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 Highlights: SOY The weekly schstic is wrning slowing momentum in the mrket. USD 966 ¼ is level wtch, pullbcks tht hold bove level would suggest upside continution. A close below level should hve mrket longs looking tighten. Corn The focus on the technicl both dily nd weekly is the symmetricl tringle. A brek in either direction should define the next move, the open interest build up suggests it could be explosive nd soon. Whet USD 454 is the level wtch s is the bse the previous support. If resistnce holds we should see lower pricing, however if we brek bck bove level nd hold then we once gin enter the long term rnge. NOLA Price ction remins firmly bullish nd the led indicr, however both the weekly nd the monthly chrts re showing berish divergences nd mrket longs need be cutious t these levels s technicl pullbck in the bull trend is due. Ure (grn) FOB Middle Est Long term trgets hve been chieved erly USD being resistnce, however we remin bullish bove USD unless lower high forms. 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 Technicl Report Soy November 2017 weekly Resistnce 978, 981, 988 Support 966.5, 958, 921 The weekly chrt held bove the USD 953 support resulting in close bove the USD 963 resistnce level nd upside continution. Techniclly the Nov soy remin in lrge rnge between USD 910 USD 1,020. The higher low in the trend puts bullish bis on it, however the schstic t 75 would suggest tht we re strting look overbought t these levels. Mrket sellers need see close below USD 966 ¼ before looking enter sell side s would crete lower high in the mrket nd suggest nother pullbck in price is due. Mrket pullbcks tht hold bove the USD 966 ¼ support would imply upside continution, s would close bove USD 986, however the second these entries come higher due the overbought schstic. Source Bloomberg Soy November 2017 Dily Resistnce- 987, 989, 1,020 Support 958, 937, 931 USD 946 ws the support nd the dily chrt filed close below level, resulting in upside continution in the bull trend. Price ction remins bullish nd we re now bove both the 50 nd 200 MA s, the 8 period EMA once gin being respected. The dily chrt is now showing berish divergence on the schstic, nd mrket longs should be cutious t these levels, s we hve the potentil pull bck the 8 period EMA or 50 period MA between USD 972 USD 967. A close below USD 970 would suggest potentil longer term corrective move, however lower high is needed be regrded s techniclly berish. If the 8 period EMA holds then we hve the potentil test recent highs once gin. [Grb your reder s Trding ttention derivtive gret s swps, nd options crries spce it substntil emphsize Trnsctionl To plce s broker commission nd clering costs will be pplied nd these cn vry depending on the type product trded s well s the venue used text box nywhere on the pge, just drg it.] for execution. These re not suitble for ll invesrs. For ny further informtion or discuss the use these plese spek your broker or reltionship mnger.

3 Technicl Report Corn December 2017 Weekly Resistnce- 357, 362, Support 348, 344, 319 Open interest is rising the weekly chrt s the Dec corn enter phse ccumultion nd distribution. This hs resulted in symmetricl tringle forming, lso known s berish pennnt. Techniclly the weekly trend is berish, however the next move will be defined by the brekout symmetricl tringle. Upside moves tht close bove the trend resistnce t USD 357 would indicte n upwrd move. Mrket shorts should look tighten t A close below USD 348 would suggest downside continution trgeting the USD 344 support nd lower. The increse in open interest during consolidtion phse could result in shrp brekout in either direction s those on the wrong side look cover. Source Bloomberg Corn December 2017 Dily Resistnce- 356, 360, 362 Support 9,030, 8,935., 8,650, 8,100 Support- 347, 345, 344 Like the weekly chrt, the min focus on the dily chrt is the symmetricl tringle tht hs formed. This is neutrl pttern nd needs close outside the tringle for directionl confirmtion the next move. The open interest increse during phse suggests the move could be strong, s those on the wrong side the brekout will need cover. Consolidtion ptterns generlly brekout round 2/3 s the wy through the pttern, fter point there is higher probbility tht the pttern will become simple rnge. The symmetricl tringle ppers spn 28 dys, giving us brekout round dy 18 or 19. This would suggest tht the mrket needs brekout by the 28/9/17 for pttern succeed. Bullish bove USD 356 nd berish below USD 347. [Grb your reder s Trding ttention derivtive gret s swps, nd options crries spce it substntil emphsize Trnsctionl To plce s broker commission nd clering costs will be pplied nd these cn vry depending on the type product trded s well s the venue used text box nywhere on the pge, just drg it.] for execution. These re not suitble for ll invesrs. For ny further informtion or discuss the use these plese spek your broker or reltionship mnger.

