Coffee closed lower due to profit taking on Wednesday as it consolidated some of the rally off last week's low. The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are bullish hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted. If it resumes the decline off December's high, September's low crossing is the next downside target.
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