(U3) Trend Outlook Is Bearish

• RES 4: 105.185 High Jun 15
• RES 3: 105.130 High Jun 26 and key near-term resistance
• RES 2: 104.922 20-day EMA
• RES 1: 104.800/915 High Jul 7 / 3
• PRICE: 104.650 @ 05:33 BST Jul 12
• SUP 1: 104.570 Low Jul 6
• SUP 2: 104.470 2.00 projection of the Jun 1 - 8 - 12 price swing
• SUP 3: 104.335 Low Mar 9 (cont) and a major support
• SUP 4: 104.264 2.382 projection of the Jun 1 - 8 - 12 price swing

Schatz futures remain in a downtrend following last week’s extension lower. The move down confirms a resumption of the trend and a continuation of the bearish price sequence of lower lows and lower highs. Note that moving average studies are in a bear mode position, reinforcing current conditions. The focus is on 104.470 next, a Fibonacci projection (cont). Initial firm resistance is at 104.922, the 20-day EMA.