Coffee closed lower due to profit taking on Wednesday as it consolidated some of Monday's rally. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are overbought but remain neutral to bullish signalling that sideways to higher prices are possible near-term. If it extends this rally, the reaction high crossing is the next upside target. Closes below the 20-day moving average crossing would signal that a short-term top has been posted.
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