing we do not trde below USD 381 the weekly chrt should produce higher low, nd the trend should be regrded s techniclly bullish. The big concern tht mrket longs will be fcing is the berish engulfing cndle tht ws produced lst week. A swing low is techniclly bullish, however until we close bove the body the engulfing cndle mrket longs need be cutious s is now confirmed resistnce re. The trend is showing bullish tendencies nd hs the potentil produce higher low. However the engulfing cndle should hve mrket longs keeping tight s upside moves could be limited. Source Bloomberg Corn December 2017 Dily Resistnce- 409,417, 423 Support 9,030, 8,935., 8,650, 8,100 Support- 391 ½, 381, 376 The hnging mn cndlestick did go on form three river morning str pttern which in conjunction the overbought schstic resulted in prices pulling bck nd through the MA support. Techniclly trend on pper is bullish, the mjor swing low is higher thn the previous swing low, the schstic is oversold nd we hve smll bullish gp t USD 391 ½ nd does suggest the Dily contrct hs more upside t the moment. The fct the pullbck ws more thn the previous rlly does point wekening technicl. Mrket longs re justified t point, however if lower high is produced then technicl sellers will enter the mrket trgeting USD 381 nd lower. spce for execution. These re not suitble for ll invesrs. For ny further informtion or discuss the use these plese spek

Technicl Report Whet December Weekly Resistnce-, 575, 587, 592 Support- 519, 500, 494 The Grvesne doji followed by berish engulfing pttern schstic showing berish cross, would suggest lower pricing on

Mrket pullbck tht produce higher low between USD 519 nd USD 500 will ttrct technicl buyers the mrket trgeting upside resistnce t USD 592.

4 Technicl Report Whet December Weekly Resistnce-, 575, 587, 592 Support- 519, 500, 494 The Grvesne doji followed by berish engulfing pttern schstic showing berish cross, would suggest lower pricing on the weekly chrt. Countering the berish cndle pttern is the higher high. This will hve mrket buyers looking for higher low form on the weekly chrt. Mrket pullbck tht produce higher low between USD 519 nd USD 500 will ttrct technicl buyers the mrket trgeting upside resistnce t USD 592. Filure mke fresh high will be regrded s techniclly berish nd ttrct sellers looking test downside support round the USD 500 level. Price ction is bullish, however it is impertive tht tht upside moves trde bove the recent high otherwise the trend bis will no turn berish. Whet December Dily Resistnce 552, 583, 592 Support- 526, 510, 486 Hving men reverted the dily whet contrct is strting form swing low in the mrket. The men reversion nd n oversold schstic would suggest upside potentil t However lthough bove its MA s, could be limited due the lower high tht formed on the Techniclly trend is berish, but oversold. Upside moves tht produce berish cndlesticks round the USD 552 resistnce will ttrct technicl sellers the mrket trgeting the USD 526 support. Mrket buyers now need see higher low before entering the mrket. If the whet trdes bove USD 583 the ber trend will be neutrlised, mening mrket shorts should tighten s buyers will be looking for entry on pullbck. spce for execution. These re not suitble for ll invesrs. For ny further informtion or discuss the use these plese spek

5 Technicl Report US Gulf Nol Ure Grnulr Spot Price Weekly Resistnce 196, 205, 220, Support- 162, 126 It s minor swing point t USD172, but it hs been broken. Techniclly the ber trend hs now been neutrlised s is the first higher high since Jnury. Mrket shorts should now look tighten s pullbcks here should in theory ttrct buying support s we now need see lower high for downside continution. A close below USD 163 or lower high is now needed neutrlise the bullish momentum. Ure (grn) FOB Middle Est Resistnce 190, 204.5, 209, 216 Support , 176, 165 The bullish divergence remins in the mrket nd technicl support hs held. The index remins oversold nd support is holding, however the trend remins berish t Mrket buyers need see either higher low turn the trend bullish, or close bove USD neutrlise the ber trend. Until either these scenrios mterilise they should remin on the side-lines. For mrket sellers filure trde bove USD should ttrct technicl sellers the mrket trgeting downside support t USD 180. spce for execution. These re not suitble for ll invesrs. For ny further informtion or discuss the use these plese spek

6 Technicl Report 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. spce for execution. These re not suitble for ll invesrs. For ny further informtion or discuss the use these plese spek

7 Technicl Report Awrd winning broker In 2015 FIS ws nmed s the best performing inter-deling broker in Iron Ore swps by Singpore-bsed SGX AsiCler for the third consecutive yer. For More informtion on report plese contct: Edwrd Hutn Tel: +44(0) E-mil Edwrdh@freightinvesr.com spce for execution. These re not suitble for ll invesrs. For ny further informtion or discuss the use these plese spek

FIS Technical - Capesize

FIS Technical - Capesize Technicl Report Technicl Anlyst FIS Technicl - Cpesize Edwrd Hutn 442070901120 Edwrdh@freightinvesr.com Client Reltions Andrew Cullen 442070901120 Andrewc@freightinvesr.com Highlights: Cpesize Index- Holding