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 chrt is chowing lower high suggesting wekness going forwrd, the dily chrt hs mde lower low incresing the probbility lower high nd berish trend. The schstic is oversold suggesting downside moves could be limited in the ner term. Mrket shorts should be cutious due hidden divergence suggesting n upwrd swing is due. Corn The symmetricl tringle looks intct on the weekly chrt, but the dily chrt went pst the 2/3 s point nd the brekout filed. From dily perspective the technicl is now in rnge between USD 3.62 USD Whet Techniclly chrt is now neutrl, however there is hidden divergence on the dily chrt tht would suggest nother upwrd move is due soon. USD 4.54 remins technicl level. NOLA Hs entered corrective phse, both the weekly nd monthly chrts continue show berish divergences suggesting cution on ny upwrd moves. Ure (grn) FOB Middle Est Techniclly bullish bsed on price ction, the berish divergence on the monthly chrt is now mjor concern. 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 9.88, 9.94, Support 9.32, 9.21, 9.07 Upside moves stlled t the USD 9.88 resistnce level nd hve now entered in corrective phse, price ction trding below the USD 9.66 support. The technicl remins in the wider rnge, however the weekly chrt hs now produced lower high nd puts berish bis on the trend in the ner term. Upside moves tht close on the current weekly chrt bove USD 9.66 ¼ would suggest n underlying strength in the mrket. The schstic t 75 remins in overbought terriry, but in bullish trending conditions (not mirrored by the price ction) nd needs move lower. Cution on downside moves tht hold bove USD 932 s hs previously been strong point support. Techniclly wekening, ner term downside trget USD Soy November 2017 Dily Source Bloomberg Resistnce- 9.76, 9.87, 9.89, Support 9.50, 9.37, 9.31, 9.21 The dily chrt filed brek the resistnce level lst week nd the berish divergence cme in ply, resulting in price ction closing below the USD 9.70 support. The schstic is now in oversold terriry suggesting ner term downside moves could be limited the USD 9.50 support. The trend itself hs now gone from bullish neutrl hving mde lower low. This lso increses the probbility lower high forming on the next upwrd move. Technicl resistnce cn be found t the 200 period MA t USD 9.76, further resistnce t USD Techniclly oversold, the new low would suggest mrket buyers should be cutious on the next upwrd move s there is er probbility it filing mke fresh high. spce for execution. These re not suitble for ll invesrs. For ny further informtion or discuss the use these plese spek

3 Technicl Report Corn December 2017 Weekly Resistnce- 3.57, 3.62, Support 3.48, 3.44, 3.19 Techniclly little hs chnged on the Dec corn weekly chrt from technicl perspective. The USD 3.57 resistnce level held lst week nd price ction remins in the pennnt. A brekout pennnt is still needed define the directionl move, however we re now more thn 2/3 s through the structure nd increse the probbility pttern filure nd continued sidewys ction. A close below USD 3.48 would be regrded s techniclly berish nd suggest downside continution. As lwys it is preferble for confirmtion tht support is now cting s resistnce before entering in trde, though we cknowledge is not lwys possible. The reverse is n upside move tht closes bove USD It is worth noting tht n upside brekout is not supported by higher low t Source Bloomberg Corn December 2017 Dily Resistnce- 3.56, 3.60, 3.62 Support 9,030, 8,935., 8,650, 8,100 Support- 3.47, 3.45, 3.44 Like the weekly chrt, the min focus on the dily chrt ws the symmetricl tringle. A brekout from here ws needed define the next directionl move in the mrket. We highlighted tht for the pttern hve higher probbility success it would need brekout t the ltest the , s will hve been 2/3 s the pttern rnge. After point it hd the potentil form simple rnge. The brekout hppened on the 29 th (A dy lte) on higher thn verge volume, but filed hold bove USD.356 for more thn one session. This would suggest pttern filure nd the focus on support nd resistnce should now focus upon the rnge between USD 3.62 nd USD From weekly perspective the symmetricl tringle ppers intct, but pst the 2/3 s mrk. However, we cn see dily chrt tht the flse brekout fter the 2/3 s point, hs now put the technicl in rnge. spce for execution. These re not suitble for ll invesrs. For ny further informtion or discuss the use these plese spek

4 Technicl Report Whet December Weekly Resistnce- 4.54, 4.63, 4.94 Support- 4.33, 4.12, 4.02 The rnge resistnce t USD 4.54 ws the level support wtch for, nd lthough broken it filed close bove level keeping the technicl resistnce intct. Lst week s cndle ws berish resistnce cndle tht held t resistnce. However, we remin bove the USD.437 level mentioned lst week nd technicl sellers need be wry bove level. A close below level would suggest downside continution USD 4.54 remins the resistnce, secondry resistnce t the recent high USD A close bove USD 4.54 would put the technicl bck in the previous rnge nd level should ct s support. Mrket sellers should be cutious downside moves tht fil close below USD s would suggest the trend bis could be turning bullish. no Whet December Dily Resistnce 4.54, 4.81, 4.94 Support- 4.35, 4.28, 4.22 Price ction broke the USD 4.54 resistnce level lst week, but filed hold. The berish divergence hd signlled wekening in upside momentum, nd proved be the cse. Bck below the technicl resistnce, we re now mking lower lows. This would imply tht the technicl should now be regrded s neutrl rther thn bullish on the dily chrt. This increses the probbility lower high forming. Upside moves tht fil trde bove USD 4.63 should ttrct technicl sellers the mrket, nd the trend should then be regrded s berish. Mrket buyers now need see higher low form before entering buy side for longer term entry. The trend is neutrl the schstic is showing hidden divergence suggesting there is the possibility nother move up. 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 260, 274, 280, 345 Support- 240, 220, 206 The berish divergence lst week hs resulted in mrket pull bck. However there hs been little movement in the schstic, which would imply the divergence remins in ply. Technicl support remins unchnged, n dded resistnce level t USD 260. Upside moves tht fil close bove level should be regrded s techniclly berish nd mrket longs should look tighten. The berish divergence signl wekening momentum, but does not men the mrket is n outright sell. However, if we do close bove USD 260 it would suggest tht the USD 274 resistnce is likely hold. We remin techniclly bullish due the price ction, but the berish divergences on both the weekly nd monthly chrts would imply extreme cution going for mrket longs. Ure (grn) FOB Middle Est Resistnce , 310, Support , 218.5, Little hs chnged on the technicl, the berish divergence hs strted fde on the weekly chrt. However the weekly schstic remins overbought. The mjor concern is the monthly schstic, s is not replicting price ction, nd showing strong berish divergence tht comes in ply bove USD Price ction keeps the trend bullish, nd is lwys the led indicr. However the monthly divergence wrns wekening upside momentum, nd the divergence is very prominent. Mrket longs should keep tight. The chrt illustrted is the monthly technicl illustrte the berish divergence. 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 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. 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 2016 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