Coffee - Daily technical Forecast

  @ibtimes on

Coffee closed higher due to short covering on Friday as it consolidates above the 75% retracement level of the July-December rally crossing. The mid-range close sets the stage for a steady opening on Monday. Stochastics and the RSI are bearish signalling that sideways to lower prices are possible near-term. If it extends last week's decline, the 87% retracement level of the July-December rally crossing is the next downside target.

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