Technical Report Global Leader Dry Bulk Derivatives

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Soybens Mrch 17 - Weekly Soybens Mrch 17 - Dily Source Bloomberg Weekly Close US$ 1,026 7/8 RSI 56 MACD Bullish, the hisgrm is flt S1 US$ 1,032 ½ S2 US$ 1,001 R1 US$ 1,072 R2 US$ 1,080 Dily Close US$

1 Soybens Mrch 17 - Weekly Soybens Mrch 17 - Dily Source Bloomberg Weekly Close US$ 1,026 7/8 RSI 56 MACD Bullish, the hisgrm is flt S1 US$ 1,032 ½ S2 US$ 1,001 R1 US$ 1,072 R2 US$ 1,080 Dily Close US$ 1,042 ¾ RSI 55 MACD Berish, the hisgrm is nrrowing S1 US$ 1,029 7/16 S2 US$ 1,016 11/16 R1 US$ 1,056 11/16 R2 US$ 1,080 Verdict The Weekly mrch Soyben hve found support on the weekly pivot point t US$ 1,042 13/16 nd re currently trding bove the monthly pivot t US$ 1,032 7/16 which puts it in bullish terriry. Short term technicl resistnce t US$ 1,050 ¼ is holding t point, close bove level could push the Mrch contrct up the US$ 1,072 level. A berish divergence between the schstic nd price would suggest tht it is unlikely tht we will test current highs nd bove t However mrket close bove the US$ 1,080 would be regrded s technicl brekout nd mke the divergence obsolete. Support cn be found t US$ US$ 1,032 ½ nd US$ 1,001. A close below the ltter support would be below the weekly pivot nd suggest the technicl picture is wekening. Verdict Momentum t 69 is strting uch overbought terriry, nd fresh mrket longs need py ny berish crossover going forwrd. Note, n overbought schstic is wrning tht momentum could slow, not sell signl in its own right. The dily chrt, like the weekly is bove pivots nd hs recently found support in the Kumo (ichimoku cloud), nd is currently trding bove short term MA s. A close bove US$1,046 would suggest short term upside continution the weekly resistnce t US$ 1,072 being the logicl ner term trget. Techniclly bullish bove US$ 1,024. A close below here would imply further testing the downside the US$ 1,017 low on the which if broken would mke US$ 994 the next logicl trget. Techniclly bullish in the ner term, longs should be cutious the schstic t 69, unlikely brek the US$ 1,072 level on upwrd swing. US$ 992 ¾ is the lst bstion support, nd close below here would be regrded s techniclly berish. If broken, be wry ny close bove level s it represents the bullish/berish blnce in the mrket. 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 ).

Corn Mrch 17 - Weekly Corn Mrch 17 - Dily Weekly Close US$ 365 1/4 RSI 53 MACD Bullish, the hisgrm is flt S1 US$ 355 ¾ S2 US$ 341 R1 US$ 371 11/16 R2 US$ 376 5/16 Dily Close US$ 362 ½ RSI 57 MACD

The schstic remins in overbought terriry smll berish divergence forming.

2 Corn Mrch 17 - Weekly Corn Mrch 17 - Dily Weekly Close US$ 365 1/4 RSI 53 MACD Bullish, the hisgrm is flt S1 US$ 355 ¾ S2 US$ 341 R1 US$ /16 R2 US$ 376 5/16 Dily Close US$ 362 ½ RSI 57 MACD Berish Bullish neutrl S1 US$ 365 S2 US$ 360 R1 US$ 368 R2 US$ 373 Source Bloomberg Verdict little chnge on the Weekly Mrch corn. We continue test the 50 period MA which remins in downwrd trjecry. The schstic remins in overbought terriry smll berish divergence forming. Technicl resistnce t the 50 period MA US$ /16 is level resistnce, however the schstic being overbought nd brek the upside would probbly struggle get bove the US$ 376 5/16 level suggesting fresh longs on brek out should wit for men reversion first. A close below the monthly pivot t US$ 360 ¾ would suggest the upside support is wning nd corrective move is now in ply expecttion test US$ 355 ¾ nd potentilly s low s US$ 341. Techniclly higher highs nd higher lows would suggest bullish continution, however the overll trend is down nd momentum is overbought. For the weekly chrt show convincing rlly it needs correct first. Verdict Lst week we were techniclly oversold due the schstic in bullish trend. We lso noted tht there is potentil bull trp forming due the wekening the schstic. This remins the cse bsed the lst schstic pullbck. Momentum is once gin overbought n finding resistnce t the 200 period MA, which if broken will find resistnce t US$ 371 nd US$ 373. Techniclly we remin bullish s we continue mke higher highs nd higher lows on the dily chrt, the weekly pivot cting s recent support t US$ 363 9/16. A close bove US$ 371 would signl upside continution, however the overbought weekly nd dily schstic would suggest witing for mrket pullbck before entering on the long side t Cution on close below US$ 368 ½ s would suggest short term pullbck US$ 356 is likely. Techniclly bullish, upside movement looks limited out mrket pull bck first. for execution. These re not suitble for ll invesrs. For ny further informtion or discuss the use these plese spek