4 Technicl Report Whet December Weekly Resistnce- 454, 494, 519, 5 Support- 433, 412, 402 The December re now testing the low the previous rnge support, mking USD 454 level wtch. A close bove level will put the technicl bck in the rnge, nd USD 454 should in theory become support level once gin. Lst week s cndle produced Doji, implying indecision in the mrket, however it remins new high close indicting the short term bull move remins in ply. A close below USD 448 is techniclly berish, however due the nture the cndle, mrket sellers should look for confirmtion tht the resistnce hs been rejected on close below USD 437 before entering sell side. no Whet December Dily Resistnce 454, 481, 494 Support- 435, 428, 422 The short term trend on the dily chrt remins bullish nd continues mke higher highs nd higher lows. Mrket buyers should remin cutious t these levels s we re now t technicl resistnce. Price ction is lso struggling get bove the 34 period EMA, nd the schstic is showing berish divergence. A close below USD 433 would suggest tht resistnce is likely hold, nd mrket longs should look tighten t A lower high in the mrket will confirm resumption the ber trend. A close bove USD 454 would pit price ction bck in the previous rnge, if we hold bove level then the probbility upside continution increses. [Grb your reder s Trding ttention derivtive gret s swps, nd options crries spce it substntil emphsize Trnsctionl To plce s broker commission nd clering costs will be pplied nd these cn vry depending on the type product trded s well s the venue used text box nywhere on the pge, just drg it.] for execution. These re not suitble for ll invesrs. For ny further informtion or discuss the use these plese spek your broker or reltionship mnger.

5 Technicl Report US Gulf Nol Ure Grnulr Spot Price Weekly Resistnce 274, 280, 345 Support- 240, 220, 206 Price ction remins the led indicr in mrket, recent technicl resistnce levels being broken. Techniclly bullish trend, the berish lst week is now more prominent mking the USD 274 level. We lso note tht the monthly chrt is now showing berish divergence, dding weight the potentilly overbought mrket. We lso note tht the 200 period MA is potentil trget/resistnce level wtch. Upside moves tht fil close bove the current resistnce zone would suggest the trend is entering corrective phse. It is importnt note tht trend remins bullish bove USD 200 unless lower high forms. Upside moves tht brek the current resistnce zone should be regrded s bullish, however we remin cutious t these levels due the divergence. Ure (grn) FOB Middle Est Resistnce , 310, Support , 218.5, We noted on the lst report tht the longer term trget for the Middle Estern contrct ws t USD 265, nd hs been chieved, if little sooner thn expected! The bounce f the 50 period MA hs resulted in move the 200 period MA the berish divergence remining in ply. The divergence is wrning tht momentum is overdone, nd not sell signl. Price ction is lwys the led indicr, nd still remins the cse. Upside moves tht fil close bove USD would imply corrective wve is due strt, however the trend continues remin bullish bove USD 218.5, unless lower high is formed. Mrket pullbcks should find support round USD 237.5, if we hold round re support we should see nother upside push trgeting recent highs. [Grb your reder s Trding ttention derivtive gret s swps, nd options crries spce it substntil emphsize Trnsctionl To plce s broker commission nd clering costs will be pplied nd these cn vry depending on the type product trded s well s the venue used text box nywhere on the pge, just drg it.] for execution. These re not suitble for ll invesrs. For ny further informtion or discuss the use these plese spek your broker or reltionship mnger.

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 from 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 from 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) 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. [Grb your reder s Trding ttention derivtive gret s swps, nd options crries spce it substntil emphsize Trnsctionl To plce s broker commission nd clering costs will be pplied nd these cn vry depending on the type product trded s well s the venue used text box nywhere on the pge, just drg it.] for execution. These re not suitble for ll invesrs. For ny further informtion or discuss the use these plese spek your broker or reltionship mnger.

7 Technicl Report Awrd winning broker In 2016 FIS ws nmed s the best performing inter-deling broker in Iron Ore swps nd options 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 [Grb your reder s Trding ttention derivtive gret s swps, nd options crries spce it substntil emphsize Trnsctionl To plce s broker commission nd clering costs will be pplied nd these cn vry depending on the type product trded s well s the venue used text box nywhere on the pge, just drg it.] for execution. These re not suitble for ll invesrs. For ny further informtion or discuss the use these plese spek your broker or reltionship mnger.