(U3) Bear Trend Extends

• RES 4: 105.185 High Jun 15
• RES 3: 105.130 High Jun 26 and key near-term resistance
• RES 2: 105.096 20-day EMA
• RES 1: 104.915 High Jul 3
• PRICE: 104.750 @ 05:43 BST Jul 4
• SUP 1: 104.705 Low Jul 3
• SUP 2: 104.695 Low Mar 10 (cont)
• SUP 3: 104.597 1.764 projection of the Jun 1 - 8 - 12 price swing
• SUP 4: 104.335 Low Mar 9 (cont) and a major support

Schatz futures remain in a downtrend and yesterday’s extension lower reinforces bearish conditions. The move down confirms a resumption of the downtrend and an extension of the bearish price sequence of lower lows and lower highs. Note that moving average studies are in a bear mode position, highlighting a downtrend. The focus is on 104.695 next, the Mar 10 low (cont). Initial firm resistance to watch is at 105.096, the 20-day EMA.