Chicgo Whet Mrch 17 - Weekly Chicgo Whet Mrch 17 - Dily Weekly Close US$ 430 ¼ RSI 48 MACD Bullish The Hisgrm is widening S1 US$ 412 ¾ S2 US$ 392 ¾ R1 US$ 441 R2 US$ 462 Verdict n upwrd move lst week

Price ction is lso bove the weekly nd monthly pivot supports implying underlying support in the mrket.

3 Chicgo Whet Mrch 17 - Weekly Chicgo Whet Mrch 17 - Dily Weekly Close US$ 430 ¼ RSI 48 MACD Bullish The Hisgrm is widening S1 US$ 412 ¾ S2 US$ 392 ¾ R1 US$ 441 R2 US$ 462 Verdict n upwrd move lst week techniclly puts us in the 4 th week sidewys ction on the weekly Mrch whet. The schstic remins overbought nd lthough showing berish cross it remins bove the 70 line. Price ction is lso bove the weekly nd monthly pivot supports implying underlying support in the mrket. Longer term the directionl trend remins berish, however we now hve our first higher low, close bove the recent high US$ 437 ¾ would signl n upside brekout nd potentilly s high the 50 period MA t US$ 462. A close below the recent low US$ 412 ¾ would be regrded s techniclly berish nd could push us bck recent lows US$ 392 ¾. Techniclly overbought nd in rnge, the higher low lst week t US$ 412 ¾ is. Below level we re berish but n upside brekout could push s high s the 50 period MA. Dily Close US$ 430 ¾ RSI 54 MACD Neutrl S1 US$ 427 9/16 S2 US$ 416 ½ R1 US$ 437 ¾ R2 US$ 453 3/16 Verdict Lst week s oversold schstic hs resulted in nother upwrd push the rnge resistnce t US$ 437 ¾. The schstic remins in bull terriry bove 55 indicting underlying strength in the mrket. A high volume upwrd dy yesterdy f the 34 period EMA is lso sign upwrd support in the mrket nd hs creted higher low. A close bove lst week s high would suggest bullish continution in the mrket trgeting the 200 period MA t US$ 453 3/16. A close bove level could push the dily contrct up the weekly resistnce t US$ 462. A close below US$ 419 ¾ would suggest nother test the downside the rnge US$ 412 ¾ nd put us in ber terriry. A smll three wve corrective followed by bullish thrust would suggest tht there is more the upside on current move. This is supported by high volume dy f support. Shorts should be cutious t for execution. These re not suitble for ll invesrs. For ny further informtion or discuss the use these plese spek

4 US Gulf Nol Ure Grnulr Spot Price Weekly UAN Q2 Futures Dily Weekly Close US$ 250 RSI 65 MACD Bullish the hisgrm is nrrowing S1 US$ 243 S2 US$ 223 R1 US$ 255 R2 US$ 278 Verdict A berish cross hs now formed in the US Gulf Nol Ure Grnulr price which would imply continued wekening momentum t US$ 243 remins support s is the shorter period verge support line. A close below here would suggest further wekness trgeting the 50 period MA t US$ 223. Technicl resistnce remins t the recent high US$ 255, close bove here would trget the Mrch 2016 high t US$ 274 s the next logicl trget. We remin in bull trend tht is techniclly wekening. US$ 243 is the first wrning directionl chnge followed the recent low US$ 240. A correction is due, but s long s we remin bove the US$ period MA we should still be regrded s bullish. Dily Close US$ RSI 69 MACD berish, the hisgrm is flt S1 US$ 186 S2 US$ R1 US$ R2 US$ 190 Verdict literlly no chnge lst week s technicl. Sidewys ction on bullish momentum which is now t 63. Rnge bound nd needs brek out in either direction. The recent momentum pull bck would suggest tht ny upside move could be short lived s the technicl picture is wekening nd showing wht is known s bull trp. Bullish bove US$ nd berish below US$ Techniclly needs do something crete interest s we continue flt line. for execution. These re not suitble for ll invesrs. For ny further informtion or discuss the use these plese spek

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

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